Financial news

• Facebook stock price LIVE: Facebook shares in DEATH SPIRAL - shares down 19%

  26-07-2018 23:05 via feedproxy.google.com
  FACEBOOK shares plummeted by nearly 19 percent today, wiping as much as £91.5billion from the value of the company in the largest one-day hit in corporate history.
  
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• Facebook suffers biggest one-day rout ever as shares tumble 19% – as it happened

  26-07-2018 22:50 via theguardian.com
  Investors desert Facebook after it missed revenue targets as the cost of the Cambridge Analytica scandal bitesLatest: Facebook shares tumble almost 20%Up to $125bn wiped off company’s value
  How Facebook disappointed Wall StreetOperating margins to shrink as costs spikeEarlier:US and EU agree trade war truce 9.41pm BST Amazon’s sparkling-looking results also includes a flurry of new achievements and milestones, from new Fire smart TVs and tablets to a French Alexa, Amazon Prime’
  
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• 'Papa John' files lawsuit against Papa John's pizza chain

  26-07-2018 22:02 via theguardian.com
  John Schnatter sues for access to company’s books and records after resigning amid reports he used racial slur The founder of Papa John’s pizza is suing for access to the company’s books and records after he resigned this month amid reports he used a racial slur during a media training session. Related: Papa John's founder says resigning over N-word use was a mistakeContinue reading...
  
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• Does Facebook's plummeting stock spell disaster for the social network?

  26-07-2018 21:12 via theguardian.com
  The company lost $118bn in market value after news of slowed growth and rising costs. But is it more than a blip?
  Facebook’s stock price took a 20% tumble this week after the company’s latest quarterly earnings revealed stagnating user growth in key markets and rising costs associated with tackling misinformation, election interference and privacy issues.More than $118bn was wiped off the company’s market value and Mark Zuckerberg’s fortune took a hit of $16bn, after the
  
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• Starbucks worker wins lawsuit over 13 hours of off-the-clock pay

  26-07-2018 20:53 via theguardian.com
  California supreme court says extra minutes add up: ‘That’s enough to pay a utility bill or buy a week of groceries’Starbucks and other employers in California must pay workers for minutes they routinely spend off the clock on tasks such as locking up or setting the store alarm, the state supreme court ruled Thursday.The unanimous ruling was a big victory for hourly workers in California and could prompt additional lawsuits against employers in the state.Continue reading...
  
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• Over $119bn wiped off Facebook's market cap after growth shock

  26-07-2018 20:26 via theguardian.com
  Shares crash as social network admits user growth fell after Cambridge Analytica breach More than $119bn (£90.8bn) has been wiped off Facebook’s market value, which includes a $17bn hit to the fortune of its founder, Mark Zuckerberg, after the company told investors that user growth had slowed in the wake of the Cambridge Analytica scandal.Facebook’s shares plunged 19% on Thursday in New York, a day after the Silicon Valley company revealed that 3 million users in Europe had ab
  
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• House of Fraser rescue deal faces delay while legal action is settled

  26-07-2018 20:09 via theguardian.com
  Investor C.banner is concerned about challenge to restructure terms brought by landlordsHouse of Fraser faces the threat of a cash squeeze after a key Chinese investor warned of a delay to a planned rescue deal following a legal challenge in Scotland.One industry source said that suppliers were already beginning contingency planning for a collapse into administration of the retailer as, without a cash injection, House of Fraser could struggle to pay its rent bill due at the end of September. Con
  
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• Virgin Media v ITV: state of play in the battle

  26-07-2018 19:42 via theguardian.com
  Questions arising from the dispute that could lead to ITV channels disappearing from cable platformWhat is the nature of the dispute between ITV and Virgin Media?
  The dispute dates back more than a year when a change in legislation relating to Virgin Media led ITV to believe it should be able to charge the cable company tens of millions of pounds a year to carry its flagship ITV channel, home to shows ranging from Victoria to The X Factor.Continue reading...
  
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• Sky posts forecast-beating annual results as bidding war rages on

  26-07-2018 19:20 via theguardian.com
  Profits rise of 7.6% underlines why broadcaster is target of Comcast and 21st Century FoxSky posted a forecast-beating rise in annual profits on Thursday, as its chief executive said the results underlined why the company is at the centre of a £26bn bidding war between Comcast and Rupert Murdoch’s 21st Century Fox.Sky comfortably beat City expectations with pre-tax profits up 7.6% to £864m in the year to the end of June and revenues rising 5% to £13.6bn. Continue reading.
  
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• Household debt in UK 'worse than at any time on record'

  26-07-2018 19:01
  British household finances among most indebted in major western countries, ONS saysBritish households spent around £900 more on average than they received in income during 2017, pushing their finances into deficit for the first time since the credit boom of the 1980s. The Office for National Statistics said the shortfall amounted to nearly £25bn – equal to almost a quarter of the NHS budget – and the overspend was mostly paid for with borrowed money, though households als
  
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• What did Facebook say to market - $130BILLION wiped off off share price

  26-07-2018 18:32 via feedproxy.google.com
  FACEBOOK shares slumped by 24 percent in after-hours trade on Tuesday wiping an eye-watering $130 billion off its market value in just two hours - but what did Facebook say to spook investors so much?
  
