Financial news

• The surprising source of Lord Sugar’s wealth revealed

  31-10-2019 23:36 via feedproxy.google.com
  LORD ALAN SUGAR is now known as one of the UK’s most successful business tycoons and the face of hit TV series ‘The Apprentice’, but his wealth comes from a surprising source according to an unearthed article.
  
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• Labour won't win economic credibility by attacking easy targets | Nils Pratley

  31-10-2019 20:41 via theguardian.com
  Corbyn could try developing a more sustainable model of capitalism rather than knocking Murdoch et alIt’s the knockabout stage of the general election campaign, so there’s no real harm in the leader of the Labour party summoning a few business villains for the crowd to boo. But let’s hope the manifesto will offer a more nuanced analysis of business in the UK. If business, in all its variety, ends up in the wrong half of Jeremy Corbyn’s “Whose side are you on?”
  
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• New Bank of England governor decision put off until after election

  31-10-2019 20:37 via theguardian.com
  Sajid Javid abandons plans to announce top job at the Bank during ‘sensitive period’The announcement of a successor for Mark Carney as governor of the Bank of England has been postponed until after the general election.With only days to go until parliament is dissolved, the chancellor Sajid Javid has abandoned plans to announce his choice for Threadneedle Street’s top job during the autumn. Continue reading...
  
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• Fiat Chrysler and Peugeot owner PSA agree £35bn merger

  31-10-2019 19:57 via theguardian.com
  Tie-up of Italian and French firms would create world’s fourth biggest carmakerThe boards of Fiat Chrysler Automobiles and the Peugeot owner, Groupe PSA, have approved a €40bn (£35bn) merger that would create the world’s fourth-biggest carmaker.The Italian and French companies said the 50-50 tie-up would create a company with annual vehicle sales of 8.7m, revenues of €170bn and operating profits of more than €11bn. It is expected to generate savings and other ben
  
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• Russia plans to grab what’s left of dwindling bitcoin supply

  31-10-2019 19:47 via feedproxy.google.com
  A REMOTE crypto mining firm with direct links to the Russian government is aiming to gather up what’s left of the supply of bitcoin before it runs out. Dmitry Marinichev, the chief executive of the Russian Mining Company, says that he is planning to convert a massive former steelworks close to the Finnish border into an elite, purpose-built bitcoin mining facility.
  
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• Goals Soccer Centres bought by Soccerworld, saving 750 jobs

  31-10-2019 19:40 via theguardian.com
  Collapsed five-a-side operator says it may have overstated profits by £40mGoals Soccer Centres has admitted that it may have overstated its profits by as much as £40m as it collapsed into administration and was immediately bought out by a Scottish five-a-side group backed by private equity.The buyout by Northwind 5s, a new company backed by Soccerworld and Inflexion Private Equity, saves the jobs of 750 workers at Goal’s 45 UK sites and four in the US, which have been at risk s
  
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• Credit where it’s due for improving workers’ rights | Letters

  31-10-2019 19:31
  MEPs Jude Kirton-Darling and Agnes Jongerius highlight the EU’s achievements, Margaret O’Brien points to issues of parental leave, and Peter Graham says the UK was a leader in health and safety before the EU became active in this areaLarry Elliott’s column (The EU is no defender of workers’ rights, 25 October) argues that social Europe “never delivered all that much”. Europe may not yet be the socialist paradise we want it to become, but dismissing all its ach
  
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• Pound US Dollar exchange rate: GBP/USD rises as US Federal Reserve slashes interest rates

  31-10-2019 19:24 via feedproxy.google.com
  The pound rose against the US dollar today after the US Federal Reserve cut rates for the third time this year, leaving the pairing trading around $1.292. The US Federal Reserve lowered its policy rate by 25 basis points on Wednesday. With no explicit signal from the bank that it’s done with easing, the statement was seen as less hawkish than anticipated, which weighed on the dollar.
  
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• Corbyn's super-rich targets: who are they and what could he do?

  31-10-2019 19:05 via theguardian.com
  Labour leader names Mike Ashley and Rupert Murdoch among business figures he would target as PMJeremy Corbyn has promised that a Labour government would go after super-rich people who exploit a “rigged system” to benefit themselves at the expense of the many.The Labour leader named five members of “the elite” he would target if he becomes prime minister: Mike Ashley, the owner of Sports Direct; Crispin Odey, a hedge fund boss who made millions betting against the pound in
  
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• Unaoil executives admit paying multimillion-dollar bribes

  31-10-2019 18:59 via theguardian.com
  Three UK businessmen plead guilty in US to bribing officials in nine countries over 17 yearsThree British businessmen have admitted their roles in paying multimillion-dollar bribes to officials in nine countries over 17 years, American prosecutors have said.Two brothers from the Ahsani family, who ran the energy consultancy Unaoil, have pleaded guilty to facilitating the payment of bribes between 1999 and 2016 to officials in Africa and the Middle East. Continue reading...
  
