Financial news

• Royal Mail bosses wake up late to failed delivery of cost savings | Nils Pratley

  01-10-2018 20:46 via theguardian.com
  Worry for investors is that board has been asleep, or distracted, since the CWU deal was agreedA huge shareholder rebellion over pay. A £50m penalty from regulator Ofcom. An “overboarded” chairman, Peter Long, quitting to spend more time at his ailing chain of estate agents. A lot has happened at Royal Mail in recent months – so much, it seems, that management has only just woken up to the non-appearance of cost savings it had promised.The confession landed with a thump a
  
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• Donald Trump ends Nafta dispute with a 'wonderful new trade deal' – video

  01-10-2018 20:44 via theguardian.com
  The US and Canada have reached a new trade deal, along with Mexico, to replace the North American Free Trade Agreement (Nafta). It ends a months-long dispute between the world’s largest economy and its closest neighbours, which started when Trump called Nafta the 'worst trade deal ever made' during his pitch to become presidentTrump hails 'wonderful new trade deal' with Mexico and Canada Continue reading...
  
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• Sports Direct sacks House of Fraser's senior management

  01-10-2018 20:35 via theguardian.com
  Dismissal follows calls for investigation into department store chain’s collapseSports Direct, which is controlled by the tycoon Mike Ashley, has dismissed the former directors and senior management of House of Fraser, less than two months after buying the department store group from its administrators.In a brusque statement issued to investors after the London stock market closed on Monday, Sports Direct said: “Following the collapse of House of Fraser on August 10 2018, and subsequ
  
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• Brussels rejects Theresa May's plea to break Brexit deadlock

  01-10-2018 20:14 via theguardian.com
  EU response comes as Jean-Claude Juncker claims people in UK are only now finding out about scale of Brexit problemsEU diplomats have rejected Theresa May’s conference pitch that Brussels must move first to break the deadlock over negotiations as Jean-Claude Juncker said British people were only “finding out now” about the scale of the problems caused by Brexit.The European commission president told an audience in Germany that he regretted that the voters had not been properly
  
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• Trump hails 'wonderful new trade deal' with Mexico and Canada

  01-10-2018 19:49 via theguardian.com
  11th-hour agreement ends months of dispute between the US and its closest neighboursThe US, Canada and Mexico have reached a deal to revamp the North American Free Trade Agreement (Nafta), ending months of bitter dispute between the world’s largest economy and its closest neighbours.Donald Trump declared the United States-Mexico-Canada Agreement (USMCA) – the new name for the world’s second-biggest economic bloc behind the European Union – a “wonderful new trade dea
  
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• Stella McCartney in punchy mood in first show as brand’s boss

  01-10-2018 19:16 via theguardian.com
  Focus on accessories at Paris fashion week suggests the brand has its eye on the commercial prizeFor the first time in her 21 years at Paris fashion week, Stella McCartney took her catwalk bow not only as designer, but as the sole owner and unchallenged boss of the brand. Continue reading...
  
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• Royal Mail shares plunge after profit warning

  01-10-2018 18:35 via theguardian.com
  More than £800m wiped off stock market value as profit guidance cut to £500m-£550mMore than £800m has been wiped off the stock market value of Royal Mail after it issued a shock warning on Monday that profits will slump this year.Investors sent shares in the post and parcels group down almost 18% as the company refused to rule out higher stamp prices to rebuild profits. Continue reading...
  
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• iPhone XS and XS Max: 'chargegate' sees some devices fail to charge

  01-10-2018 18:16 via theguardian.com
  Apple users report some new models not charging if cable is inserted while device asleepOwners of Apple’s new flagship iPhone models are reporting that some devices have problems with the way they can be charged.The complaint, known as “chargegate” on social media, is that some new models do not start charging automatically when a lightning cable is plugged in if the screen is turned off. Continue reading...
  
