Financial news

• Unilever's decision to go Dutch should be shot down | Nils Pratley

  11-09-2018 20:01 via theguardian.com
  The consumer goods company’s case for incorporating in the Netherlands fails to convinceThe grown-up stance, supposedly, is to shrug one’s shoulders at Unilever’s proposal to dismantle its Anglo-Dutch model and incorporate in the Netherlands. We are invited to be phlegmatic about the near-certain removal of the stock from the FTSE 100 index. Unilever will still have a listing in the London, runs the argument, so why make a fuss? The UK operations are staying put and the company
  
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• Beer prices set to rise after heatwave hits barley harvest

  11-09-2018 19:44 via theguardian.com
  Report predicts production costs to increase by 16% at world’s biggest breweries
  Beer drinkers could be forced to swallow even higher prices next year as the brewing industry is rocked by the soaring costs of ingredients, according to a report.The price of barley has risen sharply after the summer heatwave scorched harvests across Europe, but other costs, such as energy, are also rising. Even the price of the aluminium used to make beer cans rose by 8% this year, on top of a more than 20%
  
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• ‘How many tears in a bottle of gin?’: Why job interviewers ask such terrible questions

  11-09-2018 19:07 via theguardian.com
  ‘Brainteaser’ questions are now widespread in job interviews – but is there any point to them other than narcissism?How many cabs in New York City? How many tears in a bottle of gin? These aren’t just the lyrics to a song by the Australian musician Paul Kelly. They are the kind of questions you are likely to be asked during a job interview.In recent years, it has become common for bosses to ask interview questions that are impossible to answer. There is no right answer to
  
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• Lehman Brothers went bust 10 years ago – can it happen again? | Larry Elliott

  11-09-2018 16:56 via theguardian.com
  US subprimes set off the last crisis. We look at the possible causes of another crashIn early 2007, the then chairman of the Federal Reserve, Ben Bernanke, dismissed the idea that the slowdown in the US housing market had profound implications. It was, according to the man running the world’s most powerful central bank, just a local affair.Everybody knows what happened next. Within 18 months the local problem in the US subprime mortgage market had ballooned into the biggest global financia
  
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• Tesco to launch new discount chain next week

  11-09-2018 16:10 via theguardian.com
  Supermarket to take on Aldi and Lidl with cut-price brand reportedly to be named Jack’s Tesco will unveil its new discount chain next week as the UK’s biggest supermarket throws down the gauntlet to the German discounters Aldi and Lidl.The first of the stores, which some analysts suggested could be called Jack’s after the Tesco founder, Jack Cohen, will be unveiled by the supermarket’s chief executive, Dave Lewis, in Chatteris, Cambridgeshire, on Wednesday. Continue readi
  
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• 'Tens of thousands' of jobs at risk, Jaguar Land Rover boss tells PM

  11-09-2018 15:58 via theguardian.com
  Ralf Speth tells Theresa May he cannot be sure any of firm’s plants in Britain will continue to operate after BrexitBritain’s biggest car manufacturer, Jaguar Land Rover, has launched a blistering attack on Theresa May’s Brexit plans, saying “tens of thousands” of jobs in the car industry could be lost if the UK crashed out of the EU without a deal.Ralf Speth, the company’s chief executive, told the prime minister that he could not say for certain that any of
  
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• Plans for new Cumbria nuclear power station on verge of collapse

  11-09-2018 15:25 via theguardian.com
  Toshiba’s plan to sell plant in disarray over government’s ‘risky’ financing planPlans for a new nuclear power station in Cumbria are on the verge of collapsing after the Toshiba-owned company behind it laid off 60% of its workforce and embarked on a final effort to sell the project.Toshiba was due to sell the NuGen consortium to South Korea state-owned firm Kecpo in early 2018, as the Japanese firm exits international nuclear projects and looks to recoup some of the &pou
  
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• Pound could PLUNGE unless 'moment of truth' Brexit deal is reached warns finance expert

  11-09-2018 14:03 via feedproxy.google.com
  A TOP financial expert has warned that the pound could plunge as uncertainty and cross-party in-fighting plagues Brexit negotiations, unsettling the markets.
  
