Financial news

• Patisserie Valerie faces '£20m accounting hole' and winding up order

  10-10-2018 19:05 via theguardian.com
  Owner unaware of insolvency action as it suspends shares over ‘potentially fraudulent’ financial irregularitiesThe owner of Patisserie Valerie has been plunged into financial crisis after it revealed a multimillion pound accounting black hole and that its main trading subsidiary was facing a winding up order.The 92-year-old cake chain, which has more than 200 stores, halted trading in its shares as it revealed “potentially fraudulent” financial irregularities that, accord
  
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• Dow Jones DROPS by 250 points - shares in tech giants Amazon, Microsoft, Intel fall

  10-10-2018 16:17 via feedproxy.google.com
  THE Dow Jones tumbled by more than 250 points today while shares in technology giants saw a heavy decline. The Dow Jones Industrial Average was trading 259 points lower this afternoon, as the technology-heavy Nasdaq Composite dropped 1.8 percent.
  
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• Buy from SOCIAL ENTERPRISES and help build a more equal world

  10-10-2018 16:10 via feedproxy.google.com
  Make a date with Social Saturday on October 13 and celebrate the work of social enterprises, those firms that trade for a social purpose and reinvest the majority of their profits in to helping people and communities across the world.
  
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• IMF warns global economic stability at risk from no-deal Brexit

  10-10-2018 16:01 via theguardian.com
  Annual report says continuing uncertainty could adversely affect market confidenceA no-deal Brexit would send shockwaves through the global financial system and is one of the main risks to economic stability, the International Monetary Fund has said.Echoing concerns from the Bank of England, the Washington-based organisation said the potential for millions of financial contracts between City banks and their counterparts across rest of Europe to collapse in the event of the UK leaving the EU with
  
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• 'END of US-led global order' World faces crisis as 'geopolitical recession' LOOMS

  10-10-2018 15:40 via feedproxy.google.com
  THE world is facing the end of the US-led global order as it heads towards a “geopolitical recession”, according to a political analyst. Ian Bremmer believes “geopolitical order is no longer as aligned with the United States and its allies” as the world order as we know it has already begun to crumble.
  
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• Gig economy fuelled 'lost decade' in wage growth - Bank economist

  10-10-2018 14:17 via theguardian.com
  Andy Haldane highlights effects of job insecurity and uncertain hours on payThe rise of insecure work in the gig economy has fuelled a “lost decade” in wage growth in Britain, according to the Bank of England’s chief economist.In a speech to trade unionists and businesses, Andy Haldane said wage growth was beginning to increase across the country, although warned that many people in insecure and poor quality work had meagre increases in recent years. Continue reading...
  
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• 'McMafia' law: woman who spent £16m at Harrods is jailed banker's wife

  10-10-2018 14:10 via theguardian.com
  Zamira Hajiyeva is wife of Azerbaijani banker jailed for defrauding his state-owned bank out of as much as £2.2bnThe woman at the centre of the UK’s first McMafia-style “dirty money” investigation, who has a £1.6m-a-year Harrods spending habit, has been unmasked as Zamira Hajiyeva, the wife of an Azerbaijani banker jailed for defrauding his state-owned bank out of hundreds of millions.The court of appeal has lifted a veil of secrecy to allow the publication of detai
  
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• MOIXA’s new smart storage battery secures returns and savings for green energy customers

  10-10-2018 14:09 via feedproxy.google.com
  Energy firm Moixa, a leading light of the green technology sector, is set to turn homes into power houses with its latest smart battery system. The V4 stores and manages solar and off-peak electricity, boosting returns for customers and cutting costs for charging devices.
  
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• UK economy BOOM: Better-than-expected growth - UK set for best quarter for TWO YEARS

  10-10-2018 13:21 via feedproxy.google.com
  THE UK economy saw better-than-expected growth over the summer months and could be set to soar towards its best calendar quarter in almost two years. Hot weather from the sizzling heatwave helped boost spending, in a much needed boost after the economy suffered under unusually cold weather brought in by the Beast from the East earlier in the year.
  
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• Nationalising our water could make us the dirty man of Europe again | Angela Smith

  10-10-2018 12:27 via theguardian.com
  We should resist simplistic calls in England and Wales for state ownership that wouldn’t automatically clean up our waterThere has been much discussion about the potential ownership structures of the water sector in England and Wales over recent months, but there has been very little thought given to actual operation of the industry.And nowhere is this clearer than when it comes to the environment. It simply isn’t good enough to assert that a change of ownership would automatically l
  
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• Pound US dollar exchange rate: GBP muted as UK GDP stalls in August

  10-10-2018 11:49 via feedproxy.google.com
  THE pound US dollar exchange rate is trading extremely close to its opening levels, but continues to hold above $1.31 after Tuesday’s rally. The pound is treading water against the US dollar this morning as markets digest the UK’s latest GDP figures.
  
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• FINANCIAL CRISIS WARNING: Global economy 'AT RISK from dangerous undercurrents'

  10-10-2018 11:40 via feedproxy.google.com
  THE world’s economy is at risk of being crippled by “dangerous undercurrents” in the global financial system, a new report by the International Monetary Fund has warned. The IMF detailed how further escalation in the burgeoning trade war could see investors spooked and “significantly harm global growth” with a sudden sell-off in financial markets.
  
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• Pound euro exchange rate: GBP steady against EUR on mixed GDP data

  10-10-2018 11:33 via feedproxy.google.com
  THE pound has traded in a narrow range against the euro today, but remains near the best pound euro exchange rate since late May at €1.144. This limited movement comes after the release of mixed UK GDP data – growth was reported in the three months to the end of August but there has been little movement in August itself.
  