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• German energy secretary backs forest clearance to build coal mine

  01-10-2018 17:45 via theguardian.com
  Thomas Bareiß says use of polluting fuel at RWE plant is needed to keep the lights onControversial plans to chop down a German forest to build a vast coal mine should proceed because Germany needs the polluting fuel to keep the lights on, according to the chief of the country’s state secretary for energy.Dozens of treehouses built and occupied by campaigners for years have been recently cleared by police to make way for plans by energy firm RWE, which owns Hambach forest near Cologne
  
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• Six charged over alleged £10m ticket resale schemes

  01-10-2018 17:37 via theguardian.com
  National Trading Standards brings cases against Surrey family and two London men Six people have been charged with money laundering and breaches of consumer law relating to the resale of millions of pounds’ worth of tickets for gigs and events, in a landmark prosecution that could have major implications for ticket touts.National Trading Standards, which brought the prosecution, alleges that the defendants made more than £10m in total by harvesting tickets in bulk and selling them on
  
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• Tesla stock SOARS by nearly 15 PERCENT as Elon Musk reaches deal with SEC

  01-10-2018 17:07 via feedproxy.google.com
  TESLA shares climbed by nearly 15 percent today after the electric car maker settled a lawsuit from the US Securities and Exchange Commission that will see Elon Musk remain as chief executive. Shares in the car giant roared back after plummeting last week when Mr Musk was accused by the SEC of securities fraud.
  
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• IMF chief warns of economic slowdown on back of trade disputes

  01-10-2018 17:07 via theguardian.com
  Christine Lagarde drops hint that fund will cut global growth forecast next weekThe head of the International Monetary Fund has sounded the alarm over the global economy, warning of an economic slowdown triggered by rising trade protectionism and soaring levels of debt.Christine Lagarde used a speech in Washington on Monday to drop the broadest possible hint that the IMF would cut its global growth forecast when it unveils its latest health check on the world economy next week. Continue reading.
  
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• Dow Jones SOARS 150 points as US and Canada reach trade deal with Mexico

  01-10-2018 16:50 via feedproxy.google.com
  THE Dow Jones soared by more than 150 points today after the United States, Canada and Mexico reached a deal to revamp the North American Free Trade Agreement . The US stock market was boosted by the new agreement, which is expected to be named the United States-Mexico-Canada Agreement after just beating a midnight deadline.
  
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• Turkey lira CRISIS: ‘Clearest sign yet’ Turkey is heading for RECESSION in latest plunge

  01-10-2018 15:58 via feedproxy.google.com
  TURKEY has been dealt further financial backlash as manufacturing activity slid to its lowest level in nine years, according to a business survey today.
  
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• Co-op extends price guarantee in funeral battle with Dignity

  01-10-2018 15:51 via theguardian.com
  UK’s two biggest funeral providers in fierce competition for ‘at need’ and pre-paid plansA price war between the UK’s two biggest funeral providers has intensified, with the Co-op extending a guarantee to beat competitor’s quotes.Two weeks after Dignity slashed the cost of some of its offerings, the Co-op responded on Monday by announcing that its guarantee to beat competitor’s prices would be extended to include funeral plans and probate fees. Continue readin
  
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• Deliveroo's sales rise to £277m but losses soar

  01-10-2018 15:41 via theguardian.com
  Uber is reported to be considering a bid for the takeaway delivery serviceDeliveroo’s sales have more than doubled to £277m, but losses at the takeaway delivery service also increased to nearly £185m.The privately owned company said losses went up by 43% after it invested £106m more last year than in 2016 in projects including a new head office in Cannon Street, central London, and opening Editions pop-up kitchens. Continue reading...
  
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• TRADE WAR: WTO, IMF, World Bank seek ‘URGENT’ international trade reforms

  01-10-2018 14:51 via feedproxy.google.com
  EMERGENCY calls to reform a multilateral trading system have been issued by the World Trade Organisation, International Monetary Fund and World Bank as Donald Trump continues to pull back from global economic agreements. The US President has previously threatened to take his country out of the World Trade Organisation claiming it treats the US “badly”.
  
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• Italy HITS BACK at EU vowing to REDUCE public debt DESPITE spending increase

  01-10-2018 13:01 via feedproxy.google.com
  ITALY has attempted to steer off a collision course with Brussels by pledging to reduce public debt despite rattling markets with its plan to increase deficit spending next year. Italian finance minister Giovanni Tria has been forced to defend plans to run a huge 2019 budget deficit of 2.4 percent, three times the previous administration's target.
  
