Financial news

• The lesson for Elon Musk? Don't rely on fan club directors | Nils Pratley

  18-07-2018 19:59 via theguardian.com
  Tesla founder apologises for ridiculous slur, now he could do with some independent inputElon Musk has come to his senses and apologised for his ugly and baseless slur against a British cave explorer who played a key role in the rescue in Thailand. The Tesla founder couldn’t resist taking a final dig at Vernon Unsworth – he said the diver had told “several untruths and suggested I engage in a sexual act with the mini [submarine]” – but at least Musk acknowledged he
  
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• UK financial ombudsman says will be ready for small firms - Reuters

  18-07-2018 19:15
  UK financial ombudsman says will be ready for small firms
  Reuters
  LONDON (Reuters) - Britain's financial industry complaints body said it was ready to broaden its remit to include more small companies despite a review that raised questions about its performance. Caroline Wayman, chief executive of the Financial ...en meer »
  
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• Google to appeal after EC fines it €4.34bn over Android competition breach - as it happened

  18-07-2018 18:58 via theguardian.com
  All the day’s economic and financial news, as the EC fines Google for competition breachesLatest: Google vows to appealGoogle fined €4.34bn by ECEC: Google unfairly used its Android operating systemGoogle forced phonemakers to install its search app and browserVestager denies ‘hating’ America 5.58pm BST With Wall Street lifted by financial stocks after Morgan Stanley’s results, offsetting a dip in technology shares in the wake of the Google fine, European markets hav
  
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• EasyJet raises profits forecast as spring revenues soar

  18-07-2018 18:46 via theguardian.com
  Growth comes despite air traffic control strikes and lower demand amid hot weather EasyJet has raised its profits forecast after soaring revenues in the spring, despite air traffic control strikes and the unusually hot weather dampening demand. Johan Lundgren, the airline’s chief executive, said costs from disruption had grown by £25m compared with the same period in 2017. Air traffic control strikes meant more than 2,600 flights were cancelled and left easyJet having to find 70,000
  
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• Watchdog spares UK investment consultants from overhaul - Financial Times

  18-07-2018 18:23
  Financial Times
  Watchdog spares UK investment consultants from overhaul
  Financial Times
  For the investment consultants that advise UK pension schemes, the past two-and-a-half years have been the stuff of nightmares as the country's financial watchdog and later the competition authority investigated practices in their opaque industry.en meer »
  
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• Donald Trump may kill the global recovery

  18-07-2018 18:07 via theguardian.com
  The economy is being buffeted by growing concerns over the US president’s trade warHow does the current global economic outlook compare to that of a year ago? In 2017, the world economy was undergoing a synchronised expansion, with growth accelerating both in advanced economies and emerging markets. Moreover, despite stronger growth, inflation was tame – if not falling – even in economies such as the United States, where goods and labour markets were tightening.Stronger growth
  
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• Why Brexit is 'no big deal' for BAE Systems | Angela Monaghan

  18-07-2018 17:05 via theguardian.com
  Manufacturer with most UK employees bucks the trend while Rolls and Airbus panicWhile Rolls-Royce and Airbus used this week’s Farnborough International Airshow to warn of the dire consequences of a hard Brexit, Britain’s biggest defence firm, BAE Systems, simply shrugged its shoulders.The business is Britain’s biggest manufacturing employer, with 34,000 staff and sales of nearly £20bn last year. But Brexit? “It’s just not that big a deal [for us],” recko
  
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• Why Brexit is 'no big deal' for BAE Systems

  18-07-2018 17:05 via theguardian.com
  Manufacturer with most UK employees bucks the trend while Rolls and Airbus panicWhile Rolls-Royce and Airbus used this week’s Farnborough International Airshow to warn of the dire consequences of a hard Brexit, Britain’s biggest defence firm, BAE Systems, simply shrugged its shoulders.The business is Britain’s biggest manufacturing employer, with 34,000 staff and sales of nearly £20bn last year. But Brexit? “It’s just not that big a deal [for us],” recko
  
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• UK private equity lobby says Brexit risks 'greatly exaggerated' - Financial Times

  18-07-2018 17:01
  UK private equity lobby says Brexit risks 'greatly exaggerated'
  Financial Times
  The UK's main lobby group for the private equity sector has downplayed the potential hit from Brexit, suggesting that those predicting dislocation in the industry would benefit from a “stiff drink”. Tim Hames of the British Private Equity and Venture ...
  
