Financial news

• Financial markets seem lost in the fog of Brexit | Nils Pratley

  07-02-2019 20:12
  The Bank’s gloomy forecast sent the pound down but it rose again – despite the threat of recessionMark Carney could just as easily have shrugged his shoulders and declared that, like the rest of us, he hasn’t a clue how Brexit will work out. Instead, the Bank of England governor, obliged to riff on a theme when unveiling new economic forecasts, opted for “the fog of Brexit”, which amounted to much the same thing. Sadly, he couldn’t say when visibility will imp
  
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• Ikea to sell refurbished furniture to boost culture of recycling

  07-02-2019 19:04
  Swedish retailer expands old furniture exchange scheme as part of circular business modelIkea is trialling the sale of used, patched-up furniture in the UK as part of its efforts to become more environmentally friendly.An earlier trial in Edinburgh will be expanded to Glasgow in June.Continue reading...
  
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• UK economy set for worst year since financial crisis, says Bank of England

  07-02-2019 18:01
  Bank cuts growth forecast for 2019 as Brexit worries spread from companies to consumersThe Bank of England has warned the economy is on course for its weakest year since the global financial crisis, as evidence suggests Brexit jitters are spreading from companies to consumers.In its latest quarterly health check, the Bank cut its growth forecast for 2019 from 1.7% to 1.2%, blaming a slowing global economy as well as Brexit uncertainty for the sharp downward revision, and said there was a 25% cha
  
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• British Airways told 'do better' as maternity pay policy emerges

  07-02-2019 17:20
  Airline’s offer of six weeks’ pay raises questions over aim to attract female pilotsBritish Airways’ stated commitment to recruiting more female pilots has been called into question after it emerged that the flag carrier offers only a “scandalous” six weeks’ maternity pay to its staff.Although BA has launched a recruitment drive to get more women in the cockpit for its centenary year, and employs about 300 female pilots, any who become pregnant face a 90% pay
  
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• Forget new trade deals – Britain’s struggling to keep the ones it has | Sam Lowe

  07-02-2019 16:17
  Liam Fox said up to 40 would be ready one second after Brexit. Well, they won’t, and the government must be honest about it“Global Britain” advocates often fail to acknowledge the long list of countries the UK already has free trade agreements (FTAs) with, by virtue of its EU membership. The EU’s trade partners include Turkey, Israel, Morocco, South Korea, South Africa, Chile, Mexico and, more recently, Canada and Japan. Related: A no-deal Brexit won’t result in a s
  
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• No-deal Brexit: UK exporters risk being locked out of world's harbours

  07-02-2019 15:33
  Goods dispatched in coming days may not arrive until after 29 March deadline British exporters sending goods to far-flung destinations in the coming days risk being locked out of harbours around the world as a no-deal Brexit looms, business leaders have warned.The Confederation of British Industry, the EEF manufacturers’ lobby group and trade experts said exporters could be dispatching goods from UK ports imminently which would not arrive until after the 29 March deadline – raising t
  
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• Eurozone crisis: German output slumps AGAIN - fears grow for bloc’s largest economy

  07-02-2019 15:14 via feedproxy.google.com
  GERMAN industrial output surprisingly fell in December for the fourth consecutive month, putting the eurozone on high alert and increasing concerns around Europe’s biggest economy.
  
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• British former oil executive pleads guilty to bribery

  07-02-2019 14:53
  David Lufkin worked for Petrofac, owned by Tory party donor Ayman AsfariA senior British executive at an oil and gas firm owned by a major Tory donor has pleaded guilty to 11 counts of bribery.David Lufkin, 51, the former global head of sales at Petrofac, admitted offering corrupt payments in an attempt to secure contracts in Saudi Arabia worth $3.5bn (£2.7bn) and contracts in Iraq worth $730m (£566m). Continue reading...
  
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• Twitter shares fall amid concern over falling user numbers

  07-02-2019 14:38
  Company reports 321 million active monthly users in fourth quarter, a drop of 5 millionTwitter’s share price fell more than 8% in early Wall Street trading as record fourth-quarter revenues and the milestone of achieving its first full year of profitability failed to allay investors’ concerns over a drop in user numbers and a weak revenue forecast.The social media company reported 321 million monthly active users in the fourth quarter, a decrease of 9 million year-on-year and 5 milli
  
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• Bitcoin nosedived – but don’t panic: It's not that bad

  07-02-2019 14:00 via feedproxy.google.com
  The wood beneath bitcoin as it shuffles across a financial trapdoor has spent 24 hours creaking and splintering. Panic began to spread among some investors yesterday when a sudden drop off from a steady $3,410 plunged vertically to $3,360 and the haunting cries of “CAPITULATION!” began ringing around the crypto community. Bitcoin wasn’t alone in the sudden nosedive.
  
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• One of UK's last coal power stations to close due to rising costs

  07-02-2019 13:50
  Closure of Cottam plant in Nottinghamshire likely to lead to more than 150 job cutsOne of the UK’s last seven coal power stations will close this year after half a century of generating electricity, as the polluting fuel continues its rapid decline in the energy mix. Continue reading...
  
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• No-deal Brexit could revive mobile roaming fees, minister confirms

  07-02-2019 13:45 via theguardian.com
  Charges for phone use abroad would depend on operators’ commercial arrangementsThe government has formally announced that UK nationals could face high roaming charges for using their mobile phones in the EU in the event of a no-deal Brexit, after the news was quietly disclosed a day earlier.Answering an urgent question from Labour in parliament on Thursday, the culture secretary, Jeremy Wright, said that if there was no deal there would be nothing the government could do to prevent compani
  
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• ‘NOT PREPARED for no-deal Brexit!' BoE DOWNGRADES UK growth – lowest since financial crash

  07-02-2019 13:39 via feedproxy.google.com
  THE Bank of England has sensationally warned the UK economy is not prepared for a no-deal Brexit after growth was downgraded to its lowest level since the financial crash.
  
