Financial news

• Share prices rally at Lagarde’s nomination as ECB president

  03-07-2019 21:12 via theguardian.com
  Move reinforces expectations of fresh stimulus package for ailing eurozone economyThe prospect of a fresh stimulus package to support the ailing eurozone economy when Christine Lagarde takes up the reins as boss of the currency bloc’s central bank sent shares higher across Europe and the US on Wednesday.The FTSE 100 closed up 0.7% at 7,609 points after starting the week at 7,497, while the New York S&P 500 sailed to another record high and moved closer to the 3,000 mark. Continue readi
  
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• Andrea Orcel’s €100m compensation claim from Santander is absurd

  03-07-2019 20:58 via theguardian.com
  When the bank declined to appoint him chief, did his lawyer say: ‘Think of a number and multiply it by 10’?Think of a large round number and multiply it by 10. This, one must assume, was the legal advice offered to Andrea Orcel as he pondered how much to claim in compensation from Santander, the Spanish bank that withdrew its offer to him to become chief executive. Nothing else explains the size of the demand. A sum of €100m (£90m) is absurd.The spurious logic, presumably,
  
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• Christine Lagarde: key issues she must address at the ECB

  03-07-2019 20:00 via theguardian.com
  If confirmed as president, rebooting eurozone growth should be among top priorities Christine Lagarde’s nomination as the next president of the European Central Bank was not widely expected.
  If confirmed as Mario Draghi’s replacement, the head of the International Monetary Fund would be the first ECB president without any direct experience of setting central bank policy. Although a lawyer by professional background, Lagarde could be helped by the political experience she has gained t
  
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• Advisers quit Gavin Woodhouse firm amid financial allegations

  03-07-2019 18:59 via theguardian.com
  Two senior aides depart Northern Powerhouse Developments following investigationUncovered: the £200m theme park, the businessman – and the missing millionsTwo of the most senior advisers to Northern Powerhouse Developments, the company owned by embattled financier Gavin Woodhouse, have quit the business in the wake of a series of allegations about its finances.The departures have emerged a week after publication of an undercover investigation by the Guardian and ITV News, which raise
  
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• Boeing to pay $100m to families of 737 Max aircraft victims

  03-07-2019 18:53 via theguardian.com
  US manufacturer faces dozens of lawsuits over accidents that killed 346 people US aircraft manufacturer Boeing has said it will pay $100m (£80m) to families and communities affected by the two crashes involving its 737 Max aircraft, in which 346 people were killed.Boeing, which is facing dozens of lawsuits over the accidents, said some of the money would go towards the living expenses of the families of those involved in the fatal crashes and to alleviate any financial hardship they were f
  
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• Banker lined up to lead Santander sues for €100m

  03-07-2019 18:34 via theguardian.com
  Andrea Orcel accuses bank of breach of contract after it withdrew offer to hire himThe investment banker who was lined up to lead Santander, before it suddenly withdrew the offer over his pay demands, is suing the Spanish lender for €100m (£90m).Andrea Orcel submitted a lawsuit accusing Santander of a breach of contract, according to a report in the Spanish newspaper El Confidencial, demanding the bank either hand him the sum in damages or reinstate its offer of the chief executive&rs
  
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• Google and Facebook under scrutiny over UK ad market dominance

  03-07-2019 17:25 via theguardian.com
  Competition watchdog to investigate potential abuse of power and control of user dataThe UK competition watchdog has launched an investigation into the way Google and Facebook collect and exploit personal data and have used their power to dominate the £13bn UK digital advertising market.The Competition and Markets Authority’s wide-ranging investigation into online advertising will focus on the sector’s two biggest players, Google and Facebook, and look at whether “consume
  
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• France makes a post-Brexit grab for UK's game developers

  03-07-2019 16:59 via theguardian.com
  French government promises tax breaks and subsidies for companies who relocate The French government has launched a major push to poach British game developers in the wake of Brexit, promising subsidies, tax breaks and loans to creatives who make the move across the Channel.The new campaign, “Join the Game”, sees the French government highlighting the scale of its home-grown games industry, promising similar support to anyone who wants to relocate – and hoping to capitalise on
  
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• Tesco warn of empty shelves as stockpiling for no deal Brexit ‘harder’ before Christmas

  03-07-2019 15:26 via feedproxy.google.com
  TESCO boss Dave Lewis has warned of the possibility of empty shelves in the supermarket as he predicts the delayed Brexit deadline could be more problematic than the original March date.
  
