Financial news

• Ending extreme poverty is within Labour’s grasp | Letters

  26-10-2023 19:11
  
  Prof Mike Stein on an ‘essentials guarantee’ to lift people out of destitution. Plus letters from Andrew Forsey, Austen Lynch and Alexandra SmithiesKeir Starmer should reflect seriously on Frances Ryan’s article (The Tories have created a new poverty – one so deep and vicious it requires Victorian vocabulary, 24 October) before committing the Labour party to adopting this government’s approach to fiscal responsibility, which – as the new Joseph Rowntree Founda
  
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• 'Ludicrous quirk of the tax system' overcharges pension savers £61million - 'ridiculous!'

  26-10-2023 18:45 via express.co.uk
  
  Almost 19,000 reclaim forms were processed during the last three months of the year.
  
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• Best European country for retirement in 2023 has affordable housing and the best wine

  26-10-2023 18:08 via express.co.uk
  
  A new study that examined cost of living, house prices, life expectancy and more has found that Portugal is the best European country to retire in.
  
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• Drivers: have you been affected by rising car insurance premiums in the UK?

  26-10-2023 17:58
  
  We want to hear from UK drivers affected by increased ratesCar insurance premiums surged by 50.9% in the year to July, according to official figures.We want to hear about how drivers in the UK have been affected. Has your premium increased this year, and if so, by how much? When was the change and how much is it costing you? Continue reading...
  
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• ‘Drain on finances!’: Blow for borrowers as interest rate on loan repayments double:

  26-10-2023 17:51 via express.co.uk
  
  Borrowers are struggling to pay loan repayments as interest rates continue to rise following intervention from the Bank of England.
  
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• Hipgnosis investors vote against UK-listed song royalties group continuing

  26-10-2023 16:57
  
  Business that bought rights to Neil Young and Béyonce back catalogues must now restructure or face being wound upShareholders in the music royalties investment fund Hipgnosis have voted overwhelmingly against continuing the business in its current form, throwing the future of the group into question.At an extraordinary general meeting on Thursday, 83.2% of shareholders voted against Hipgnosis Songs Fund securing another five-year mandate to run as an investment trust. Continue reading...
  
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• Energy firm slammed after securing warrants to force fit prepay meters in customer homes

  26-10-2023 16:43 via express.co.uk
  
  New warrants have been granted to Scottish Power to allow the force-fitting of prepayment meters in homes where energy bills have been unpaid
  
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• 10 things you didn’t know about the Red Cross and Red Crescent Movement

  26-10-2023 16:40
  
  The Red Cross and Red Crescent Movement has been supporting people through conflicts, disasters and emergencies for more than 150 years. Read on to discover 10 inspiring facts about one of the world’s leading humanitarian organisationsThe Red Cross and Red Crescent Movement started with the creation of the International Committee of the Red Cross (ICRC) in 1863, in response to the terrible human toll of the revolutionary conflicts raging in Europe in the second half of the 19th century. Se
  
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• Paragon Bank launches new market-leading easy access account and earns 'excellent' rating

  26-10-2023 16:06 via express.co.uk
  
  Savers can benefit from a 5.25 percent interest rate with Paragon Bank - as long as no more than two withdrawals are made per year.
  
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• 'Deeply worrying drop' in pension credit take-up as millions miss out on £3,500 a year

  26-10-2023 16:02 via express.co.uk
  
  Up to 880,000 families who were entitled to receive Pension Credit did not claim it.
  
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• Surge in Unilever’s deodorant sales after workers return to office

  26-10-2023 15:49
  
  Worldwide, underlying group sales are up 5.2%, led by price rises, as the number of items sold fallsBusiness live – latest updatesWorkers returning to the office and socialising after pandemic lockdowns helped lead to a 15% surge in sales of deodorants, according to the maker of Dove, Rexona and Impulse.Unilever said the shift away from home working and expansion in Latin America had helped offset heavy competition from expensive new brands in the US such as Native and Dr Squatch. Continue
  
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• Savers urged to take advantage of ‘excellent’ savings interest rate of 5.90 percent

  26-10-2023 15:12 via express.co.uk
  
  Banks have raised the savings interest rates of many of their accounts over the past year.
  
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• ‘Cost of children crisis’: UK parents on coping with half-term on a shoestring

  26-10-2023 15:00
  
  As food and heating costs rise with children at home, compromises range from washing less to cancelling holidaysDelaying heating the house, showering every two or three days, weighing up selling cherished items, cancelling holidays – these are some of the sacrifices parents in the UK are making in their efforts to cope with the cost of living crisis.About 19% of households with children, an estimated 1.5 million, are in serious financial difficulties, according to analysis of abrdn’s
  
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• Santander confirms reduction to mortgage rates for homeowners: ‘Outstanding choice!’

  26-10-2023 14:22 via express.co.uk
  
  Banks, such as Santander, are slashing mortgage rates to help homeowners during the cost of living crisis.
  
