Financial news

• Bank warned not to ruin hopes for a return to ‘Goldilocks’ economy after shock growth rise

  11-08-2023 23:00 via express.co.uk
  
  EXCLUSIVE: The Bank of England has been warned not to raise interest rates again after the recent GDP growth if we want to see the return of a 'Goldilocks' economy.
  
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• Customer anger after Wilko helplines shut down as administrators called in

  11-08-2023 19:24
  
  PwC says it will restart helpline and chat system ‘soon’ as it tries to find buyer for all or part of businessWhat Wilko collapse means for staff and shoppers – and who might buy itWilko is facing anger from shoppers after its helplines shut down just as the business called in administrators, leaving customers scrambling to get information on refunds and deliveries.The budget retailer, which paused online deliveries earlier this the week, saw its social media feeds filled with
  
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• RMT announces Saturday rail strikes in August and September

  11-08-2023 19:04
  
  Rail workers’ union says 20,000 members from 14 firms will strike on 26 August and 2 SeptemberMembers of the biggest rail workers’ union are to stage fresh strikes in a long-running dispute over pay, jobs and conditions.The Rail, Maritime and Transport workers’ union (RMT) said 20,000 of its members from 14 train operators would walk out on 26 August and 2 September. Continue reading...
  
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• Attitudes to the poor are based on a myth | Letters

  11-08-2023 19:03
  
  Jane Mardell and a group of academics respond to Frances Ryan’s piece on a YouGov poll on what people in different income groups ‘should be able to afford’Frances Ryan’s opinion piece made me weep with despair at the attitudes revealed in the YouGov poll (Britons have become so mean that many of us think poor people don’t deserve leisure time, 8 August). She asks: “How did we get here?” The answer lies in decades of peddling the myth that wealth and succ
  
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• Benefit cap punishes children by forcing them into poverty | Letters

  11-08-2023 19:01
  
  The government’s two-child cap on benefits takes no account of the unexpected challenges that can confront any family, writes Kathleen Foster. Plus letters from Claire Edwards and Linda TheobaldI assume Eleanor Talbot possesses a crystal ball, considering her letter supporting the two-child cap on benefits (8 August). Most parents do consider whether or not they can afford children before having them. However, life happens. You may become disabled. Your partner may die. You may lose your j
  
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• Saudis ask to join UK, Italy and Japan’s joint air combat programme

  11-08-2023 18:13
  
  UK-backed move could help spread cost of developing fighter jet and drones, but may prove controversialSaudi Arabia has asked the UK, Japan and Italy to be made a full partner in their joint effort to build the next generation of fighter jets, in a move backed by the British government.Companies from the UK, Japan and Italy are working together to build a new fighter jet and other systems such as drones under the Global Combat Air Programme (GCAP), also known as Tempest. The programme aims to de
  
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• Musk says proposed Zuckerberg cage fight to be held at ‘epic location’ in Italy

  11-08-2023 17:40
  
  X owner in talks with government over historic site for event – though Colosseum and Rome ruled outElon Musk is in talks with Italy’s government about hosting his proposed cage fight with Mark Zuckerberg at a historic site in the country, but the Colosseum has been ruled out as a venue.He and the chief executive of Meta first discussed the idea of a one-on-one scrap back in June after Zuckerberg’s launch of Threads, a rival microblogging site to Musk’s Twitter platform. C
  
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• PwC lost track of number of client privilege claims allegedly used to stymie ATO investigations

  11-08-2023 17:00
  
  Consulting firm couldn’t say how many times its former general counsel was involved in privilege claims made to tax office, Senate inquiry hearsGet our morning and afternoon news emails, free app or daily news podcastPwC Australia lost track of who prepared dozens of client privilege claims that blocked the Australian Tax Office from gathering evidence for its investigations, a Senate inquiry has heard.Earlier this week, the ATO published a timeline of the PwC scandal that confirmed years
  
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• English wine producers predict bumper harvests after July rainfall

  11-08-2023 16:35
  
  Growers say temperatures have been just right and expect their highest and best yields of grapes to dateWhile the rainfall in July may have been unwelcome to some it came at the right time for wine producers in England, who are predicting bumper harvests after perfect weather this year.Growers are expecting the highest and best yields to date, boosting the burgeoning wine industry in the UK. There are now 943 vineyards across Great Britain, according to a new report from the trade group WineGB.
  
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• Tax Credits will soon end in major benefit shake-up - claimants urged to 'act quickly'

  11-08-2023 16:33 via express.co.uk
  
  Tax Credits will soon be replaced by Universal Credit and some Britons may need to make a new claim.
  
