Financial news

• Rachel Reeves blames global volatility for borrowing rates spike amid Tory criticism

  14-01-2025 18:56 via theguardian.com
  
  Chancellor tells Tory MP to ‘get real’ and that UK bond market changes are similar to those in other countriesRachel Reeves has told the Conservatives to “get real” as she blamed global economic volatility for the recent spike in UK borrowing rates, which has triggered calls for her resignation and left her contemplating further public sector cuts.The chancellor appeared in front of MPs on Tuesday for the first time since travelling to China and after several days of bond
  
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• New year downers are becoming normal at JD Sports | Nils Pratley

  14-01-2025 18:50 via theguardian.com
  
  For the second January in a row, the sportswear retailer has disappointed shareholders by trimming its forecastsJD Sports cuts profit forecast, blaming big fashion price cutsIt wasn’t a full-on profits warning – more of a 5%-ish trim to forecasts. But JD Sports’ trading update will feel particularly disappointing to its shareholders because this was the second January in a row that the sportswear retailer has delivered a new year downer on profit expectations. The spiel was als
  
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• Wellcome Trust charity criticised over £11m in payouts to investment team

  14-01-2025 18:47 via theguardian.com
  
  Sum includes £5m to chief investment officer and is 10 times the remuneration for health research charity’s governorsThe Wellcome Trust, the UK health research charity, has been criticised for paying its investment executives more than £11m last year, more than 10 times as much as its own governors.The pay packets, which included £5m for Wellcome’s chief investment officer, Nick Moakes, were awarded after its investment portfolio rose in value, generating more funds
  
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• Move fast, break things – sprint to kiss Trump’s ring. It’s the tech bros inauguration derby | Marina Hyde

  14-01-2025 17:18 via theguardian.com
  
  Zuckerberg, Musk and Bezos are falling over themselves to suck up to the incoming president. And he’s just as keen to let themOver the past month, we’ve learned that Donald Trump’s inauguration fund has received million-dollar donations from, among others, Google, Meta overlord Mark Zuckerberg, Amazon founder Jeff Bezos, OpenAI CEO Sam Altman and Apple boss Tim Cook. Hard to know whether it’s encouraging or quite the opposite to find them being so public about it. Traditi
  
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• Warhammer maker Games Workshop plans fourth UK factory as sales boom

  14-01-2025 17:12 via theguardian.com
  
  Company thrives as Amazon develops TV series and it gains licensing income from video gamesBusiness live – latest updatesIn Nottingham, an army of tiny warriors is on the advance. Space Marines, Weirdboyz, Chaos Knights – and very small paint pots – are grabbing more territory as Games Workshop confirms plans for its fourth factory and buys land for two more to meet demand for its fantasy figurines.It is the latest win for the designer and maker of miniature wargames – in
  
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• ATM withdrawals are on the rise, but can cash retake its crown in the UK?

  14-01-2025 16:00 via theguardian.com
  
  Cash use rose for the third year running in 2024, as shoppers in places such as Shotton use it to help them budgetAt Shotton Cards, on the town’s high street, Lynne Whitehouse, 75, is stuffing her change back into her purse. “It’ll be the worst thing they ever do if they get rid of cash,” she says.“I pay cash as much as I can,” she adds. “If I can get cash out, I’ll use it. Continue reading...
  
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• Middle-income Australians experiencing rental stress with a third of pay spent on housing, report shows

  14-01-2025 15:00
  
  Rent has increased by 36% nationally since Covid, CoreLogic finds, which equates to an extra $171 a week on averageFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastEven Australians on median incomes are in rental stress, a new report has found, with households on middle incomes spending 33% of their wages on housing.Last year saw the smallest annual rental increase since 2021, going up 4.8% over the year – down from 8.1% in 20
  
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• Sizewell C cost ‘has doubled since 2020 and could near £40bn’

  14-01-2025 14:57 via theguardian.com
  Treasury expected to decide whether to support EDF-backed nuclear power plant in this year’s spending reviewBusiness live – latest updatesThe cost of building the Sizewell C nuclear power plant in Suffolk has doubled since the plans were presented to the UK government in 2020 and could now reach close to £40bn, according to reports.A rise in construction charges over recent years, combined with cost overruns and delays at EDF’s Hinkley Point C nuclear project in Somerset
  
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• UK bans German meat and dairy products after foot-and-mouth case

  14-01-2025 14:26 via theguardian.com
  
  Import of pork, lamb and beef as well as live cattle, sheep and pigs suspended amid outbreak near BerlinBritain has banned imports of German pork, lamb, beef and dairy products to prevent foot-and-mouth disease spreading to the UK after a case of the disease was confirmed last Friday on the outskirts of Berlin.As well as prohibiting imports of ham, bacon, salami and cheese, the measure bans the import of live cattle, sheep and pigs, along with other animals which are susceptible to foot-and-mout
  
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• Big tech is picking apart European democracy, but there is a solution: switch off its algorithms | Johnny Ryan

  14-01-2025 14:17 via theguardian.com
  
  The latest actions of Musk and Zuckerberg are a sign of things to come, but the EU already has the power to give people back controlElon Musk’s latest attempts at direct political interference illustrate the grave danger that Europe is facing. He has suggested overthrowing the UK government, asking if “America should liberate the people of Britain from their tyrannical government”. Three days after that, he hosted Germany’s far-right candidate for chancellor in forthcomin
  
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• ‘We have enough products on the planet’: Nobody’s Child boss Jody Plows on the ethics of sustainable fashion

