Financial news

• Carillion collapse likely to cost taxpayers more than £150m

  25-09-2018 19:59 via theguardian.com
  Estimate follows FoI request by Unite that reveals expected £65m redundancy billTaxpayers are on course to pay more than £150m following the collapsethis year of Carillion after it was revealed the bill for redundancy payments is expected to hit £65m.A freedom of information request by the Unite union showed an arm of the Insolvency Service has already made £50m of redundancy payments to former Carillion workers and expects to hand over another £15m. Continue readin
  
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• Ryanair to cancel nearly 200 flights in latest strike action

  25-09-2018 19:44 via theguardian.com
  Cabin crews across Europe plan industrial action on Friday in latest dispute to hit airlineRyanair has cancelled 190 of its 2,400 scheduled flights on Friday blaming strikes by cabin crew based in Spain, Belgium, the Netherlands, Portugal, Italy and Germany.The Irish airline, which has already suffered a summer of disruption, declined to reveal exactly which flights had been cancelled – which account for 8% of all its flights on Friday – but said all 30,000 affected passengers had be
  
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• Head of Argentina's central bank quits after three months

  25-09-2018 19:22 via theguardian.com
  Peso tumbles as Luis Caputo resigns amid ongoing talks for emergency IMF fundingThe head of the Argentinian central bank has resigned after just three months in charge and while the country is negotiating emergency financial support from the International Monetary Fund.In the latest twist of the economic crisis, Luis Caputo resigned unexpectedly on Tuesday, sending the peso tumbling on the foreign exchanges. The currency had already dropped by more than 50% this year amid fears about a recession
  
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• Fears hundreds of jobs could be axed as Novartis exits Grimsby

  25-09-2018 19:07 via theguardian.com
  Swiss pharmaceutical firm announces it will leave north-east site by 2020, in move not linked to BrexitNovartis has put around 400 jobs at risk at its Grimsby factory as the Swiss pharmaceutical firm embarks on a major cost-cutting drive.The group said on Tuesday that it will vacate the manufacturing site in north-east Lincolnshire by 2020 as it also announced stinging job cuts in Switzerland. Continue reading...
  
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• Pret a Manger sued in US for labelling products containing pesticides as 'natural'

  25-09-2018 17:24 via theguardian.com
  Lawsuit argues that customers are being misled after tests found traces of glyphosate in bread productsTwo lawsuits have been filed against the sandwich company Pret a Manger in the US, claiming it deceptively labelled and marketed breads as “natural” when they contained glyphosate.The “false and misleading” practice suits come after it emerged that a teenager who was severely allergic to sesame died at London’s Heathrow airport in 2016, after eating an unlabelled P
  
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• Former UBS trader to remain in detention as he fights deportation

  25-09-2018 15:53 via theguardian.com
  Kweku Adoboli ‘devastated’ at decision to keep him locked up while awaiting judicial reviewKweku Adoboli, the former UBS trader convicted of the UK’s biggest fraud, said he was devastated after an immigration judge ruled he must remain in detention while awaiting a judicial review of his deportation.Adoboli, 38, was jailed for seven years after being found guilty in 2012 of fraud that cost his employer UBS $2.3bn (£1.8bn). He was released after serving half his sentence.
  
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• Michael Kors buys Versace in $2.1bn deal

  25-09-2018 14:17 via theguardian.com
  Donatella Versace to stay on at Italian label and US fashion group to rebrand as CapriVersace has been sold to the US clothing and handbags group Michael Kors for $2.1bn (£1.64bn) in the latest example of a family-owned European brand taken under the control of a global fashion conglomerate.Michael Kors, which last year bought London shoemaker Jimmy Choo for almost £900m, confirmed on Tuesday that it had bought Versace and would fold all three brands into a new company called Capri H
  
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• Rising oil prices fuel fears of damage to global economy

  25-09-2018 14:06 via theguardian.com
  Experts warn emerging markets could suffer as crude prices hit four-year high of $82The global economy could be damaged if oil prices return to $100 (£76) a barrel, experts have warned, after crude prices hit a four-year high of $82.16.Some market watchers have predicted prices between $90 and $100 by the year’s end after Opec last weekend rebuffed Donald Trump’s demands for the oil cartel to rein in prices by expanding production. Continue reading...
  
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• Weetabix wars: New Zealand to destroy 108 boxes of British cereal

  25-09-2018 13:18 via theguardian.com
  Judge rules speciality shop must cover up labels of import in case brought by cereal firmA judge in New Zealand has ordered the destruction of more than 100 boxes of British Weetabix held by customs and told a speciality grocery store it must cover the labels on any of the boxes of cereal it sells in future.The decision follows a legal battle between A Little Bit of Britain in Christchurch and the New Zealand breakfast firm Sanitarium, which brought the case arguing that shoppers could confuse t
  
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• UK bank customers lost £500m to scams in first half of 2018

  25-09-2018 10:24 via theguardian.com
  Figure includes £145m lost to authorised payment scams such as paying in advance for non-existent productScammers have stolen more than £500m from UK bank customers in the first half of 2018, figures show.A total of £145m of that was lost through authorised push payment (APP) scams, where people were duped into authorising a payment to another account, the trade body UK Finance said. Continue reading...
  
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• Why does Goldcar keep adding more hidden car-hire charges?

  25-09-2018 08:00 via theguardian.com
  We expected the hard sell of extras – but not a ‘diesel tax’Back in March we used Holiday Autos to book a car to be supplied by Goldcar in Marseilles. When we picked it up in August, we got the standard attempt by the local agent to sell us extra insurance and things such as a satnav. We weren’t expecting a €30 diesel tax.When we pointed out Holiday Autos booking stated “taxes and charges included”, the manager rudely said “Pay it or no car”.
  
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• Trade war: US is putting a knife to China's neck, says top official

  25-09-2018 06:37 via theguardian.com
  Commerce minister says the resumption of talks depends on US ‘will’ as Beijing also accuses Washington of bullyingThe United States is putting “a knife to China’s neck” on trade issues, a senior Chinese official has said, as the two sides struggle to find a way to end a months-long standoff over trade.A day after both sides heaped fresh tariffs on each other’s goods, vice-commerce minister Wang Shouwen said the resumption of talks on the matter depended on the
  
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• Thomas Cook gets burnt in the heatwave

  25-09-2018 04:29 via feedproxy.google.com
  TOUR operator Thomas Cook had a £260million hole in its market value yesterday after the hot weather caused a late bookings meltdown.
  
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