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• ECB keeps interest rates steady amid eurozone recession fears

  26-10-2023 14:15
  
  Widely expected decision by European Central Bank follows 10 consecutive hikes in borrowing costsUK politics live – latest updatesThe European Central Bank has paused its toughest cycle of interest rate increases since the launch of the euro amid growing fears about the eurozone economy.In a decision widely expected in financial markets, the ECB left its key policy rates unchanged for the first time in more than a year, halting a round of 10 previous increases in the cost of borrowing afte
  
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• UK airlines face higher air traffic control charges despite recent chaos

  26-10-2023 14:06
  
  Decision by regulator described as ‘a kick in the teeth’ for passengers as flight costs likely to riseBusiness live – latest updatesThe UK’s air traffic controller has been given the green light to increase charges by more than a quarter and add to the cost of flying, weeks after a system failure resulted in more than 2,000 flights being cancelled.The Civil Aviation Authority (CAA) said its pricing decision would give National Air Traffic Services (Nats) the ability to ra
  
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• Mercedes says electric car market is ‘brutal’ for manufacturers

  26-10-2023 13:42
  
  German company points to ‘intense price competition’, which it sees as unsustainableMercedes-Benz has said the electric car market is “brutal” for carmakers as heavy competition forces them to cut prices.Sales of electric cars are soaring in Europe and China, with the US further behind, but the rush of new launches is putting pressure on European manufacturers in particular, who are struggling to compete with cheap models coming from China. Continue reading...
  
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• ‘Ghastly expensive mess’: bond vigilantes return as deficits rise

  26-10-2023 13:34
  
  Governments face surge in cost of borrowing fuelled by high interest rates and conflict in Middle EastThey punish governments that dare to deviate from financial orthodoxy. They strike fear into the hearts of finance ministers. They were seemingly a dying breed in the years between the crash of the late 2000s and the 2020 Covid-19 pandemic, but now the bond market vigilantes are heading back into town.There was a time, not so long ago, when governments were able to borrow as much as they wanted
  
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• Global success of Barbie film drives up sales at Mattel

  26-10-2023 13:19
  
  US toymaker says strong quarter reflects strategy to expand entertainment offeringBusiness live – latest updatesThe bumper success of the Barbie movie has given a boost to Mattel, helping push sales up for the first time in a year.The US toymaker credited the film – the first to feature the world’s most famous doll and the first launched by the company’s new in-house film division – with a 9% year-on-year increase in sales between July and September to $1.9bn (&poun
  
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• Ofwat warns over financial health of four water suppliers in England

  26-10-2023 12:30
  
  Thames Water and Southern Water among firms urged to take action to secure long-term financesBusiness live – latest updatesThe water regulator for England and Wales has raised a red flag over the financial health of companies supplying more than 20 million customers in the south-east of England, amid growing public anger over the industry’s record on services and pollution.Ofwat’s latest report on the financial resilience of the sector again named Thames Water, Southern Water a
  
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• Pension service swamped by 250,000 calls as Britons scramble to track down lost savings

  26-10-2023 12:07 via express.co.uk
  
  A person can easily lose track of a pension when they change job or move to a new home and so lose touch with thousands of pounds of their savings.
  
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• Humanity at risk from AI ‘race to the bottom’, says tech expert

  26-10-2023 10:00
  
  MIT professor behind influential letter says unchecked development is allowing a few AI firms to jeopardise society’s futureA handful of tech companies are jeopardising humanity’s future through unrestrained AI development and must stop their “race to the bottom”, according to the scientist behind an influential letter calling for a pause in building powerful systems.Max Tegmark, a professor of physics and AI researcher at the Massachusetts Institute of Technology, said t
  
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• Bloomsbury’s fantasy list helps it to record £17.7m first-half profits

  26-10-2023 09:50
  
  Publisher to double dividend after demand grows for books by Sarah J Maas and Samantha ShannonBusiness live – latest updatesThe book publisher Bloomsbury has hit record profits in the first half of the year thanks in part to a boom in fantasy fiction driven by the American author Sarah J Maas, the British novelist Samantha Shannon and the continuing popularity of Harry Potter.The London-based publishing house said profits rose 11% to £17.7m in the six months to August, compared with
  
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• Lost in cyberspace! Internet will swallow your family's inheritance unless you do this

  26-10-2023 08:00 via express.co.uk
  
  More than 20 million Britons are at risk of losing their family fortunes by failing to draw up a digital legacy for our online finances. Unless loved ones know where we keep our money, they may never find it.
  
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• ‘Every night is sleepless’: the people falling behind on mortgage repayments

  26-10-2023 07:00
  
  With interest rates still high and mortgage arrears at highest levels since 2016, we hear from three people struggling to payWith mortgage borrowers reeling from 14 consecutive Bank of England base rate rises, the number of households falling behind on payments is rising. Mortgage arrears jumped 13% in the second quarter of the year, and are likely to have increased since. Here, two homeowners and a buy-to-let borrower talk about the challenge of keeping up with the payments. Continue reading...
  
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• Barclay family’s £1bn ‘back door’ offer for Telegraph alarms rival bidders

  26-10-2023 07:00
  
  Source close to process says there are concerns offer could have ‘chilling affect’ on auction for media groupBidders for the Telegraph are concerned the Barclay family’s £1bn “back door” offer could have a “chilling effect” on the official auction, according to a source close to the process.On Monday, the Barclays confirmed that they would make a £1bn Middle Eastern-backed offer to keep control of the Telegraph and Spectator titles. The busin
  
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• University students in England ‘have 50p a week to live on after rent’

  26-10-2023 01:01
  
  Maintenance loans almost entirely wiped out by accommodation costs, according to research University students in England are left with the equivalent of 50p a week to live on from their loans after paying for accommodation, the cost of which has soared by nearly 15% over the last two years, research has revealed.Maintenance loans, which students take out on top of tuition fee loans to pay for living costs, are now almost entirely wiped out by rent alone, according to a report by the student acco
  
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