Financial news

• Shark Tank star warns economy will ‘get worse before gets better’ amid interest rate rises

  30-08-2023 23:13 via express.co.uk
  
  Kevin O'Leary is one of the investors who appears on ABC's Shark Tank in the US.
  
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• ‘I bought a £4 children’s toy from Goodwill but resold it for almost £200 online!’

  30-08-2023 22:56 via express.co.uk
  
  Shoppers are breaking down the money they are able to make by reselling everyday items, including children's toys.
  
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• Here's what £15 would have bought you 15 years ago - compared to now

  30-08-2023 20:41 via express.co.uk
  
  The products that have risen most in price include fish and chips, a pint of milk, and a can of Coca-Cola, figures have revealed.
  
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• ‘I spent £47 while shopping at a charity shop but resold my haul for £470!’

  30-08-2023 20:27 via express.co.uk
  
  Reselling items found while thrift shopping at second-hand stores is a growing side hustle.
  
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• After years on the ropes, is M&S finally turning around? | Nils Pratley

  30-08-2023 19:59
  
  Sane financing and a brutal restructuring have helped the retailer return to the FTSE 100The first crop of headlines along the lines of “has Marks & Spencer’s turnaround finally succeeded?” can be dated to about 2005. The struggle for relevance in the 21st century really has been going on that long. False dawns, relapses and various iterations of a “fix the basics” strategy has followed under multiple chief executives, most of whom thought they’d cracked i
  
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• Ørsted shares fall 25% after it reveals troubles in US business

  30-08-2023 19:48
  
  Almost £7bn wiped off value of world’s largest offshore wind company over possible £1.8bn write-downShares in the world’s largest offshore wind company have tumbled by nearly a quarter after it said it may have to write down the value of its US portfolio by nearly £2bn.Ørsted said it had been hit by a flurry of setbacks in its American business, triggering a rapid sell-off in its shares, listed in Copenhagen. Continue reading...
  
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• CNN names Mark Thompson, ex-BBC director general, new chief executive

  30-08-2023 19:40
  
  Thompson, 66, top executive at New York Times between 2012 and 2020, tasked with reviving US network’s sagging ratingsMark Thompson, the former BBC director general and chief executive of the New York Times, is the new chief executive of CNN, tasked with reviving a US news giant beset by falling ratings and profits.In a message to staff on Wednesday, David Zaslav, the chief executive of Warner Bros Discovery, CNN’s parent company, said: “Mark has a formidable record, and I have
  
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• Airlines call for compensation reform after ‘staggering’ air chaos revelation

  30-08-2023 19:39
  
  Industry expects to lose £100m over the air traffic control failure and wants Nats to contributeAirlines have urged reform of compensation rules after the “staggering” revelation that a single wrongly input flight plan to UK air traffic control disrupted hundreds of thousands of passengers’ flights.Nats, which controls UK airspace, said “an unusual piece of data” had caused the unprecedented system failure on Monday, which led to more than 1,600 flights being
  
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• Why I joined 70 economists and human rights experts urging Labour to change course | Kate Pickett

  30-08-2023 19:00
  
  Labour seems spellbound by the Tories’ economically illiterate cult of austerity – but there is another way to help Britain thriveKate Pickett is co-author of The Spirit Level: Why Equality is Better for Everyone
  Fourteen years ago Richard Wilkinson and I published our book The Spirit Level. Arguably, the onset of the financial crash should have been an auspicious moment for our work to hit the bookshelves. Just as old economic certainties seemed to have been discarded, we were argui
  
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• Dorothy Goodman obituary

  30-08-2023 18:42
  
  American educationist who helped to found the consumer magazine Which? in the 1950s while she was living in LondonIn 1955 Dorothy Goodman, a postgraduate student in London, wanted to install central heating in the home she was setting up with her husband, Ray. As an American, she asked friends what the British equivalent was of the US non-profit organisation Consumer Reports. When she found that there was none, she took what to her was the obvious route of remedying the situation.Dorry, who has
  
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• ‘This stupid easy side hustle could earn you up to £350 a day - it’s flexible!’

  30-08-2023 18:29 via express.co.uk
  
  Content creators are revealing the various side hustles people are taking to boost their finances.
  
