Financial news

• FTX co-founder testifies he committed crimes with Sam Bankman-Fried

  05-10-2023 22:33
  
  Gary Wang, who previously pleaded guilty to his role in FTX’s downfall, is testifying under a plea agreementSam Bankman-Fried’s crypto fraud trial gained steam on Thursday when the co-founder of his fallen exchange, Gary Wang, took the stand as a government witness in Manhattan federal court.His testimony came as the highly anticipated trial entered its third day. Bankman-Fried faces seven counts on fraud and conspiracy charges in relation to the implosion of his crypto exchange FTX
  
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• Trump given seven days to submit list of firms that will lose New York business licenses

  05-10-2023 20:34
  
  Judge issues order for ex-president after pre-trial ruling found ex-president and others created false financial statementsDonald Trump has seven days to give to a state court a list of companies that will lose their New York business licenses after a judge ruled last week that he had committed financial fraud.On Thursday, New York judge Arthur Engoron issued an order that will carry out Trump’s punishment for a pre-trial ruling he made that found Trump and others within the Trump Organiza
  
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• Post Office failed to train Horizon investigators properly, says criminal expert

  05-10-2023 20:02
  
  Inquiry hears policies did not ensure fair trial of branch operators accused of wrongdoingThe Post Office did not provide adequate guidance and training to prosecutors who investigated branch operators accused of wrongdoing in the Horizon IT scandal, according to a criminal prosecutions expert.More than 700 post office operators were prosecuted in England and Wales between 1999 and 2015 for theft, fraud and false accounting because of faulty accounting software installed in the late 1990s. Conti
  
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• Rishi Sunak’s crackdown will not stub out share prices of tobacco firms | Nils Pratley

  05-10-2023 19:43
  
  Even if gradual prohibition works, life expectancy of sector’s business models won’t be shortened by muchDid “the biggest public health intervention in a generation” whack the share prices of tobacco firms? Well, it caused a slight cough.Imperial Brands – the firm behind Embassy, JPS, Lambert & Butler and Rizla – was a big faller in the FTSE 100 index on Wednesday as Rishi Sunak unveiled his plan to make it illegal for anybody currently aged 14 or younger
  
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• Metro Bank shares plummet as bank seeks to shore up balance sheet

  05-10-2023 19:38
  
  Stock falls by quarter after news high street lender looking to sell-off mortgages or tap investors for more cashWhat is happening at Metro Bank and why is it in need of so much money?Metro Bank shares have plunged by a quarter as the high street lender seeks to sell-off billions of pounds’ worth of mortgages, or tap investors for more cash, in an effort to shore up its balance sheet.The bank – founded by the US billionaire Vernon Hill in 2010 – issued a stock market statement
  
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• The real cost of local authority budget cuts | Letter

  05-10-2023 19:12
  
  Austerity is not merely a fiscal equation on a balance sheet, but something that causes distress to millions of vulnerable people, writes Peter RiddleThe fact that this government has inflicted 13 years of cuts to local government budgets did not feature in debates at the Conservative party conference this week, but the impact of these budget cuts has been to rip local services to shreds and to tear the heart out of many local communities.Richard Partington (As Britain’s town hall services
  
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• WTO slashes growth forecast for global goods trade by more than 50%

  05-10-2023 18:37
  
  Persistently high interest rates have had chilling effect on consumer spending, says trade bodyThe World Trade Organization has halved its forecast for global trade growth this year in response to rising interest rates that have dented consumer spending power in the US, Europe and Asia.The 164-member trade body slashed its estimate from April that predicted the global trade in goods would grow by 1.7% in 2023, saying it needed to be scaled back to 0.8%. Continue reading...
  
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• Delayed consultation on net zero construction ‘a blow to UK homeowners’

  05-10-2023 18:06
  
  Government’s findings were due in spring, but delays mean housebuildersavoid green costsDelays to the government’s planned consultation on net zero regulations for housebuilding will mean more households being hit with hefty bills for energy, housing experts have said.The future homes standard (FHS), which will stipulate that housebuilders construct new homes to be low carbon, was supposed to be opened for consultation in March, but that slipped to a promise of publication in the sum
  
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• ‘It’s not done’: IMF head warns of cost of final victory in struggle against inflation

  05-10-2023 18:00
  
  Kristalina Georgieva discusses protracted high interest rates and first term dominated by two ‘unthinkable’ eventsThe head of the International Monetary Fund has warned that victory in the fight against inflation could spell trouble for financial markets by forcing central banks to keep interest rates high until 2025.In a Guardian interview before next week’s IMF annual meeting in Marrakech, Kristalina Georgieva said there was a risk of borrowing costs staying high for a protra
  
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• Firms will hesitate to invest in UK after Sunak’s climate U-turns, says Mark Carney

  05-10-2023 17:34
  
  Former Bank of England governor says businesses prioritise countries with clean power and consistent strategiesUK politics live – latest news updatesRishi Sunak watering down the UK’s climate commitments has damaged Britain’s position on the world stage for business investment, according to the former Bank of England governor Mark Carney.In highly critical comments, Carney indicated that global companies would now think twice about locating their activities in the UK after Suna
  
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• Two-thirds of CEOs think staff will return to office five days a week, survey finds

  05-10-2023 16:41
  
  Most company leaders also believe pay and promotions could become linked to workplace attendanceNearly two-thirds of bosses believe that workers will return to the office five days a week within the next three years, while a majority of company leaders think pay and promotions could become linked to workplace attendance, according to a survey.Despite the widespread adoption of hybrid working by most office-based employers since the pandemic, the KPMG CEO Outlook survey found 64% of leaders globa
  
