Financial news

• Government to fast-track spending review to deliver PM's pledges

  08-08-2019 23:30
  One-year budget allocation will be expedited to meet promises, likely funded by borrowing riseThe government will rush through a one-year spending review next month in order to honour pledges on police numbers, schools and the NHS.The chancellor, Sajid Javid, said a one-year budget allocation would be “fast-tracked” in order to allow civil servants to press ahead with improvements to public services while ensuring departments can focus on delivering Brexit by 31 October. Continue rea
  
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• Uber sees biggest-ever quarterly loss: $5bn in three months

  08-08-2019 22:54
  Second earnings report shows worse-than-predicted losses and revenue growthUber lost $5.24bn in the last three months, its largest-ever quarterly loss, news that sent the ride-hailing company’s shares sliding 10%.The company was reporting earnings for only the second time following its share sale in May. The latest losses were worse than analysts had expected and the company announced revenues that were also below predictions. Continue reading...
  
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• Sorry, Hargreaves Lansdown, but your so-called apology isn't enough

  08-08-2019 20:48
  CEO’s airy expression of sympathy over Neil Woodford affair is singularly unimpressiveA modern trend with corporate apologies is to get them in early while being gloriously vague about what it is you are apologising for. Hargreaves Lansdown adopted this approach with the Neil Woodford affair, as mentioned here on Wednesday, in the hope that its chief executive, Chris Hill, would offer clarity when unveiling the group’s full-year profits.No chance. Hill wouldn’t budge from his f
  
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• Burford Capital hits back at 'false' claims that wiped 65% off value

  08-08-2019 20:39
  Blunt rebuttal of Muddy Waters attack helps Burford claw back £300m Burford Capital has accused a US hedge fund of making “false and misleading” claims that wiped more than £1bn off its value, and warned the accusations could amount to market manipulation.Burford, which specialises in funding lawsuits and taking a cut of the proceeds, issued a nine-page rebuttal on Thursday after its shares plunged 65% over a 24-hour period. The stock had been hammered after the hedge fun
  
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• Number of Britons with non-domicile status drops to record low

  08-08-2019 19:53
  Many of richest non-doms thought to have left because of Brexit and fears of a Labour ‘wealth tax’The number of super-rich people who live in the UK but pay no tax on their offshore income has fallen to a record low, according to figures published by HM Revenue & Customs (HMRC) on Thursday.UK-based people with non-domicile tax status – so called ‘“non-doms” – in the 2017-18 financial year totalled 78,300, a fall of 13% on the previous year. Continue
  
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• British Steel: Turkish pension fund likely to be preferred bidder

  08-08-2019 18:57
  Two of the three remaining bidders are expected to be excluded imminentlyThe government is close to entering exclusive talks with a Turkish military pension fund about the sale of British Steel, raising hopes that more than 4,000 jobs and the Scunthorpe steelworks can be saved.Three bidders remain in the running to buy the company, but a source who took part in a conference call with the business secretary, Andrea Leadsom, on Thursday morning said two were likely to be excluded imminently. Conti
  
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• Ryanair strikes: all you need to know about pilots' five days of action

  08-08-2019 17:32
  From when the strikes start to the flights that may be affected, we answer the key questionsRyanair passengers are facing the prospect of five days of disruption in late August and early September after talks to avert strike action by UK-based pilots broke down. Here’s everything that customers need to know. Continue reading...
  
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• UK train operators reverse decision to quit Interrail

  08-08-2019 17:24
  Industry reaches agreement with Eurail after loud protests at Wednesday’s disclosureBritain will remain part of the Interrail travel scheme after the UK’s operating companies performed a U-turn just 24 hours after announcing the country’s withdrawal.Bosses at the Rail Delivery Group (RDG), which represents the industry, said on Thursday that it would remain part of the 47-year-old scheme following the “strong reaction to news of our departure”. Continue reading...
  