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• UK growth flatlines in August but quarterly picture is brighter

  10-10-2018 10:39 via theguardian.com
  Latest ONS data shows growth on rolling three-month basis, from June to August, was 0.7%Britain’s economic growth ground to a halt in August, according to official figures. The reading of 0% compared with 0.4% in July, when the economy had been been buoyed by retail sales and construction.However, the rolling three-monthly figure benefited from an upward revision of the UK’s growth. The latest data from the Office for National Statistics showed that UK GDP growth on a rolling three-m
  
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• Pound LIVE: GBP Sterling SOARS against euro today as Italy-EU WAR destabilises Europe

  10-10-2018 09:52 via feedproxy.google.com
  THE pound continued to make steady gains against the euro this morning as ripple effects of the Italy budget proposals persist to shake the market. Italian government officials have been locked in a war of words with European Union chiefs after unveiling a deficit target of 2.4 percent of gross domestic product next year.
  
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• We want a fare deal over Tui’s failed taxi booking

  10-10-2018 08:00 via theguardian.com
  Although it was part of our package, it won’t refund us the cost of hiring our ownAs part of our Tui package holiday to Menorca in July, taxis were booked to take us to and from the airport. However, none arrived to collect us for our return flight. There was no Tui rep at the hotel and no alternative contact details.Continue reading...
  
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• Crazy Rich Asians can teach us about the region's economic rise | Kenneth Rogoff

  10-10-2018 08:00 via theguardian.com
  The surprise hit movie should lead to many more such stories being told by HollywoodIn the surprise hit movie Crazy Rich Asians (based on a 2013 Kevin Kwan novel), a New York University economics professor (Rachel), travels with her boyfriend to Singapore to meet his family. There, she learns, apparently for the first time, that her significant other (Nick) is heir to one of Asia’s largest fortunes and has a mother intent on making sure her son does not marry a commoner, Asian American or
  
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• Bitcoin price surge WARNING as ‘RAPID GROWTH’ could cause CHAOS in global system

  10-10-2018 07:21 via feedproxy.google.com
  THE BITCOIN and Blockchain boom facilitating the “rapid growth” of cryptocurrency assets could create “new vulnerabilities in the international financial system,” the International Monetary Fund has cautioned.
  
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• The one good thing about Brexit? Leaving the EU’s disgraceful farming system | George Monbiot

  10-10-2018 07:00 via theguardian.com
  The government’s plans are an improvement, but still fatally flawed. We need a proper agriculture debateI’m a remainer, but there’s one result of Brexit I can’t wait to see: leaving the EU’s common agricultural policy. This is the farm subsidy system that spends €50bn (£44bn) a year on achieving none of its objectives. It is among the most powerful drivers of environmental destruction in the northern hemisphere. Because payments are made only for land tha
  
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• Shoebox Britain: how shrinking homes are affecting our health and happiness

  10-10-2018 07:00 via theguardian.com
  The slicing and dicing of housing is redefining the idea of home. Those forced to live in ever smaller spaces describe how this changes their livesJenny had run out of choices when she first walked into her basement studio flat last spring. The charity worker had been kicked out of her shared home in Bristol when her landlord sold it. She was on benefits, having been signed off sick with post-traumatic stress and anxiety after giving evidence as a victim of crime.While being put up on a friend&r
  
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• Emergency workers being hired to handle post-Brexit disruption

  10-10-2018 07:00 via theguardian.com
  Ministry advertises for resilience advisers, saying ‘we plan for all scenarios’A team of civil emergency workers are being recruited on salaries of up to £50,000 a year to help the country cope with any fallout from Brexit.The government has posted adverts looking for resilience advisers to handle any “disruption” caused by the various permutations of Britain’s exit from the European Union next year. The specialists would be employed until June 2019 but &ldquo
  
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• Revised plans for Thames crossing attract controversy

  10-10-2018 01:01 via theguardian.com
  £6bn Lower Thames Crossing scheme meets opposition from environmental campaignersA major new road incorporating the Lower Thames Crossing will be a three-lane dual carriageway throughout to almost double road capacity across the river, Highways England has announced, as the revamped £6bn scheme goes out to fresh public consultation.The government says the controversial link from Essex to Kent, billed as Britain’s most ambitious road scheme since the M25 motorway orbiting London
  
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• Nissan censured by ad watchdog over electric car claims

  10-10-2018 01:01 via theguardian.com
  Carmarker had suggested Leaf could largely replenish battery capacity within an hourThe UK advertising watchdog has ruled Nissan made misleading claims about how fast its flagship electric car can be recharged, marking the first time a car manufacturer has been censured over charging speeds.An advert by the Japanese carmaker said the new Leaf, which has a longer range than previous models, could largely replenish its battery capacity within an hour. But the Advertising Standards Authority (ASA)
  
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• Halt universal credit or face summer of discontent, Gordon Brown tells PM

  10-10-2018 01:01 via theguardian.com
  Ex-Labour leader says Tory welfare scheme could push millions more into povertyBritain is on course for a summer of discontent and poll tax-style chaos unless Theresa May scraps plans for a full national rollout of universal credit next year, the former prime minister Gordon Brown is to say.In a ferocious attack on the government’s flagship welfare reform, Brown predicts that a complex application process alongside Treasury spending cuts will plunge a million more children into poverty and
  
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• Darling and Howard back call for post-Brexit carbon tax

  10-10-2018 01:01 via theguardian.com
  Policy Exchange report calls for steadily rising levy to help tackle climate changeCompanies selling fossil fuels in Britain should face a steadily rising carbon tax to tackle climate change after Brexit, according to the former Labour chancellor Alistair Darling and the Conservative party grandee Michael Howard.In a cross-party campaign to ensure the government sticks to its commitment to cut carbon emissions after Britain leaves the EU, the two politicians said a tax should be introduced as so
  
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