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• China’s economic problems show things are seriously amiss | George Magnus

  11-08-2023 16:17
  
  Underlying longer-term weaknesses in the economy are bound up with Beijing’s repressive political systemAt a Politburo meeting last month, China’s leaders referred to the economic recovery this year as “torturous”. You won’t often hear such candour coming from a Chinese Communist party institution, let alone such an elevated body. They were referring to current conditions, of course, but China’s problems reveal much that is systemically out of kilter in its ec
  
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• UK economy avoids stagnation with 0.2% growth between April and June – business live

  11-08-2023 15:30
  
  The UK economy beats forecast with growth by 0.2% between April and June, including surprisingly fast 0.5% growth in June alone
  This morning’s UK GDP report is stronger than expected:ONS director of economic statistics Darren Morgan says there was “particularly buoyant growth” in the UK’s car-making sector in June, and also in the pharma sector:“The economy bounced back from the effects of May’s extra bank holiday to record strong growth in June. Manufacturing
  
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• What Wilko collapse means for staff and shoppers – and who might buy it

  11-08-2023 15:09
  
  Most day-to-day operations continuing, but expected store closures likely to result in job lossesThe budget retailer Wilko formally called in administrators on Thursday, after talks to secure rescue funding failed. So what does this move mean for its more than 12,000 staff and loyal customer base. Continue reading...
  
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• UK renewable energy investment lagging behind rest of world, data shows

  11-08-2023 15:00
  
  Figures reveal capacity has fallen to an average rise of 4.45% in past three years, compared with 9.67% globallyThe UK’s investment in renewable energy has lagged significantly behind the rest of the world in recent years, according to an analysis of global data.The latest government figures reveal the UK’s renewable capacity has fallen to an average increase of 4.45% in the past three years, compared with an average 9.67% annual increase globally. Continue reading...
  
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• Evening Standard reliant on Evgeny Lebedev’s funding after losses widen

  11-08-2023 14:43
  
  London newspaper has lost £84.5m in last six years, and auditors say it may cease publishing if support endsThe Evening Standard has lost a further £16m and said it was reliant on extra funds from its owner, Evgeny Lebedev, to continue publishing.The former GQ boss Dylan Jones recently became the editor tasked with reviving the fortunes of the free London newspaper amid questions over its long-term sustainability. Continue reading...
  
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• Southern Water owner Macquarie invests further £550m

  11-08-2023 14:01
  
  Australian investment bank funds troubled UK utility’s overhaul of pipes and sewage worksThe Australian infrastructure investor Macquarie has confirmed it will inject a further £550m into the UK’s Southern Water in an attempt to turn around the troubled company.The funds are intended to help Southern Water, which supplies Kent, Sussex, Hampshire and the Isle of Wight, to overhaul its leaky pipes and faulty sewage works. Continue reading...
  
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• Tinned tomatoes for dinner, can barely pay the rent: pity Gen Zs as they’re blamed for inflation | Daisy Jones

  11-08-2023 14:00
  
  Young people are asking for pay rises, but it’s not ‘entitled’ to want more from life than endless emails and cheap pasta until you dieAt 22, during my first real media job – I won’t name names – I remember being so monumentally stressed and broke that I began rapidly losing weight. I had neither the time, nor money, to eat properly, and days would consist of mainlining a 50p can of Asda baked beans so that I could bang out my three stories a day, before crash
  
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• Tesco Express overhaul with 50 cheaper own-brand products to hit shelves within fortnight

  11-08-2023 13:13 via express.co.uk
  
  Shoppers may be able to save over 40 percent in smaller Express shops as more than 50 everyday products will now be replaced by better priced alternatives, Tesco said.
  
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• Best savings accounts for over-50s: Banks paying interest rates over 6 percent

  11-08-2023 12:24 via express.co.uk
  
  As the cost of living crisis continues, older Britons are urged to find the best rates available to them to get the most out if their money.
  
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• Six ways Biden’s historic climate bill has succeeded – and fallen short

  11-08-2023 12:00
  
  The $369bn Inflation Reduction Act has boosted clean energy and EV cars, but the politics remain difficultThe US’ first serious legislative attempt to tackle the climate crisis, the Inflation Reduction Act, is hitting its first anniversary both lauded for turbocharging a seismic shift to clean energy while also weathering serious attack from Republicans.Joe Biden hailed the bill, which despite its name is at heart a major shove towards a future dominated by renewable energy and electric ve
  
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• Surprise boost for Rishi Sunak as resurgent UK car industry inspires strong GDP growth

  11-08-2023 11:56 via express.co.uk
  
  It's been a mixed 48 hours for the Prime Minister's five top priorities, with economy growth success coming hot on the heels of record NHS waiting lists.
  
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• ‘Modest’ wealth tax could raise more than £10bn for public services, says TUC

  11-08-2023 11:50
  
  Union body raises idea of levy on UK’s richest 140,000 people as it calls for ‘national conversation’ on issueA “modest” wealth tax on the richest 140,000 people in the UK could raise more than £10bn to help pay for public services, according to the Trades Union Congress, which is calling for a “national conversation about taxing wealth”.Research commissioned by the union umbrella body found that a “one-off wealth tax” of 1.7% on those
  
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• Orange juice prices to surge as US crops ravaged by disease and climate

  11-08-2023 11:39
  
  Extreme weather fuelled by climate crisis and bacterial disease have led to ‘dramatic decline’ in orange cropsOrange juice prices are expected to rise further in the US after a bacterial disease and extreme weather intensified by global heating ravaged this season’s crop of the citrus fruit.Last year Florida, which produces more than 90% of the US’s orange juice supply, was hit by Hurricane Ian, Hurricane Nicole and freezing conditions in quick succession, devastating ora
  
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• Barclays imposes strict spending limits on customers in a move branded ‘patronising’

  11-08-2023 11:20 via express.co.uk
  
  Barclays has been implementing stricter overdraft limits - or removing the option completely, which is sparking frustration amongst customers.
  