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• ‘I slashed my supermarket shop bill to less than £8 thanks to couponing - you can too!'

  30-08-2023 18:23 via express.co.uk
  
  Couponing is a useful savings hack for shoppers looking to navigate the ongoing cost of living crisis.
  
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• UK savings rates: NS&I launches one-year deal offering record 6.2%

  30-08-2023 18:05
  
  Government-backed bank throws down gauntlet to high street lenders with new growth bondsThe UK government’s savings bank, NS&I, has “thrown down the gauntlet” to high street rivals by launching a one-year fixed-rate savings account paying a table-topping 6.2%.Commentators said NS&I was likely to experience strong demand from savers keen for a decent return, as it means they get to secure a record rate that comes with a 100% Treasury guarantee. Continue reading...
  
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• ‘Furious’: UK passenger stung by air traffic chaos – then an oversold flight

  30-08-2023 17:23 via theguardian.com
  
  Swarna Khare vows never to use online travel agents again after buying ticket for already-full planeLike thousands of others caught up in Monday’s air traffic control chaos, Swarna Khare is more than £1,000 out of pocket. However, she claims her case has been made substantially worse after she used an online agent to buy a last-minute replacement flight from Rome back to London – only to find that it appeared to have been massively oversold, denying her boarding for a second ti
  
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• ‘We’re £1,000 out of pocket’: travellers affected by UK air traffic chaos

  30-08-2023 17:21
  
  As fallout from the tech meltdown continues, we hear from some of those who have been left strandedNick, 38, from Hampshire, had flown to the German city of Düsseldorf to spend a four-day holiday with his wife over the bank holiday weekend. But when the couple tried to fly back to the UK on Monday, they joined hundreds of thousands of travellers caught up in multi-day travel chaos as a result of air traffic control failures.They say they were initially stranded at the airport after their fl
  
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• How property developers call the shots on housing policy | Letter

  30-08-2023 17:11 via theguardian.com
  
  John Worrall says affordability is the real problem, but house builders have no interest in fixing itThe article on pollution (England’s rivers at risk as Michael Gove rips up rules on new housing, 28 August) should be read together with Daniel Chandler’s piece (Big money is trashing trust in British politics. ‘Democracy vouchers’ could be the solution, 29 August), in which he says: “We have designed a political system where rich donors can, in effect, buy policy in
  
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• 'How I save £450 a year on shopping at Tesco and Sainsbury’s to go towards family treats'

  30-08-2023 16:13 via express.co.uk
  
  EXCLUSIVE: She shops at several supermarkets using cashback and other discounts to reduce her costs.
  
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• Rishi Sunak says airlines must help stranded passengers after ‘dodgy flight plan’ caused meltdown – as it happened

  30-08-2023 16:05 via theguardian.com
  
  Rolling live news coverage of business, economics and financial markets as disruption to UK air travel continues into third dayFashion retailer Superdry has suspended its shares on the London Stock Exchange because of a delay to its accounts, blaming problems with “normal procedures” for the failure to report on time.It is just the latest issue for Superdry, which has struggled over the last five years. As well as the pandemic and the shift away from high street stores, retailers are
  
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• Mortgage approval rates plummet as appetite to buy drops - expert argues slowdown 'needed'

  30-08-2023 16:01 via express.co.uk
  
  Mortgage approvals dropped by 9.5 percent in July to 49,400 from 54,600 in June - but some argue the economic slowdown is "needed".
  
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• Hurricane Idalia LIVE: 'Apocalyptic scenes' as deadly Category 4 storm makes landfall

  30-08-2023 15:27 via express.co.uk
  
  Devastating wind and rain is now descending upon Florida with locals sharing the horror they are experiencing from the scene.
  
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• In ditching a wealth tax, Labour is rejecting growth and embracing bad economics | Josh Ryan-Collins

  30-08-2023 15:09
  
  The shadow chancellor, Rachel Reeves, has tied her party’s hands and placed it on the wrong side of the argumentLabour’s shadow chancellor, Rachel Reeves, confirmed last weekend what many progressives have long feared: the party has no serious plans for reforming Britain’s regressive taxation system. There will be no new property taxes or wealth tax. Nor will tax rates on capital gains – unearned income from increases in the value of property or financial assets – b
  
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• 'We're in the middle of a housing crisis!' Property sales plummet as mortgage rates soar

  30-08-2023 14:50 via express.co.uk
  
  House prices could continue to drop well into Autumn as property sales remain at their lowest since 2012.
  
