Financial news

• Apple revenues fall for third straight quarter as company invests heavily in AI

  03-08-2023 23:39
  
  CEO Tim Cook says increased R&D spending is in part driven by work on generative artificial intelligenceApple boss Tim Cook announced the company was investing heavily in artificial intelligence (AI) on Thursday as the company announced its third consecutive quarter of declining revenues, the company’s most prolonged sales slump since 2016.Apple’s sales for the fiscal third quarter ending 1 July fell 1.4% to $81.8bn. Over the quarter the company made a profit of $19.9bn, higher t
  
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• Sadiq Khan expands £2,000 Ulez grant to all Londoners with non-compliant vehicles

  03-08-2023 23:30
  
  Capital’s mayor moves to reduce political fallout over scheme’s extension after Tory byelection win in UxbridgeSadiq Khan has expanded the grant scheme for London’s ultra-low emission zone (Ulez) to cover any household with a heavily polluting car or motorbike, spending an extra £50m after intense pressure over the political fallout of the plan.The revised proposals, announced on Thursday, also notably increase the scrappage payments available for non-compliant vans owned
  
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• Jeremy Hunt requests inquiry into ‘debanking’ of politicians

  03-08-2023 22:22
  
  Chancellor wants Financial Conduct Authority to investigate whether practice is ‘widespread’Jeremy Hunt has asked the financial regulator to urgently investigate whether banks are barring politicians from accounts on a “widespread” basis, after Nigel Farage had his account shut down by private bank Coutts.The chancellor said everyone must be able to express their opinions and people must have access to banking. Continue reading...
  
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• Ruble dips to record 17-month low as Putin warned of looming currency free fall

  03-08-2023 20:01 via express.co.uk
  
  A damning exchange price graphic showed the Russian Ruble fall back to March 2022 rates.
  
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• The Guardian view on high interest rates: losing the race against time | Editorial

  03-08-2023 19:42
  
  Britain’s 14th successive rise signals a grim 2024 for the economy and for Rishi Sunak’s governmentThe surprise would have been if it had not happened. As a result, the markets – political markets as well as financial ones – were able to greet this week’s 0.25% increase in the cost of borrowing with something resembling a collective shrug of the shoulders. This 14th successive rise, taking UK base interest rates to 5.25%, had been largely priced in. A 15th is widely
  
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• Bank of England raises interest rates to 5.25% – video

  03-08-2023 19:17
  
  The Bank of England has announced a quarter-point interest rate rise, taking its base rate to a new 15-year high. The Bank's governor, Andrew Bailey, said the increase, the 14th hike in a row, would support the government's efforts to bring inflation rates down. 'Low and stable inflation is the foundation of a healthy economy. High inflation hurts the least well-off the most,' he saidUK interest rate rise: what it means for youBank of England says interest rates will remain high for at least two
  
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• Nintendo jumps to £1bn profits powered by Super Mario film

  03-08-2023 17:48
  
  Movie drives sales of Switch gaming consoles as well as Super Mario title as Legend of Zelda also does wellThe success of The Super Mario Bros Movie and the new Zelda video game helped to boost Nintendo’s bottom line on Thursday as the Japanese gaming company reported an 82% increase in profits.It said its operating profit in the three months to 30 June rose to 185.4bn yen (£1bn), with the April release of the film – currently the biggest box office hit of 2023 – driving
  
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• Mel Stride ‘glorifying gig economy’ by pushing delivery jobs for over-50s, says TUC

  03-08-2023 17:34
  
  Work and pensions secretary said working for Deliveroo could be good option for older people, despite low pay and job insecurityThe TUC has accused the work and pensions secretary, Mel Stride, of “glorifying the gig economy” instead of tackling the real challenges facing older workers, after he suggested unemployed over-50s consider becoming delivery riders.On a visit to the London headquarters of food delivery firm Deliveroo, Stride said it was “good for people to consider opt
  
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• Burnt-out ship carrying 3,700 cars towed to Dutch port of Eemshaven

  03-08-2023 17:04
  
  The Fremantle Highway caught fire last week, raising concerns of an environmental disasterA burnt-out transport ship carrying thousands of cars has been towed to a northern Dutch port more than a week after catching fire at sea, averting a feared environmental disaster.Local media images showed tugs towing the Fremantle Highway into Eemshaven after a journey from a holding position. Continue reading...
  
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• Interest rate rise branded 'sucker punch' but there could be good news for savers

  03-08-2023 14:44 via express.co.uk
  
  The Bank of England has increased the Base Rate by a further 0.25 percent, but this could spell good news for the savings market.
  
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• Interest rate hike branded ‘absolute lunacy’ as homeowners face ‘added misery’

  03-08-2023 14:39 via express.co.uk
  
  An expert has slammed the Bank of England for raising the base interest rate to 5.25 percent saying bosses need to reverse the hike.
  
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• Bank of England slammed for putting 'another nail in coffin' of millions of borrowers

  03-08-2023 14:37 via express.co.uk
  
  The Bank of England base rate has increased 0.25 percentage points and is now at its highest since 2008.
  
