Financial news

• Metro Bank chief has talked himself into hole over loans blunder | Nils Pratley

  31-01-2019 20:54 via theguardian.com
  Financial regulators tend to take a dim view of misleading statements. So do shareholdersWhen Metro Bank confessed last week that it had put £900m worth of loans into the wrong risk bracket, outsiders were astonished. Getting these things right is meant to be basic stuff for a bank. The effect of the blunder was to clobber Metro’s capital ratios, with the main one falling from 19.1% to 15.8%. The share price plunged by almost 40% as the City speculated that the fast-growing lender wo
  
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• Npower to cut 900 jobs as it predicts marked financial losses for 2019

  31-01-2019 19:57 via theguardian.com
  Big six energy firm blames 15% cut to UK workforce on price cap and ‘intense competition’Npower, one of big six energy firms, is to cut 900 jobs, as the company warned it would make significant financial losses this year.The German-owned supplier blamed the cuts, about 15% of its UK workforce, on the government’s price cap on default tariffs and “intense competition” in sector over fixed deals. Continue reading...
  
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• Tax relief 'giveaways' to wealthy cost Britain at least £4bn a year

  31-01-2019 19:42 via theguardian.com
  Inheritance tax loopholes and entrepreneurs’ relief mostly benefit the rich, critics sayInheritance tax loopholes and incentives for small business owners, most often benefiting the richest people in Britain, have cost taxpayers at least £4bn a year, according to official figures.Analysis of figures published by HM Revenue and Customs on Thursday revealed that the total cost of Britain’s system of tax relief had risen to a record £164bn annually – more than the enti
  
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• Tipping the balance of power against private landlords | Letters

  31-01-2019 19:31 via theguardian.com
  Readers discuss the problems facing tenants in the private rental sectorIt is odd that we would expect landlords such as Fergus Wilson (Private renting: Tycoon evicts all tenants, including an entire street, 30 January) to be anything more than capitalist rentiers. What duty of care does he have other than ensuring his houses are safe and sound, that he isn’t prejudiced when selecting tenants and that he abides by the law? And why shouldn’t he sell them? Surely that is the point of p
  
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• Regulator criticises Thames Water over lack of effort to cut bills

  31-01-2019 18:52 via theguardian.com
  Company also chastised for not doing enough to improve its poor performance on leaksThames Water has been given a dressing down by the regulator for not doing enough to keep future bills affordable and to sort out its poor performance on leaks.Britain’s biggest water company had appeared to indicate it was planning significant bill hikes in future years. Continue reading...
  
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• UK wages worth up to a third less than in 2008, study shows

  31-01-2019 17:58 via theguardian.com
  TUC research finds London workers hit hardest with cumulative loss in real earnings of £20,000Wages are still worth a third less in some parts of the country than a decade ago, according to a report.Research by the Trades Union Congress (TUC) found that the average worker has lost £11,800 in real earnings since 2008. Continue reading...
  
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• Tenants have so few rights, a whole street can be evicted at once – that’s obscene | Poppy Noor

  31-01-2019 15:42 via theguardian.com
  Other countries ensure people who rent are secure in their homes. Why can’t we do the same?Imagine being a mother of five and finding yourself evicted from your home without reason, with two months to find a new place, a new deposit and to settle into a new home.Ellen Gavigan doesn’t have to imagine . She will be evicted in March – the third time since she began renting – because her landlord, buy-to-rent mogul Fergus Wilson, plans to sell the entire cul-de-sac of houses,
  
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• North Korea is a HIGHLY DANGEROUS cyber power on a mission to STEAL bitcoin, expert claims

  31-01-2019 14:49 via feedproxy.google.com
  NORTH Korea is an extremely dangerous cyber power on a mission to steal bitcoin throughout the world, a highly respected international expert has warned.
  
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• Germany BLOW as retail sales PLUMMET - Eurozone nervy after WEAK forecast

  31-01-2019 14:42 via feedproxy.google.com
  GERMANY has been hit by another weak economic data release, with latest figures showing retail sales plummeted in December.
  
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• Pound euro exchange rate: GBP rises against EUR on Italy and Germany woes

  31-01-2019 13:31 via feedproxy.google.com
  THE pound euro exchange rate is up around 0.2 per cent today and is currently trading around €1.144.
  
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• Pound US dollar exchange rate: GBP benefits from dovish Federal Reserve

  31-01-2019 13:24 via feedproxy.google.com
  THE pound is unmoved against the US dollar and is trading at a rate of $1.132.
  
