Financial news

• Does Philip Green think his offer stands a sporting chance?

  22-05-2019 20:45 via theguardian.com
  From the position of the landlords and the pension bodies, it looks like he could do a lot betterHere comes Sir Philip Green, pleading poverty from Monaco. Or rather, it’s Lady Green, as the owner of the Arcadia fashion empire, who wants to shrink the business by 23 stores and would like landlords to take a whack in the form of rent cuts and lease re-jigs on another 194 premises in the UK. Arcadia’s Topshops in the US will close. And the affected UK landlords can have 20% of the proc
  
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• Sadness and fear in Scunthorpe after British Steel liquidation

  22-05-2019 20:36 via theguardian.com
  Future uncertainty is affecting businesses and residents beyond the steelworksThere was a sombre mood hanging over Scunthorpe on Wednesday as workers and residents came to terms with the news that British Steel, the town’s biggest employer, had gone into liquidation.Workers have been told not to speak to the press but one lorry driver said: “I’ve worked here all my life. It doesn’t matter how old you are or if you’re nearing retirement, you still don’t want to
  
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• Google faces Irish inquiry over possible breach of privacy laws

  22-05-2019 20:16 via theguardian.com
  Technology firm’s Ad Exchange processing of users’ personal data being investigatedThe Irish data protection commission has opened an investigation into Google over suspected infringements of European Union privacy rules.The statutory inquiry will probe whether Google’s online Ad Exchange violated general data protection regulations (GDPR) covering the sharing of personal data of internet users, the watchdog said in a statement on Wednesday. Continue reading...
  
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• The Guardian view on British Steel’s collapse: productive v predatory capitalism | Editorial

  22-05-2019 19:55 via theguardian.com
  It’s been more than a decade since MPs looked at the private equity model and asked whether it is good for Britain. A bankruptcy in the steel industry is an opportunity to do so againIt is right for the government to bail out Britain’s steel industry. On Wednesday ministers stepped in and kept British Steel going, not only to safeguard thousands of jobs but keep blast furnaces burning that would otherwise go out for ever. Letting this business disappear would deal a devastating blow
  
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• BT targeting older staff in job cuts, says union

  22-05-2019 18:56 via theguardian.com
  Prospect says firm is using an ‘out with old, in with new’ strategy as it tries to cut £1.5bnOne of BT’s biggest unions has accused the company of targeting older, long-serving staff in its drive to cut 13,000 jobs.Prospect, one of the largest unions representing BT workers, claimed the company was using an unfair “out with the old, in with the new” strategy to help reduce costs by £1.5bn. Continue reading...
  
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• We’ve had so many reports on inequality – now act | Letters

  22-05-2019 18:51
  Chris Grover says austerity policies are even more punishing than the workhouse, John Veit-Wilson on social security for everyone, Jack Czauderna on so many reports, Dr David Alderson on why he won’t vote for the Lib Dems, and Paul Nicolson et al on the inequality between renters and landlords or landownersPhilip Alston, the UN rapporteur on extreme poverty, is right to say that austerity has sought to recreate the workhouse for the 21st century (Report, 22 May). The idea of “less el
  
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• Cannabis firm buys British beauty brand This Works

  22-05-2019 18:01 via theguardian.com
  Canopy Growth deal will launch products infused with cannabis ingredient CBDThe world’s largest cannabis company has bought British beauty brand This Works for £43m in a deal that will see it launch a range of products infused with the cannabis ingredient CBD to help users sleep and improve their skin.Canopy Growth, a Canadian firm which sells both medicinal and recreational cannabis products paid cash for the company, founded by former Vogue journalist Kathy Phillips and owned by pr
  
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• The horrific story behind the woman pictured on the NEW 100 euro and 200 euro notes

  22-05-2019 16:49 via feedproxy.google.com
  A GREEK mythological figure who was abducted and seduced by Zeus was the inspiration behind the name of a new series of bank notes released by the European Central Bank.
  
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• Brexit shock: ‘It could take TEN YEARS to leave the EU’ warn financial experts

  22-05-2019 15:22 via feedproxy.google.com
  BRITAIN may take TEN YEARS to leave the EU despite Article 50 having been triggered in 2017, financial experts have warned.
  
