The great interest rate rip off part 10

[interestrateripoff]

Stocks drop after U.S. jobs data; "flash crash" hits pound

 

NEW YORK Sterling recouped much of its losses on Friday after a stunning plunge on fears over Britain's exit from the European Union, while stocks in major markets fell after a weaker-than-expected U.S. jobs report still did not sway expectations for a U.S. interest rate hike by year-end.

6:55pm BST

TUIfly pay, conditions remain in place; planes grounded

 

FRANKFURT German travel and tourism company TUI AG said it would keep pay and conditions in place for three years for employees of its TUIfly airline unit, amid talks on merging TUIfly with loss-making carrier Air Berlin's leisure business.

6:20pm BST

U.S. job growth slows; markets bet on December rate hike

 

WASHINGTON U.S. employment growth eased for the third straight month in September and the jobless rate rose, but the slowdown was not expected to prevent the Federal Reserve from raising interest rates later this year.

6:10pm BST

IMF unconvinced Greek bailout reforms will produce fiscal goals - Thomsen

 

WASHINGTON The International Monetary Fund is sceptical if Greek reforms under the current euro zone bailout can deliver the fiscal targets set by the lenders, a senior IMF official said on Friday.

6:07pm BST

Global Economy Weekahead - Elusive 2016 Fed interest rate hike coming into focus

 

LONDON The U.S. economy's readiness -- or not -- for an interest rate rise is likely to once again take the global economic spotlight in the coming week, just a month before a hotly contested U.S. presidential election.

5:50pm BST

Brexit impact on economy follows IMF's modest scenario - IMF's Thomsen

 

WASHINGTON The impact of Britain's decision to leave the European Union on the country's economy is so far following a modest scenario envisaged by the International Monetary Fund, the IMF's head of the European Department Poul Thomsen said on Friday.

5:47pm BST

Hammond says BoE remains independent after PM's policy comments

 

WASHINGTON Chancellor Philip Hammond sought to quash speculation that the government wanted to influence the Bank of England after the country's prime minister highlighted the "bad side effects" of its record low interest rates this week.

5:40pm BST

Volatile, falling and unstable, sterling evokes prior UK and emerging FX crises

 

LONDON Sterling's slump to its lowest in more than 30 years against the dollar this week in increasingly volatile trading has raised fears Britain's exit from the European Union could yet trigger a currency crisis like those of 1967, 1976 or 1992.

5:38pm BST

Pound's "flash crash" strains bond, stock market nerves

 

LONDON Sterling lost as much as 10 percent of its value in just a few minutes of trading early on Friday, a "flash crash" that fuelled concerns about the vulnerability of the currency and other British assets to investor worries about Brexit.

5:26pm BST

Germany should spend more, but won't fix Europe's growth alone - IMF

 

WASHINGTON Germany has money in the budget to increase public spending on infrastructure and should do that, the head of the International Monetary Fund's European department said on Friday, but cautioned that this won't solve Europe's slow growth problem.

[interestrateripoff]

Sports Direct cuts profit forecast again after sterling plunge

 

LONDON Struggling British retailer Sports Direct cut its profit forecast for the second time in a month on Friday, saying the latest slump in the pound could wipe up to 35 million pounds off its full-year earnings.

5:20pm BST

'Flash crash' hits sterling; U.S. jobs data weaken dollar

 

NEW YORK Sterling tripped lower on Friday on what traders called a "flash crash" that knocked the currency to a 31-year low, while the dollar slipped on news of unexpectedly weak U.S. job growth in September.

5:17pm BST

Computer-driven funds likely winners from sterling flash crash

 

LONDON Computer-driven hedge funds were most likely the main winners when the British pound lost a tenth of its value to a 31-year low in a matter of minutes on Friday, investors said.

5:17pm BST

Factbox - Sterling "flash crash": who holds British assets?

 

LONDON A 10 percent "flash crash" in sterling on Friday was the latest sign of how far Britain's impending exit from the European Union has rattled financial markets, with the UK's currency, stocks and government bonds all falling for a second straight day.

5:16pm BST

Main Irish opposition set to allow budget to pass

 

DUBLIN Ireland's main opposition party, whose agreement is needed for next week's budget to get through parliament, believes it will pass, its finance spokesman said on Friday.