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• Deutsche Bank share price PLUMMETS after Commerzbank merger plan leaked

  31-01-2019 11:56 via feedproxy.google.com
  SHARES in troubled German finance giant Deutsche Bank have plummeted more than 3 percent amid reports of a potential merger with rival lender Commerzbank.
  
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• Eurozone CRISIS: Economy STUCK on WEAKEST pace of growth in FOUR YEARS

  31-01-2019 11:55 via feedproxy.google.com
  THE eurozone economy recorded its joint-weakest growth in four years today in the latest lacklustre economic data to hit the bloc.
  
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• UK house price growth stagnates on back of Brexit concerns

  31-01-2019 11:30 via theguardian.com
  Average price up by 0.1% – the smallest annual gain since February 2013, says NationwideAnnual house price growth almost ground to a halt in January as fears over Brexit deterred buyers, according to Britain’s biggest building society.Nationwide said the average price of a home rose 0.1% from a year earlier to £211,966 in January. This was the smallest annual gain since February 2013, when the rate was zero. Continue reading...
  
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• Italy sinks into RECESSION: Rome economy SHRINKS as EU braces for fallout

  31-01-2019 11:08 via feedproxy.google.com
  ITALY plunged into recession territory today after the economy was revealed to have shrunk in the final quarter of 2018.
  
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• Pound LIVE: GBP Sterling HIGHER against euro as Italy PLUNGES into recession

  31-01-2019 09:46 via feedproxy.google.com
  THE pound edged higher against the euro this morning as Italy was plunged into recession territory after the economy shrunk for the second quarter in a row.
  
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• Six UK fashion retailers fail to cotton on to sustainability

  31-01-2019 08:00 via theguardian.com
  Audit committee singles out firms who take no action to reduce impact on environmentMajor UK fashion retailers are failing to promote environmental sustainability or to protect their workers, a parliamentary committee has said.The six companies, which include Amazon UK, JD Sports, Sports Direct and TK Maxx, have not taken any action to reduce their carbon, water and waste footprint. None of them use organic or sustainable cotton and only two – Sports Direct and Boohoo – use recycled
  
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• Restaurant industry plagued by abuse, insiders warn

  31-01-2019 08:00 via theguardian.com
  New campaign aims to raise awareness of harassment and bullying in hospitality sector
  Harassment, bullying and discrimination are prevalent within hospitality workplaces, people working in the industry have warned.The London Evening Standard food columnist Victoria Stewart, who is spearheading a campaign to raise awareness of the problem, said she had spent a year interviewing workers “across the board” at food and drink outlets after hearing anecdotes about the poor treatment of sta
  
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• My flat was trashed, but Airbnb has failed to put it right

  31-01-2019 08:00 via theguardian.com
  If it doesn’t provide the host with compensation, where is the security?I have been using Airbnb regularly as guest and host for three years. However, when a recent guest damaged my flat I found there is absolutely no customer service from the company. Over the weeks since I raised a complaint I have been promised responses that never came and each time I message on its system my case is automatically closed. The guest had booked the flat, which is profiled as no-smoking, no parties and no
  
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• Vegan ice cream: the Guardian panel does the taste test – video

  31-01-2019 07:52 via theguardian.com
  Several major brands have launched vegan and dairy-free versions of their ice cream desserts – but how do they stack up against the beloved originals? Our Guardian panel delivers their verdicts on the dairy free Magnum original, Magnum almond, Cornetto, Weiss bar and Ben & Jerry’s ice cream desserts. Continue reading...
  
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• Vegan ice cream: a Guardian panel does the taste test – video

  31-01-2019 07:52 via theguardian.com
  Several major brands have launched vegan and dairy-free versions of their ice cream desserts – but how do they stack up against the beloved originals? Our panel delivers their verdicts on the dairy-free Magnum original, Magnum almond, Cornetto, Weiss bar and Ben & Jerry's ice cream desserts Continue reading...
  
