Financial news

• Willie Walsh urges BA boss to 'make a deal' and resolve pilot strike

  10-10-2019 20:49 via theguardian.com
  CEO of airline owner IAG says it is frustrating to be on sidelines of pay disputeThe chief executive of British Airways’ owner has expressed sympathy for striking pilots, and urged – with thinly veiled criticism – the airline’s boss to “get involved” to negotiate a deal.Willie Walsh, the chief executive of IAG, raised hopes for a resolution to a pay dispute that saw the first pilot strikes in British Airways history, admitting it was “frustrating for me
  
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• BHP on brink of lobbying own goal in front of shareholders

  10-10-2019 20:35 via theguardian.com
  It is not too late for board to rethink mining firm’s membership of controversial fossil fuel bodiesWhat’s the definition of victory at a shareholder meeting? The strict answer, when a simple majority is required, is one vote more than 50%. On that score, BHP looks safe. Early estimates suggest a resolution calling on the world’s biggest miner company to end its links to controversial lobbyists for the fossil fuel industry will attract support of only 20% or so.Yet such a victo
  
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• Pensions tax relief set to cost government almost £40bn

  10-10-2019 20:04 via theguardian.com
  HMRC statistics show rising cost of subsidies, with higher-rate taxpayers claiming most Pensions tax relief will cost the government almost £40bn this year, up more than £2bn on the previous year, illustrating the growing cost of subsidising retirement saving.According to new statistics from HMRC, tax relief on employee pension saving is set to rise to £21.2bn while the tax giveaway on employer contributions to occupational pension schemes hit more than £18bn. Continue re
  
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• Wrightbus on brink of liquidation as rescue talks falter

  10-10-2019 19:44 via theguardian.com
  Northern Irish-based maker of New Routemaster bus has until Friday to save 1,200 jobsWrightbus, the Northern Ireland-based maker of the revived Routemaster London bus, faces liquidation on Friday if a sale cannot be agreed.The business went into administration last month with the potential loss of 1,200 jobs and has been in talks over a deal with the industrialist Jo Bamford, the son of Lord Bamford, the chairman of machinery manufacturer JCB. Continue reading...
  
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• Ex-Barclays trio worried about jail risk of £322m Qatar side deal – court

  10-10-2019 19:38 via theguardian.com
  Prosecutors claim defendants knew arrangement may be illegal and wanted lawyers to sign off on dealFormer Barclays bosses worried that a side deal to pay Qatar £322m was one of the “most dangerous” parts of the bank’s emergency fundraising in 2008 and risked landing them in jail where “the food sucks and the sex is worse”, a court has heard.Prosecutors for the Serious Fraud Office told the Old Bailey in London that phone calls and transcripts proved the banker
  
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• Ex-Barclays bosses worried about jail risk of £322m Qatar deal, court hears

  10-10-2019 19:38 via theguardian.com
  Prosecutors claim defendants knew payments in fundraising operation may be illegalFormer Barclays bosses were worried that a side deal to pay Qatar £322m was one of the most dangerous parts of the bank’s emergency fundraising in 2008 and risked landing them in jail where “the food sucks and the sex is worse”, a court has heard.Prosecutors for the Serious Fraud Office told the Old Bailey in London that phone calls and transcripts proved the bankers were trying to disguise
  
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• Britain will have 'enough gas for first winter outside EU'

  10-10-2019 18:53 via theguardian.com
  Despite assurances on supply, National Grid warns of steep price hikes in UK electricityBritain will be able to keep its lights on and homes warm through the winter even if imports of European electricity and gas come to a halt, according to National Grid.The energy system operator said the UK’s first winter outside of the European Union would pose no extra challenges to securing the UK’s gas and power supply. Continue reading...
  
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• Energy bills will have to rise sharply to avoid climate crisis, says IMF

  10-10-2019 18:42 via theguardian.com
  Fund says governments could use money to help vulnerable people or invest in green energyAvoiding dangerous global heating will require governments around the world to impose stringent taxes on fossil-fuel usage that will mean a 43% jump in household energy bills over the next decade, the International Monetary Fund has said.The Washington-based Fund said the battle against climate change could only be won if the average carbon tax levied by its member states increased from $2 (£1.63) a to
  
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• Trump to meet with China for talks aimed at ending trade war

  10-10-2019 18:37 via theguardian.com
  China’s vice-premier, Liu He, to lead delegation in 13th round of talks as Trump tweets: ‘They want to make a deal, but do I?’US politics – live updates Donald Trump will meet China’s negotiating team at the White House on Friday for the latest round of talks aimed at ending a 15-month trade battle that is weighing on the global economy.“Big day of negotiations with China. They want to make a deal, but do I?” the president tweeted. On Wall Street stocks
  