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• Spotify beats expectations by reaching 83m subscribers

  26-07-2018 18:09 via theguardian.com
  Music streaming service posts positive figures in face of competition from Apple and AmazonSpotify recorded an 8m rise in its number of paid subscribers in the second quarter as it attempts to stave off mounting competition from deep-pocketed rivals Apple and Amazon.The music streaming service said the number of monthly paying subscribers, which account for the bulk of its revenue, rose to 83m at the end of June from 75m in the first three months of 2018, more than double Apple’s last-repo
  
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• China's long game to dominate nuclear power relies on the UK

  26-07-2018 17:53 via theguardian.com
  Approval of Chinese nuclear technology in the UK would act as a springboard to the rest of the worldChina wants to become a global leader in nuclear power and the UK is crucial to realising its ambitions.While other countries have scaled back on atomic energy in the wake of the Fukushima disaster, state-backed Chinese companies benefit from the fact that China is still relying on nuclear energy to reach the country’s low-carbon goals. Continue reading...
  
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• Bookmakers land £1bn tax rebate in fixed-odds betting VAT

  26-07-2018 17:13 via theguardian.com
  Industry still reeling from government’s cut in maximum FOBT stake from £100 to £2Bookmakers are in line for a £1bn tax rebate after a court ruled they were wrongly charged VAT on revenue from controversial fixed-odds betting terminals (FOBTs).The finding, in a case brought against HM Revenue & Customs by the high-street bookmaker Betfred, will be seen as a major victory for an industry reeling from the government’s decision earlier this year to slash the maximu
  
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• Pension WARNING: Treasury Select Committee calls for ROBIN HOOD approach to savings

  26-07-2018 16:16 via feedproxy.google.com
  A CROSS-PARTY group of MPs has told Chancellor Philip Hammond to reduce tax relief for pension contributions used primarily by the rich and make savings incentives more attractive for poorer people.
  
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• Gin craze boosts sales by 22% across Europe for Diageo

  26-07-2018 14:50 via theguardian.com
  Pink gin and other launches drive strong growth in Europe and UK for drinks firmA growing thirst for gin among UK consumers boosted annual sales at the drinks firm Diageo, which benefited from the launch of a pink version of the spirit.The international drinks group said total UK sales rose 8% in the year to the end of June, thanks to a double-digit rise in sales of Tanqueray and Gordon’s, which introduced a pink gin last summer. Continue reading...
  
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• Trump-Juncker 'talks about talks' met with scepticism

  26-07-2018 12:35 via theguardian.com
  Discussions in Washington ease pressure on both sides but EU members have doubtsIn Donald Trump’s The Art of the Deal, the future US president extolled the value of talking big. “People want to believe that something is the biggest and the greatest and the most spectacular,” Trump wrote, or at least his ghostwriter did. “I call it truthful hyperbole. It’s an innocent form of exaggeration – and a very effective form of promotion.”Standing alongside the Eu
  
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• Welcome to suburbia: the millennials done with city life – and city prices

  26-07-2018 12:00
  Despite their urban image, millennials are looking to suburbs and the country for a quieter, and cheaper, lifestyle
  A green sign with a horse-drawn carriage marks the turn in the road: Townes at Covington, it reads, a nod to the management company running properties in this quiet cul-de-sac 30 minutes outside Washington DC.Of course, there aren’t any horse-drawn carriages here. There aren’t even really any pedestrians. I drive up to a cheerful cream-colored house with blue shutters.
  
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• HSBC, can I have my ******* refund back?

  26-07-2018 08:00
  I was sent a cheque with a row of asterisks and it could not be bankedIn April, I paid £1,000 to a John Lewis Partnership Card that I share with my wife. It is underwritten by HSBC. The payment was not accepted as it coincided with the card being reported stolen. Instead of being bounced back, it appears the payment was “lost” before it was “found” over five weeks later.HSBC sent my bank, Santander, a cheque for the amount and a letter briefly detailing what had hap
  
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• MPs rebuke councils for 'overzealous' use of bailiffs

  26-07-2018 07:01
  Authorities’ use of debt collectors for council tax arrears criticised by Treasury committeeCouncils are driving poor people further into financial difficulty by using bailiffs “overzealously” to pursue households that have failed to pay council tax, according to a damning report by a committee of MPs.In 2016, around 2.3m debt cases were passed to bailiffs by local authorities, according to data given to the House of Commons Treasury committee.Continue reading...
  
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• Fifth of UK high street retailers aim to cut staff in next three months

  26-07-2018 01:01 via theguardian.com
  Online shopping and rising costs have changed the way retail works, says trade bodyNearly a fifth of British retailers are planning to cut the number of people they employ in the next three months as the high street continues to suffer from rising costs and a shift to buying online.The number of people employed in the retail sector, the UK’s biggest employer, has already dropped nearly 3% in the past three months, according to the latest figures from the British Retail Consortium (BRC). Re
  
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