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• The Money Saving Expert: how Martin Lewis became the most trusted man in Britain

  31-01-2019 07:00 via theguardian.com
  He has built an empire worth £80m, and is driven to help people attain ‘financial justice’. But in an age of predatory capitalism and rampant inequality, can one man’s modest suggestions really make much difference? By Daniel CohenEvery Tuesday night, an email newsletter goes out to 13 million subscribers. It’s far more popular than Gwyneth Paltrow’s Goop newsletter, which has 8 million, and the New York Times Morning Briefing, with 1.7 million. Its name, Mone
  
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• The left must be bold and back a green new deal | Larry Elliott

  31-01-2019 07:00 via theguardian.com
  Progressives were caught napping by the financial crisis. They cannot not be as ill-prepared next timeIt’s often said that real change takes place at a time of crisis, but that’s not the whole story. A crisis makes change possible, but only when new ideas are knocking about does it actually happen. Otherwise, it is soon business as usual. The US economist Milton Friedman understood that fact, which is why he toiled away in the political wilderness to plot the downfall of postwar soci
  
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• The backstop isn’t just about trade. Is that so hard to understand, Britain? | Dearbhail McDonald

  31-01-2019 07:00 via theguardian.com
  The Good Friday agreement allows people to identify as Irish, British or both. We’re being forced, once again, to choose sides
  One of my earliest childhood memories is of a circling red light motioning cars to stop near the border, silencing all who encountered its fiery glare. That red light filled my young heart with fear. I didn’t know if the gloved hand holding the torch was that of the RUC, the British army, the IRA or the UVF.I grew up during the Troubles in the shadow of Clogh
  
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• Jess Phillips : I've met high earners with 'literally no discernible skills' – video

  31-01-2019 04:54 via theguardian.com
  Labour MP Jess Phillips takes aim at politicians considering imposing a £30,000 pay threshold for EU workers to be considered skilled, saying: 'I have met many people who earn way more than £30,000 and have literally no discernible skills, not even one.' The MP for Birmingham Yardley says the post-Brexit immigration proposal was 'insulting' to the care workers, nurses and teachers who live in her electorate. 'I have definitely met some very rich people who earn huge amounts of money&
  
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• Jess Phillips : I've met high earners with 'literally no discernible skills'

  31-01-2019 04:54 via theguardian.com
  Labour MP Jess Phillips takes aim at politicians considering imposing a £30,000 pay threshold for EU workers to be considered skilled, saying: 'I have met many people who earn way more than £30,000 and have literally no discernible skills, not even one.' The MP for Birmingham Yardley says the post-Brexit immigration proposal was 'insulting' to the care workers, nurses and teachers who live in her electorate. 'I have definitely met some very rich people who earn huge amounts of money&
  
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• Road to nowhere: why Australia lags behind in electric vehicle revolution

  31-01-2019 03:50 via theguardian.com
  Report recognises urgent need for national plan, as the rest of the world powers aheadWhen the Senate select committee on electric cars released its long-awaited report on Wednesday, it announced Australia was “on the cusp” of a change not seen since the advent of the internal combustion engine.It’s not the first time public figures have claimed an electric car revolution is imminent and while the report did not recommend brash action, it offered a moment of bipartisan recognit
  
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• UK broadcasters face advertising tipping point, new study finds

  31-01-2019 01:01 via theguardian.com
  Audience decline found among 16 to 34-year-olds is forecast to hit other key demographicsBroadcasters are facing a tipping point in the next five years where a faster decline in traditional viewing will make TV campaigns too expensive to be cost-effective for advertisers.A new report is forecasting an “inflection point” for UK TV where the decline in viewing already well-established among 16- to 34-year-olds will spread to other key demographics ultimately threatening TVs greatest se
  
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• Plan to transform transport across north of England unveiled

  31-01-2019 01:01 via theguardian.com
  Transports chiefs claim £70bn 30-year road and rail upgrade will create 850,000 jobsA £70bn plan to transform transport links across the north of England has been unveiled.Transports chiefs claim the 30-year road and rail upgrade scheme will boost the economy by £100bn and “leave a legacy for future generations” creating 850,000 jobs. Continue reading...
  
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• British car production slumps to five-year low

  31-01-2019 01:01 via theguardian.com
  Fears of a no-deal Brexit also lead to halving of investment in British car manufacturingBritish car production dropped to a five-year low in 2018, as manufacturers warned that fears of a no-deal Brexit have prompted a slump in new investment.UK car factories produced 1.52m vehicles last year, 9.1% fewer than 2017, according to figures published on Thursday by the Society of Motor Manufacturers and Traders (SMMT), the UK auto industry lobby group. Production for the British market fell by 16.3%.
  
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• Facebook posts record profit despite year of scandal

  31-01-2019 00:33 via theguardian.com
  Fourth-quarter results beat expectations for earnings and revenue as profit hits $6.88bn, up from $4.27bn a year beforeFacebook closed the book on its scandal-plagued year Wednesday, with strong fourth quarter financial results that beat analyst expectations for earnings and revenue.The results highlighted how divorced Facebook’s business success is from its public reputation, which suffered another blow Wednesday when Apple punished the app maker for violating its rules with a program tha
  
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