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• Online businesses are calling out 'hidden' transaction fees they encounter

  11-08-2023 11:10 via express.co.uk
  
  Traditional payment processing firms are charging online retailers an average of three percent per transaction, a new report has revealed.
  
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• Will controversial proposal to scrap triple lock save state pension or kill it?

  11-08-2023 10:45 via express.co.uk
  
  The state pension is under threat as never before, with one in three workers fearing it won't exist by the time they retire. A top pensions expert has put forward a plan to save it, but would you accept its conclusions?
  
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• AI can be a force for good or ill in society, so everyone must shape it, not just the ‘tech guys’ | Afua Bruce

  11-08-2023 09:00
  
  Although designers do have a lot of power, AI is just a tool conceived to benefit us. Communities must make sure that happensSuperpower. Catastrophic. Revolutionary. Irresponsible. Efficiency-creating. Dangerous. These terms have been used to describe artificial intelligence over the past several months. The release of ChatGPT to the general public thrusts AI into the limelight, and many are left wondering: how it is different from other technologies, and what will happen when the way we do busi
  
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• UK economy grows faster than expected after surprisingly strong June

  11-08-2023 08:32
  
  GDP increases by 0.2% in April to June on back of recovery in car manufacturing, says ONSBusiness live – latest updatesThe UK economy grew faster than expected in the second quarter of this year after growth was boosted by a recovery in car manufacturing and a surprisingly strong June.UK GDP increased by 0.2% in April to June, up from 0.1% in the previous three months and the best quarterly reading in more than a year, according to the Office for National Statistics (ONS). Continue reading
  
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• Newly renovated homes – in pictures

  11-08-2023 08:00
  
  From a dome-topped former Salvation Army hall to a villa with a vast kitchen Continue reading...
  
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• Why, even now, do we think a woman’s work is worth less? | Heather Stewart

  11-08-2023 07:00
  
  Progress in Asda equal pay case may help root out sexist assumptions behind persistent gender gapThere has been another baby step forward in the long-running equal pay case brought by more than 40,000 female employees at Asda.It is one of a slew of battles being fought across the retail sector, including at Next, where female staff recently won the right to take their case to its final stage. Continue reading...
  
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• Six ways to get Britain’s railways back on track – and six reasons for cheer

  11-08-2023 07:00
  
  As the industry struggles with multiple challenges, here are the issues it needs to tackle, and some hopeful developmentsIn 2017, the “commuter train of the future” boasted an onboard gym, games consoles, swivelling armchairs and private pods for making calls or using laptops. It was, according to the Sun, “so awesome it could actually make you want to go to work”.Unfortunately it did not quite exist: the Deutsche Bahn design team’s concept train, the Ideenzug (Idea
  
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• Amazon starting to track and penalize workers who work from home too much

  11-08-2023 07:00
  
  Notice sent to employees who were not in office at least three times a week, after other tech firms’ efforts to get workers back on siteAmazon workers in the US are being tracked and penalized for not spending sufficient time in the company’s offices, an email sent to employees this week revealed, as tech companies push back against work-from-home practices that flourished during the pandemic.Some staff members were alerted on Wednesday they were “not currently meeting our expe
  
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• The power of junk food companies in Washington – podcast

  11-08-2023 06:00
  
  When and why did so-called food deserts first emerge? How has the fast food industry become so powerful? And despite the growing rate of obesity in the US, why are politicians not stepping in to improve nutrition?This week, Jonathan Freedland speaks to Dr Eduardo J Gómez of Lehigh University, on how his new book Junk Food Politics taught him about the power of lobbyistsArchive: CBS Sacremento, ABC News, CNBC Continue reading...
  
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• 'Completely surreal': Tourists recount flight to edge of space on Virgin Galactic – video

  11-08-2023 04:23
  
  Virgin Galactic has succeeded in flying three tourist into space for the first time. They were former Olympian Jon Goodwin, Antiguan health and wellness coach Keisha Schahaff and her 18-year-old daughter, Anastasia Mayers. "You are so much more connected to everything than you would expect to be. You felt like a part of the team, a part of the ship, a part of the universe, a part of Earth," said Anastasia.Virgin Galactic successfully flies tourists to space for first time Continue reading...
  
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• News Corp profits dive 75% as Rupert Murdoch-owned company hints at AI future

  11-08-2023 02:14
  
  Poor result weighed down by lower print and digital advertising at News Corp Australia, a division that includes flagship newspaper The AustralianRupert Murdoch’s News Corporation has recorded a steep 75% drop in full-year profit but sees opportunities ahead as it expands the use of cost-saving AI-produced content.The US-listed media conglomerate – which owns mastheads in the US, UK and Australia, along with book publishers, subscription television and real estate advertising assets
  
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