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• Jaguar Land Rover posts biggest quarterly loss of £3.4bn

  07-02-2019 13:33
  Carmaker takes £3.1bn write-down on value of investments as demand falls in ChinaJaguar Land Rover announced its biggest quarterly loss on Thursday after it was forced to take a £3.1bn writedown on the value of its investments as Chinese demand slumped.Britain’s largest car manufacturer, which is owned by India’s Tata Group, made a £3.4bn pre-tax loss in the last three months of 2018 as sales fell. It anticipates a loss for the financial year as a whole for the firs
  
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• EUROZONE CRISIS: Growth forecast SLASHED - fears mount for Europe’s biggest economies

  07-02-2019 13:16 via feedproxy.google.com
  EUROZONE growth forecasts have been slashed by the European Commission as fears mount over the bloc’s mega economies.
  
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• Pound euro exchange rate: GBP/EUR steadies as traders brace for BoE interest rate decision

  07-02-2019 13:04 via feedproxy.google.com
  The pound euro exchange rate is rangebound today and is currently trading at €1.137.
  
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• Pound US dollar exchange rate: USD buoyed as Fed says US economy “in a good place”

  07-02-2019 12:42 via feedproxy.google.com
  This morning, the pound has been hindered yet again by Brexit pessimism and the pairing is currently trading down around 0.3 percent at $1.289.
  
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• UK house prices fall in January as Brexit puts off buyers

  07-02-2019 12:00
  Biggest monthly drop since April comes while annual growth slows to 0.8% – HalifaxHouse prices in the UK fell 2.9% in January from December and the annual growth rate slowed sharply as Brexit fears put off buyers, according to Halifax, one of Britain’s biggest mortgage lenders.Halifax said the monthly drop took the average house price down to £223,691 and came after a 2.5% rise in December. It is the biggest monthly drop since last April, when prices declined 3.1%. Analysts cau
  
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• Fracking firms denied permission to relax earthquake rules

  07-02-2019 11:58
  Cuadrilla and Ineos say strict regulations around earthquakes hinder their workThe government has rejected pleas by fracking companies to review strict rules around earthquakes caused by their operations, in a major blow that could spell the end for Britain’s nascent shale industry.Cuadrilla complained on Wednesday that it had only been able to frack a tiny section of its well near Blackpool last autumn because of the limits, and warned it would not be able to undertake commercial fracking
  
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• UKTV CEO quits as BBC prepares to take full control of broadcaster

  07-02-2019 11:07
  Darren Childs linked with football and rugby union roles while BBC plans dealThe chief executive of UKTV, which owns channels including Dave and Gold, is quitting before a £1bn breakup of the broadcaster.Darren Childs, who has driven ratings and seen profits surge from £29m to more than £90m in the past eight years, will leave on 1 July and is already being touted as a potential candidate for the chief executive vacancy at the Premier League and commercial chief of Premiership
  
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• Energy bills to rise by more than £100 for 15m households as price cap lifted

  07-02-2019 08:28
  Ofgem’s decision on default tariffs and prepayment meters down to rising wholesale costsAround 15m households will see their energy bills increase by more than £100 a year from April after the regulator Ofgem said it was lifting two price caps because of rising wholesale costs.Big energy suppliers are expected to increase their prices by £117 for 11m customers on default tariffs to a new ceiling of £1,254 a year for a home with typical use, leaving many consumers paying m
  
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• Why did Sainsbury’s fail to deliver the goods on all fronts?

  07-02-2019 08:00
  My online shopping order didn’t arrive, but it didn’t explain whyLast November I was due to receive my online shopping order from Sainsbury’s. It didn’t arrive, causing me great inconvenience as I had run out of nappies for my toddler. After a long period on hold, I was told the delivery would not be happening, but with no explanation.Continue reading...
  
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• The Poundland engagement ring is perfect – I'm not surprised they've sold 20,000 | Zoe Williams

  07-02-2019 08:00
  These days, no one can afford a ‘real’ ring, so what’s wrong about opting for a cheap ‘placeholder’?I can remember exactly where I was (a pub) when I first discovered the economics of wedding and engagement rings, I was that astonished: the groom is supposed to spend three times his monthly salary on the item. The reason it should be so expensive is that the ring has many functions; a gesture of such great love it should cost more than a boiler; a symbol of individu
  
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• The class pay gap: why it pays to be privileged

  07-02-2019 07:00
  Within Britain’s elite occupations, the advantages of class are still mistaken for talent.
  By Sam Friedman and Daniel LaurisonMark has one of the most coveted jobs in television. As a senior commissioner at one of Britain’s biggest broadcasters, he controls a budget extending to the millions. And every day, a steady stream of independent television producers arrive at his desk desperate to land a pitch. At just 39, Mark is young to wield such power. After making his name as a program
  
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• Brexit jitters hit London housing market as newbuilds decline sharply

  07-02-2019 01:01 via theguardian.com
  Capital and the Midlands fare worst in figures that show big regional variation Housebuilding declined sharply in London and the Midlands last year as political and economic uncertainty around the shape of Brexit hit the housing market, according to industry figures.The number of new homes in London registered by housebuilders with the National House Building Council (NHBC) in 2018 fell 10% from the previous year to 16,069, the biggest annual drop since 2016. In the east Midlands and West Midlan
  
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