Financial news

• What to make of the Lib Dems’ record? | Letters

  25-07-2019 18:55
  Readers share their views on the Liberal Democrats in the week that Jo Swinson was elected as their new leaderJo Swinson asserts that Jeremy Corbyn can’t be trusted on Brexit (Report, 24 July). Maybe it’s worth asking whether she can be trusted on many of the things that contributed to the referendum outcome she wants to overturn. She voted for scrapping the education maintenance allowance and for increasing tuition fees; for reducing housing benefits; against letting benefits rise i
  
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• UK railways in chaos as searing heat sparks fear of derailed trains

  25-07-2019 18:54 via theguardian.com
  Operators impose speed limits, paint rails white and axe services amid concern over buckled railsBritain’s rail network was plunged into chaos on Thursday after extreme temperatures forced operators to slow down trains and cancel services as Network Rail warned the system could not cope with the searing heat.Passengers on many routes were advised to avoid travelling at all, if possible, with disruption particularly affecting intercity services from the capital. Continue reading...
  
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• We 1950s women are used to injustice | Letters

  25-07-2019 18:50 via theguardian.com
  For a generation of women, the pension we relied on for decades is not there when we need it, writes Anne KeenWe note with interest this week’s appointment of Ruby McGregor-Smith as chair of the new Office of Tackling Injustices (OfTI). We sincerely hope that one of OfTI’s top priorities will be to rectify the gross injustice experienced by 3.8 million women born in the 1950s who have lost up to six years of their state pensions, with little or no notice.We 1950s women have faced inj
  
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• ECB signals it will move to boost growth amid fears of low inflation

  25-07-2019 18:34 via theguardian.com
  Outgoing president says outlook is worsening and inflation is well below targetThe European Central Bank has given a clear signal that it will join the US Federal Reserve in seeking to boost global growth as it expressed concern about flagging levels of activity and undershooting inflation in the eurozone.Financial markets were left fully braced for a cut in interest rates from the ECB in September together with a resumption of money creation under its quantitative easing programme. Continue rea
  
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• Low-carbon energy makes majority of UK electricity for first time

  25-07-2019 14:49 via theguardian.com
  Rapid rise in renewables combined with nuclear generated 53% in 2018Low-carbon energy was used to generate more than half of the electricity used in the UK for the first time last year, according to official data.A rapid rise in renewable energy, combined with low-carbon electricity from nuclear reactors, made up almost 53% of generation in 2018, the government’s annual review of energy statistics revealed. Continue reading...
  
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• Mallorca residents call for cruise ship limit of one a day in Palma

  25-07-2019 14:17 via theguardian.com
  11,000 sign petition saying rise of ‘mega ship’ tourism is unsustainable and undesirableMore than 10,000 people have signed a petition calling for a limit of one cruise ship a day docking in Palma de Mallorca.About 500 giant cruise ships dock in the city on the south coast of the popular holiday destination of Mallorca each year, disgorging 2 million passengers. Continue reading...
  
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• Nissan to axe 12,500 jobs worldwide but Sunderland appears safe

  25-07-2019 11:49 via theguardian.com
  Firm refuses to say where cuts will fall but unions are hopeful for UK’s largest car plantNissan has announced it will cut 12,500 jobs globally over the next three years but the Sunderland plant appears to have escaped any further losses.The Japanese carmaker revealed it would cut almost one in 10 of its workforce after profit was virtually wiped out in the first quarter of its financial year. Continue reading...
  
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• US private equity group snaps up Cobham in £4bn deal

  25-07-2019 10:09 via theguardian.com
  UK defence and aerospace supplier to be bought by Advent in latest foreign takeoverCobham, the UK aerospace and defence supplier founded by a British aviation pioneer, has agreed to be bought by a US private equity firm in a £4bn deal that could test the new government’s tolerance of foreign takeovers.Advent International has agreed to pay Cobham’s shareholders 165p in cash for each of their shares – 34% more than the company’s closing share price on Wednesday. The
  
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• Hours after booking, the hotel helps itself to 50% of our final bill

  25-07-2019 08:00
  Hotels.com information assured us that nothing would be charged at this pointI used hotels.com to book an aparthotel in France. The booking information stated that I would be charged nothing at that point. Hours later, a bank alert buzzed on my phone and I saw the hotel had taken €470 from my account.Continue reading...
  
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• EU moves to tackle deforestation caused by chocolate and other products

  25-07-2019 08:00 via theguardian.com
  Campaigners hail scheme to protect and restore forests around the world as ‘pivotal step’ towards ensuring goods remain untaintedThe EU has taken a “pivotal step” towards addressing the deforestation caused by its consumption of soy, chocolate, meat and other products, environmental campaigners have said.The EU said this week it had set out a new plan to protect and restore the world’s forests, which involves working with governments to promote better use of land an
  
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• UK solar power pioneer Solarcentury profit grows 860% in a year

  25-07-2019 07:01 via theguardian.com
  Profits from subsidy-free solar farms have helped to connect millions in Africa to cheap lightingA UK solar power pioneer has grown its profits eight-fold by investing in subsidy-free solar farms, a portion of which will help connect homes in Africa to small-scale solar-powered lighting systems.Solarcentury, one of the UK’s fastest growing renewable energy companies, will report profits of £14.4m for the year ending in March, compared with £1.5m the year before. Continue readin
  
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• More than £1bn of food wasted before reaching supermarkets – study

  25-07-2019 07:01 via theguardian.com
  Wrap report finds 3.6m tonnes of food is thrown away or fed to animals each year in the UKMore than £1bn of food destined for UK supermarkets is thrown away or fed to animals before it leaves farms every year, according to a study highlighting the scale of the country’s waste problem.Crops rejected by retailers because they do not meet quality standards, fluctuations in demand or problems during storage or packing all contribute to 3.6m tonnes of waste in primary production, more tha
  
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• How the state runs business in China

  25-07-2019 07:00 via theguardian.com
  Much of modern China’s epic growth was driven by private enterprise – but under Xi Jinping, the Communist party has returned to being the ultimate authority in business as well as politics. By Richard McGregorWhen Xi Jinping took power in 2012, he extolled the importance of the state economy at every turn, while all around him watched as China’s high-speed economy was driven by private entrepreneurs. Since then, Xi has engineered an unmistakable shift in policy. At the time he
  
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• Tesla shares tumble amid $408m loss and another high-profile departure

  25-07-2019 02:42 via theguardian.com
  Losses come even as Elon Musk’s company says it’s delivering a record-breaking number of vehiclesTesla shares tumbled more than 11% in after hours trading on Wednesday after the company reported a larger-than-expected $408m loss in its second quarter earnings, and announced the departure of its chief technology officer (CTO). Related: Electric dreams? What you need to know about Tesla's Model 3Continue reading...
  
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• Nationwide doubles overdraft rate for many banking customers

  25-07-2019 01:01
  Other banks expected to move to higher rates after FCA clampdown on excessive feesMost Nationwide banking customers will pay more for going into the red after it became the first major current account provider to respond to a ban on excessive fees.Nationwide, which has almost 8 million current account holders, said that following a clampdown by the Financial Conduct Authority (FCA), it would be introducing a single overdraft interest rate of 39.9%, and removing many fees. That rate is more than
  
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