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• UK on track to avoid recession despite Brexit chaos

  10-10-2019 18:19 via theguardian.com
  Growth is weak but strong summer for services and a TV-film industry boom lifts quarterly figuresBritain is on track to avoid a recession despite mounting Brexit uncertainty after official figures showed an unexpectedly strong jump in economic growth over the summer.The Office for National Statistics said gross domestic product had risen by 0.3% in the three months to the end of August, beating the forecasts of City economists, helped by the strength of the services sector and a boom in TV and f
  
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• James Dyson scraps plans to build electric car

  10-10-2019 18:18 via theguardian.com
  Billionaire Brexiter tells staff in email that project not commercially viableThe billionaire inventor Sir James Dyson has scrapped plans to build an electric car after deciding the project was not commercially viable.Dyson, who is one of the most prominent business figures to back Brexit, unveiled plans in 2016 to invest £2.5bn in building a “radically different” electric vehicle, which was due to roll off production lines in 2021. Continue reading...
  
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• Thomas Cook directors to be questioned by MPs over collapse

  10-10-2019 18:10 via theguardian.com
  Inquiry to ask about executive pay, high debts and auditors’ roles in lead-up to failure
  Former directors of Thomas Cook will face questions from MPs next week about their pay and stewardship of the company , as an inquiry into the tour operator’s dramatic implosion gets under way.Five executives who were at Thomas Cook when it failed, including the chief executive, Peter Fankhauser, will appear in the first evidence session before the business, energy and industrial strategy (BEIS)
  
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• Pound US Dollar exchange rate: expectations for October Fed rate cut buoys GBP/USD

  10-10-2019 17:58 via feedproxy.google.com
  The pound rose against the US dollar this afternoon with the pairing currently trading at around $1.226 as the ‘greenback’ slumped on September data revealing the weakest US inflation reading since January. With US data also revealing a retreat in underlying inflation, expectations for another near-term Federal Reserve rate cut increased.
  
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• Pound euro exchange rate: GBP/EUR eases despite Brexit recession fears being ‘put to bed’

  10-10-2019 17:07 via feedproxy.google.com
  The pound euro exchange rate eased today, with the pairing currently trading around €1.109 after the UK’s growth figure for August fell from 0.4 percent to 0.1 percent. John Hawksworth, the Chief Economist at PwC, said that today’s figures had “put to bed” fears for a recession in the third quarter of 2019, but urged caution, warning of a problematic fourth quarter “as heightened Brexit-related uncertainty [is likely to take] a toll on both business investment
  
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• Evictions cost private renters in England £70m a year

  10-10-2019 16:31 via theguardian.com
  Generation Rent says majority believe landlords should foot bill for making tenants movePrivate renters in England are losing out on about £70m a year when landlords kick them out as missed time at work, cleaning bills and moving costs stack up to £1,400 each on average, housing campaigners say.An estimated 146,000 households have been asked by landlords to leave their homes in the past three years, with rent arrears and an alleged lack of care for the property the most frequently ci
  
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• UK economy to avoid Brexit recession despite shrinking in August - business live

  10-10-2019 16:05 via theguardian.com
  The latest UK GDP report shows that the economy will probably avoid sliding into recession this autumnBreaking: GDP fell 0.1% in August......but 0.3% quarterly growth means recession looks unlikelyFilm and TV work boosted growthTurner £20 launched 3.05pm BST The news that Donald Trump and Liu He will (apparently) meet at the White House tomorrow is pushing shares higher.Investors see it as a positive development, which could lead to at least a ‘partial trade deal’ (one that lea
  
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• Millions of UK’s poorest pensioners getting ‘least state support’ - could you claim more?

  10-10-2019 16:02 via feedproxy.google.com
  THE UK’s poorest single pensioners receive £4,000 less in State Benefit income per year than those better off, according to new research from Just Group. How can one check that they are claiming everything that they're eligible for?
  
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• Stamp Duty: Where first-time buyers are least likely to pay the tax - is it your town?

  10-10-2019 16:01 via feedproxy.google.com
  STAMP DUTY LAND TAX must be paid if a person buys property or land over a certain price in England and Northern Ireland - although first-time buyers may be able to get a discount by claiming SDLT relief. Zoopla has taken a look at the towns in which buyers are least likely to pay the tax whatsoever.
  
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• How much Universal Credit will I receive? Do you qualify for more than standard allowance?

  10-10-2019 16:01 via feedproxy.google.com
  UNIVERSAL CREDIT is worked out as a standard monthly allowance, however some people may be able to claim additional amounts. What are these extra aspects and who qualifies for them?
  