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• Bank of England governor Carney to stay on until January 2020, Hammond confirms – live

  11-09-2018 13:55 via theguardian.com
  Mark Carney has agreed to extend his term to support ‘smooth exit of UK from EU’
  UK regular pay excluding bonuses picks up to three-year high as job vacancies hit a record high12.55pm BST Nigel Farage, vice chairman of the pro-Brexit group Leave Means Leave, has a different response.Truly appalling decision to extend Mark Carney’s term at the Bank of England. He is a Remainer, how can we take this government seriously?The decision to extend Mark Carney's stint as Bank of Englan
  
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• Mark Carney agrees to stay at Bank of England until January 2020

  11-09-2018 13:40 via theguardian.com
  Hammond tells MPs governor will remain in post to ‘ensure continuity through what could be quite a turbulent period’The governor of the Bank of England, Mark Carney, has agreed to continue in his post until the end of January 2020, the chancellor, Philip Hammond, has said. Related: Bank of England governor Carney to stay on until January 2020, Hammond confirms – liveContinue reading...
  
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• Why 'stable coins' are no answer to bitcoin's instability

  11-09-2018 13:01 via theguardian.com
  New cryptocurrencies such as Tether may be pegged to the dollar, but they have big flawsWhile the mania for cryptocurrencies may have peaked, new units continue to be announced, seemingly by the day. Prominent among the new arrivals are so-called “stable coins.” Bearing names such as Tether, Basis, and Sagacoin, their value is rigidly tied to the dollar, the euro, or a basket of national currencies.It’s easy to see the appeal of these units. Viable monies provide a reliable mea
  
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• UK wages rise faster than expected amid lowest jobless rate in 40 years

  11-09-2018 12:16 via theguardian.com
  Falling number of EU workers in Britain compounds businesses’ recruitment woesPay growth for British workers unexpectedly increased at the strongest rate for three years amid the lowest levels of unemployment since the mid-1970s.The Office for National Statistics said average weekly earnings excluding bonuses in the three months to July increased by 2.9% compared with a year ago, up from 2.7% in June. Total pay including bonuses picked up from 2.4% in June to 2.6% in the three months to Ju
  
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• Pound euro exchange rate: GBP near one-month high on faster UK wage growth

  11-09-2018 11:52 via feedproxy.google.com
  THE pound is trading near a one-month high against the euro today, with the exchange rate hitting a level of €1.124. This appreciation follows news of faster wage growth in the UK, alongside the unemployment rate remaining at a historically low 4 per cent.
  
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• UK pay growth picks up to fastest rate in three years – business live

  11-09-2018 11:45 via theguardian.com
  Official figures show regular pay excluding bonuses rose 3.1% year-on-year in July as job vacancies hit a record high 10.45am BST Back to the labour market data. Alok Sharma, the employment minister, highlighted that the unemployment rate is the lowest since the mid-1970s while employment rate (which dipped today) remains near a record high, and that 1.45 million more children are living in a home with all adults in work.Sharma said:With unemployment rate still at its lowest level in 43 years, i
  
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• Chocs away: Cadbury stockpiles ingredients in case of hard Brexit

  11-09-2018 11:41 via theguardian.com
  Boss at firm’s owner Mondelez warns UK may face higher prices if deal is not agreedCadbury owner Mondelez International has revealed it is stockpiling ingredients, chocolates and biscuits in case of a no-deal Brexit.Hubert Weber, the European boss of Mondelez, said the UK was “not self-sufficient in terms of food ingredients” and confirmed the stockpiling as part of contingency plans for a hard Brexit, according to the Times. Continue reading...
  
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• Cadbury stockpiles ingredients in case of hard Brexit

  11-09-2018 11:41 via theguardian.com
  Boss at firm’s owner Mondelēz warns UK may face higher prices if deal is not agreedCadbury’s owner, Mondelēz International, has said it is stockpiling ingredients, chocolates and biscuits in case of a no-deal Brexit.Hubert Weber, the president of Mondelēz Europe, said the UK was “not self-sufficient in terms of food ingredients” and confirmed the measure as part of contingency plans for a hard Brexit, according to the Times. Continue reading...
  
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• Pound US dollar exchange rate: GBP bolstered by Brexit optimism

  11-09-2018 11:21 via feedproxy.google.com
  The pound US dollar exchange rate is currently at around $1.307, up 0.3 per cent from the start of today’s session. The exchange rate has been buoyed by positive Brexit sentiment and upbeat UK wage growth figures.
  
