Financial news

• Viagogo sues Ed Sheeran’s promotion company for alleged fraud

  04-09-2018 18:50 via theguardian.com
  Proceedings issued over promoter’s decision to cancel thousands of tickets bought through resale site
  Ed Sheeran’s promotion company has dismissed as “laughable” a lawsuit filed against it for alleged fraud by controversial ticket resale company Viagogo.
  Switzerland-based Viagogo, which is due to face a grilling from MPs about its controversial practices on Wednesday, said it had issued legal proceedings against Kilimanjaro Live over the company’s decision to cancel
  
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• Amazon becomes world's second company to be valued at $1tn

  04-09-2018 18:50 via theguardian.com
  Online retail giant follows Apple as it passes milestoneJeff Bezos-founded firm had revenues of $178bn last yearIn depth: the age of AmazonAmazon has become the second company to be valued by Wall Street at $1tn, a matter of weeks after Apple reached the milestone first. Related: Bezos's empire: how Amazon became the world's most valuable retailerContinue reading...
  
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• Mark Carney hints he is willing to stay on at Bank of England

  04-09-2018 18:32 via theguardian.com
  Governor confirms he is in talks with the Treasury to smooth any fallout from BrixitMark Carney has confirmed he is in talks with the Treasury over staying on as governor of the Bank of England to smooth any potential fallout from Brexit. Dropping the broadest possible hint he could remain at Threadneedle Street beyond his scheduled departure date in June, the Bank of England governor said he was willing to do whatever he could to ensure a trouble-free departure from the EU.Continue reading...
  
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• John Lewis department store cuts 270 jobs as it rebrands

  04-09-2018 17:36 via theguardian.com
  Awkward timing as firm also unveils name change to stress its partnership modelThe department store chain John Lewis is axing 270 jobs, just as it changes its name to “John Lewis & Partners” to highlight it is owned by its employees.The blow to staff came as its upmarket rival Fenwick confirmed plans to shed 408 jobs as part of a shake-up at the 136-year-old family business where profits collapsed last year. Continue reading...
  
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• Campaigners celebrate as oil drilling at Surrey Hills site is blocked

  04-09-2018 16:01 via theguardian.com
  Defra’s decision not to renew Europa’s licence marks victory after 1o-year legal battleMichael Gove has blocked drilling of a controversial exploratory oil well in the south of England, causing campaigners to celebrate but sparking an angry response from one of the firms involved.Concerns over the impact on ancient woodland led the environment secretary to decide against renewing the lease at the site near Holmwood in the Surrey Hills, which is on Forestry Commission land. Continue r
  
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• TSB's boss had to go – it is still struggling with the basics | Nils Pratley

  04-09-2018 13:42 via theguardian.com
  The fumbling of Paul Pester’s exit shows the bank has lessons to learn on clarity and competenceTSB’s “upgrade” of its IT system has been a shambles that the bank has yet to explain fully, so it was fitting that the inevitable exit of its chief executive, Paul Pester, carried a farcical note. The chairman, Richard Meddings, addressed Nicky Morgan as “dear Morgan” in his letter to the chair of the Treasury select committee and dated his dispatch with the wrong
  
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• Why are councils investing in the fracking industry they oppose? | Matthew Brown

  04-09-2018 12:49 via theguardian.com
  Local authorities should be investing in a greener future – not using pensions to fund the very companies they are battling• Matthew Brown is Preston city council leaderIt has been revealed that UK councils are investing more than £9bn of public money in fracking companies through their pension funds. Despite many councils voting against fracking developments in their own areas, they have failed to pull investment funds out of the industry. Related: Fracking is back in England &
  
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• TSB chief Paul Pester steps down after IT meltdown

  04-09-2018 11:57 via theguardian.com
  Thousands of customers face ongoing problems after being locked out of accounts in AprilThe TSB chief executive, Paul Pester, has stepped down after an IT meltdown in April that locked thousands of customers out of their accounts and is still causing problems five months on.Richard Meddings will take over as executive chairman with immediate effect and a search will start for a new chief executive.Continue reading...
  
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• Peer-to-peer lender Funding Circle plans £2bn flotation

  04-09-2018 08:32 via theguardian.com
  Company’s three co-founders in line for combined windfall of £70mThree friends who met at university are in line for a combined windfall of £70m after revealing plans for a £2bn float of Funding Circle, the British peer-to-peer lending business they founded eight years ago.Funding Circle, which allows small firms to tap into a pool of money provided by thousands of investors, aims to raise £300m in a stock market float valuing the company at up to £1.95bn. Con
  
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• Inside Greece's first smart city: 'Now you don't need to know a politician to get something done'

  04-09-2018 08:30 via theguardian.com
  Trikala, in Greece’s agricultural heartland, is an unlikely candidate for a leading smart city – but innovations have improved lives despite the financial crisis“In the past, residents had to call the vice mayor just to change a broken street lamp,” says Sonia Sofou, a police officer turned civil servant. “Now you don’t need to know a politician to get something done.”The 37-year-old is hard at work in the control room of Trikala, Greece’s first sm
  
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• South West Water's half-baked plan won't cool nationalisation fever | Nils Pratley

  04-09-2018 08:27 via theguardian.com
  Utilities company’s plan to give customers free shares equates to only £25 per householdOne can guess at how the thinking went in the boardroom at Pennon, owner of South West Water. The Labour party is threatening to nationalise the water industry, so let’s try to defuse some tension by giving customers free shares. We’ll call it “a new deal” and talk about “empowering” people.Up to a point, one can understand the idea to do something eye-catching.
  
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• Why is it so hard to report Hermes vehicle being driven dangerously?

  04-09-2018 08:00 via theguardian.com
  No one answers the company’s phones and the web chat is on a scriptIn June I witnessed dangerous driving of a Hermes vehicle (an HGV) on the M6. My wife took a photo. But I have since been unable to report the driver, finding the company virtually impenetrable. Phone lines have no human response. Web chat is on a script. The head office phone number disconnects immediately. I spent years working on road safety issues and am spitting feathers in frustration. Today, I got an automated &ldquo
  
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• Brexit could drive up energy bills, say power firms

  04-09-2018 07:00 via theguardian.com
  Imposing tariffs on energy trading could also hinder efforts to counter global warming
  Brexit could drive up energy bills, power companies have said, because trade barriers threaten to increase the cost of importing gas and electricity across the Channel. France’s EDF, multinational Unilever and the UK’s energy industry body urged politicians to avoid imposing tariffs or barriers on energy trading across borders. Continue reading...
  
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• Export slump hits factories

  04-09-2018 04:24 via feedproxy.google.com
  FACTORY growth fell to its weakest for over two years in August and optimism among manufacturers is at a 22-month low after export orders dried up.
  
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• Netflix and Amazon spent £150m on British-made shows last year

  04-09-2018 01:01 via theguardian.com
  Streaming services help drive UK TV production sector to record £2.7bn in revenuesNetflix and Amazon spent £150m on British-made TV shows last year including Black Mirror and The Crown, driving the UK production sector to a record high.The two companies led an almost 20% year-on-year increase in spend from overseas on-demand services, which also includes small TV commissioners such as YouTube, on shows made by UK production companies.Continue reading...
  
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