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• Ignore Zuckerberg’s self-serving rubbish. Facebook must be regulated | Simon Jenkins

  31-10-2019 18:05 via theguardian.com
  Intrusion, bullying, obscenity, extremism: we must define what ‘online harm’ means and take action to eradicate itLet us be grateful for small mercies. Thank you Twitter for banning political advertising. Given that such advertising is by its nature biased, tendentious and hard to check, Twitter is behaving as a good publisher should. Politicians may make full use of its outlet. That is democracy. But as the organisation’s chief, Jack Dorsey, points out, with social media awash
  
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• Bombardier's Belfast factory sold to Spirit in £850m deal

  31-10-2019 17:53 via theguardian.com
  Sale of historic wing-making plant comes after months of uncertainty over 3,500 skilled jobsBombardier has agreed to sell its historic wing-making factory in Belfast to the US aerospace manufacturer Spirit Aerosystems as part of a $1.1bn (£850m) deal that ends months of uncertainty over the jobs of 3,500 highly skilled workers.The Canadian aerospace company put the historic Short Brothers plant up for sale in May after a difficult period for the factory, where wings are made for Airbus&rsq
  
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• Labour plans to abolish private schools would be devastating for UK taxpayer warns expert

  31-10-2019 17:32 via feedproxy.google.com
  THE LABOUR PARTY’s proposed plans to abolish private education and move all students into the state sector would have “severe consequences” on taxpayers, a tax expert told Express.co.uk.
  
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• Pound euro exchange rate: GBP/EUR rises, Eurozone improves but downside risks remain

  31-10-2019 17:31 via feedproxy.google.com
  The pound euro exchange rate edged higher today, with the pairing currently trading around €1.160. The Eurozone’s surprise growth of 0.2 percent in the third-quarter failed to bolster the European currency, with worsening economic sentiment and heightened geopolitical uncertainties dampening hopes of the Eurozone’s economic recovery.
  
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• Hong Kong plunges into deep recession

  31-10-2019 16:50 via theguardian.com
  3.2% quarterly fall rivals the worst three-month slide during the 2008 financial crisis Hong Kong has plunged into deep recession after its economy was hit by a double whammy of violent street protests and the US-China trade war.Activity contracted by 3.2% in the three months to September as a loss of exports was compounded by a collapse in consumer spending and a loss of revenue from tourists. Continue reading...
  
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• Pension: Workers issued ‘stark warning’ on saving for retirement - are you saving enough?

  31-10-2019 16:05 via feedproxy.google.com
  PENSION savers have been issued with a “stark warning” it has been said, after new figures suggest a worker on average earnings should be saving £800 a month in order to have a “moderate” lifestyle in retirement, with a report finding that the state pension and some pension contributions may not be sufficient for this way of life.
  
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• Pension: Best and worst countries for retirement in Europe revealed - where does UK rank?

  31-10-2019 16:05 via feedproxy.google.com
  PENSIONERS may opt to move overseas for a whole host of reasons during retirement, be that for part of the year or full-time. A new report looks at the best and worst countries for retirees in Europe, based on metrics such as crime rates and the cost of living, as well as population age.
  
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• Universal Credit changes are kicking in this month - how could they affect you?

  31-10-2019 16:04 via feedproxy.google.com
  UNIVERSAL CREDIT changes were confirmed to be taking place in October 2019, by the Department for Work and Pensions . How will recipients of the state benefit be affected?
  
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• HMRC: Paper self-assessment tax return deadline is today - what happens if you miss it?

  31-10-2019 16:01 via feedproxy.google.com
  HMRC: The deadline for paper self-assessment tax returns is today, at midnight. What happens if it is not submitted in time? It could result in a hefty fine of up to £100.
  
