Financial news

• Harrods of the high street? Maybe not, but Mike Ashley's mission could succeed

  10-08-2018 19:20 via theguardian.com
  Buying House of Fraser in a bleak retailing climate may seem foolish, but several factors are to Sports Direct’s advantageInto administration by breakfast time, into the tender embrace of Mike Ashley by midmorning. Sports Direct’s £90m purchase of House of Fraser does not represent straightforward salvation for all 5,900 directly employed staff, plus the 10,000 people who work in concession outlets within the department stores. They still have jobs today. But how many will be r
  
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• Turkey Lira: Dow Jones DROPS 200 points as Turkish lira causes global markets MELTDOWN

  10-08-2018 17:56 via feedproxy.google.com
  A WIDESPREAD selloff in global stocks caused the markets to plunge as the Turkish lira tumbled due to concerns over the country's economy and a deepening rift with the US.
  
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• What does House of Fraser deal mean for my existing order?

  10-08-2018 17:29 via theguardian.com
  What do you do if still waiting for an online delivery or return – and what about gift cards?Sports Direct has bought House of Fraser in a £90m rescue deal after it went into administration. Legally it is a new owner, with no formal obligation to honour deals with previous customers and suppliers. Stores remain open and trading as usual and the website is taking orders. So what does the takeover mean for people waiting for deliveries, those holding gift cards and vouchers, or wanting
  
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• Ryanair cancellations: what are my rights?

  10-08-2018 16:39 via theguardian.com
  Ryanair cancelled one sixth of its flights on Friday, affecting nearly 400 trips in EuropeRyanair has cancelled nearly 400 flights as it battles unions in Germany, Sweden, Ireland, Belgium and the Netherlands. About 50,000 passengers have been directly affected, with others likely to be hit by delays. Ryanair says 85% of scheduled flights will operate as normal on Saturday, and that affected customers have mostly accepted places on alternative flights. But what if you are among those hit? Contin
  
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• Trump doubles Turkish tariffs as lira plunges to record lows - business live

  10-08-2018 15:29 via theguardian.com
  All the day’s economic and financial news, including new growth figures for the UK and the financial crisis in TurkeyLatest: Trump hits Turkey as Erdogan vows to fight economic war
  Earlier:Breaking: UK growth rises to 0.4%Manufacturing falls into recessionMike Ashley swoops on House of Fraser2.29pm BST The Turkish lira is plunging to new record lows following Donald Trump’s tweet.It’s now down 18% (!!) today, at over 6.5 lira to the dollar, compared with 5.5 lira last night.Sel
  
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• BITCOIN scam kits and fraud guides go for rock-bottom prices on DARK WEB

  10-08-2018 13:23 via feedproxy.google.com
  IF this doesn’t give you a fit of the shivers in the heatwave nothing will: online scam pages designed to exploit customers of big brands by looking like the real Apple, Facebook, Paypal and Netflix websites are being sold for as little as £2 on the Dark Web, the alternative side of the internet used by criminals. 
  
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• $1bn for empty space: the saga of the world's most valuable real estate

  10-08-2018 13:00 via theguardian.com
  Skepticism abounds over 157-acre LA-area lot once linked to Brad Pitt and Iran’s shah, amid questions over sellers’ motivationsA billion dollars is a steep price to pay for a whole lot of nothing – even if the nothing in question happens to be a prime piece of open land with commanding views over the mansion-studded hills of Bel-Air and Los Angeles.Still, a billion dollars is what the owners of the 157 acres perched between Benedict and Franklin canyons say they want, and they
  
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• Pound US dollar exchange rate: GBP drops as UK GDP growth fails to impress

  10-08-2018 12:25 via feedproxy.google.com
  THE pound has fallen against the US dollar today, trading at an exchange rate of $1.275. This slump in the pound US dollar exchange rate comes after the release of a UK preliminary GDP reading which shows growth in Q2 2018.
  
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• 'Shackles are still on': analysts respond to UK economic growth data - Financial Times

  10-08-2018 11:48
  'Shackles are still on': analysts respond to UK economic growth data
  Financial Times
  The UK economy grew by 0.4 per cent in the second quarter of the year, an improvement on the start of the year helped by good weather, and in line with expectations. Despite the small bounce back, the trade deficit notably weakened, and manufacturing ...en meer »
  
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• Pound euro exchange rate: GBP stabilises as UK economic growth rebound in Q2

  10-08-2018 11:18 via feedproxy.google.com
  THE pound euro exchange rate is currently trading at €1.112, virtually unchanged from this morning’s opening levels despite the uptick in UK GDP.
  
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• UK economic growth accelerates to 0.4%, but manufacturing falls into recession - business live

  10-08-2018 11:15 via theguardian.com
  All the day’s economic and financial news, including new growth figures for the UK and the latest on the House of Fraser crisisBreaking: UK growth rises to 0.4%Manufacturing falls into recessionEarlier:Introduction: UK growth figures released this morning
  House of Fraser heads into administration10.15am BST Back on GDP, and this chart shows how Britain’s manufacturers had a tough few months:Today’s q2 GDP data doesn’t make for pleasant reading for the manufacturing sector
  
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• The chips are down in Belgium as heatwave hits supply of frites

  10-08-2018 11:15 via theguardian.com
  Reduced yields are putting national dish and ‘symbol of Belgium’ under threat Belgium food vendors are praying for rain as the hot weather puts supply of the country’s national dish, frites, under threat.The current Europe-wide heatwave has shrunk the country’s early crop of potatoes by around a third, compared to an average year. Without very significant rainfall over the next few weeks, the key September and October harvests could be smaller still. Continue reading...
  
