Financial news

• YouTube and Google boycott spreads to US as AT&T and Verizon pull ads

  23-03-2017 15:07 via theguardian.com
  
  Major phone networks express concern over video sharing site and parent company’s inability to guarantee money won’t flow to extremismThe growing advertiser boycott of YouTube has reached the US, with AT&T, Johnson & Johnson, Verizon and Enterprise all halting adverts on the site, as well as Google’s wider ad networks, over the video-sharing site’s inability to guarantee promotional messages won’t appear alongside extremist content.Some of the new members of
  
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• Shell announces $3.5bn share buyback after higher profits than forecast

  02-05-2024 11:37 via theguardian.com
  
  Despite payouts the oil and gas company faces growing investor pressure to address its carbon emissionsShell will shower its shareholders with another $3.5bn (£2.8bn) in share buybacks over the next quarter after reporting better than expected profits of almost $8bn for the first three months of the year.The company announced it would hand investors the multibillion-dollar payouts as it prepares to face a shareholder battle over its climate agenda at its annual general meeting later this m
  
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• UK will be worst performer in G7 next year, OECD forecasts

  02-05-2024 11:12 via theguardian.com
  
  UK constrained by high interest rates, price rises and staff shortages but thinktank offers optimistic outlook for global economyThe UK will be the worst-performing economy in the G7 next year, according to the Organisation for Economic Cooperation and Development, as high interest rates and the lingering effects of last year’s surge in inflation weigh.In a downbeat assessment, the Paris-based thinktank also downgraded its forecast for UK growth this year to 0.4% from a November forecast o
  
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• UK to be slowest-growing G7 economy next year, warns OECD – business live

  02-05-2024 10:18 via theguardian.com
  
  Rolling coverage of the latest economic and financial newsUS Federal Reserve holds interest rates steady as inflation ticks upNovo Nordisk, the Danish pharmaceutical company behind the Wegovy weight loss drug, has beaten profit expectations as demand booms.Novo Nordisk’s sales increased by 22% in the first quarter, while operating profit rose by 27%.“We are pleased with the sales growth in the first three months of 2024, driven by increased demand for our GLP-1-based diabetes and obe
  
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• OECD cuts UK growth forecasts; interest rates to remain higher for longer, Fed indicates – business live

  02-05-2024 09:44 via theguardian.com
  
  Rolling coverage of the latest economic and financial newsUS Federal Reserve holds interest rates steady as inflation ticks upThe OECD blames high interest rates for Britain’s weak growth outlook, after the Bank of England lifted borrowing costs to a 16-year high.It says:“GDP growth is projected to remain sluggish [in the face of a] waning drag from past monetary tightening.”Developments continue to diverge across countries, with softer outcomes in many advanced economies, espe
  
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• Shell unveils new $3.5bn share buy-back after higher profits than expected

  02-05-2024 09:23 via theguardian.com
  
  Despite payouts the oil and gas giant faces growing investor pressure to address its carbon emissionsShell will shower its shareholders with another $3.5bn (£2.8bn) in share buy-backs over the next quarter after reporting better than expected profits of almost $8bn for the first three months of the year.The company reported adjusted earnings of $7.7bn for the first quarter, below the $9.6bn earned in the same quarter last year but well above analyst predictions of $6.5bn. Continue reading.
  
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• ‘I am moving – that is it’: tycoon speaks out about the end of non-dom tax status

  02-05-2024 09:03 via theguardian.com
  
  Entrepreneur Bassim Haidar says ending the break is self-defeating as total UK tax take will fall amid an exodus of the super-rich Bassim Haidar is house hunting. He owns “more than 10 properties” in central London, including a £20m five-bedroom flat near Chelsea’s Sloane Square. But he said he had decided to “urgently” leave the UK to avoid paying millions of pounds in tax after the government and Labour’s plan to scrap the “non-domicile” re
  
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• UK economic outlook has worsened, warns OECD

  02-05-2024 09:00 via theguardian.com
  
  Global forecast contrasts with downbeat assessment for a British economy constrained by high interest rates, price rises and staff shortagesThe UK’s economic outlook has worsened this year as high interest rates and the lingering effects of last year’s surge in inflation take a bigger toll on growth than previously expected, according to the Organisation for Economic Cooperation and Development (OECD).In a downbeat assessment of the potential for the economy to expand in 2024, the Pa
  
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• Higher interest rates make government debt unviable as an economic solution | Kenneth Rogoff

  02-05-2024 08:00 via theguardian.com
  
  Big economies such as the US must change fiscal policy as the realities of debt and inflation biteFor more than a decade, numerous economists – primarily but not exclusively on the left – have argued that the potential benefits of using debt to finance government spending far outweigh any associated costs. The notion that advanced economies could suffer from debt overhang was widely dismissed, and dissenting voices were often ridiculed. Even the International Monetary Fund, tradition
  
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• Goodbye, Bonza airlines, you were taken from us too soon. Thank you for saying g’day even when my flight was delayed | Vivienne Pearson

  02-05-2024 05:18 via theguardian.com
  
  There was a hilarious theme-park element to flying the budget airline, which gave us more than just cheap flights and a bizarre booking systemBye bye Bonza. I will miss you. As someone who lives in regional New South Wales and has family in country Victoria, I am mourning the loss of the only direct Gold Coast to Albury flight. I’m also sad I did not get a chance to fly from Gold Coast to Darwin, a route I’m astonished no other airline offers.In case you’re not yet in the know,
  
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• Has Elon Musk driven Tesla off track?

  02-05-2024 04:00 via theguardian.com
  
  The electric carmaker’s Cybertruck was recalled last month after safety concerns emerged over the accelerator pedal. Kari Paul reportsLast month Tesla recalled its Cybertrucks after malfunctions involving the accelerator pedal were reported. It is the latest blow for the US electric carmaker, which has been hit by a series of embarrassing failures since the Cybertruck was delivered to customers late last year.Kari Paul, a technology reporter for Guardian US, talks to Michael Safi about Tes
  
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• Labour’s ‘new deal for workers’ will not fully ban zero-hours contracts

  01-05-2024 20:20 via theguardian.com
  
  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 via theguardian.com
  
  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 via theguardian.com
  
  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 via theguardian.com
  
  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 via theguardian.com
  
  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 via theguardian.com
  
  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 via theguardian.com
  
  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 via theguardian.com
  
  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 via theguardian.com
  
  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 via theguardian.com
  
  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 via theguardian.com
  
  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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• Pensioner tax warning as HMRC lines up ‘formidable’ powers and may 'seize possessions'

  30-04-2024 16:46 via express.co.uk
  
  Pensioners are paying more tax than ever before and their numbers are set to grow. A tax expert is warning that HMRC is not to be messed with, no matter who you are.
  
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• Nationwide stops lending on some flood-risk properties

  30-04-2024 16:31
  
  Banks may follow suit after UK weather-related claims on home insurance reach new highBritain’s biggest building society has stopped granting mortgages on some properties where there is a high risk of flooding but said this affected only “a very limited number” of homes.Nationwide’s head of property risk, Rob Stevens, said the lender used mapping technology to identify which homes were vulnerable to flooding, and it would decline to grant a mortgage to buy a property it d
  
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• Seven DWP PIP benefits crackdown changes from scrapping payments to NHS 'proof letter'

  30-04-2024 16:14 via express.co.uk
  
  The DWP is looking at changing PIP rules in seven key ways from using NHS doctor's notes to prove health conditions to scrapping payments.
  
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