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• Why is Spain’s inflation so much lower than the UK’s? Because it stood up to business | Carsten Jung

  03-08-2023 14:20
  
  The reliance on Bank of England rate rises alone can’t go on. In other countries, rent caps and excess profit taxes are workingThe government seems to be claiming that it’s winning the fight against inflation. But we are not out of the woods yet. Inflation currently is still far too high and the Bank of England has today increased rates again to 5.25% and lowered its growth forecast. But it doesn’t have to be like this. The case of Spain is a great counter-example. Its inflatio
  
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• Shawbrook Bank boosts interest on fixed ISA and earns 'excellent' rating

  03-08-2023 13:40 via express.co.uk
  
  Shawbrook Bank has greatly "improved" its position in the cash ISA market with its new 5.71 percent interest product.
  
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• More pain in store – tough-talking Bank raises UK interest rates and a few eyebrows

  03-08-2023 13:38
  
  Rise to 5.25% comes as no surprise but Bank of England’s language will frighten manyFull story: Bank says rates will stay high for at least two yearsExplainer: what the rate rise means for youIf it isn’t hurting it isn’t working. That was the message from John Major, then chancellor, in 1989 during a previous period when interest rates were being used to combat high inflation. And it was the message rammed home by the Bank of England on Thursday.Any hard-pressed households or s
  
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• UK workers over 50: share your experience of being a food courier

  03-08-2023 13:29
  
  We’re interested to hear from people aged 50 and over in the UK about what it’s like to work as couriers for delivery companies such as DeliverooOver-50s looking for work in the UK should consider delivering takeaways and other flexible jobs typically occupied by younger people, the work and pensions secretary, Mel Stride, has said.Stride made the comments during a visit to the London headquarters of the food delivery firm Deliveroo, which has recorded a 62% increase in riders aged o
  
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• Budget retailer Wilko on brink of collapse with 12,000 jobs at risk

  03-08-2023 13:19
  
  Household goods chain with 400 stores prepares to appoint administratorsThe budget retailer Wilko has said it is on the brink of collapse, with more than 12,000 jobs at risk, as the high street struggles with rising costs and lacklustre consumer demand.The household and garden products retailer, which has about 400 stores, said it had filed a notice of intention to appoint administrators at the high court on Thursday with advisory firm PricewaterhouseCoopers (PwC) lined up. Continue reading...
  
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• Universal Credit claimants in for major change to benefits within weeks

  03-08-2023 13:11 via express.co.uk
  
  Thousands of benefits claimants should look out for a letter notifying them they are switching to Universal Credit.
  
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• Pensioner loses £44,000 in scam after replying to text she thought was from her son

  03-08-2023 12:42 via express.co.uk
  
  Scammers are preying on the emotions of parents as they use their children to trick vulnerable people into sending them money.
  
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• Energy bills lifeline as expert shares 'easier than it sounds' hack to save almost £100

  03-08-2023 12:14 via express.co.uk
  
  Bleeding a radiator is "easier than it sounds" and can help households make a huge energy bill saving.
  
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• Fixed mortgage rates could fall even with Bank of England's interest rate rise

  03-08-2023 11:08 via express.co.uk
  
  The Bank of England is expected to raise the Base Rate by a further 0.25 percent today, but brokers say this has already been "baked in" to fixed mortgage rates.
  
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• Premium Bonds: What to do if your winnings exceed £50,000 holding limit

  03-08-2023 09:36 via express.co.uk
  
  Premium Bonds holders often choose to reinvest their winnings in more Bonds but a person can only hold up to £50,000 in Bonds.
  
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• Over-50s could deliver takeaways, says work and pensions secretary

  03-08-2023 09:15
  
  Mel Stride lauds flexible working at firms such as Deliveroo amid post-Covid rise in economic inactivityOver-50s looking for work should consider delivering takeaways and other flexible jobs typically occupied by younger people, the work and pensions secretary has said.Mel Stride made the comments during a visit to the London headquarters of the food delivery firm Deliveroo, which has recorded a 62% increase in riders aged over 50 since 2021. Continue reading...
  
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• Dunelm made me feel uncomfortable breastfeeding my child in its cafe

  03-08-2023 08:00
  
  A staff member suggested I move to another room, which turned out to be a baby changing areaI was breastfeeding my baby in the cafe of a Dunelm store in west London. Almost immediately a staff member came over and told me that I might be more comfortable in the feeding room downstairs which had a comfortable armchair. She kept repeating this which made me feel unwelcome, so I moved. This turned out to be a baby changing room with a toilet. My baby ended up missing his feed and I was a bit thrown
  
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• ‘It’s a bloodbath’: the UK homeowners on variable rate mortgages

  03-08-2023 06:00
  
  As the cost of borrowing rises again, we speak to some of the 1.4m people on variable rates dreading the effectsFull story: Bank warns rates will remain high for at least two yearsAnalysis: tough-talking Bank raises rates and a few eyebrowsExplainer: interest rate rise: what it means for you“It’s a bloodbath, that’s the way I’d like to describe it,” says John*, a father of two struggling with the ever-increasing interest rate on his home loan.He is one of the 1.4 mi
  
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• Rishi Sunak’s anti-green gamble - podcast

  03-08-2023 04:00
  
  The prime minister’s announcement of new oil and gas licences in the North Sea this week is a sign he sees electoral advantage in being anti-green. Kiran Stacey reportsRishi Sunak spent the start of this week in Aberdeen where he announced new licences for oil and gas exploration in the North Sea. It followed full-throated opposition to Labour’s London low-emission zone and a renewed zeal for taking on “anti-motorist” councils.As the Guardian’s political corresponde
  
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