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• Minister explains timing of HS2 statement after pre-filmed video emerges – video

  05-10-2023 15:45
  
  Mark Harper, the transport secretary, explains how a video of Rishi Sunak justifying the decision about HS2 was filmed days before the decision was officially made and announced.In an interview with Kay Burley on Sky News, Harper dismissed suggestions that No 10 had been misleading. He said that the government had been working on the plan for weeks, but that as transport secretary he did not take the formal decision to axe phase 2 of the rail plan until Tuesday, and that that was approved by cab
  
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• Sunak is right to phase out smoking – but the real problem now is vaping. Why is he dragging his feet on that? | Gaby Hinsliff

  05-10-2023 15:28
  
  More teenagers now vape than smoke their way to nicotine addiction, a fact that the prime minister seems to be ignoringOnce upon a time, a crafty fag behind the bike sheds was the mark of a teenage rebel. But not any more, which is why the vast majority of British 15-year-olds will be singularly unbothered about becoming the last generation legally allowed to buy cigarettes.A princely 3% of them smoke, a habit now widely regarded as for old people. One in five girls that age, however, use candy-
  
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• HS2 will not extend to Euston without private funding

  05-10-2023 15:00
  
  Rishi Sunak’s promise depends on a substantial portion of the cost being met by third-party investmentUK politics live – latest updatesHS2 will not be extended to Euston unless enough private investment is secured, it has been reported.While cancelling HS2 to Manchester this week, Rishi Sunak pledged to extend the high-speed railway to the central London station. Continue reading...
  
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• CMA to investigate UK cloud computing market amid Microsoft and Amazon concerns

  05-10-2023 13:19
  
  Media watchdog refers £7.5bn sector to competition regulator after being ‘particularly concerned’ about position of market leadersThe UK communications regulator has referred the country’s £7.5bn cloud computing market to the competition watchdog for a formal investigation after a study raised concerns about industry leaders Amazon and Microsoft.Ofcom has asked the Competition and Markets Authority to launch an inquiry, saying it is “particularly concerned abo
  
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• I’m already struggling on my supermarket salary – Braverman's new visa fees will cripple me | Monira Khatun

  05-10-2023 13:13
  
  I support pay rises for public sector workers. But the Home Office is piling the cost on to poor people like meWhen I leave the house these days, I just feel so much anxiety. Everywhere I turn I can only see how expensive things are getting. Milk has gone up. Bread has gone up. Clothes have gone up. As a single mother, I’m struggling so much to keep up with all the expenses that I have to face. And now, the fees to renew my visa are going up as well. When I found out about that, it really
  
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• UN report urges global end to fossil fuel exploration by 2030

  05-10-2023 11:08
  
  Climate crisis funding for poor nations should reach $200bn to $400bn a year by same date, says pre-Cop28 reportFossil fuel exploration should cease globally by 2030 and funding to rescue poor countries from the impacts of the climate crisis should reach $200bn (£165bn) to $400bn a year by the same date, according to proposals in a UN report before the next climate summit.Countries were still “way off track” to meet the goals of the 2015 Paris climate agreement, the report foun
  
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• Savings rates rebound as best buy deal pays 6.11% - so why are mortgage rates falling?

  05-10-2023 08:00 via express.co.uk
  
  Savings rates are rising as banks anticipate that interest rates will stay high for at least another year or two. So why aren't mortgage rates rising, too?
  
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• Circular economy: sustainable industry initiatives in Europe – in pictures

  05-10-2023 08:00
  
  Luca Locatelli, an Italian photographer, has been researching the circular economy: an economic model geared to the elimination of waste, involving the circulation of products and materials and the regeneration of nature. His photographs document stories, practices and initiatives in Europe inspired by the movement, and nature-based production solutions and processes which tackle socio-environmental issuesLuca Locatelli’s The Circle is on display at Gallerie d’Italia, Turin until 18
  
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• Motorway services near Bradford voted worst in Britain ... again

  05-10-2023 07:00
  
  Welcome Break’s Hartshead Moor on the eastbound M62 comes last out of 120 rest stops for second year runningIt’s the award that no business would want to win once, let alone twice.Hartshead Moor East, near Bradford in West Yorkshire, has just been given the unwelcome accolade of being voted Britain’s worst motorway services for the second year in a row. Continue reading...
  
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• Evergrande, the ‘runaway’ developer that could become a wrecking ball for China’s economy

  05-10-2023 06:06
  
  The regulatory crackdown that sparked arrests and a debt crisis in China’s second-biggest developer may do more harm than good to market, say analystsThe saga of China’s second-largest development firm has escalated from a financial crisis to a potentially criminal one with the investigation and detention of Evergrande chairman and founder, Hui Ka Yan.The company resumed trading on Tuesday after it was suspended last week in the wake of media reports of Hui’s apprehension. But
  
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• Supply shortages and mortgage rate rises push UK rents to highest point ever

  05-10-2023 01:01
  
  Average rental property receives three times more enquiries from prospective tenants than in 2019Business live – latest updatesPrivate home rents in Great Britain have increased to their highest point on record after shortages in supply and mortgage rate rises combined to push the cost up by 10% over the past 12 months.The average rent for new properties being put on the market now stands at a record £1,278 per calendar month outside London in the July to September period, according
  
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• England worst place in developed world to find housing, says report

  05-10-2023 01:01
  
  Quarter of UK private renters spending over 40% of income on housing amid warning people are ‘trapped in poverty’England is now “the most difficult place to find a home in the developed world”, housebuilders have claimed in a snapshot of the housing crisis that also found a greater proportion of people in England live in substandard properties than the European Union average.The Home Builders Federation (HBF), an industry group representing companies that build for privat
  
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