Financial news

• James Dyson buys £43m penthouse in Singapore

  10-07-2019 18:13
  Purchase comes months after British inventor revealed plans to move firm to city-stateBillionaire inventor James Dyson has bought a £43m luxury penthouse, thought to be the most expensive flat in Singapore, months after the prominent Brexit supporter announced plans to move his company from the UK to the island city-state.Dyson, 72, bought a 99-year lease on the Super Penthouse, a sprawling five-bedroom flat in Singapore’s prestigious Wallich Residence, according to property records.
  
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• Whirlpool to issue UK recall of all unmodified tumble dryers

  10-07-2019 16:59
  Consumer goods company told MPs last week that 800,000 units could be faultyWhirlpool is to issue a product recall of tumble dryers that have yet to be modified, the Office for Product Safety and Standards has announced.The OPSS informed the consumer goods company last month of its intention to serve a recall notice. Continue reading...
  
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• UK GDP report could fuel recession fears – business live

  10-07-2019 09:38
  Rolling coverage of the latest financial news, including new growth figures for MayUK GDP report due this morningGrowth may have slowed to 0.1% in March-May 8.38am BST The pound has just hit a new six-month low against the euro, in a blow to Britons heading over the channel on holiday this summer.Sterling has dipped to €1.1096, its lowest level since 11 January. That means one euro is worth 90.1p, making European imports (and ice-creams on a Mediterranean beach) more expensive in pound term
  
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• Heineken's pub and bar business investigated by PCA over 'beer tie'

  10-07-2019 09:04
  Regulator to see whether Star Pubs & Bars puts unfair terms on market rent only tenanciesHeineken’s pubs and bars business is to be investigated over whether it imposes unfair terms on publicans who try to cut the “beer tie”, a centuries-old arrangement under which they buy beer from the owner of their premises.The pubs code adjudicator, the regulator that has been criticised for being supine in the face of deep-pocketed pub companies, said it had launched its first ever in
  
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• My builder is hiding behind his limited company status

  10-07-2019 08:00
  I have a county court judgment against him for a botched job on my roof, but I can’t get the moneyI have taken a builder to court over a botched roof installation. An independent surveyor concluded that it does not comply with building regulations or installation guidelines. I won by default and now have an £8,000 county court judgment (CCJ) against the company, SIN Building Services.It refuses to pay and as it is a limited company there seems little way to enforce it. There is no tr
  
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• 'He pulled the wool over our eyes': workers blame Trump for moving jobs overseas

  10-07-2019 08:00
  Trump pledged to stop ‘offshoring’ but manufacturing workers at GE and Carrier say Trump has broken his campaign promiseNext Friday, Eddie Martin will work his last day at the General Electric plant in Salem, Virginia, after working there for seven years. Related: Trump denies 'ever threatening to demote’ Fed chairman Jerome PowellContinue reading...
  
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• Time for a new poor law? Elizabethan ideas win economics prize

  10-07-2019 07:01
  Family take share of £100,000 award with study of UK’s golden eras of growth including pioneering welfare systemBritain could look back more than 400 years to the reign of Queen Elizabeth I for inspiration on how to reboot the economy and tackle inequality, according to a joint winner of one of the most valuable prizes in economics.Simon Szreter, a professor of history and public policy at Cambridge University, his wife, Hilary Cooper, an economics consultant, and their son Ben Szret
  
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• While Westminster bluffs and blusters, a UK recession looms | Aditya Chakrabortty

  10-07-2019 07:00
  Politicians and pundits may be distracted, but economists are already talking about another financial crisisGod bless Britain’s political class, for in their capacity for happy self-absorption they are as reliably easy to please as a puppy. Just chuck them the right chew toy.Who won last night’s head-to-head, Boris or Jeremy? Gnaw gnaw. What is George Osborne playing at? Snuffle, snuffle. Doesn’t young Matt Hancock look tortured these days? Slobber, slobber. And so politicians
  
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• Watchdog tells water companies in England to clean up their act

  10-07-2019 07:00
  Overall rating ‘unacceptable’ with Southern and Yorkshire Water criticised for pollutionWater companies in England have been warned to clean up their act after the environment watchdog described their performance last year as “simply unacceptable”.Southern Water and Yorkshire Water were singled out for high levels of serious pollution incidents, where sewage is discharged into bathing water. Continue reading...
  
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• Watchdog finds work of Patisserie Valerie auditor unacceptable

  10-07-2019 01:01
  Grant Thornton worst performer in Financial Reporting Council’s annual reviewOnly big fines will change how the auditors auditThe former auditor of Patisserie Valerie, the cake and cafe chain at the centre of an alleged accounting fraud, has been placed under increased scrutiny after the industry watchdog called the quality of its work “unacceptable”.Grant Thornton was the worst performer in the Financial Reporting Council’s annual review of audits by the UK’s big a
  
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• Pound euro exchange rate: GBP/EUR steadies as UK economic growth improves

  10-07-2019 01:01 via feedproxy.google.com
  The pound euro exchange rate is rangebound this morning, with the pairing fluctuating around €1.112. The pairing stabilised this morning as monthly UK growth figures improved in May, while euro traders remain poised for this afternoon’s speech by the US Fed Chairman Jerome Powell.
  
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• Only big fines will change how the auditors audit

  10-07-2019 01:01
  Splitting a firm’s audit and consulting functions has merit but only large penalties will affect proper change
  •Watchdog finds work of Patisserie Valerie auditor unacceptableThis time last year the Financial Reporting Council tried to read the riot act to the auditing industry. Standards, which were already too low, had fallen, the regulator’s inspectors reported. The Big Four firms were told to “act swiftly to reverse the decline”. KMPG (famous audit: Carillion) was
  
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• Brexit ferry fiasco could be repeated, MPs warn

  10-07-2019 01:01
  Committee says Whitehall must step up no-deal plans or risk more botched deals like Seaborne FreightThe rushed, botched procurement of ferry services for a no-deal Brexit which cost the taxpayer nearly £85m could be repeated unless Whitehall urgently steps up contingency preparations for a 31 October withdrawal, MPs have warned.A critical report from the public accounts committee said the Department for Transport took “excessive risks”, resulting in a £33m payment to Euro
  
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