Financial news

• Why it matters that Philip Green dodged my questions in Monaco – video

  23-05-2019 17:41 via theguardian.com
  With Sir Philip Green's Topshop empire Arcadia facing a cash crisis, the Guardian's Rupert Neate wrote to the retail billionaire to ask what reassurances he was offering to the 20,000 people who work for him. There was no reply from his spokesman, so Neate decided to track him down and ask him in person. He found Green in Monaco, preparing to host a grand prix party aboard his superyacht Lionheart. Continue reading...
  
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• Market selloff: Wall Street joins rout as trade war hits US economy - business live

  23-05-2019 16:32 via theguardian.com
  Financial markets hit as tensions between Beijing and Washington escalate, and fears of a no-deal Brexit riseLatest: US PMI hits three-year lowWall Street tumbles at the openWTO chief: We must end trade warStocks slide in EuropeBeijing: Trade talks can’t continue unless US mends its ways 3.32pm BST The sight of Wall Street plunging into the red hasn’t helped nerves in the City.The FTSE 100 is now down 110 points, or 1.5%, while France’s CAC has lost almost 2% of its value. 3.29
  
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• High court judge leads inquiry into London Capital & Finance scandal

  23-05-2019 15:59 via theguardian.com
  Judge will also look at watchdog’s oversight of firm which went bust owing 11,000 investors a total of £236mThe government has launched an independent inquiry into the collapse of London Capital & Finance, the investment firm at the centre of a mounting £236m financial scandal in which thousands of investors lost money.Dame Elizabeth Gloster, a leading high court judge specialising in corporate failures, finance and fraud, will lead the investigation into the company and th
  
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• Philip Green's retail rescue plan at risk over pension scheme

  23-05-2019 13:42 via theguardian.com
  Plan to restructure Arcadia Group does not protect members, says regulatorSir Philip Green’s rescue of his Topshop-to-Burton retail empire has been thrown into doubt after the Pensions Regulator (TPR) said the former billionaire’s restructuring plan did not adequately protect the group’s 9,500 pension scheme members.Green’s Arcadia Group has until 5 June to agree a deal with the regulator and trustees of two legacy pension funds, which have a deficit of as much as £
  
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• Prada announces it is to go fur-free

  23-05-2019 13:40 via theguardian.com
  The Italian luxury fashion house is the latest to announce it will ban fur, starting with its SS20 collectionsThe Italian fashion house Prada has announced it will stop using fur in its collections. The ban will come into effect this September for its spring/summer 2020 women’s collections, although items that have already been made will continue to be sold.The move has come about in collaboration with the Fur Free Alliance, an international coalition of more than 40 animal protection orga
  
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• Trump's trade policy is a hot mess of conflicting goals – with few winners | Jeffrey Frankel

  23-05-2019 12:45 via theguardian.com
  Tariffs war with China has hurt almost every segment of the US economy Earlier this month, the US President, Donald Trump, suddenly revealed that a trade agreement between the US and China was not imminent after all. On the contrary, on 10 May the Trump administration raised its previous 10% tariff on $200bn (£158bn) worth of Chinese goods to 25% and threatened to apply the same rate to the remaining $300bn or so of US imports from China by late June. China then retaliated with reciprocal
  
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• Bank of England DESTROYING its credibility by interfering too much in Brexit – economist

  23-05-2019 12:33 via feedproxy.google.com
  THE Bank of England is destroying its own credibility by getting too involved in Brexit politics, a leading City economist has warned.
  
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• ‘Learn what people want’: 10 tips on how to create a successful vintage fashion business

  23-05-2019 11:18 via theguardian.com
  Flea markets are a favourite weekend pastime for many. Here’s how to turn your passion for fashion into a bustling market stallIf your ideal weekend is spent hitting up car boot sales, browsing charity shops and scouring Etsy for the perfect vintage find, then having your own stall may seem like the dream job – or at least the dream side hustle. But what are the tips and tricks to make your vintage fashion business a success? We asked successful stall owners how they went from vintag
  
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• ‘Going cashless has been huge for us’: the coffee shop that’s stopped using cash