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• Tax cuts for workers ‘an option’ says Hammond – as UK enjoys ‘improved public finances’

  22-05-2019 15:05 via feedproxy.google.com
  HARDWORKING families could see the prospect of taxes being slashed become reality after Chancellor Philip Hammond revealed the Government had “the luxury of choice”.
  
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• Londoners have £8,000 more to spend or save than UK average

  22-05-2019 14:21
  Top six areas for disposable income all in capital, while Wales has least spending powerBig regional inequalities in disposable household income still exist, with Londoners more than £8,000 a year better off than the UK average, according to government data.The top 10 local areas with the most leftover cash after tax and benefits in 2017 were all in London and the south-east, with the top six all in the capital. Continue reading...
  
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• Corbyn energy network POWER GRAB ‘will cost YOU more on your water bill’ – Severn Trent

  22-05-2019 13:52 via feedproxy.google.com
  SEVERN TRENT has warned how Labour’s plan to nationalise Britain’s energy networks could increase bills for customers.
  
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• Cadent handed record £44m penalty after customers left without gas

  22-05-2019 13:21
  Ofgem takes action after tower block residents had no supplies for up to five monthsThe UK’s leading gas distributor has received a record £44m penalty from the energy regulator for leaving residents of tower blocks without gas for up to five months.Cadent, which pipes gas into 11m homes and businesses, left customers without supplies for an average of 19 days, Ofgem said. Thousands of people were affected by unplanned outages in 2017 and 2018, many of them in north London. In the wo
  
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• Higher energy bills and transport costs drive up UK inflation

  22-05-2019 13:05
  ONS says consumer prices index was 2.1% in April, up from 1.9% in MarchDearer energy bills and a pick-up in the cost of transport have pushed the annual rate of inflation back above the government’s 2% target for the first time in four months.Figures from the Office for National Statistics showed that inflation as measured by the consumer prices index stood at 2.1% in April, up from 1.9% in March. Continue reading...
  
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• Tesla shares could CRASH from $200 to just $10 in worst-case scenario – Morgan Stanley

  22-05-2019 12:49 via feedproxy.google.com
  TESLA was dealt a nightmare forecast by one of Wall Street’s top investment banks who predicted the electric carmaker’s shares could crash from $200 to $10 in a worst-case scenario.
  
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• Pound US dollar exchange rate: GBP sinks as Theresa May opens way for second referendum

  22-05-2019 12:41 via feedproxy.google.com
  THE pound US dollar exchange rate fell today and is trading around $1.266 at the time of writing.
  
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• Capitalism used to promise a better future. Can it still do that? | Richard Reeves

  22-05-2019 12:00 via theguardian.com
  The greatest challenges to capitalism come when that promise begins to be questionedCapitalism is intrinsically futuristic. The ideas that underpin market economies – growth, accumulation, investment – express an unspoken assumption, that tomorrow will be different, and probably better, than today. The question that murmurs through markets is not “What is good?” or “What is fair”, but: “What’s new?”This future orientation is one of the most s
  
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• Pret a Manger goes VEGGIE: Retailer reveals new plans after buying out Eat cafes

  22-05-2019 11:23 via feedproxy.google.com
  PRET a Manger has announced a takeover of Eat, and revealed plans to turn its rival’s branches into Veggie Pret stores.
  
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• British Steel CRISIS as company enters insolvency process – THOUSANDS of jobs at risk

  22-05-2019 10:48 via feedproxy.google.com
  BRITISH Steel was placed into an insolvency process today in a sour turn for the future of the UK steel industry.
  
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• South East Water unearths a serious electrical problem

  22-05-2019 08:00
  It has warned that fitting a meter could break electrical earthing to my homeI need help with an issue that could potentially leave my home and many others lethally unsafe. South East Water is fitting a water meter to my home and others. It has a right to do that – I live in a water-stressed part of the country. However, it’s stated that the installation may break electrical earthing if the water main is used as the primary earth in a customer’s home.Continue reading...
  
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• EasyJet was on a slippery slope when it charged for skis

  22-05-2019 08:00
  It insisted they were not within the specified weight and dimensions for hold luggage when they wereI flew with easyJet to Geneva and back from Bristol and bought a standard hold luggage allowance of 23 kg. I had no issues flying out, but on the return, when I plonked my exactly 23 kg bag onto the bag drop station at Geneva airport, the check-in staff insisted I pay 65 Swiss francs as I had “sports equipment”. The luggage did, indeed, contain a pair of skis, but it was within the spe
  
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