Financial news

• BA passengers forced to sleep on airport floor during 77-hour delay

  04-11-2018 19:36 via theguardian.com
  British Airways accused of treating customers with contempt during enforced New York stopoverBritish Airways has been accused of providing “deplorable service” after more than 100 London-bound passengers were stranded in the US for nearly three days due to a technical fault on a plane.Passengers said their children were forced to sleep on the floor of New York’s JFK airport after their flight from Orlando in Florida to London was diverted. Continue reading...
  
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• Wonga compensation claimants may lose out due to automation plan

  04-11-2018 18:46 via theguardian.com
  Administrators winding up payday lender are devising a computer-based tool to decide whether claims are validAdministrators for Wonga, the controversial payday lender which went bust this year, are planning to automate the process of judging thousands of outstanding compensation claims, leading campaigners to voice concerns that some customers could lose out.Accounting firm Grant Thornton is in the process of winding up Wonga, after it collapsed in August under the weight of costly claims for co
  
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• Patisserie Valerie chair waives salary after cafe chain's accounts scandal

  04-11-2018 18:02 via theguardian.com
  Luke Johnson will not collect £60,000 salary following anger from shareholdersThe chair of Patisserie Valerie, Luke Johnson, has waived his salary and pledged to give up some of his other jobs as he battles to turn around the cake shop after an accounting scandal.The multimillionaire has told the board of the chain’s listed parent company that he will not collect his £60,000 annual salary for his remaining time at the group. Johnson, 56, has been under pressure from angry share
  
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• Joseph Stiglitz: 'America should be a warning to other countries'

  04-11-2018 18:00 via theguardian.com
  In the lead-up to his Australian visit, the renowned economist warns of the triple threat of rising inequality, the undermining of democracy and climate changeIt’s a stark message from a Nobel-prize winning economist.“We were a very different country 40 years ago,” he says. “The downhill slide has been pretty fast. America, I think, should be an important warning to other countries not to take for granted their institutions. I worry that things in the United States could
  
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• High Street crisis 'will cost 120,000 their jobs in 2018'

  04-11-2018 13:45 via feedproxy.google.com
  THE MASSACRE of Britain's high streets is worsening, experts warn today as it emerges that 120,000 retail jobs could be lost this year alone. Alarming new figures reveal job losses among retail workers are at their worst level since the recession a decade ago.
  
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• Despite rapid growth in wages, Trump should be concerned | Larry Elliott

  04-11-2018 12:25 via theguardian.com
  This is as good as it gets for the president’s first term – labour shortages will fuel interest ratesThe US has its lowest unemployment rate since Richard Nixon was in the White House 48 years ago. Wages are growing at their fastest rate in almost a decade. No other G7 country will come close to matching America’s growth rate this year.All of which ought to be a concern for Donald Trump. If that sounds weird, consider the facts. When running against Hillary Clinton in 2016, Tru
  
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• M&S still feeling the heat as winter approaches

  04-11-2018 10:00 via theguardian.com
  As it prepares to update the markets, the struggling high street chain needs to show that its costly restructuring is workingHave the flames creeping around Marks & Spencer abated or are they close to consuming the stalwart of the high street?During the summer, the chain’s chairman, Archie Norman, said the business was “on a burning platform” and that its future depended on whether it was able to change and develop. Continue reading...
  
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• We were abandoned and ignored by our package holiday operator

  04-11-2018 09:00 via theguardian.com
  Tui seems to be using a regulation about being told of problems promptly to avoid its obligations to customersRobin and Catherine Hackett booked a package holiday through Tui so that stressful details such as the transfer to and from the airport would be organised for them. However, they were left stranded at their hotel on their last morning after the transport failed to turn up. Attempts to get hold of a Tui rep failed and they had to pay for a cab to get to the airport with minutes to spare b
  
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• Tory NHS tax dodge explodes myth that Tories care about the deficit

  04-11-2018 09:00 via theguardian.com
  Theresa May says higher taxes are need to fund the health service, but Philip Hammond seems unwilling to implement themPolitical parties tend not to campaign for higher taxes, even though taxation is an essential component of the state, enabling governments to run schools, hospitals and other services. Talking about tax is a surefire vote loser.Philip Hammond at the budget followed this logic. The chancellor ducked any significant tax increases to fund the £20bn increase in spending on the
  
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• Use of personal data to ‘rip off’ online shoppers sparks inquiry

  04-11-2018 08:00 via theguardian.com
  Competition watchdog to look into fears that personalised prices are used to disadvantage vulnerable consumersThe government is launching an inquiry into the use of personal data to set individual prices for holidays, cars and household goods, amid rising fears of a consumer rip-off.The research, supported by the competition watchdog, will explore the prevalence of “dynamic pricing” based on information gathered about an individual, such as location, marital status, birthday or trave
  
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• Unlike David Cameron, we can’t flee Brexit disaster | William Keegan

  04-11-2018 08:00 via theguardian.com
  Our former PM apparently has regrets over the EU referendum. We have to deal with the consequences of his mistakeAlmost everywhere I go, people ask me: “Where is David Cameron?” I must admit that I occasionally bump into him. He gives a superficial impression of insouciance, but one hears on the grapevine that, privately, he regrets having called that referendum.Now we also hear that “friends” of Cameron say he wishes at some stage to return to a cabinet job, although pre
  
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