Financial news

• Bernie Madoff scam victims receive $695m from compensation fund

  29-11-2018 23:17
  Nearly $2bn allocated to swindler’s 27,000 victims to dateFunds recovered from Madoff’s friend, family and bankVictims of the fraudster Bernard Madoff are set to receive another $695.3m from a government compensation fund, the Department of Justice announced on Thursday.The payout – the third made by the Madoff Victim Fund – will be distributed starting Thursday to 27,000 victims of the infamous scammer around the world. It will bring the total paid out to victims so far
  
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• Collapsed Intu bid reveals bricks-and mortar retailers' fight for survival

  29-11-2018 20:53
  Online shopping and Brexit are throttling retail property market – rent cuts may be in orderThe collapse of a takeover bid for the shopping centre landlord Intu is the latest sign of the reckoning being faced by bricks-and-mortar retailers as Britons abandon the high street.A £2.9bn takeover of the Trafford Centre owner was called off on Thursday as uncertainty around Brexit compounded investor concerns about weak consumer confidence and changing shopping habits. Continue reading...
  
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• Unilever chief's bittersweet exit after shareholder revolt | Nils Pratley

  29-11-2018 20:24
  Paul Polman’s legacy is better than the Rotterdam shambles would suggestPaul Polman spent 10 years as the chief executive of Unilever, one of the world’s most successful consumer goods companies. He oversaw excellent returns for shareholders, running at twice the pace of the FTSE 100 index. He defeated Kraft Heinz’s takeover attempt by launching a brilliant counterattack against a previously feared corporate raider. And yet, at the moment of his retirement, Unilever’s dre
  
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• Deutsche Bank offices raided in connection with Panama Papers

  29-11-2018 17:24
  Police search Frankfurt offices as part of investigation into alleged money launderingPolice in Germany have raided the offices of Deutsche Bank in connection with the Panama Papers revelations and as part of an investigation into alleged money laundering.About 170 police officers, prosecutors and tax inspectors searched six Deutsche Bank offices in and around Frankfurt, the public prosecutor’s office said. Investigators are looking into the activities of two Deutsche Bank employees who al
  
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• Carmakers not planning to replace Carlos Ghosn after arrest

  29-11-2018 17:12
  Renault, Nissan and Mitsubishi heads to lead alliance together as its former sole chair looks set to be held for 10 more daysRenault, Nissan and Mitsubishi Motors are not planning to appoint a new interim chairman to replace Carlos Ghosn as head of their carmaking alliance, following his shock arrest in Japan.Osamu Masuko, chief executive of Mitsubishi Motors, said on Thursday that the alliance would shift to a system where the group would be led by the heads of the three companies, rather than
  
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• Most UK businesses unprepared for no-deal Brexit, says Carney

  29-11-2018 15:32
  Bank of England governor calls for transition period of 18-24 months to be agreedThe governor of the Bank of England, Mark Carney, has warned that most businesses are unprepared for a no-deal Brexit as he called for a transition period to be agreed.Carney was speaking after he released analysis suggesting the UK would be tipped into a recession worse than the 2008 financial crisis if it quit the EU next March with no agreement in place. Continue reading...
  
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• Alan Jope: from judge on Trump's Apprentice to top job at Unilever

  29-11-2018 14:37
  New boss makes it to the top after 30 years at consumer group – and a TV appearance alongside TrumpIt is an entry that has probably been buried or even omitted from Alan Jope’s CV but the new boss of Unilever once cosied up with Donald Trump as a judge on the US version of The Apprentice. Jope featured in the second series of the long-running reality TV show.The 54-year-old Scot was president of Unilever’s home and personal care business in North America when he appeared in an
  
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• UK funerals industry under investigation for high prices

  29-11-2018 14:11 via theguardian.com
  Competition watchdog questions why prices have risen three times the inflation rate for over a decadeBritain’s competition watchdog is to launch a major investigation into the £2bn-a-year funerals market, after finding prices have risen above inflation for well over a decade.The Competition and Markets Authority (CMA) said the price rises – both for funeral director and crematoria services – do not appear to be justified by cost increases or quality improvements. Continue
  
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• Our two-night stay at the inn was a real turn-off

  29-11-2018 08:00 via theguardian.com
  We woke to find urine in the bath, but we can’t get a refundWe used Booking.com to reserve a room for two nights at the Ship Inn in Solva, Pembrokeshire. I charged my mobile in a double socket outside the bathroom door. Beside the socket were two switches. I must have accidentally knocked one because we awoke the next day to an unpleasant smell and found urine in the bathtub. This put us off staying the second night and we asked to be refunded. Continue reading...
  
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• 'Project Hysteria': How the papers covered Mark Carney's Brexit forecast

  29-11-2018 02:10
  The Bank of England governor painted a bleak economic picture, especially in the case of a no-deal BrexitThe warning from the Bank of England governor Mark Carney about the economic impact of a no-deal Brexit is all over Thursday’s front pages, with papers showing their Brexit colours in their reporting of the news.The pro-Brexit papers have responded by condemning the governor’s intervention in the subject, led by the Daily Telegraph, with: “Carney unleashes ‘Project Hys
  
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• Rogue landlords: 90% of local authorities fail to issue fines

  29-11-2018 01:01 via theguardian.com
  FoI responses from 293 English councils reveal string of weaknesses in private rented market lawAlmost 90% of local authorities failed to use new powers to fine rogue landlords last year, in the latest finding to suggest tenants are being failed by a lax enforcement regime.It follows a Guardian and ITV News investigation in October, which revealed a string of weaknesses in the legislation governing the private rented market and which also raised questions about the rigour with which certain coun
  
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• Viagogo may have to pay back millions of pounds to fans

  29-11-2018 01:00 via theguardian.com
  Resale site customers refused entry to concerts could get refunds after court orderViagogo could be forced to pay back millions of pounds to fans who bought tickets through the site only to be turned away at the door, the Guardian has learned.A landmark court order against Viagogo obtained by the Competition and Markets Authority (CMA) this week includes a requirement that the company funds an independent review of outstanding refund claims submitted since January 2016. Continue reading...
  
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