Financial news

• Deutsche Bank and Commerzbank merger threatens 30,000 jobs

  18-03-2019 21:56
  Unions’ warning over merger is the latest drama to hit 150-year-old lender DeutscheDeutsche Bank’s prospective merger with smaller rival Commerzbank threatens to unsettle the German banking industry and puts 30,000 jobs at risk.But the deal is just the latest drama to hit the 150-year-old lender after a string of losses, an executive boardroom battle and billions of dollars in fines. Continue reading...
  
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• Interserve fights to keep contracts as rivals circle

  18-03-2019 20:31
  Outsourcing firm seeks to fend off interest in lucrative deals from Mitie and SercoThe outsourcing firm Interserve is hoping to prevent a client exodus as rivals seek to cherry-pick parts of the business, which was bought out of administration by its lenders last week.The government contractor, which employs 45,000 people in the UK and manages crucial public services such as hospital cleaning and parts of the probation service, is already fending off interest in lucrative contracts from peers in
  
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• Brexit billionaire chooses BMW engine for 'British' 4x4 project

  18-03-2019 19:55
  UK’s richest man Jim Ratcliffe had already signed up German firm to design vehicleThe UK’s richest man, expat Brexit supporter Jim Ratcliffe, has enlisted Germany’s BMW to supply engines for a “British” successor to the Land Rover Defender, after handing the vehicle design contract to another German firm last year.Ineos, the chemicals company Ratcliffe founded in 1998 that is responsible for his estimated £21bn fortune, said BMW had joined a partnership aiming
  
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• Deutsche's deal with Commerzbank a sign of sector's weakness | Larry Elliott

  18-03-2019 19:25
  Merger plan comes amid problems that find many European banks in a zombie-like stateThe proposed merger between Deutsche Bank and Commerzbank is far from a done deal. Politicians in Berlin might be supporting the tie-up, but there are plenty of critics – from unions fearful of tens of thousands of job losses to shareholders worried about the impact on already depressed share prices.Clearly, this is not an ideal moment for Deutsche to be considering swallowing up its smaller rival. It will
  
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• Warner Bros chairman-CEO resigns after sexual impropriety allegations

  18-03-2019 19:24
  Kevin Tsujihara is stepping down after an investigation was launched into his relationship with British actor Charlotte Kirk whose career he allegedly elevatedThe Warner Bros chairman-CEO, Kevin Tsujihara, has resigned after allegations of sexual impropriety.The 54-year-old has been embroiled in controversy since the Hollywood Reporter published an article suggesting that he engaged in a sexual relationship with the British actor Charlotte Kirk amid promises that he would help her get roles in t
  
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• Online retail fuelling rapid rise in sales of fake goods, says OECD

  18-03-2019 19:09
  Counterfeits worth $590bn a year made up 3.3% of global trade in 2016, report findsThe rise of online platforms for buying and selling goods has fuelled a rapid increase in fake merchandise sold around the world, the value of which has reached $590bn (£384.4bn) a year, according to a report.The Organisation for Economic Co-operation and Development (OECD) and the European Union’s intellectual property office (EUIPO) found illicit goods, from designer handbags to luxury watches, accou
  
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• Police begin criminal inquiry into failed training firm 3aaa

  18-03-2019 18:11
  Specialist fraud unit to investigate allegations made by Department for EducationPolice have launched a criminal investigation into allegations of fraud at the UK’s largest government-funded apprenticeship provider.Derbyshire constabulary said its specialist fraud investigation unit has begun a formal fraud investigation into the collapse of 3aaa, which was training 4,216 apprentices at companies including Ocado, Volkswagen and the National Grid. Continue reading...
  
