Financial news

• Deutsche Bank bosses fitted for £1,200 suits as thousands lose their jobs

  09-07-2019 19:55 via theguardian.com
  Tailors visited executives at London office on day 18,000 staff cuts were announcedOn the day Deutsche Bank began making thousands of employees redundant, some managing directors at the company’s office in the City of London were being fitted for suits that cost at least £1,200, it has emerged.Tailors from Fielding & Nicholson, an upmarket tailor, were pictured walking out of the bank’s office with suit bags on Monday. Ian Fielding-Calcutt, the tailor’s founder, and A
  
  Read more

• Pound continues slide as traders fear impact of no-deal Brexit

  09-07-2019 19:08 via theguardian.com
  Concerns rise over strength of UK economy with figures expected to confirm recession
  The pound has come under fresh selling pressure amid rising fears over the strength of the British economy as no-deal Brexit looms.Sterling lost more than half a cent to fall as low as $1.245 against the dollar on Tuesday, continuing a slide on the foreign exchanges under way since Theresa May triggered the Conservative leadership race early last month. Continue reading...
  
  Read more

• Britain's ethnic pay gap: workers of Bangladeshi heritage paid least

  09-07-2019 18:29 via theguardian.com
  Campaigner says race still dictates how much you get paid in this country Workers of Pakistani or Bangladeshi heritage have the lowest median hourly pay of any ethnic group, in the latter case earning 20.1% less than white British workers, the first official statistics on the subject show.The analysis by the Office for National Statistics (ONS) shows significant gaps remain even when education and occupation are taken into account, particularly for those born outside the UK. Continue reading...
  
  Read more

• BMW moves some engine production out of UK over Brexit fears

  09-07-2019 17:12 via theguardian.com
  Manufacturing of engines destined for South Africa plant is switched to GermanyBMW has moved some of its engine production out of the UK because of Brexit uncertainty.The carmaker said it had switched manufacturing of engines destined for its South Africa plant to Germany from its Hams Hall factory in the West Midlands. It made the decision to ensure that cars assembled in South Africa – which manufactures for the EU markets – comply with trade rules, avoiding steep tariffs. Continue
  
  Read more

• Advertisement

• Marriott to be fined nearly £100m over GDPR breach

  09-07-2019 17:10 via theguardian.com
  ICO imposes fine after personal data of 339 million guests was stolen by hackersThe international hotel group Marriott is to be fined almost £100m by the Information Commissioner’s Office after hackers stole the records of 339 million guests.In November, Marriott International, the parent company of hotel chains including W, Westin, Le Méridien and Sheraton, admitted that personal data including credit card details, passport numbers and dates of birth had been stolen in a colo
  
  Read more

• Gavin Woodhouse loses control of fourth firm after court ruling

  09-07-2019 15:28 via theguardian.com
  Move follows investigation into entrepreneur by the Guardian and ITV NewsGavin Woodhouse has lost control of another company after a court ordered temporary administrators to take control of the embattled entrepreneur’s main property group.The move came as the leader of Plaid Cymru, Adam Price, said he would write to the Serious Fraud Office asking for an “an immediate inquiry” into Woodhouse’s interests and five days after a high court judge ruled that the financier&rsqu
  
  Read more

• Christine Lagarde's arrival would be ideal time for ECB review | Stefan Gerlach

  09-07-2019 13:46 via theguardian.com
  The European Central Bank last looked at its monetary policy framework 16 years ago Finland’s central bank governor, Olli Rehn, has reiterated his call for the European Central Bank to conduct a long-overdue review of its policy framework. The upcoming change of leadership at the institution – with Christine Lagarde, the International Monetary Fund’s managing director since 2011, likely to succeed Mario Draghi as president – offers an important opportunity to heed that ca
  
  Read more

• Two planes collide at Amsterdam airport causing delays

  09-07-2019 13:45 via theguardian.com
  EasyJet service to London and KLM flight to Madrid collided while reversing from gatesTwo planes have collided at Amsterdam’s Schiphol airport, causing hours of delay for hundreds of passengers.An easyJet Airbus A320 bound for London and a KLM Boeing 737-800 heading to Madrid were both reversing away from their gates – a process called pushback – when they collided on Tuesday morning. Continue reading...
  
  Read more

• Advertisement

• BMW unveils electric Mini as it charges into new era

  09-07-2019 13:30 via theguardian.com
  New model will have list price of £24,400, with first deliveries expected in early 2020Six decades after the original Mini first rolled off the production line in Oxford, its owner BMW has unveiled a new electric version it hopes will herald a new era – and help the German carmaker meet looming EU emissions targets.BMW said it had 15,000 expressions of interest before order books open on Tuesday. The first deliveries to customers are expected in the first quarter of 2020, with a list
  
  Read more

• Ocado says fire at robotic warehouse cost it more than £100m

  09-07-2019 11:33 via theguardian.com
  Online grocer reports loss of £143m for first half but expects compensation from insurerOcado has said the fire at its hi-tech warehouse earlier this year cost it more than £100m.The online grocer fell to a headline loss of £143m on sales of £882m in the six months to 2 June, dragged down by more than £100m of one-off costs relating to the fire that destroyed its distribution centre in Andover, Hampshire. Continue reading...
  
  Read more

• Sainsbury’s ATM machine said free to use, but charged me

  09-07-2019 08:01 via theguardian.com
  As a seasoned traveller I never fall for the conversion trap, and I was also charged a transaction feeI’m an American who recently arrived in London. Strolling in my neighbourhood I saw a Sainsbury’s store with an ATM outside. It advertised free withdrawals. I inserted my American ATM card and it immediately offered to do a “conversion” for me. Being a veteran traveller I know never to accept such conversions. I chose the option not to convert. Yet when I got my receipt i
  
  Read more

• Half of UK retail sales will be online within 10 years, report predicts

  09-07-2019 01:01 via theguardian.com
  Analysts say retail industry faces ‘painful readjustment’ and more store closures likelyOnline shopping could more than double its share of the retail market by 2028, according to a report that spells further difficulties for landlords, stores and communities.The internet is expected to account for 53% of retail sales in 10 years’ time, up from about a fifth at present, as younger people who have grown up with the internet become more than half the UK’s adult population,
  
  Read more

Follow @financialnwsUK on Twitter!