Financial news

• Transport chaos across England and Wales after major power cuts

  09-08-2019 20:14
  Failure on National Grid network affects train services and road users
  Large parts of England and Wales have been left without electricity following a major power cut, electricity network operators have said, with a serious impact reported on rail and road services, including city traffic lights.Passengers were shut out of some of the country’s busiest train stations during the Friday evening rush hour, while hundreds of thousands of homes were left without electricity after what the Natio
  
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• With Britain on the cusp of recession, 'doomsters' may be proven right

  09-08-2019 19:38
  Brexit uncertainty has acted like a handbrake on business activity and dictating corporate cautionWhen Boris Johnson became prime minister he said the “doubters, doomsters, gloomsters” had got Britain wrong.After that first speech on the steps of Downing Street, the prime minister faces an early test, with official figures suggesting the economy is on the cusp of recession. Continue reading...
  
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• The Guardian view on small change: take care of the pennies | Editorial

  09-08-2019 19:25
  Many people these days don’t give a brass farthing for one and two pence pieces. But even if we use them less in purchases, they are still woven into our speechOur language is heavy with pennies, as our purses and pockets used to be. A penny for your thoughts. The penny drops. Penny dreadful. Pennies from heaven. The proverbial and idiomatic value of the penny has long since outstripped its real one. No 1p coins were produced last year by the Royal Mint for the first time since 1972, and n
  
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• Major power cut hits large parts of England and Wales

  09-08-2019 19:13
  Failure on National Grid network affects train services and road users
  Large parts of England and Wales were without electricity on Friday following a major power cut, electricity network operators said, with an immediate impact being reported on rail and road services, including traffic lights.Social media messages from companies covering London, the south-east, the Midlands, the south-west and Wales reported power cuts which were said to be caused by a National Grid failure. The outage was rep
  
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• Canada announces regulations to cut price of prescription drugs

  09-08-2019 19:06
  Move hailed as ‘crucial step to lower prescription drug costs’New rules were resisted by pharmaceutical companiesThe Canadian government has announced regulations to reduce patented drug prices it said would save Canadians C$13.2bn (US$10bn) over a decade, overriding heavy opposition from pharmaceutical companies.The changes are the biggest reform to Canada’s drug price regime since 1987. They will save money for patients, employers and insurers including the government at the
  
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• A no-deal Brexit won’t be a clean break: this nightmare will go on for ever | Jonathan Freedland

  09-08-2019 18:50
  It’s a myth to think it will all be over on 1 November. Crashing out will merely lead to a new chapter of negotiations with BrusselsThe myths of a no-deal Brexit are about to collide with reality. Those myths are many, and they flourish on both sides of the great divide. For remainers, the greatest is that no deal could never happen. They look at the polls that show far more Britons oppose a crash-out from the EU than support it – 50% to 38%, according to Ipsos Mori – and they
  
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• UK government agrees £300m rescue package for British Steel

  09-08-2019 18:14
  New funds thought to be enough to secure a sale to widening list of interested private biddersThe government has moved to rescue British Steel with a financial support package worth as much as £300m that ministers believe will be enough to secure backing from a private bidder.It is understood that the Department for Business, Energy and Industrial Strategy (BEIS) has agreed to substantially increase support to bidders for British Steel, which employs more than 4,000 people, after months of
  
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• Let’s move to Chichester, West Sussex: it punches well above its weight

  09-08-2019 17:30
  This place has no dark side, unless it’s hidden deep, deep in its repressed pastWhat’s going for it? Chichester is so generally lovely, it’s impossible to be rude about it. For a city of its relatively small size, it’s well-rounded, nicely brought up. Every base is covered. It has ancient history – buttercrosses, green men, bell towers, Roman baths, the works – and fine contemporary architecture, including a surprisingly super selection of postwar homes. It ha
  
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• Kylie Jenner celebrates birthday on £1m-a-week superyacht

  09-08-2019 16:58
  Cosmetics billionaire and reality TV star boarded vessel in Italy for 22nd birthdayKylie Jenner, the Keeping up with the Kardashians reality TV star whose eponymous cosmetics empire has turned her into the world’s youngest billionaire, will this weekend spend more than £1m on a party to celebrate her 22nd birthday onboard a $126m (£104m) superyacht.Jenner has chartered the 91.5m (300ft) yacht Tranquility, which features a swimming pool, jacuzzi, sauna, Turkish bath, an “e
  
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• Mystery bidder joins race to buy British Steel

  09-08-2019 15:47
  Late interest from British and west African consortium follows news of talks with Turkish fundA mystery bidder claims to have entered the fray to buy British Steel, days before a vehicle owned by the Turkish military pension fund was expected to enter exclusive talks with the government.Sources familiar with the potential buyer said it was a consortium of British and west African investors with ties to the construction industry. Continue reading...
  
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• Ryanair pilots in Ireland vote to strike over pay

  09-08-2019 15:21
  Move piles pressure on Dublin-based carrier already facing prospect of UK pilots strikeRyanair pilots in Ireland will join their UK-based colleagues in going on strike if the no-frills carrier does not agree to their pay demands by Monday.In a move that piles pressure on the Dublin-based carrier, members of Ialpa voted overwhelmingly in favour of industrial action, with the union citing widespread anger at the stagnation of pay negotiations with the airline. Continue reading...
  
