Financial news

• As Dowlais debuts, fears over Melrose’s GKN takeover look unfounded | Nils Pratley

  20-04-2023 18:59
  
  In 2018, the deal was treated with much scepticism, but Melrose can hardly be accused of slash-and-burn tacticsTo very little fanfare, London’s stock market on Thursday gained a £1.6bn engineering company that supplies 90% of the world’s vehicle manufacturers and is top dog in the specialised field of drive systems.The lack of buzz was perhaps understandable. The company’s name – Dowlais – may be new, but the business itself is merely a demerger from FTSE 100
  
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• BuzzFeed News to close and parent company to make substantial layoffs

  20-04-2023 18:06
  
  Chief executive Jonah Peretti says in company-wide email BuzzFeed ‘can no longer continue to fund BuzzFeed News’BuzzFeed is shutting down what remains of its award-winning news department, signalling the end of an era for a website that once promised to upend the industry.Founder Jonah Peretti told staff on Thursday that “the company can no longer continue to fund BuzzFeed News” and would be looking to make substantial redundancies across the company. Continue reading...
  
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• Stately home ‘used for James Bond scenes’ goes on sale for £75m

  20-04-2023 18:02
  
  Denham Place in Buckinghamshire being sold by multimillionaire Mike JataniaA 13-bedroom Grade-I listed stately home said to have been where some James Bond scenes were filmed has been put up for sale with a price tag of £75m – which would make it one of the most expensive properties outside London.Denham Place, which is set in 17 hectares (43 acres) of Buckinghamshire parkland designed by the 18th-century landscape architect Lancelot “Capability” Brown, is being sold by t
  
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• ‘Tsunami of pilot retirements’ coming to US aviation industry, experts warn

  20-04-2023 18:00
  
  Nearly 50% of commercial airline workforce will retire in next 15 years, which could mean fewer travel options and price increasesAviation experts are warning that the US airline industry is going to be hit by a “tsunami of pilot retirements” in the coming years, which could mean fewer travel options and price increases.On Wednesday the CEO of the Regional Airline Association, Faye Malarkey Black, told the US House transportation and infrastructure committee that over the next 15 yea
  
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• I’m young but have no interest in the British cult of home ownership. I just want renting to be fair | Jason Okundaye

  20-04-2023 17:43
  
  Getting kicked out by my landlord was tough, but that doesn’t mean I want to buy a house. My generation needs more options for secure housingMy housemates and I were confronted with a no-fault eviction notice in September, and so I spent last New Year’s Eve hauling my possessions across south London, moving back into my family home on a social housing estate. It was a degrading experience. Moving back home felt like a step backwards in my mid-20s, but I was facing price increases of
  
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• Sushi, travel and high-end headphones help WH Smith profits double

  20-04-2023 17:11
  
  Retailer’s fortunes bounce back after expansion abroad and pivot towards electronics and premium food rangesLess than three years ago WH Smith, the chain once known for its chocolate promotions, magazines and stationery, had lost almost two-thirds of its stock market value as the pandemic damaged its UK high street business.But now the retailer is reaping dividends from a transformation that means its typical customer is more likely to be picking up high-end headphones, a smartphone charge
  
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• Green energy is a bigger opportunity for Australia than the resources boom. Let’s not waste it | Rod Sims

  20-04-2023 17:00
  
  The logic is simple. Australia has world class wind and solar resources, and an abundance of minerals and land needed in the transition to renewablesIf Australia seizes the opportunity offered by the world’s transition to zero net emissions it can repeat the experience of the China resources boom that peaked about 10 years ago. But this time the opportunity can be sustained for some decades – rather than boom and bust – and we can manage it better for productivity and broadly b
  
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• Seagate to pay $300m settlement over $1.1bn hard disk drive sales to Huawei

  20-04-2023 16:35
  
  Technology company violated US export control laws with shipments to Chinese firm, commerce department saysSeagate Technology Holdings has agreed to pay a $300m penalty in a settlement with US authorities for shipping over $1.1bn worth of hard-disk drives to China’s Huawei in violation of US export control laws, the Department of Commerce said on Wednesday.Seagate sold the drives to Huawei between August 2020 and September 2021 despite an August 2020 rule that restricted sales of certain f
  