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• UK annual house prices rising at slowest rate for five years – ONS

  18-07-2018 16:31 via theguardian.com
  London dragging rate down while best performing regions are east Midlands and West MidlandsUK house prices are rising at the slowest annual rate for almost five years, according to official figures showing falling London property values dragging down the rate of growth across the country. Revealing the latest snapshot for homeowners, the Office for National Statistics said annual house price growth fell to 3% in May from 3.5% a month earlier. The decline was driven by the fourth month in a row o
  
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• Google to appeal after EC fines it €4.34bn over Android competition breach - business live

  18-07-2018 16:22 via theguardian.com
  All the day’s economic and financial news, as the EC fines Google for competition breachesLatest: Google vows to appealGoogle fined €4.34bn by ECEC: Google unfairly used its Android operating systemGoogle forced phonemakers to install its search app and browserVestager denies ‘hating’ America 3.22pm BST With Donald Trump’s visit to Nato and Russia hogging the headlines, his trade battle with China seemed to have gone a bit quiet. Now one of his advisors has been talk
  
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• Air China pilots fired after vaping sparks mid-air emergency

  18-07-2018 16:09 via theguardian.com
  Flying licences revoked after vaping co-pilot forced 737 flight into emergency descentTwo Chinese pilots have been fired after one of them vaped during a passenger flight, causing an emergency descent due to a sudden loss of cabin pressure.
  China’s civil aviation body said it had revoked the licences of two Air China pilots, according to the state-run China Central Television. Continue reading...
  
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• Women in top jobs not a priority for shareholders, MPs told

  18-07-2018 16:06 via theguardian.com
  Investors more interested in green issues than gender equality, companies sayShareholders are more concerned about environmental issues than promoting women to senior positions in boardrooms and some are not convinced that businesses need more women in top jobs, company executives have told MPs.At a hearing on women in executive management, the House of Commons’ women and equalities committee quizzed representatives from the water company Severn Trent, packaging company Smurfit Kappa, car
  
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• Why do black male graduates earn £7,000 less per year than their white peers?

  18-07-2018 16:00
  Black men face many barriers when it comes to finding a well-paid job. But the truth is that racism cannot be overcome by amassing more qualifications‘Education, education, education” is a common refrain that black young people hear from family and community members. Work hard in school, go to university and graduate into a better life than the previous generation. Education is meant to be the great equaliser, our inoculation against ethnic penalty in the workplace – one of the
  
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• Premier Foods chief clings on despite mass shareholder revolt

  18-07-2018 14:49 via theguardian.com
  Gavin Darby faces 41% protest vote as activist investors say firm is in “zombie-like state’Gavin Darby, Premier Foods chief executive, said he will stay on as the head of the Mr Kipling owner despite facing a 41% protest vote against his re-election by shareholders.Speaking after a stormy annual general meeting where activist shareholder Oasis Management called on Darby to step down regardless of the vote, the chairman, Keith Hamill, said Premier’s board backed the chief execut
  
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• Google to appeal after EC fines it €4.34bn over Android antitrust breach - business live

  18-07-2018 14:14 via theguardian.com
  All the day’s economic and financial news, as the EC fines Google for competition breachesLatest: Google vows to appealGoogle fined €4.34bn by ECEC: Google unfairly used its Android operating systemGoogle forced phonemakers to install its search app and browserVestager denies ‘hating’ America 1.14pm BST Today’s ruling comes too late to affect the mobile phone market, my colleague Sam Gibbs says:Here’s a flavour of his analysis:The EC is demanding that Google ce
  
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• UK's Gaucho steak chain on brink of administration - Financial Times