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• Oil demand growth almost halves amid fears of economic slowdown

  09-08-2019 14:44
  Weakest growth since 2008’s financial crisis reported as anxiety over US-China trade war growsThe world’s demand for oil is growing at the slowest rate since the financial crisis over fears of a global economic slowdown, the International Energy Agency (IEA) said.The agency said fears about the economic impact of the US trade war with China have caused oil prices to slide despite flaring tensions in the Middle East which would typically cause markets to spike. Continue reading...
  
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• Chase Bank cancels all credit card debt for Canadian customers

  09-08-2019 14:18
  Clients ‘over the moon’ at US lender’s move as it withdraws from market
  Chase Bank is forgiving all outstanding debt owed by customers of its two Canadian credit cards as it exits the country’s market.Customers using the Amazon.ca Rewards Visa and the Marriott Rewards Premier Visa were pleasantly surprised to find the balance on their credit cards had been wiped clean. Continue reading...
  
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• Fugitive computer tycoon John McAfee says US authorities will never find him

  09-08-2019 14:10 via feedproxy.google.com
  ON-THE-RUN crypto evangelist John McAfee says the US would have to send in Navy Seals to find him in his current hideaway. The 73-year-old computer programmer fled London last weekend after evading deportation to the States from the Dominican Republic where he and his team were jailed for failing to declare an arsenal of automatic weapons aboard their yacht – “The Freedom Boat”.
  
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• WPP shares bounce back as company beats City forecasts

  09-08-2019 14:04
  Firm has struggled to recover from string of client losses but outperforms wider FTSE 100WPP was the top riser on the FTSE 100 on Friday as it beat City forecasts, sparking investor hopes that a three-year plan to rejuvenate the beleaguered advertising giant is starting to pay off.The company, which has been struggling to recover from a string of client losses after the sudden departure of Sir Martin Sorrell last year, limited its revenue decline to 1.4% in the second quarter. This was less than
  
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• Sound of silence: will shipyard that built Titanic vanish into history?

  09-08-2019 13:47
  As the hammering and clanging stops at Harland and Wolff, workers hold out hope for a buyerThe yellow cranes were nicknamed Samson and Goliath, soaring steel giants that defined Belfast’s skyline and symbolised Northern Ireland’s industrial might.Hulking over the Harland and Wolff shipyard, each could lift loads weighing hundreds of tonnes, dangling them like playthings over thousands of workers below who hammered and clanged and welded – a thunderous, daily cacophony. Continue
  
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• Sound of silence: will Harland and Wolff vanish into history?

  09-08-2019 13:29
  As the hammering and clanging stops at shipyard that built Titanic, workers hold out hope for a buyerThe yellow cranes were nicknamed Samson and Goliath, soaring steel giants that defined Belfast’s skyline and symbolised Northern Ireland’s industrial might.Hulking over the Harland and Wolff shipyard, each could lift loads weighing hundreds of tonnes, dangling them like playthings over thousands of workers below who hammered and clanged and welded – a thunderous, daily cacophony
  
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• Pound hits two-year low after UK economy contracts in second quarter – business live

  09-08-2019 13:22
  GDP shrank by 0.2% in the second quarter amid manufacturing slump
  Recession fears grow as UK economy shrinks on back of Brexit chaosSchoolchildren in China work overnight to produce Amazon Alexa devices1MDB: Malaysia files charges against 17 current and ex-Goldman Sachs bosses 12.22pm BST Losses for the pound are gaining momentum as the US wakes up.The new low for today against the US dollar is $1.2061. The next low point is a fair way down, at $1.1979.12.11pm BST Holidaymakers are always in the
  
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• Elitist, insular and too male – but economists are not mad scientists | André Spicer

  09-08-2019 12:30
  Despite what critics say, many economists are focused on real-world problems such as mental health and the climate crisis
  During the depths of the great depression, the British economist John Maynard Keynes laid out a vision for his own profession: “If economists could manage to get themselves thought of as humble, competent people, on a level with dentists, that would be splendid.” Today, many think that Keynes would be disappointed if he could see what his fellow economists have be
  
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• William Hill posts £63.5m loss after FOBT stake is cut

  09-08-2019 12:22
  High-street bookmaking sales fall 12% after a slump in income from the machinesWilliam Hill reported a loss of £64m in the first half of the year as it coped worse than its rivals with the impact of curbs on fixed-odds betting terminals (FOBTs), a change that has cost the company nearly £1bn.Shares in William Hill rose by more than 5% in early trading as the markets responded with relief that its results were no worse than expected. Continue reading...
  
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• Pound euro exchange rate sinks as UK economy contracts over Brexit uncertainty

  09-08-2019 11:52 via feedproxy.google.com
  The pound euro exchange rate fell today, leaving the pairing trading around €1.082 after worse-than-expected UK growth figures for the second quarter. UK GDP figures for June fell from 1.8 percent to 1.2 percent – a drop of 33 percent, the country’s worst rate of growth in six and a half years.
  