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• UK must label showers and toilets to cut water usage, experts say

  30-08-2023 14:07 via theguardian.com
  
  Britons consume among the most water in Europe and drought planners want efficiency data on showAustralian-style water labelling must be introduced at pace to reduce the UK’s daily consumption of water, which is among the highest in Europe, according to experts drawing up plans to tackle drought.Billions of pounds more are likely to be added to customer water bills to pay for investment in new infrastructure if ministers do not act soon, according to specialists drawing up plans to tackle
  
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• UK mortgage approvals fall to five-month low as rate hikes hit demand

  30-08-2023 13:38
  
  July is traditionally busy month for home buying but surge in interest rates has begun to ‘take its toll’The number of mortgage approvals fell to its lowest level in five months in July, amid fresh evidence of the impact of the sharp increase in borrowing costs on the housing market and the wider economy.Bank of England figures showed the number of new loans approved but not yet completed decreased from 54,600 in June to 49,400 in July – a drop of 10%. Continue reading...
  
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• Student housing used to be affordable. Why has it become an ‘asset class’ to enrich the already wealthy? | Leilani Farha

  30-08-2023 13:00 via theguardian.com
  
  University accommodation should be treated as a right. We need action to curb this exploitation of young peopleAs the shorter summer evenings signal the start of a new academic year, a chilling wind of anxiety will take hold for many university students. But it’s not necessarily school-related stress or nerves about leaving home that is causing them to worry. It’s something more fundamental: for an increasing number of students the question troubling them is “Where am I going t
  
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• James Cleverly says he has raised human rights concerns with China – video

  30-08-2023 12:47
  
  The UK foreign secretary, James Cleverly, who is in China to meet government officials, has faced criticism from members of the Conservative party who want a tougher line against a state that has imposed sanctions against several British MPs and peers for speaking out about human rights violations in the country. Speaking to Sky News, Cleverly said he had raised rights issues with Chinese officials. Pressed over violations in Xinjiang province, he said: 'I've had a number of conversations with s
  
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• Thousands of families face paying DOUBLE inheritance tax as HMRC cracks down

  30-08-2023 11:45 via express.co.uk
  
  Having to pay a large inheritance tax bill is a pain but getting your sums wrong can hurt even more as HM Revenue & Customs slaps hefty penalties on those who make mistakes.
  
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• Pension and Isa investors set for 'late summer stock market rally' as shares rebound

  30-08-2023 11:02 via express.co.uk
  
  Investors don't know if they're coming or going. One day they're in full panic over a stock market crash, the next they're gearing up for a huge rally. What's going on?
  
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• Why rich nations must pour climate funds into Africa – for all our sakes

  30-08-2023 08:00
  
  As summit delegates gather in Nairobi next week, those from the global north should remember one thing: inaction will cost them more in the end than an immediate concerted effortWherever you are in the world, this summer has shown beyond doubt that the climate crisis is manifesting with ever more extreme effects. Soaring temperatures and wildfires across Europe and North America should make it clear to politicians, voters and investors that this crisis affects not just the “developing worl
  
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• My husband died suddenly, then HM Revenue and Customs sent him a £100 fine

  30-08-2023 08:00
  
  I had no idea I was supposed to file a tax return for my late husband, but my attempts to explain have been greeted by a penalty noticeMy husband died unexpectedly in April 2022. On the first anniversary of his death, I received a £100 fine from HMRC, as he had not filed a tax return for 2021/22. The notice, which had a Dutch postmark, had taken two months to reach my home in France. This was the first letter regarding his tax affairs. Since our taxable income is below the personal allowan
  
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• UK home sales in 2023 will be lowest in a decade, says Zoopla

  30-08-2023 01:01 via theguardian.com
  
  Interest rate rises on mortgages are weakening demand, property website saysThe number of UK homes sold this year is expected to fall to the lowest level in more than a decade, as the soaring cost of mortgages puts off homebuyers.House sales reaching completion are expected to fall 21% year-on-year to about 1m in 2023, the lowest level since 2012, according to a report from the property website Zoopla. Continue reading...
  
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