  18-07-2018 14:13
  Financial Times
  UK's Gaucho steak chain on brink of administration
  Financial Times
  Gaucho Group, the operator of two chains of well-known UK steak restaurants, is on the verge of falling into administration, putting 1,500 jobs at risk, as the crisis afflicting casual dining restaurants spreads throughout the high street. The company ...en meer »
  
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• The EU fining Google over Android is too little, too late, say experts

  18-07-2018 13:47 via theguardian.com
  Industry analysts fear action against anti-competitive behaviour will punish consumers more than GoogleThe European commission has fined Google £3.8bn for anti-competitive behaviour regarding its Android mobile operating system. It’s looking to force the company to cede some control, but is it too little too late?The record fine is not to be dismissed, but for Google it is the EU’s suggested remedy – the prising loose of its tight grip around Android – that may have
  
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• UK spy agencies criticised for lack of black leaders

  18-07-2018 13:44 via theguardian.com
  MI6 and MI5 had no one from minority ethnic background in a top post, MPs findThe UK’s intelligence agencies suffer from a lack of black and Asian staff in top posts, according to a report from the parliamentary intelligence and security committee published on Wednesday.Neither MI6, which deals with overseas intelligence-gathering, nor MI5 had any people from a black, Asian or minority ethnic background in the top posts in 2016-17. The surveillance agency GCHQ was the only agency listed as
  
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• Gaucho to file for administration, with 1,500 jobs at risk

  18-07-2018 13:44 via theguardian.com
  Argentine restaurant group had been in last-ditch talks with potential buyersThe restaurant group Gaucho is preparing to file for administration, putting 1,500 jobs at risk.The owner of the Gaucho and Cau brands is the latest victim of the intense pressure on the high street, which has cost 35,000 jobs in the retail and casual dining sectors this year. Sky News reported on Wednesday morning that the group had filed a notice of intent to appoint Deloitte as administrator as soon as the afternoon.
  
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• Google fined £3.8bn by EU over Android antitrust violations

  18-07-2018 13:38 via theguardian.com
  Company made its search engine the default on most phones using operating systemGoogle has been hit with a record €4.34bn (£3.8bn) fine by the European Union for abusing its market dominance in mobile phone operating systems.The EU imposed the multibillion-euro penalty after finding that the US tech firm required smartphone manufacturers to pre-instal Google’s search and browser apps devices using its Android operating system, otherwise they would not be allowed to use its Googl
  
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• Bitcoin price rise to $7,500 is due to Tether coin 'manipulation' says Dr 'Doom' Roubini

  18-07-2018 12:08 via feedproxy.google.com
  BITCOIN’s rise back above $7,500 for the first time in a month has been met with suspicion from American economist Nouriel Roubini who claims that “price manipulation” triggered the 10 percent price spike in just 30 minutes.
  
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• Pound US dollar exchange rate: GBP drops 0.5 per cent on inflation rate upset

  18-07-2018 12:00 via feedproxy.google.com
  THE pound has lost ground to the US dollar today, falling to a level of $1.302.
  
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• Bitcoin: BlackRock interest boost price by 5% but one expert says it could go HIGHER

  18-07-2018 12:00 via feedproxy.google.com
  BITCOIN price has risen on Monday as a major investor announced its interest in the cryptocurrency, but one expert has said in the long-term bitcoin has the potential to go even higher.
  
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• Air China crew grounded after co-pilot's vaping sparked mid-air emergency

  18-07-2018 11:37 via theguardian.com
  Aviation watchdog revokes pilots’ flying licences after 737 forced into emergency descentA Chinese cockpit crew involved in a mid-air emergency sparked by smoke from a co-pilot’s vape have had their flying licences revoked.
  Authorities have also cut the number of 737 flights operated by the flag-carrier Air China, state media reported on Wednesday. Continue reading...
  