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• Recession fears grow as UK economy shrinks on back of Brexit chaos

  09-08-2019 11:44
  A 0.2% contraction between April and June is first fall in GDP in six and a half yearsBusiness live blog – pound weakens as economy contractsFears that the UK could be heading for its first recession in a decade have been stoked by grim official figures showing that the economy contracted in the second quarter of 2019.Brexit uncertainty, car plant shutdowns and the running down of stock built up before the original end of March deadline for Britain’s EU exit resulted in gross domesti
  
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• Pop reggae and racism: what failing on a factory floor taught me about life | Aditya Chakrabortty

  09-08-2019 11:00
  I struggled with the machines and the Capital FM soundtrack but got a raw insight into the decline of British manufacturingHere’s how bad it was: even the jobcentre told me not to do it.The woman on the other side of the desk looked at my résumé, paused for what felt an age and made clear the position I wanted was not a good match. It was in a factory; I was at university. It was hard, dirty work; didn’t I want something better? It would be, well, “a waste”.
  
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• Recession fears rise after UK economy contracts in second quarter – business live

  09-08-2019 10:48
  Official figures show GDP contracted by 0.2% in the second quarter9.48am BST The FTSE 100 is now down by 0.26%, while the FTSE 250 (which is generally considered to be more exposed to the UK economy) has reversed earlier gains to trade marginally down for the day.Sterling is holding lower at just over €1.08 against the euro and $1.21 against the US dollar.9.47am BST The UK economy contracted, but it is not technically in a recession: a recession is generally considered to be two consecutive
  
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• Pound to euro: Pound plunges as GDP drops to worst level since 2012

  09-08-2019 10:38 via feedproxy.google.com
  THE pound has plummeted to a five-year low against the euro after quarterly GDP plunged to its worst performance since 2012.
  
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• Scrap the catwalk: Extinction Rebellion is right – London fashion week is unsustainable

  09-08-2019 10:30
  The environmental impact of the fashion industry is enormous. And with fashion weeks acting as promoters of even more consumption, it’s time for radical actionI have long wanted to get a special T-shirt printed for our national bi-annual fashion showcase. It would read: “I went to London fashion week and all I got was this lousy (unsustainable) T-shirt.” A pale form of dissent, I know, but it would probably generate some Insta likes and at least be a way to echo my frustration
  
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• 1MDB: Malaysia files charges against 17 current and ex-Goldman Sachs bosses

  09-08-2019 10:01
  Bank has been under scrutiny for its role in helping to raise $6.5bn through bond offerings Malaysia has filed criminal charges against 17 current and former directors at subsidiaries of Goldman Sachs Group in a multibillion-dollar corruption investigation at state fund 1MDB, the attorney general said on Friday.Goldman Sachs has been under scrutiny for its role in helping to raise $6.5bn through bond offerings for 1Malaysia Development Bhd (1MDB), the subject of corruption and money-laundering i
  
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• Houses with swimming pools – in pictures

  09-08-2019 08:00
  From a ‘natural’ pool in Suffolk to a heated one northerly Perthshire, he are some homes to whet your appetite Continue reading...
  
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• I’m a journalist. Monsanto built a step-by-step strategy to destroy my reputation | Carey Gillam

  09-08-2019 07:00
  Company records show an action plan that includes promoting certain search results and targeting book reviewsAs a journalist who has covered corporate America for more than 30 years, very little shocks me about the propaganda tactics companies often deploy. I know the pressure companies can and do bring to bear when trying to effect positive coverage and limit reporting they deem negative about their business practices and products.But when I recently received close to 50 pages of internal Monsa
  
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• I’m a journalist. Monsanto built a step-by-step strategy to destroy my reputation

  09-08-2019 07:00
  Company records show an action plan that includes promoting certain search results and targeting book reviewsAs a journalist who has covered corporate America for more than 30 years, very little shocks me about the propaganda tactics companies often deploy. I know the pressure companies can and do bring to bear when trying to effect positive coverage and limit reporting they deem negative about their business practices and products.But when I recently received close to 50 pages of internal Monsa
  
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• Facebook reportedly in talks with news publishers to offer 'millions' for content

  09-08-2019 01:19
  The Wall Street Journal reported that the tech company was offering news executives as much as $3m a year to license storiesFacebook is reportedly in talks with news publishers to offer “millions of dollars” for the rights to publish their material on its site. The move follows years of criticism over its growing monopolization of online advertising to the detriment of the struggling news industry.The Wall Street Journal reported Thursday that Facebook representatives had told news e
  
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• Schoolchildren in China work overnight to produce Amazon Alexa devices

  09-08-2019 00:37
  Leaked documents show children as young as 16 recruited by Amazon supplier Foxconn work gruelling and illegal hoursHundreds of schoolchildren have been drafted in to make Amazon’s Alexa devices in China as part of a controversial and often illegal attempt to meet production targets, documents seen by the Guardian reveal.Interviews with workers and leaked documents from Amazon’s supplier Foxconnshow that many of the children have been required to work nights and overtime to produce th
  
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