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• Boeing 737 Max: US prosecutors investigate plane after fatal crashes

  18-03-2019 17:24
  Investigation, issued by grand jury in Washington DC, includes subpoena seeking documents related to aircraft’s development
  US federal prosecutors and regulators have opened an inquiry into the development of Boeing 737 Max airplanes following two fatal crashes, a move that comes as scrutiny is mounting over Boeing and the US’s top aviation regulator’s role in certifying the aircraft. Related: Ethiopian Airlines flight data has 'clear similarities' with Indonesia crashContinue
  
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• Why has the US Fed turned away from interest rate rises? | Nouriel Roubini

  18-03-2019 16:04
  Stalling inflation and a need to show independence have pushed it to a dovish stanceThe US Federal Reserve surprised markets recently with a large and unexpected policy change. When the Federal Open Market Committee (FOMC) met in December 2018, it increased the Fed’s policy rate to 2.25%-2.5%, and signalled that it would raise the benchmark rate another three times, to 3%%-3.25%, before stopping. It also signalled that it would continue to unwind its balance sheet of Treasury bonds and mor
  
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• Universal basic income 'would cost less than value of benefit cuts since 2010'

  18-03-2019 11:46
  Economists’ report follows plan from New Economics Foundation in backing proposalIntroducing a weekly universal basic income (UBI) for everyone in Britain would have a net cost worth less than the aggregate cuts to benefits since 2010, according to a report.The government could make tax-free payments of £60 to every adult, £175 for those over 65 and £40 for each child under 18, regardless of other income, in a proposal designed to cut rising levels of poverty and inequali
  
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• Travelodge seeks parents to fill post-Brexit staffing gaps

  18-03-2019 11:11
  Budget chain is to open 100 hotels in the next five years that will create 3,000 jobsTravelodge wants to recruit parents returning to work to fill post-Brexit staffing gaps, as it pushes ahead with 100 hotel openings that will create 3,000 jobs over the next five years.The company, one of Britain’s biggest hotel chains with 575 properties, hopes to fill 550 jobs immediately by attracting parents with hours that fit around the school run. Continue reading...
  
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• JD Sports to buy Footasylum for £90m

  18-03-2019 09:23
  Britain’s biggest sports retailer to acquire struggling smaller rival, which has 69 storesJD Sports, Britain’s biggest sports retailer, has agreed to buy its struggling smaller rival Footasylum for £90.1m.It is to pay 82.5p in cash for each share in the footwear and hoodie chain, in which it already owns an 18.7% stake, acquired last month. Continue reading...
  
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• How can Southern Rail charge two prices for the same journey?

  18-03-2019 07:59 via theguardian.com
  The train operator sells fares for £23.10 and £16.20 – but doesn’t steer buyers to the cheapest oneFor some time Southern Railway has offered off-peak day-return tickets from Christ’s Hospital (near Horsham, West Sussex) to London Victoria for £23.10, alongside a super off-peak for just £16.20, on Saturdays and Sundays with no time restrictions on either. Many passengers who don’t travel regularly could be unaware of the cheaper deal. It must all a
  
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• Buyer beware: Amsterdam seeks to ban buy-to-let on newbuild homes

  18-03-2019 07:00 via theguardian.com
  London and others will be watching closely as Dutch city tries to tackle housing shortageAmsterdam has drawn up plans to ban the rental of new-build homes on city land, as part of a spate of policies to combat spiralling house prices, housing shortages and over-saturation of tourism.The plan from its housing chief states: “Investors are buying Amsterdam homes more and more frequently, intending to rent them out. This means that ‘normal’ house-buyers have less of a chance in the
  
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• Tenants in England not being protected from revenge evictions, study finds

  18-03-2019 01:01 via theguardian.com
  Only 5% of those who complained about conditions were protected by councilsJust one in 20 private tenants who complain to their council about poor living conditions gets protection from a revenge eviction by their landlord, according to figures released today.Data obtained under the Freedom of Information Act by the housing campaign group Generation Rent suggests that local authorities in England are failing to use their full powers to protect tenants. Continue reading...
  
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• Brexit fears dampen spring property revival as asking prices fall

  18-03-2019 01:01 via theguardian.com
  UK’s average asking price 0.8% lower than a year ago, says RightmoveBrexit anxiety has all but killed the traditional spring property revival, pushing down asking prices across the UK by 0.8% in the year to March, according to property website Rightmove.Inner London saw the sharpest falls, followed by boroughs across the rest of the capital and surrounding counties, as separate reports showed that Brexit uncertainty was also damaging UK exports and the broader economy. Continue reading...
  
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