Financial news

• No-deal Brexit could be as bad as 2008 financial crash, Carney says

  13-09-2018 21:13
  Bank governor warns cabinet of high unemployment and sharp house price falls
  The governor of the Bank of England has warned the cabinet that the impact of a no-deal Brexit could be as catastrophic as the financial crisis that crippled the UK economy a decade ago.During a special cabinet meeting on Thursday to discuss preparations for the UK crashing out of the union, Mark Carney told Theresa May and her senior ministers of the potentially dire economic consequences of leaving on poor terms. Cont
  
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• John Lewis is far from in a flap, despite these lousy figures | Nils Pratley

  13-09-2018 20:41
  Back in the 1990s the partnership was in a mess. Today’s woes look tame by comparisonA crisis at the John Lewis Partnership? A plunge of 99% in first-half profits to just £1.2m looks terrible, but it’s not like the late 1990s. Back then, there was a proper mess. John Lewis was seen as inward-looking, bureaucratic and unable to keep pace with modern retailing. Survival seemed at stake. At head office they even wondered whether to abandon employee ownership and become a regular p
  
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• France may stop trains and planes from UK under no-deal Brexit

  13-09-2018 20:22
  Senior politician says France is prepared to pass emergency laws to protect citizens
  Eurostar trains may stop running in the event of a chaotic no-deal Brexit, the French minister for Europan affairs has warned.Nathalie Loiseau sounded the warning as she made clear France was against a “blindfold Brexit”, in which key negotiating issues were deferred until the UK had left the EU. Continue reading...
  
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• House of Fraser customers furious as Sports Direct fails to give refunds

  13-09-2018 19:36
  New owner reneges on store’s vow to return payments for undelivered goods
  House of Fraser customers who were promised refunds for undelivered goods in the wake of the department store’s collapse are to lose their money after its new owner, Sports Direct, reneged on the offer.In August, six days after the Sports Direct founder, Mike Ashley, controversially paid administrators £90m for the department store group, House of Fraser told online customers that it was cancelling and re
  
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• Trump derides JP Morgan CEO as a ‘nervous mess’ after he criticizes president

  13-09-2018 16:28
  President lashed out at Jamie Dimon on Twitter after the businessman said he was ‘smarter’ than Trump
  Donald Trump called JP Morgan Chase’s chief executive, Jamie Dimon, a “nervous mess” on Thursday, the day after the banker said he could beat Trump in a presidential campaign and said he was “smarter than he is”.Trump slammed Dimon on Twitter the day after he criticized the president at a banking event. “The problem with banker Jamie Dimon running
  
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• We are due a recession in 2020 – and we will lack the tools to fight it | Nouriel Roubini

  13-09-2018 16:10
  Conditions will soon be ripe for a financial crisis, but governments will have their hands tiedAs we mark the 10th anniversary of the collapse of Lehman Brothers, there are still ongoing debates about the causes and consequences of the financial crisis, and whether the lessons needed to prepare for the next one have been absorbed. But looking ahead, the more relevant question is what actually will trigger the next global recession and crisis, and when.The current global expansion will likely con
  
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• No-deal Brexit could tip UK into recession, warns Moody's

  13-09-2018 16:10
  Credit ratings agency says failing to agree deal will lead to weaker pound, higher inflation and pay squeezeBritish households would face a renewed squeeze on living standards from a no-deal Brexit that could tip the country into recession, according to a report.Issuing a stark warning for Britain that crashing out of the EU without a deal next year would have widespread ramifications, the credit ratings agency Moody’s said the risks to the British economy had “risen materially&rdquo
  
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• Pound euro exchange rate: GBP near 6-week high ahead of BoE and ECB meetings

  13-09-2018 12:11 via feedproxy.google.com
  THE pound has held close to its opening levels against the euro today at a rate of €1.122. More broadly the pound euro exchange rate is still near its highest level since early August.
  
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• Pound US dollar exchange rate: GBP steadies ahead of Bank of England decision

  13-09-2018 11:52 via feedproxy.google.com
  THE pound US dollar is trending near the level of $1.304 as investors remain hesitant as they anticipate today’s Bank of England policy decision.
  
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• ‘BT won’t refund when its broadband doesn’t work’

  13-09-2018 10:54
  My dad faces a £260 bill for engineers’ visits but he has had a painfully slow service for monthsMy father is 74, severely disabled and in and out of hospital. He has a package for TV, broadband and phone with BT. Unfortunately, the broadband speed at his south London home is so low he can’t use the internet or watch BT Sport (the main attraction). He wanted to leave BT and it suggested a technician come out to see if they could fix the fault. It still hasn’t fixed it (hi
  
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• In punishing tech giants, the EU has made the internet worse for everyone | James Ball

  13-09-2018 10:00
  Searches will become more difficult and competitors deterred by these unnecessary changes to copyright lawThe world is in the middle of a global debate on how to curb the power of the tech giants, prevent the exploitation of the world’s information ecosystem by Russia and other bad actors, and make the internet work for all of us.Given that situation, it may seem that two motions passed by the European parliament this week are positive ones – at the last moment, they were inserted in
  
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• Debenhams in Ashley’s sights

  13-09-2018 01:15 via feedproxy.google.com
  TAKEOVER speculation swirled around Debenhams yesterday after it emerged that Sports Direct had discussed merging it with its recently acquired department store chain House of Fraser.
  
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• Day-to-day effects of no-deal Brexit stressed in new impact papers

  13-09-2018 01:01
  Licences, passports and phone bills among topics explored in fresh batch of papers released on Thursday The impact that a no-deal Brexit could have on driving licences, passports and phone bills will be spelled out by the government as ministers release a batch of papers on Thursday warning of the risks of crashing out of the European Union.A sudden exit from the EU would mean that the mutual recognition of driving licences would automatically end, creating a headache for the 11,600 lorry driver
  
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