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• Netflix strikes production deal with Shepperton Studios

  03-07-2019 14:31 via theguardian.com
  US streaming service granted exclusive access to most facilities at west London site Netflix has struck a deal to set up a permanent production base at Shepperton Studios, home to films from Alien to Mary Poppins Returns, as the company plans to spend more of its $13bn (£10.3bn) annual production budget in the UK.The US streaming service made more than 40 productions in the UK last year, including The Crown, Sex Education and Outlaw King, and has been searching for a long lease for an excl
  
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• Lee Iacocca obituary

  03-07-2019 14:27 via theguardian.com
  US motor industry leader who launched the Ford Mustang and turned around the fortunes of ChryslerAt the height of his career, Lee Iacocca, who has died aged 94, was one of the most powerful and celebrated of US business leaders and, as the son of Italian immigrants, the embodiment of all the possibilities of the great American dream. As the creator of the spectacularly successful 1964 Ford Mustang, he had his first taste of fame aged 39 when both Time magazine and Newsweek put his face – a
  
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• Mortgage expert reveals one thing to check in contract in order to access a cheap mortgage

  03-07-2019 14:06 via feedproxy.google.com
  MORTGAGE agreements are signed by those looking to take out the mortgage - however, according to new research, nearly two thirds of borrowers have admitted that they don’t read the document in full before agreeing to it.
  
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• Google's millions will transform San Jose – but at what true cost?

  03-07-2019 14:00 via theguardian.com
  A major urban hub without a big-city feel, San Jose hopes a huge new Google campus will rethink its car-centric sprawl. But critics warn it will steamroll poorer residentsSan Jose is the Bay Area’s most populous city, home to more than a million people and the headquarters of eBay, TiVo and Adobe. It’s a major urban hub for workers at Facebook in nearby Palo Alto and Apple in Mountain View. It is also one of the wealthiest cities in the world, where a salary of six figures only just
  
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• Home insurance WARNING: Risk of accidental damage claims rise at THIS time of year

  03-07-2019 13:38 via feedproxy.google.com
  HOME insurance can provide ease of mind for some policyholders, however accidental damage in the home is no doubt what many people will look to avoid. Insurance giant Aviva has released new data on when it has seen claims increase.
  
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• Boris Johnson’s cynical ‘sin-tax’ freeze is a glimpse of what’s to come | Jonathan Freedland

  03-07-2019 13:30 via theguardian.com
  The Tory leadership favourite likes to talk about representing the poorest while filling the coffers of the powerfulHere’s a thing they teach in campaign school. If you’re about to make a political promise, first check the calendar. Just to avoid a clash that could make your policy proposal look utterly wrong-headed, inept and at odds with the available evidence.Boris Johnson must have bunked off that day, because he clearly missed that lesson. Instead, he’s issued what he doub
  
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• Bitcoin warning: Crypto is bad news for small investors, says FCA

  03-07-2019 13:22 via feedproxy.google.com
  THE UK’s Financial Conduct Authority has urged small investors to stay away from cryptocurrencies like bitcoin, warning they are too risky.
  
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• UK recession warning: Fears for UK economy as second quarter shrink predicted

  03-07-2019 13:08 via feedproxy.google.com
  THE risk of the UK slipping into a recession appeared to grow today after it was predicted the economy contracted in the second quarter of this year.
  
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• Gas and oil firms reclassified under non-renewables on LSE

  03-07-2019 12:26 via theguardian.com
  Trade group says change may have opposite intended effect towards low carbon futureOil and gas companies listed on the London Stock Exchange have been reclassified under a non-renewable energy category in a move designed to distinguish between heavily polluting companies and greener producers.The change has been made by the index provider FTSE Russell, which now groups companies such as BP, Royal Dutch Shell, Cairn Energy, Petrofac, Premier Oil and Tullow Oil, formerly labelled oil and gas produ
  
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• Pound US dollar exchange rate: GBP dips as dovish Carney raises BoE rate cut fears

  03-07-2019 12:11 via feedproxy.google.com
  THE pound US dollar exchange rate dipped by -0.2 percent this morning, with the pair fluctuating around $1.256.
  