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• Pound euro exchange rate: GBP up against EUR as British manufacturing beats expectations

  01-10-2018 12:43 via feedproxy.google.com
  THE pound is up by 0.3 percent against the euro this morning, trading at a rate of €1.125 after some Eurozone data came in below forecast. The pound limped over the finishing line at the end of last week, struggling against the headwinds caused by a downward revision of Q1 GDP and a slackening off of business investment.
  
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• Premium bonds checker: What are the October premium bonds winning numbers?

  01-10-2018 12:37 via feedproxy.google.com
  THE Premium Bonds winning numbers from October’s draw have been revealed - but what are they?
  
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• Big UK manufacturers cut jobs amid Brexit uncertainty

  01-10-2018 12:24 via theguardian.com
  Number of employees at large firms fell for second successive month in SeptemberBritain’s biggest manufacturers are cutting jobs and becoming increasingly reluctant to hire amid growing uncertainty over Brexit, according to a survey.The report from the IHS Markit and Chartered Institute of Procurement and Supply purchasing managers’ index found the number of employees working at large firms fell for a second successive month in September. Continue reading...
  
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• Pound LIVE: GBP Sterling soars against euro as Italy 'becomes NEW ARGENTINA'

  01-10-2018 12:21 via feedproxy.google.com
  THE pound traded higher against the euro this morning as Italy economy fears continued to rattle the eurozone. Italian government officials have been forced to defend plans to run a huge budget deficit as analysts predicted fears the European country could be plunged into an Argentina-style struggling economy.
  
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• Pound US dollar exchange rate: GBP holding against USD despite growing UK factory activity

  01-10-2018 11:33 via feedproxy.google.com
  THE pound US dollar exchange rate is currently at around $1.305, holding close to this morning’s opening levels and still down around a cent from last week’s peak. The pound is range bound against the US dollar this morning as markets reflected on some mixed manufacturing figures from the UK.
  
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• Tesco Bank fined £16.4m by watchdog over cyber-attack

  01-10-2018 10:37 via theguardian.com
  FCA says bank did not address warnings about ‘deficiencies’ until after attack startedTesco Bank has agreed to pay £16.4m as part of a settlement with the Financial Conduct Authority following a cyber-attack in 2016.Tesco said the attack did not involve the theft or loss of any customers’ data, but led to 34 transactions in which funds were debited from accounts, and other customers having normal service disrupted. Continue reading...
  
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• Bitcoin price today: Will bitcoin fall below $1? How much does bitcoin cost today?

  01-10-2018 09:35 via feedproxy.google.com
  BITCOIN’S turbulent year continues as prices swing up and down on the cryptocurrency markets – but could the token fall below £0.77 and how much does it cost today?
  
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• The rise of cashless Britain: the poor suffer as banks and ATMs are closed

  01-10-2018 08:52 via theguardian.com
  As consumers are nudged towards card payments, it’s big corporations that benefit mostLast year, at the start of the summer, the last bank in Dorset seaside resort of Lyme Regis closed. The only way for its 3,600 residents and thousands of tourists to get hold of their money was to join the lengthy queue at the post office or via a single ATM which regularly ran out of bank notes. Those who needed an over-the-counter service had to make the six-mile commute to the nearest bank, in Axminste
  
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• Should I wait to buy because Brexit might make house prices fall?

  01-10-2018 08:00 via theguardian.com
  I’m trying to buy a property in Oxfordshire but some friends say I should hold off on the dealQ I am trying to buy a property in Oxfordshire but some of my friends have advised me to postpone any purchase because of the possibility of a no-deal Brexit. Some people believe property prices will go up while others believe that prices will fall. So I can’t decide whether it’s the right time to buy or whether I should wait. Can you tell me what to do?
  RGA No, I can’t tell you
  
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• UK finance gears up for post-Brexit moves to Europe - Financial Times

  01-10-2018 01:02
  Financial Times
  UK finance gears up for post-Brexit moves to Europe
  Financial Times
  An increasing number of financial services companies in the UK are fleshing out plans to move operations or staff elsewhere in Europe because of Brexit, according to EY, the accounting firm. EY has been tracking statements from 222 leading financial ...en meer »
  
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