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• Global demand for fossil fuels will peak in 2023, says thinktank

  11-09-2018 10:40 via theguardian.com
  Oil and gas firms’ assets at risk from massive growth in wind and solar, says Carbon TrackerGlobal demand for fossil fuels will peak in 2023, an influential thinktank has predicted, posing a significant risk to financial markets because trillions of dollars’ worth of oil, coal and gas assets could be left worthless.Explosive growth in wind and solar will combine with action on climate change and slowing growth in energy needs to ensure that fossil fuel demand peaks in the 2020s, Carb
  
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• North Sea oil and gas drilling falls to lowest level since 1965

  11-09-2018 10:27 via theguardian.com
  Slump in exploration to find fresh deposits is cause for serious concern in industry facing threat from BrexitThe number of new oil and gas wells being drilled in the North Sea has crashed to levels not seen since the basin was first tapped more than half a century ago.The UK’s oil and gas industry warned that the record low was a cause for “serious concern” and left the sector at a crossroads. Continue reading...
  
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• Pound strengthens further on Brexit deal hopes – business live

  11-09-2018 10:25 via theguardian.com
  Sterling hits fresh five-week high of $1.3072 after Barnier comments; European stocks extend gains but trade tensions weigh on markets 9.14am BST Sterling rose as much as 0.4% to $1.3072 against the dollar in London trading this morning. Against the euro, it was more or less flat at 89.02 pence.EU leaders are expected to hold a special Brexit summit in mid-November where they hope to sign off a divorce deal. 9.12am BST Back to the sterling rally, which was triggered by yet another hint from the
  
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• BA gave a refund – but Amex won’t return my £2,000 payments

  11-09-2018 08:39 via theguardian.com
  The credit card firm is holding my cash after we were forced to cancel due to family illnessBack in August, my family was due to go to California on a trip of a lifetime. Two days before departure, my father-in-law was given a “few short weeks to live” and we had to cancel. Our flight and hire car were booked through British Airways and, on receipt of proof of my father-in-law’s terminal illness, it refunded our flight and car payment immediately. Unfortunately, the payment for
  
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• The City from the street, a decade after the crash – in pictures

  11-09-2018 08:00 via theguardian.com
  Ten years ago Lehman Brothers collapsed amid the worst financial crisis in almost a century. Photographer Andy Hall takes to the streets of the City of London to see what’s changed Continue reading...
  
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• BA gave a refund for flights – but American Express won’t hand back my £2,000

  11-09-2018 08:00 via theguardian.com
  The credit card firm is holding my cash after we were forced to cancel due to family illnessBack in August, my family was due to go to California on a trip of a lifetime. Two days before departure, my father-in-law was given a “few short weeks to live” and we had to cancel. Our flight and hire car were booked through British Airways and, on receipt of proof of my father-in-law’s terminal illness, it refunded our flight and car payment immediately. Unfortunately, the payment for
  
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• Lehman Brothers collapse: where are the key figures now?

  11-09-2018 07:00 via theguardian.com
  Ten years ago this weekend the investment bank’s bankruptcy caused panic in US and UKTen years ago this weekend Lehman Brothers crashed into bankruptcy – the biggest corporate failure in history – and sent the world’s financial system reeling close to collapse, causing panic among policymakers on both sides of the Atlantic. The US government was forced into a $700bn (£540bn) bailout of the banking sector, while in the UK, Lloyds Bank rescued HBOS and the government
  
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• England's employers more optimistic over Brexit than elsewhere in UK

  11-09-2018 01:01 via theguardian.com
  Companies in Wales, Scotland and Northern Ireland more pessimistic on hiring plans Employers in England are more optimistic about being able to shrug off the impact of Brexit than anywhere else in the UK but a gloomy outlook across the rest of Britain has dragged overall hiring optimism to its lowest level in six years.Revealing increasing divisions across the country, the latest snapshot from the jobs market by the employment agency ManpowerGroup comes less than 200 days before Britain is due
  
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• Fossil fuel divestment funds rise to $6tn

  11-09-2018 00:00 via theguardian.com
  Insurance companies lead the sell-off of coal, oil and gas stocks over climate change and financial fears – oil majors now cite divestment as a risk to themThe funds committed to fossil fuel divestment now total more than $6tn (£4.6tn), with almost 1,000 institutional investors having made the pledge, according to a new report.The sell-off of coal, oil and gas investments is led by the insurance industry, with $3tn of funds. But it also now includes the first nation to divest, Irelan
  
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