Financial news

• The super-rich have made Britain into a nation of losers | Aditya Chakrabortty

  06-08-2019 19:55 via theguardian.com
  While nurses beg on TV for pay rises and neighbours feud about benefits, the wealthy continue to take without givingThink of a football stadium. Not one of the vast caverns like Old Trafford or Wembley, but somewhere rather smaller and more bijou. Somewhere like Fulham’s Craven Cottage, which, once its new stand is completed, will pack in only about 30,000 fans. Now imagine this stadium of 30,000 souls rising up into the air and hovering unnoticed over central London. Thirty thousand men i
  
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• Pound euro exchange rate: GBP/EUR edges away from fresh two-year low

  06-08-2019 17:55 via feedproxy.google.com
  The pound euro exchange rate struck a fresh two-year low yesterday as the euro was bolstered by US dollar weakness. However, GBP/EUR has recovered 0.6 percent today to trade in the region of €1.087. The euro shed some of yesterday’s impressive gains this morning despite German factory orders data coming in slightly stronger than forecast.
  
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• Pound US Dollar exchange rate: GBP/USD rises as US-China tensions escalate

  06-08-2019 17:42 via feedproxy.google.com
  The pound has edged up against the US dollar this morning, taking the pairing to $1.218. On Tuesday morning, the European Union stated that there will be no further Brexit talks as long as the UK government insists on making changes to Theresa May’s withdrawal agreement. Negotiators stated that suggested changes, such as scrapping the Irish backstop, were unacceptable.
  
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• Dow Jones COLLAPSE: Dow plummeted more than 700 points - Global markets in panic mode

  06-08-2019 16:39 via feedproxy.google.com
  THE STOCK MARKET was in a state of panic yesterday as Dow Jones plummeted more than 700 points sparking a wave of investment into gold, bonds and currencies.
  
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• Can modular homes solve the UK's housing crisis?

  06-08-2019 15:56 via theguardian.com
  Emerging players in the construction sector are introducing greater numbers of factory-built homes into the UK market, but experts say this needs to be accompanied by industry-wide reformModular housing is on the brink of a major milestone. Construction is under way of the world’s tallest towers built using modular manufacturing, a method by which houses or blocks of flats are built in sections offsite in a factory. Rather than gracing the skyline of Singapore or Beijing, the two towers, w
  
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• UBS to charge super-rich for cash deposits

  06-08-2019 15:33 via theguardian.com
  Move means savings of £1.7m would attract fee of £10,700 for clients in SwitzerlandSwiss banks are to start charging their super-rich clients to look after their piles of cash.UBS, the world’s largest wealth manager, told its ultra-wealthy clients on Tuesday that it would introduce an annual 0.6% charge on cash savings of more than €500,000 (£461,000). The fee, to be introduced in November, rises to 0.75% on savings of more than 2m Swiss francs (£1.7m). Continu
  
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• Chinese state media accuse US of 'destroying international order' – business live

  06-08-2019 10:24
  Beijing hits back after being branded a currency manipulator by Washington; yuan steadies 9.24am BST UBS, the Swiss investment bank, has sent us its analysis of the impact of the 10% tariff on $300bn of US imports from China threatened by Donald Trump last Friday.The direct impact of the new tariffs, if implemented, would reduce US GDP by 0.15%, and we estimate Chinese GDP growth in the next 12 months could fall by 0.25–0.5 percentage points as a result, which would push the country’
  
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• China vs US: Could China and Trump cause global market CRASH? World stocks tumble again

  06-08-2019 10:20 via feedproxy.google.com
  CHINA stepped up the battle against Donald Trump with retaliative measures designed to soften the blow of billion-dollar trade tariffs imposed by the US President. Could the China-US trade war spark a global market crash?
  
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• Boohoo move for Karen Millen and Coast puts 1,100 jobs at risk

  06-08-2019 09:45
  Cyber retailer offers to buy online businesses but fails to mention high street networkThe online retailer Boohoo has made an offer to buy the digital businesses and brands of Karen Millen and Coast, in a move that will raise fears for the jobs of hundreds of workers in the brands’ high street stores.In a statement to the stock market published on Tuesday, Boohoo said it had offered to buy the brands, but made no mention of the struggling Karen Millen’s extensive high street network.
  
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• PPI deadline date: How to reclaim cash as deadline for compensation approaches

  06-08-2019 08:16 via feedproxy.google.com
  THE 2019 PPI deadline is looming for consumers who wish to claim compensation. Here’s everything you need to know.
  
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• Why did John Lewis delay my £6,500 curtain order?

  06-08-2019 08:00
  As we moved house we faced endless problems. Now we need to get it back on trackWe ordered curtains and tracks from John Lewis (£6,550 including fitting) in April last year after moving into a new house, but the saga dragged into the autumn. We ordered at the Oxford Street store – picked fabrics, booked an estimator to measure up – and then completed the purchase in store. We were told the whole process would take “between six to eight weeks”.We chose the 0% finance
  
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• Brexit weekly briefing: election speculation and sliding sterling

  06-08-2019 08:00
  With Boris Johnson’s majority cut to one, an autumn general election is looking increasingly likelyWelcome to the Guardian’s weekly Brexit briefing. If you would like to receive this as a weekly email, sign up here. You can also catch our monthly Brexit Means … podcast here. And for daily updates, head to Andrew Sparrow’s politics live blog. Continue reading...
  
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• UK retailers experience worst July since sales records began

  06-08-2019 01:01
  Total sales increase by 0.3%, according to data compiled by the British Retail ConsortiumBritish retailers have recorded the worst month for sales in July since records began, as consumers tighten their belts with Brexit approaching.According to British Retail Consortium sales data compiled by the accountancy firm KPMG, total sales increased by 0.3% in July, compared with a rise of 1.6% in July last year. Continue reading...
  
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• London is increasingly home to the top 1% by income, study finds

  06-08-2019 01:01
  Highest earners in the country overwhelmingly middle-aged men living in the south-eastThe richest 1% in Britain have become increasingly concentrated in London over the past two decades, according to research that underlines the rise of inequality between the capital and the rest of the country.The Institute for Fiscal Studies said London had increased the proportion of top 1% highest income tax payers who live there by a fifth since the early 2000s, marking a growing concentration of income. Co
  
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• Facebook still flooded with fake reviews, says Which?

  06-08-2019 01:01
  Users exposed to unsafe products bolstered by misleading reviews, says studyFacebook has been accused of failing to stop the sale of fake reviews through its website, more than a month after it was told to crack down on the issue by a UK regulator.An investigation by Which? found that despite concerns raised by the Competition and Markets Authority (CMA), Facebook continued to be flooded with fake review groups that try to deceive customers. Continue reading...
  
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