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• UK interest rate rise in doubt as inflation stays at 2.4%

  18-07-2018 11:27 via theguardian.com
  Slowing house price rises and summer clothing sales dampen predicted leapThe chances of a rise in interest rates in August have dipped after British inflation remained at a one-year low last month. Confounding expectations for the return of higher rates of inflation in June fuelled by the rising price of petrol, the Office for National Statistics said the consumer price index remained unchanged at 2.4% from the previous month. Continue reading...
  
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• Pound euro exchange rate: GBP slumps against EUR as UK inflation misses

  18-07-2018 11:00 via feedproxy.google.com
  THE pound to euro exchange rate is currently trading at €1.121, down around 0.3 per cent from today’s opening levels.
  
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• Premier Foods may sell brands to calm shareholders

  18-07-2018 10:26 via theguardian.com
  Owner of Mr Kipling and Batchelors to speed up turnaround as investors look to oust CEOPremier Foods said “nothing is off the table”, including a sale of parts of the business, before a showdown with activist investors who are trying to oust the chief executive, Gavin Darby.The group behind Mr Kipling and Batchelors conceded it must accelerate its turnaround plans amid pressure from its second largest shareholder, Oasis Management. Continue reading...
  
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• Bitcoin price hits $7,500: Will BTC rise? What is causing the cryptocurrency to rise?

  18-07-2018 09:54 via feedproxy.google.com
  BITCOIN prices flew back up past $7,500 again today as the market rose back into the green. What is causing the cryptocurrency to rise?
  
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• Elon Musk apologises for calling Thai cave rescuer a 'pedo'

  18-07-2018 09:43 via theguardian.com
  Tesla billionaire says his remarks about Briton Vernon Unsworth were unjustifiedThe tech entrepreneur Elon Musk has apologised to a Briton who helped to rescue a group of boys and their football coach from a cave in Thailand last week, after calling him a “pedo” on Twitter.Vernon Unsworth had said he was considering legal action and was “astonished and very angry” about the slur.Continue reading...
  
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• Bitcoin price LIVE: BTC soars to $7,500 - G20 framework makes crypto the 'future of money'

  18-07-2018 09:26 via feedproxy.google.com
  BITCOIN could be set for a comeback after climbing 10 percent over the last day to hit a high of $7,523 in the early hours this morning. Prices have been boosted by yesterday's report from the Financial Stability Board , leading one expert to herald proof that "cryptocurrencies are the future of money."
  
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• ‘He’s done quite well’: why Conrad Black thinks Trump is what the US needs

  18-07-2018 08:30 via theguardian.com
  The former press magnate lauds the president in his newest book – but some are wondering if he’s merely angling for a pardonSince launching his bid for America’s top office, Donald Trump has figured prominently in Canada’s national conversation; he’s been called a fascist, and a bully, and was unanimously condemned by parliamentarians after he lashed out at the prime minister, Justin Trudeau.Related: Conrad Black tells Canadian newspaper executives how to do their j
  
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• I left my bag on a train – why must I pay £24 to get it back?

  18-07-2018 08:00 via theguardian.com
  The rail operator refused to send it back by train and insists on using an expensive courierTravelling from Birmingham to Bristol, I left my overnight bag on the train. I reported it to the train operator (CrossCountry) and station owner (GWR) and was told by both it would likely end up in Bristol. After two weeks it arrived at Birmingham New Street where lost property is managed by the Excess Baggage Company. I have to pay a £24 courier fee plus £5 admin. Why can’t it just be
  
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• Business leaders attack PM's surrender to Rees-Mogg on VAT

  18-07-2018 08:00 via theguardian.com
  British Chambers of Commerce says Brexit measure will add significantly to costsTheresa May’s decision to accede to Jacob Rees-Mogg’s demand that the UK sever ties with the European Union on value added tax has been condemned by British business leaders.It could also result in a hard border in Ireland, which would mean the proposal faces sudden death when considered by the EU, experts have said.Continue reading...
  