  14-01-2025 14:00 via theguardian.com
  
  The chief executive of the clothing label is emphasising traceability and accountability in the supply chain – and looking beyond one season at a timeJody Plows sweeps aside a screen to reveal models, photographers and stylists swishing about the white-walled offices of the Nobody’s Child HQ in Camden.The boss of the fast-growing fashion label, whose clothes have been worn by the likes of Phoebe Dynevor, Poppy Delevingne, Sienna Miller and brand ambassador Fearne Cotton, says she has
  
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• Landlords in England face ban on ‘outrageous’ upfront charges

  14-01-2025 13:10
  
  Angela Rayner amends renters’ rights bill to limit rent that can be charged in advance, as MPs prepare to debate itLandlords in England would be banned from charging more than a month’s rent upfront under changes MPs are due to vote on on Tuesday.Angela Rayner, the housing secretary, has amended her renters’ rights bill to limit the amount of money property owners can demand before a tenant moves in, as part of a package of new protections for those in rented accommodation. Con
  
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• ‘It’s our house, but it’s their home’: tenants and landlords discuss renters’ rights bill

  14-01-2025 13:03 via theguardian.com
  
  As legislation returns to the Commons, hopes rise of an end to no-fault evictions in England, but some fear loopholesLandlords in England face ban on ‘outrageous’ upfront chargesWhen Nicola Jalland, 62, was served with a section 21 no-fault eviction in March 2022 – which means a landlord can oust a tenant for no reason – she was upset to leave the property she had lived in for 11 years. She had made the home a sanctuary, with a garden full of flowers.But when Jalland got
  
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• Google investigated by UK watchdog over search dominance

  14-01-2025 13:00 via theguardian.com
  
  CMA to look at impact on consumers, businesses, advertisers and publishers, as well as collection of dataBusiness live – latest updatesGoogle is being investigated by the UK competition watchdog over the impact of its search and advertising practices on consumers, news publishers, businesses and rival search engines.The tech company accounts for more than 90% of general searches in the UK, according to the Competition and Markets Authority. Continue reading...
  
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• ‘Don’t allow you to go to the bathroom’: big tech’s call center workers in Greece on strike

  14-01-2025 13:00 via theguardian.com
  
  Workers at Teleperformance, customer support company for Apple, Google and Netflix, accuse it of union busting and surveillanceCall center workers for some of the world’s biggest tech companies including Apple, Google, Microsoft and Netflix are accusing their employer of retaliating against union organisers, constantly surveilling staff and even refusing bathroom breaks.In the US or Europe, if you call for technical or customer support from a big tech company, you may be speaking with a wo
  
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• JD Sports cuts profit forecast, blaming big fashion price cuts

  14-01-2025 10:11 via theguardian.com
  Stores beat online arm, in contrast to other listed fashion retailers, such as Marks & Spencer and NextNils Pratley: new year downers are becoming normal at JD SportsJD Sports has cut profit expectations for the second time in eight weeks, blaming heavy discounting across the fashion market.The retailer said it did not expect any growth in sales at established stores during the year and warned that annual profits would be no more than £935m, down from previous hopes of between £9
  
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• Starbucks says people using its coffee shops must buy something

  14-01-2025 09:31 via theguardian.com
  
  Coffee chain reverses policy introduced in North America in 2018 that lets anyone use its facilitiesBusiness live – latest updatesStarbucks has said that people using its coffee shops in North America need to buy something, U-turning on a policy that allowed anyone to use its toilets even if they had not made a purchase.The world’s biggest coffee chain this week published a new code of conduct to be displayed in every US and Canadian shop saying “Starbucks spaces are for use by
  
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• I got zero tolerance for my O for 0 typo at the car park

  14-01-2025 09:30 via theguardian.com
  
  I proved I had paid on the app, but Ealing council insists I pay a fine or go to courtI installed the PayByPhone app to pay for a full day’s parking during a family outing in Ealing, and was surprised to find a parking ticket when I returned hours before the expiry time.I wrote to Ealing council with proof of payment and was even more surprised when it insisted I pay the fine, or go to court. It claimed there was a mistake in my purchase but gave no details. Continue reading...
  
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• Amazon makes ‘largest ever’ UK order of electric trucks to cut carbon emissions

  14-01-2025 09:05 via theguardian.com
  
  Online retailer will also begin its first large-scale deliveries by train and trial heavy post-style cartsBusiness live – latest updatesAmazon is to deploy nearly 150 electric heavy goods vehicles as well as piling packages on to trains and post-style trolleys in an effort to reduce the carbon footprint of delivering goods in the UK.The tech company said it had bought more than 140 electric Mercedes-Benz heavy goods vehicles (HGVs) and eight Volvo lorries – which it says is the UK&rs
  
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• Labour has been sucked into the WFH culture war. It should know better | Polly Toynbee

  14-01-2025 07:00
  
  It’s free, it’s sensible and it makes workers happy. The government needs to accept that this is the new normalYou would be hard-pressed to find a single positive side-effect of the pandemic. If there is one, it is the growing numbers of people who now work from home. Half of workers work from home for at least part of the week now, and many workplaces have thrived because of it. Zoom meetings save time and wasteful travel, employers are free to hire talent from anywhere in the count
  
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• Tokyo drift: what happens when a city stops being the future?

  14-01-2025 06:00 via theguardian.com
  
  Tokyo remains, in the world’s imagination, a place of sophistication and wealth. But with economic revival forever distant, ‘tourism pollution’ seems the only viable plan The yen is low, and everybody is coming to Tokyo. If that sounds familiar, it’s not because I’m being coy or hedging my bets; it is the only information to be found in most English-language coverage of Japan’s capital in the aftermath of the pandemic. I can’t stop reading these accounts
  
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• Save money on cleaning products with these 5 kitchen staples

  14-01-2025 01:51 via express.co.uk
  
  There has been a 34% surge in the cost of cleaning products over the last three years.
  
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