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• House of Fraser bought by Mike Ashley's Sports Direct for £90m

  10-08-2018 11:08 via theguardian.com
  The rescue deal includes all of the department store chain’s outletsSports Direct, the sportswear chain controlled by Mike Ashley, has swooped on House of Fraser in a £90m rescue deal that includes all of its stores.In a statement to the stock exchange, Sports Direct confirmed it had bought the retailer for £90m in cash, shortly after it fell into administration this morning. Continue reading...
  
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• Ryanair pilot strike grounds nearly 400 flights

  10-08-2018 10:13 via theguardian.com
  Airline says 396 flights will not take off on Friday because of strikes across five countriesHundreds of Ryanair flights will not take off as planned on Friday because of pilot strikes in five countries.Staff in Ireland, Germany, Sweden, Belgium and the Netherlands are staging a 24-hour walkout over pay and conditions. Continue reading...
  
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• UK rents don’t have to rocket – just look at Berlin | Ellie Mae O’Hagan

  10-08-2018 10:00 via theguardian.com
  It’s time to join the fightback in the UK as renters’ unions take the battle to the landlordsI write this piece from Berlin, where I am currently staying in an airy three-bedroom apartment within easy reach of the city centre. The people who live here are not rich by any stretch of the imagination, but their home is light and spacious, and it’s not bankrupting them.Berlin’s housing system is not perfect. Friends who live here tell me securing an apartment is ludicrously c
  
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• New York is making Uber pay a living wage – UK workers deserve the same | Frank Field

  10-08-2018 09:00 via theguardian.com
  This country desperately needs minimum standards of employment to stop exploitation in the gig economy
  • Frank Field, Labour MP for Birkenhead, is chair of the Commons work and pensions committeeThe fightback against poverty wages and exploitation in the gig economy has, until now, taken place almost exclusively in the courts. But a new front is beginning to open up in the attack on these abysmal working practices. Throughout this war of attrition between David and Goliath, the legal system
  
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• House of Fraser dodges administration as Mike Ashley seals £90m deal

  10-08-2018 08:37 via feedproxy.google.com
  HOUSE of Fraser has been rescued from administration after Sports Direct tycoon Mike Ashley sealed a £90 million deal for the business, raising hopes thousands of jobs will be saved.
  
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• Automated calls that are proving Uber annoying

  10-08-2018 08:00 via theguardian.com
  It’s obviously mistaken identity but there’s no way to stop themWe are being plagued with automated phone calls to our BT landline from UberEats, three times a day from midday until midnight for a month. The message implies it thinks we are a restaurant. This is clearly a case of mistaken identity. BT is unable to block the calls unless I can give them the number to block, but number identification is unavailable on these messages.Continue reading...
  
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• Paradise lost? What happened to Ireland's model eco-village

  10-08-2018 07:00 via theguardian.com
  Harsh lessons have been learned since the financial crash but residents of the pioneering community remain upbeatIt was conceived as a model for environmental living in the 21st century – a self-governing eco-village which would be communal, carbon-neutral and self-sufficient. The plans for Cloughjordan, a settlement in the heart of Ireland, provided for a working farm, solar power, an “edible landscape” and district heating. There would be 130 plots for homes on a 67-acre site
  
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• News Corp worldwide reports $1.4bn net loss, but paid subscriptions rise

  10-08-2018 01:51 via theguardian.com
  Chief executive Robert Thomson highlights growth at UK mastheads Times and Sunday Times, and Australian digital subscriptions rise 12%Rupert Murdoch’s News Corp has shrugged off its latest annual loss with an upbeat assessment of its digital news and real estate assets.The worldwide publishing group reported a net loss of US$1.4bn for 2017/18, which was worse than the previous year’s US$643m. Continue reading...
  
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• House of Fraser clock is ticking

  10-08-2018 01:33 via feedproxy.google.com
  HOUSE of Fraser has less than two weeks to secure a funding lifeline and avoid a collapse into administration that could put more than 17,000 jobs at risk.
  
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• CBI calls for UK to abandon immigration targets after Brexit - Financial Times

  10-08-2018 01:02
  Financial Times
  CBI calls for UK to abandon immigration targets after Brexit
  Financial Times
  The UK government must abolish all immigration targets and ensure its Tier 2 visa system for skilled migrants is not extended to EU citizens after Brexit, the CBI employers' organisation has said. Josh Hardie, its deputy director-general, said on ...en meer »
  
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• CBI urges government to drop 'blunt target' on immigration numbers

  10-08-2018 01:01 via theguardian.com
  Business leaders call on Theresa May to bring in new freedom of movement rules for EU citizensThe Confederation of British Industry has urged Theresa May to drop her “blunt target” on immigration numbers and introduce new freedom of movement rules for EU citizens post-Brexit to ensure firms, large and small, can stay in business when the UK leaves the bloc.Outlining the results of a major consultation with business leaders, Josh Hardie, the CBI’s deputy director general, said c
  
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