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• The cleaners who won fair wages and a way to belong | Aditya Chakrabortty

  18-07-2018 07:00 via theguardian.com
  The latest in our new economics series looks at how one university’s decision to bring cleaning staff in-house changed working lives and transformed a community for the betterA queue was already forming by the time Isaac Oti turned up for work before dawn that May morning. He came back a couple of hours later and – “boom!” People were spilling out of Queen Mary college, past the gates, past the engineering faculty. They were standing out on the road three or four deep, al
  
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• Dairy products 'may become luxuries' after UK leaves EU

  18-07-2018 07:00 via theguardian.com
  Reliance on EU butter, cheese and yoghurt means sharp price rises, says milk producer ArlaEveryday dairy products such as butter, yoghurt and cheese could become luxury items in Britain after Brexit, with price rises being caused by the slightest delay in the journey from farm to table, a report by the London School of Economics finds.The LSE research, commissioned by the company behind Lurpak, Anchor and Arla brands, also found that speciality cheeses could become scarce after Brexit, with esca
  
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• Dark money lurks at the heart of our political crisis | George Monbiot

  18-07-2018 06:59 via theguardian.com
  Democracy is threatened by organisations such as the Institute of Economic Affairs that refuse to reveal who funds themA mere two millennia after Roman politicians paid mobs to riot on their behalf, we are beginning to understand the role of dark money in politics, and its perennial threat to democracy. Dark money is cash whose source is not made public, and which is spent to change political outcomes. The Facebook/Cambridge Analytica scandal, unearthed by Carole Cadwalladr, and the mysterious f
  
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• Royal Mail suffers as data rules rein in junk

  18-07-2018 06:37 via feedproxy.google.com
  ROYAL MAIL’S letter deliveries have taken another hit because new data protection laws have made companies wary of sending out junk mail.
  
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• Budding business: how cannabis could transform Lebanon

  18-07-2018 06:00 via theguardian.com
  Report proposes legalising billion-dollar cannabis industry to rescue ailing economyThe town of Brital, in Lebanon’s Bekaa Valley, is a jarring contrast of poverty and ostentatious wealth. Busted-up old vans drive on potholed roads next to gleaming Bentleys and Range Rovers with no number plates and blacked-out windows. Unemployment is rife, and yet the landscape is dotted by large gated mansions.The town is home to some of Lebanon’s most powerful cannabis-growing families, who culti
  
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• European Investment Bank faces call for overhaul after UK exits - Financial Times

  18-07-2018 05:01
  Financial Times
  European Investment Bank faces call for overhaul after UK exits
  Financial Times
  Seven EU governments are demanding an overhaul of the European Investment Bank's operations and governance as tension rises over the bank's desire to maintain its financial firepower after Brexit. Sweden, the Netherlands and Austria are part of a group ...en meer »
  
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• Streaming video subscriptions overtake pay TV in UK - Financial Times

  18-07-2018 01:01
  Financial Times
  Streaming video subscriptions overtake pay TV in UK
  Financial Times
  More people in the UK now subscribe to streaming video services, such as Netflix and Amazon, than pay-television, underscoring the challenges cable, satellite and public service broadcasters are facing in the digital age. A new Media Nations report ...en meer »
  
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• Disability claimants owed £340m after DWP blunder, say MPs

  18-07-2018 01:01
  ‘Indifferent’ department tried to shift the blame and took six years to correct errorA cross-party group of MPs has criticised the Department for Work and Pensions’ “culture of indifference” after it took six years to correct a major error which left chronically-ill and disabled benefit claimants thousands of pounds out of pocket.An estimated 70,000 claimants were underpaid by between £5,000 and £20,000 between 2011 and 2016 because the DWP failed to ens
  
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• Papa John's founder says resigning over N-word use was a mistake

  18-07-2018 00:14 via theguardian.com
  John Schnatter stepped down as chairman of the Kentucky-based pizza chain last week but now says he was ‘kind of provoked’The Papa John’s founder, John Schnatter, who resigned from his role as chairman last week after using the N-word, has now reportedly said it was a mistake to leave the company.
  In a letter to board members, Schnatter gave more details about the conference call in May that led to his stepping down – and highlighted his feelings about Kanye West, CNBC re
  
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