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• Hargreaves Lansdown to lose £2m by waiving fees on Neil Woodford fund

  08-08-2019 16:44
  Cost of customer concession revealed in investment group’s annual resultsThe investment group Hargreaves Lansdown will lose more than £2m in revenues after waiving fees for nearly 300,000 customers locked in Neil Woodford’s suspended flagship fund.The costs were revealed in Hargreaves’ annual results, which showed that it was giving up about £360,000 of revenue a month by temporarily scrapping fees for clients who had invested through its platform in the Woodford Eq
  
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• Universal Credit UK: Government could face third legal challenge to Universal Credit rules

  08-08-2019 16:40 via feedproxy.google.com
  UNIVERSAL CREDIT is replacing a number of welfare benefits, with the new system already in place for new applicants. The government could now face being taken to court for a third time, in relation to their Universal Credit migration arrangements.
  
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• Online banking WARNING: Stop doing this common habit to protect against credit card fraud

  08-08-2019 16:40 via feedproxy.google.com
  ONLINE banking is the way in which many people monitor their finances these days. However, credit card and debit card users have now been warned off doing several common acts in a bid to reduce the risk of identity fraud.
  
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• Pension Credit changes: Deadline is in 5 DAYS - can you claim up to £70,000 extra?

  08-08-2019 16:39 via feedproxy.google.com
  PENSION CREDIT is a payment which some people will be eligible to claim, in addition to the state pension. A deadline for some couples is fast-approaching - are you entitled to receive the extra payment?
  
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• Crypto exchange confronts blackmailers over demand for 300 bitcoins

  08-08-2019 13:12 via feedproxy.google.com
  HUGELY popular cryptocurrency exchange Binance has been rocked by an attempted blackmail plot demanding bitcoins as ransom. Blackmailers claim to have top-level security data on more than 10,000 Binance customers – including passport images – for which they say they want 300 bitcoins .
  
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• Pound US dollar exchange rate improves as Federal Reserve hints at future rate cuts

  08-08-2019 11:33 via feedproxy.google.com
  The pound US dollar exchange rate edged higher today, with the pairing trading around $1.218 following dovish rate cut hints from the US central bank. Chicago Fed President Charles Evans said on Wednesday that the central bank’s policy had eased substantially since last year, but with slowing inflation and rising concerns over global trade, this could mean further rate cuts are required in the near-term.
  
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• Pound euro exchange rate: Rising Brexit uncertainty keeps a lid on GBP/EUR

  08-08-2019 10:58 via feedproxy.google.com
  At the time of writing, the GBP/EUR exchange rate is trading at €1.084, virtually unchanged from this morning’s opening rate, which leaves the pairing just shy of a two-year low. The pound is trading in a narrow range against the euro and the majority of its other peers this morning as Brexit uncertainty continues to cast a long shadow.
  
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• China’s child modelling industry – a photo essay

  08-08-2019 08:12
  Manicured children strut down the catwalks of Beijing fashion shows as thousands of events drive the huge demand for child models. Insiders warn that modelling can leave minors vulnerable to physical abuse, 12-hour-days and unrelenting pressureA buyer takes a photo of an outfit worn by a child model at a fashion show for buyers in a children’s clothing store Continue reading...
  
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• I had to cancel a trip after a death … but Tui made me pay

  08-08-2019 08:00
  It said I had to forfeit £1,800 for a holiday I booked in advance and seemed to have been resoldI booked a package holiday to Greece for myself and my partner, via the Tui website. Tragically, my partner died two months before the trip. We had travel insurance but we were not covered for his death – he had long-standing but generally well-controlled mental health problems, but he took his own life. I checked the terms and conditions on the Tui website and saw that I would lose 50% of
  
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• Globalisation as we know it will not survive Trump. And that’s a good thing | Larry Elliott

  08-08-2019 07:00
  The markets are spooked, but we need a new world order which makes room for local solutions and the nation stateThe significance of the trade war between China and the US goes well beyond the impact of tit-for-tat tariffs, or which of two self-styled strongmen wins the bragging rights. As was the case in the 1930s, the seemingly inexorable drift towards protectionism is part of a deeper crisis of the international status quo. When Beijing this week accused the US of “deliberately destroyin
  
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• House prices fall unexpectedly as pre-Brexit caution bites

  08-08-2019 01:01
  Likelihood of no-deal departure holding people back from buying or selling, analysts sayUK house prices dropped by more than expected in July with consumers becoming increasingly cautious as Brexit looms.The Royal Institution of Chartered Surveyors (Rics) said prices continued to fall last month as the property market showed signs of flatlining amid the rising risks to the economy from a no-deal Brexit. Continue reading...
  
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