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• Pound euro exchange rate: GBP slips with UK service sector close to stagnation

  03-07-2019 12:06 via feedproxy.google.com
  THE pound has slipped slightly lower against the euro, taking the pairing to €1.113.
  
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• FCA proposes ban on cryptocurrency products

  03-07-2019 12:06 via theguardian.com
  Financial Conduct Authority says crypto-assets are ill-suited to small investors and very volatileThe UK’s markets regulator has proposed a ban on financial instruments linked to digital cryptocurrencies such as bitcoin, warning that such products could cause huge losses for retail consumers unlikely to understand their risks or value.The Financial Conduct Authority (FCA) said products such as derivatives and exchange-traded notes (ETNs) that reference crypto-assets were “ill-suited&
  
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• Brexit: UK economy may be shrinking on back of no-deal fears

  03-07-2019 11:55 via theguardian.com
  Dominant service sector came close to standstill in June, according to IHS Markit/CipsThe UK economy has suffered its first quarterly contraction in seven years, a closely watched survey suggests, as the looming threat of a no-deal Brexit paralyses business activity.Growth in the UK’s dominant services sector came to a near standstill in June, confirming a gloomy outlook for a month in which the manufacturing and construction industries plunged into reverse. Continue reading...
  
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• Whirlpool recall: Company admits there could be 800,000 faulty tumble-dryers in UK homes

  03-07-2019 11:45 via feedproxy.google.com
  WHIRLPOOL has admitted the number of faulty tumble-dryers in homes across Britain could be as high as 800,000.
  
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• Pensions Minister addresses Pension Credit communication as £7bn revealed to be unclaimed

  03-07-2019 11:36 via feedproxy.google.com
  THE PENSIONS MINISTER took questions in the Commons this week, during which Guy Opperman MP - who is the Parliamentary Under Secretary of State for Pensions and Financial Inclusion - addressed the communications surrounding the application for Pension Credit.
  
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• Amazon to create more than 2,000 jobs in UK in ‘vote of confidence’ for Brexit Britain

  03-07-2019 11:11 via feedproxy.google.com
  AMAZON will create more than 2,000 jobs across Britain this year in a boost for the UK jobs market.
  
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• Inheritance Tax could be scrapped under Labour - but replaced with tax on gifts to family

  03-07-2019 10:43 via feedproxy.google.com
  INHERITANCE tax could be scrapped under the Labour Party, Shadow Chancellor John McDonnell has implied. He signalled interest in a plan for the abolition of Inheritance Tax - instead being replaced by a “lifetime gifts tax”. How would the tax threshold change under the proposal?
  
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• Serco fined £22.9m over electronic tagging scandal

  03-07-2019 09:35 via theguardian.com
  No criminal charges for firm as subsidiary takes responsibility for fraud related to MoJ contractsThe outsourcing company Serco has been fined nearly £23m as part of a settlement with the Serious Fraud Office (SFO) over electronic tagging contracts.The firm said it was “mortified”. It said its UK subsidiary Serco Geografix had taken responsibility for three offences of fraud and two of false accounting between 2010 and 2013, related to understating profits from its electronic m
  
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• Can Universal Credit be paid fortnightly? The payment is monthly in these areas of the UK

  03-07-2019 08:36 via feedproxy.google.com
  UNIVERSAL CREDIT is a benefit payment which may be made in order to those on low income or who are out of work, in order to help with their living costs. The payment is usually made on a monthly basis, but can Universal Credit be paid fortnightly?
  
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• Cash request from a Facebook ‘friend’ left me £300 out of pocket

  03-07-2019 08:00 via theguardian.com
  I was defrauded by a hacker posing as someone I knew who said he needed helpI received a message from a friend on Facebook. It said he was having trouble with his eBay and PayPal account and asked if I could receive some payments for him via PayPal and then send them on to him.It sounded like a perfectly legitimate scenario. I received the money, two transactions of £160 and £140, and sent them on to the bank account he gave me. Then I received another message from him saying his Fac
  
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