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• Elon Musk’s SpaceX Starship rocket blows up minutes after launch

  20-04-2023 16:07
  
  Largest and most powerful rocket ever built blasts off on test flight that is hoped to be step on human journey to MarsThe largest and most powerful rocket ever built has blasted off from Texas but blew up within minutes in a test flight that its makers, SpaceX, hope will be the first step on a human journey to Mars.After a cancelled launch earlier this week because of a pressurisation issue, the 120-metre Starship rocket system took off at 8.33am local time (2.33pm in the UK) on Thursday. It ga
  
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• Europe’s top five carmakers more than double profits since 2019

  20-04-2023 15:48
  
  Figures come despite claims firms cannot afford to comply with planned EU pollution rulesEurope’s top five carmakers have more than doubled their profits since 2019 despite claiming that they cannot afford to comply with planned EU pollution rules, analysis reveals.The European auto industry’s “big five” – BMW, Mercedes, Renault, Stellantis and Volkswagen – collectively pocketed €64bn in profits by selling fewer cars, yet at more expensive prices, accordi
  
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• Regulator warns UK banks over miserly savings rates for loyal customers

  20-04-2023 15:00
  
  FCA says it will consider ‘onerous interventions’ if it concludes ‘loyalty penalty harms’ not being addressedThe “harm” caused to millions of loyal customers of high street banks who are earning low interest on their savings is likely to have worsened as interest rates have risen, the UK’s chief financial regulator has warned.The Financial Conduct Authority said it had challenged some banks that had been miserly with their savings rate increases and warn
  
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• Woodford fund compensation for investors likely to total 77p in the pound

  20-04-2023 14:37
  
  Takeover of frozen fund’s administrator and FCA ruling could filter extra £235m to 300,000 investorsThe administrator of the failed fund run by the former star stockpicker Neil Woodford has agreed to pay up to £235m to help regulators compensate more than 300,000 customers who lost their savings after its collapsed.The tentative deal – which will mean investors recover approximately 77p to the pound – follows an investigation by the Financial Conduct Authority. Cont
  
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• Capita admits customer data may have been breached during cyber-attack

  20-04-2023 09:58
  
  Hack caused major outages for some clients including local councils and ‘potentially accessed public sector data ‘Outsourcing group Capita, which runs crucial services for the NHS and military, has for the first time admitted that hackers accessed potential customer, staff and supplier data during a cyber-attack last month.The company said its investigation into the attack – which caused major IT outages for clients including local councils – found that hackers infiltrate
  
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• Revealed: King Charles’s private fortune estimated at £1.8bn

  20-04-2023 09:27
  
  King’s fortune includes cars, jewellery, property, investments, horses, rare stamps, art and a hereditary estateKing Charles III has inherited assets that have propelled his wealth to almost £2bn, according to extensive research and analysis by the Guardian.The monarch’s personal fortune is largely concealed from public scrutiny and it is impossible to know the complete value of his estate. Continue reading...
  
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• Clerical Medical is consistently and dependably … dire

  20-04-2023 08:00
  
  Online reviews highlight indefinite waiting times for calls to be answered and policies paidMy mother, who died last year, took out a whole of life decreasing term assurance policy with Clerical Medical in 1993, worth £195,000, and held in trust for her three children. I’ve had no response from the company since submitting the claim four months ago. I was advised to make a complaint, but eight weeks later it has not even been allocated a claims handler. I have called repeatedly, alwa
  
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• Britons who keep gardens green should get council tax cut, study suggests

  20-04-2023 08:00
  
  Move suggested to tackle rise in plastic grass and paving, which exacerbate wildlife loss, flooding and summer heatEco-friendly gardeners should be given a cut in their council tax, scientists have recommended, as research shows cities may have lost as much as 50% of their green garden space over the past two decades.Paving over gardens and using plastic grass has become a trend in recent years, which contributes to rising urban temperatures and biodiversity decline. Continue reading...
  
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• Major review into pensions launched to address declining retirement savings

  20-04-2023 01:01 via express.co.uk
  
  A two-year review has been launched to tackle pension reform in the UK, aimed at addressing the decline of salary-linked pensions and low contributions that have left many middle-aged workers struggling to make ends meet in retirement.
  
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