  23-05-2019 11:16 via theguardian.com
  For young entrepreneur Ed Barry, running a business has had its ups and downs. But embracing the cashless economy has paid offIt’s no secret that the great British high street is warming to the idea of going, if not cashless, then certainly less cash. In the past 15 years, we’ve seen the introduction of contactless cards and mobile phone payments (or digital wallets).A 2018 report by UK Finance [pdf] found that in just 10 years we’ve gone from cash making up six out of 10 payme
  
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• Alton Towers owner Merlin urged by US investor to go private

  23-05-2019 10:57 via theguardian.com
  ValueAct Capital writes letter to chairman of firm behind Peppa Pig theme parks, Legoland and London EyeA US activist investor has called on Merlin Entertainments, the owner of attractions including Madame Tussauds, Legoland and Alton Towers, to seek a buyer to take it private, arguing it has underperformed as a publicly listed company.San Francisco-based ValueAct Capital, Merlin’s second-largest shareholder with a 9.3% stake, has written an open letter to the chairman, Sir John Sunderland
  
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• India election results see rupee strengthen and stocks surge to RECORD highs as Modi win

  23-05-2019 10:56 via feedproxy.google.com
  INDIA saw its rupee strengthen and stocks surge to record highs today as Prime Minister Narendra Modi looked set to sweep a landslide victory in the nation’s general election.
  
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• Pound euro exchange rate: GBP sinks as Theresa May 'braced to RESIGN' after Leadsom quits

  23-05-2019 10:48 via feedproxy.google.com
  THE pound euro exchange rate is down sharply today and is trading at €1.131 at the time of writing.
  
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• Pound US dollar exchange rate: GBP slides as Theresa May 'prepares to QUIT'

  23-05-2019 10:42 via feedproxy.google.com
  THE pound has slipped by around 0.4 per cent against the US dollar and the pairing is currently trading at around $1.261.
  
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• Topshop, Dorothy Perkins, Burton store closures: 23 stores closing down – is yours going?

  23-05-2019 08:44 via feedproxy.google.com
  DOROTHY PERKINS, Topshop, Topman and Burton store closures have been announced with Arcadia Group shutting down 23 stores across the UK and Ireland.
  
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• Universal Credit May bank holiday payments date: When are benefit payments due this month?

  23-05-2019 08:01 via feedproxy.google.com
  BANK HOLIDAY MONDAY marks a day off for most people, meaning certain services are closed when they normally wouldn’t be. When are DWP Universal Credit payments due next week?
  
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• Facebook and City banks among highest-paying UK firms

  23-05-2019 07:01 via theguardian.com
  Glassdoor says total packages at best-paying companies equate to around £90,000Three City banks, a German software business and Facebook pay their staff the most in the UK, according to a new survey, while staff working at Domino’s Pizza and the shop chains Footasylum and Schuh receive the lowest rewards.The Swiss investment bank Credit Suisse and the German software firm Sap topped the list of the UK’s highest-paying companies compiled by the job search and recruiting website
  
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• Greybull Capital: rescuer of distressed firms or vulture fund?

  23-05-2019 07:00 via theguardian.com
  The creditor may manage to avoid financial loss once more with British SteelBritish Steel owner Greybull Capital is a private investment firm with a controversial record, founded by a group of wealthy heirs and run with the help of a former Lehman Brothers banker.It styles itself as a valiant rescuer of distressed businesses but has amassed a questionable roster of firms that it bought for a song only to walk away relatively unscathed after they eventually collapsed. Continue reading...
  
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• May bank holiday benefit payments: When are ESA and Universal Credit paid?

  23-05-2019 06:00 via feedproxy.google.com
  UNIVERSAL Credit and ESA payments will be made on a different date this week due to the closing of banks in celebration of the upcoming Bank Holiday Monday. So, when will you be receiving your payment?
  
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• Amazon workers demand Bezos act on climate crisis

  23-05-2019 03:51 via theguardian.com
  At a shareholder meeting Wednesday, the CEO refused to address workers urging the company to overhaul its climate policy
  Amazon’s chief executive officer, Jeff Bezos, refused to address employees demanding the company take action on the climate crisis at its annual shareholder meeting on Wednesday.About 50 members of the group Amazon Employees for Climate Justice attended the event, representing 7,700 staffers who signed a letter publicly urging Amazon to overhaul its climate policy. Emplo
  
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