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• US-style healthcare would be a disaster for our NHS patients – so don’t vote for it | Ameen Kamlana

  31-10-2019 14:15 via theguardian.com
  This election will decide the matter: do we in Britain still want a socialised system, or one that puts a price on good health?As a GP working in London, it is not uncommon for me to hear people say they can’t afford prescription charges, or that they don’t have the money to buy their medication until they get paid at the end of the month. Some drugs are so expensive they are wholly out of people’s reach. “But if this is such an effective treatment, why isn’t it ava
  
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• Carpetright looks to biggest shareholder for £80m sale to stay afloat

  31-10-2019 13:55 via theguardian.com
  Floor covering firm has already closed more than 90 stores as part of rescue planCarpetright is in talks about a cut-price £15m sale to its biggest shareholder as the specialist retailer said it needed to raise £80m to stay afloat.Meditor, a British hedge fund headed by former Old Mutual banker and poker player Talal Shakerchi, already owns 30% of Carpetright’s shares and bought up more than £40m of its debts in August. Continue reading...
  
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• McDonald's Portugal apologises for 'Sundae Bloody Sundae' ads

  31-10-2019 13:34 via theguardian.com
  Halloween promotion was not intended to be ‘insensitive reference’ to historical eventsMcDonald’s in Portugal has apologised for using the slogan “Sundae Bloody Sundae” in a Halloween campaign for its ice-cream puddings.It appears the chain decided to celebrate the spooky season with a two-for-one offer on the strawberry dessert and a nod to the early U2 song Sunday Bloody Sunday. Continue reading...
  
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• Shell profits dented by fall in oil price

  31-10-2019 13:03 via theguardian.com
  Firm reports 15% drop in last quarter to £3.7bn as shrinking global economy hits demandRoyal Dutch Shell has reported a 15% slump in profits for the last quarter at a time of lower oil prices and a weaker global economy.The company made $4.8bn (£3.7bn) in the past three months, compared with $5.6bn in the same period last year, and warned it may miss targets to reduce debt and pay back shareholders. Continue reading...
  
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• QuickQuid director's FCA role lacked common sense | Nils Pratley

  31-10-2019 11:49 via theguardian.com
  Nick Lord’s committee position was a strange way for watchdog to show it cares about protecting consumersThe scope of the Financial Conduct Authority’s work is like the Norwegian coast, its chief executive, Andrew Bailey, remarked the other day – about 38 times longer than a straight line around the edge would suggest. But one priority has always been clear: it is vital to protect consumers who are exposed to high-cost credit providers.Quite right, too. And there is a fair argu
  
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• Pension WARNING: Retirement pots drained of more than £30BN leaving millions 'compromised'

  31-10-2019 10:56 via feedproxy.google.com
  PENSION savers have drained retirement pots of more than £30billion in the past four years, sparking fears they will run out of money in old age.
  
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• Last-minute PPI claims slash Lloyds bank profits

  31-10-2019 10:14 via theguardian.com
  Surge of mis-selling claims before August deadline cuts quarterly profit from £1.8bn to £50mLloyds Banking Group has put aside a further £1.8bn to cover a surge in payment protection insurance (PPI) complaints before the August claims deadline, which nearly wiped out its quarterly profit.Including the PPI charge, the bank’s profit before tax slumped to £50m for the three months to 30 September, from a profit of £1.8bn in the third quarter last year. The result
  
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• State pension claimants will get an extra payment this Christmas - how much is the bonus?

  31-10-2019 08:12 via feedproxy.google.com
  STATE PENSION claimants and other recipients of certain benefits are set to get a bonus payment for Christmas 2019. How much will they get and how does one get it?
  
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• 'I'll go back to France': New Yorkers react to city's foie gras ban

  31-10-2019 07:00 via theguardian.com
  Chefs and diners lament the loss of a delicacy and warn of impact on jobs, while some acknowledge concerns about animal welfareAs the New York city council moved to to ban the sale of foie gras, members of the hospitality industry and diners expressed surprise and concern over the legislation – including the possibility of significant fines.The measure, passed on Wednesday, will prohibit sales of the fattened liver of a duck or goose at restaurants, groceries, delicatessens and other venue
  
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• A full refund is due, but Hotels.com won’t help us get our money back

  31-10-2019 07:00 via theguardian.com
  We had to cancel a booking, but because we chose ‘pay at hotel’ we have to sort it out ourselvesI booked through Hotels.com for a hostel room for the UEFA Champions League final in Madrid. When we did not get tickets we cancelled it. Hotels.com confirmed we are entitled to a full refund, but says the hostel owner will not respond and that I should pursue it myself. Predictably, I had no better success. I thought booking sites would sort out booking problems. But Hotels.com says it wi
  
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