Financial news

• Labour’s ‘new deal for workers’ will not fully ban zero-hours contracts

  01-05-2024 20:20
  
  Exclusive: Revised proposals will allow employees to choose a zero-hour option, prompting fears of undue pressure from employersLabour is facing criticism over plans for a loophole that would allow employees to work under zero-hours contracts, despite the party having pledged to ban them entirely.Keir Starmer’s party is preparing to announce details of its promise to overhaul workers’ rights if it gets into power – a centrepiece of its early plans for government, but subject to
  
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• Nearly half of Smith & Nephew investors revolt against CEO pay rise

  01-05-2024 19:59
  
  Medical device manufacturer’s policy ultimately passed, putting maximum payout for Deepak Nath at $11.8mNils Pratley: The boardroom pay game has changed for everSmith & Nephew had a shareholder revolt on Wednesday when nearly half of voting investors rejected the medical device manufacturer’s plans to raise its chief executive’s pay packet to $11.8m (£9.5m).But the company’s pay policy, which will increase the maximum payout for Deepak Nath – who is based
  
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• The Guardian view on the cost of a cashless society: the most vulnerable will pay | Editorial

  01-05-2024 19:25
  
  The pandemic accelerated the shift away from notes and coins. But China and others are realising that transition has a priceOne of the idiosyncrasies of China’s huge appetite for luxury goods has been the high sales of man bags – a niche item in the west. Their popularity initially reflected not just the fondness of the newly rich for conspicuous consumption, but also the practical need to carry large wodges of banknotes in a country that hadn’t truly embraced credit cards. Ear
  
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• At 3-0 to the Brilos, the boardroom pay game has changed forever | Nils Pratley

  01-05-2024 19:17
  
  As Smith & Nephew is ‘British in listing only’ investors have been persuaded the CEO should be remunerated accordinglyNearly half of Smith & Nephew investors revolt against CEO pay riseOur performance has been so bad that we must pay our executives more. If this corporate pitch for an increase in top-level rewards strikes you as laughably unconvincing, you’d be surprised.At Smith & Nephew, the FTSE 100 medical devices group whose shares were touching £20 in 20
  
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• Scotland’s SNP government wins no confidence vote called by Labour – as it happened

  01-05-2024 18:01
  
  Scottish government wins vote by 70 votes to 58, with no abstentions after debate where Humza Yousaf defended government’s recordLabour has accused Kemi Badenoch, the business secretary, of championing single-sex spaces as part of a “culture war”.Speaking about the initiative announced by Badenoch this morning (see 10.10am), Bridget Phillipson, the shadow education secreary, told Times Radio this morning:[Badenoch] does love nothing more than a culture war. And it is so transpa
  
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• Online gamblers who lose £500 or more a month to face extra checks

  01-05-2024 17:15
  
  New measures will eventually also ban some features on online games, regulator for Great Britain saysOnline gamblers who lose £500 or more a month are to face extra checks from August, the regulator has confirmed, as part of a large package of measures aimed at protecting the most vulnerable customers.The extra checks come in from 30 August, and the threshold for qualifying will fall to £150 of online betting losses a month from 28 February next year, the Gambling Commission said. Co
  
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• PMQs: Sunak and Starmer clash over taxes and pensions – video

  01-05-2024 16:01
  
  Rishi Sunak has ruled out cutting pensions to fund his proposed £46bn plan to axe national insurance.When challenged by the Labour leader, Keir Starmer, at prime minister's questions, Sunak said: "Of course we can rule that out." The prime minister said state pensions would rise in every year of the next parliament as a result of the triple lockUK politics: latest updates Continue reading...
  