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• Online banking warning: Avoid checking account in this situation to reduce hacker risk

  10-10-2019 16:00 via feedproxy.google.com
  ONLINE banking and shopping is something many people do in the modern day. But, with the risk of financial fraud something many may be aware of, how can a person keep their data safe and money secure while on the internet?
  
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• State pension anger: 50s women devastated after 'abomination' retirement age change

  10-10-2019 15:18 via feedproxy.google.com
  OUTRAGED women born in the 1950s and 60s who helped "build Britain" have responded with defiance after they lost a court battle against the Government's handling of the rise in women's state pension age.
  
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• Oil firms to pour extra 7m barrels per day into markets, data shows

  10-10-2019 13:00 via theguardian.com
  Projected production surge in next 12 years to be led by Shell despite climate crisisVideo: why we need political action to rein in the fossil fuel industryTimeline: Half a century of dither and denialThe world’s 50 biggest oil companies are poised to flood markets with an additional 7m barrels per day over the next decade, despite warnings from scientists that this will push global heating towards catastrophic levels.New research commissioned by the Guardian forecasts Shell and ExxonMobil
  
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• New £20 note featuring JMW Turner revealed by the Bank of England

  10-10-2019 11:20 via theguardian.com
  Polymer note billed as ‘most secure yet’ against forgery enters circulation in FebruaryThe governor of the Bank of England has unveiled the new £20 polymer banknote featuring the artist JMW Turner as the Bank continues its switch away from paper money.Mark Carney revealed the note’s design in Margate at Turner Contemporary gallery, which is named after the painter. Carney was joined by the artist Tracey Emin, who grew up in the Kent coastal town. Continue reading...
  
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• We have all been cornered into a no-deal Brexit that will harm millions | Simon Wren-Lewis

  10-10-2019 11:03 via theguardian.com
  Voters were sold snake oil in 2016, now they are being deceived about a ‘clean break’. The truth will soon become evidentIn the months after the 2016 referendum, there was a chance of finding a Brexit deal that parliament could have voted for. Both major parties wanted to respect the result. Many remain voters were prepared to back Brexit. But it required Theresa May to negotiate with the opposition to find a soft Brexit deal both leaders could support. Related: Boris Johnson’s
  
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• 'Emotionally manipulative' pet insurance slapped with a Shonky award – video

  10-10-2019 08:38 via theguardian.com
  The consumer advocacy group Choice has bestowed the pet insurance industry with a dreaded Shonky award – the annual naming and shaming for misleading advertising and dangerous or ineffectual products. 'Pet insurance is the insurance a business sells when it wants to make money without providing any service at all. It relies on emotionally manipulating your love of your pet to sell you worthless insurance,' says Choice CEO Alan Kirkland'Riddled with exclusions': pet insurers slapped with a
  
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• How state pension age changes for women have affected Winter Fuel Payment claims

  10-10-2019 08:37 via feedproxy.google.com
  STATE PENSION age changes for women bear a link with the total recipient figures for Winter Fuel Payments since 2010/11, statistics from the Department for Work and Pensions has shown.
  
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• Amazon Prime: are calls asking me to renew a scam?

  10-10-2019 08:00 via theguardian.com
  A recorded message told me my membership was being renewed at a cost of £39I received a call with a recorded message telling me my Amazon Prime membership was being automatically renewed and £39 would be debited from my account. I am not a Prime member and do not want to join. Is this a known scam?
  RM, LondonI have been receiving those same calls which invite you to “press option one” if you do not wish to renew. The robotic voice and appalling recording quality are enoug
  
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• Workers exploited at farms supplying UK supermarkets: report

  10-10-2019 01:01 via theguardian.com
  Oxfam finds poor pay, 13-hour shifts and high disease risk at farms in India and BrazilPoor pay and punitive working conditions are common on farms and plantations that supply fresh fruit or tea to major UK supermarkets including Lidl, Aldi, Sainsbury’s, Tesco and Morrisons, according to new research published by a leading international charity.The report from Oxfam claims that the supermarkets’ “relentless” drive to maximise profits is fuelling poverty and gender discrim
  
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• BA to offset domestic flight emissions from next year

  10-10-2019 01:01 via theguardian.com
  Announcement comes as parent company commits to net-zero carbon flying by 2050 British Airways will offset all domestic flight emissions from next year, after its owner IAG became the first airline group to commit to net-zero carbon flying by 2050.IAG’s chief executive, Willie Walsh, said that the company would reach the net-zero target largely through offsetting but pledged its airlines, including Aer Lingus and Iberia, would also substantially reduce emissions through sustainable fuels a
  
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