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• Johnson & Johnson proposes $6.5bn settlement of talc cancer lawsuits

  01-05-2024 14:25
  
  Deal would resolve tens of thousands of lawsuits alleging company’s baby powder causes ovarian cancer Johnson & Johnson (J&J) is moving forward with a $6.475bn proposed settlement of tens of thousands of lawsuits alleging that its baby powder and other talcum-powder products were contaminated with asbestos and caused ovarian cancer, the company said on Wednesday in a statement.The company discontinued sales of its baby powder in North America in 2020, and worldwide in 2023. The com
  
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• Flutter shareholders vote to move listing from London to New York

  01-05-2024 14:18
  
  Paddy Power owner will make switch to its ‘natural home’ by May in further blow to London Stock ExchangeLondon’s stock exchange is to lose another high-profile company after shareholders in the Paddy Power owner Flutter backed a proposal to move its primary listing to New York.Investors at its annual meeting on Wednesday voted 98% in favour of the gambling company, formerly known as Paddy Power Betfair, making the switch, which it expected to become effective by the end of May.
  
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• Mulberry sales decline as wealthy shoppers slow spending

  01-05-2024 14:12
  
  Luxury British brand expects challenging trading conditions in UK and China to continueMulberry, the luxury British brand best known for its leather handbags that can cost more than £1,600 each, has reported a 4% decline in annual sales, becoming the latest high-end company to warn of a slowdown in spending among the richest shoppers.In a trading update, Thierry Andretta, the chief executive, said: “While we achieved positive revenue growth in the first half, Mulberry has not been im
  
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• Take it from a psychologist: Rishi Sunak's callous crusade on welfare will have disastrous consequences | Jay Watts

  01-05-2024 14:00
  
  Targeting people who need support for depression and anxiety will only make these growing problems worseJay Watts is a clinical psychologist, psychotherapist and senior lecturer working in LondonWhen does crude electioneering become a threat to public health? Rishi Sunak’s and Mel Stride’s relentless attack on disabled people, with a specific targeting of mental health claimants, will have damaging and potentially deadly consequences. Those of us working in acute psychiatric wards an
  
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• Ex-Camelot boss Nigel Railton named as new Post Office chair

  01-05-2024 12:34
  
  Interim role will include overseeing compensation payments as result of Horizon IT scandalBusiness live – latest updatesThe ex-chief executive of the former national lottery operator Camelot has been named as the new chair of the Post Office.The business secretary, Kemi Badenoch, appointed Nigel Railton to the role on Wednesday, replacing Henry Staunton, who was sacked in January. Continue reading...
  
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• UK house prices fall unexpectedly for second month in a row

  01-05-2024 10:07
  
  Nationwide blames April slowdown on ‘affordability pressures’ on back of high mortgage ratesBusiness live – latest updatesUK house prices have fallen unexpectedly in April for a second consecutive month, according to the building society Nationwide, as interest rate uncertainty and more expensive mortgages put a dampener on the traditional spring homebuying season.With some economists saying that two month-to-month falls in the closely watched index “start to look like a
  
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• Brompton electric bike needs costly £500 repair

  01-05-2024 08:00
  
  I bought it for just under £3,000, and it developed a fault just before the warranty expiredIn October I bought an electric Brompton bicycle for just under £3,000. Initially all was well but about three months before the two-year warranty expired, it started suffering intermittent power problems.It would work on the electric assist, and then wouldn’t. I stopped using it as a result. Continue reading...
  
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• Millions of people not on benefits will notice extra £57 in their bank accounts

  01-05-2024 03:03 via express.co.uk
  
  The average household is saving £57 a month thanks to cuts to National Insurance and falling energy bills - but some people will be better off than others.
  
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• Dividends payments soar globally as worker pay stagnates

  01-05-2024 01:01
  
  Shareholder payouts grew 14 times faster than wages over past three years, says Oxfam reportShareholders have proved to be more successful at securing bumper payouts than workers have at winning higher pay, according to two studies that show dividends outstripping wages by a considerable margin in recent years.Oxfam said analysis of global data showed that dividend payments to shareholders over the last three years grew an average of 14 times faster than worker pay across 31 major economies. Con
  
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