5:14pm BST

Juncker says EU must be firm over UK's Brexit manoeuvring

 

PARIS European Union members must take a firm stance with Britain over the bloc's free movement of labour rules during Brexit divorce talks, Jean-Claude Juncker, president of the EU's executive body the European Commission, said on Friday.

4:42pm BST

Fighting fires - Samsung struggles to limit damage from smartphone recall

 

SEOUL Heated meetings, sacrificed holidays and teams monitoring social media round-the-clock to track whether there have been any new smartphone fires: Samsung Electronics is still desperately trying to limit the damage of a record global recall announced more than a month ago.

4:37pm BST

VW recalls 281,500 Volkswagen, Audi vehicles in U.S. due to fuel leaks

 

DETROIT Volkswagen AG is recalling about 281,500 Volkswagen and Audi brand vehicles in the United States in three separate recalls, each due to fuel leaks but with different causes, according to a regulatory filing on Friday.

4:34pm BST

Germany raises growth forecast, economy minister calls for more spending

 

BERLIN The German economy will grow slightly faster than expected this year due to state spending on migrants and soaring private consumption, the Economy Minister said on Friday, and he called for more public investment in schools and roads.

4:23pm BST

U.S. court reinstates Apple win over Samsung in patent case

 

NEW YORK A federal appeals court on Friday reinstated a $120 million (96 million pounds) jury award for Apple Inc against Samsung , in another stunning twist in the fierce patent war between the world's top smartphone manufacturers.

Hammond says sterling fall reflects Brexit realisation - Sky News

 

LONDON Chancellor Philip Hammond said sterling's sharp fall this week may reflect investors' realisation that Britain is going to leave the European Union, Sky News reported on Friday.

4:03pm BST

U.S. fine on Deutsche Bank too big, damaging to stability - Dijsselbloem

 

WASHINGTON The fine proposed by the United States for Deutsche Bank is too big and undermines financial stability by pulling out capital from an institution that is trying to recapitalise and restructure, the chairman of euro zone finance ministers said.

4:01pm BST

German companies consider taking symbolic stake in Deutsche Bank - source

 

FRANKFURT Some of Germany's top industrial companies have revived a decades-old network to discuss the possibility of taking a symbolic stake in Deutsche Bank, aiming to help it through its current turmoil, an executive at one of the firms told Reuters.

3:38pm BST

UK to restart selling down stake in Lloyds Banking Group

 

LONDON The British government will resume selling its residual 3.6 billion pound stake in Lloyds Banking Group after a break following the vote in June to leave the European Union.

3:35pm BST

EU clears Irish meat processing merger

 

BRUSSELS The European Commission on Friday cleared the acquisition of Irish meat processing groups Slaney Foods JV and Slaney Proteins by Ireland's ABP Group and Britain's Fane Valley.

3:34pm BST

Britain's economy likely expanded 0.4 percent in third quarter - NIESR

 

LONDON, British economic growth probably slowed in the three months that followed June's Brexit vote, but not by quite as much as the Bank of England expects, a leading think tank said on Friday.

3:29pm BST

Share more or face stagnation, ECB tells euro zone countries

 

WASHINGTON/FRANKFURT Top European Central Bank officials pledged on Friday to keep their stimulus taps open while calling on euro zone governments to pool more of their money and power if they want the euro zone to avoid economic stagnation and be fairer for its citizens.

3:09pm BST

European agency ends Super Puma helicopter flight suspension

 

FRANKFURT European safety regulators said they had lifted a ban on commercial flights of helicopters similar to a Super Puma that crashed in April after manufacturer Airbus Helicopters contained a potential weakness inside the gearbox.

2:50pm BST

Germany's Schaeuble says agrees with IMF on "ultra-loose" monetary policy risks

 

WASHINGTON German Finance Minister Wolfgang Schaeuble said on Friday he agrees with the International Monetary Fund's warnings about the banking system risks associated with "ultra-loose" monetary policy, but said it was not the place of such institutions to supervise European banks.

2:17pm BST

OPEC officials set for flurry of meetings to nail down Algeria deal

 

DUBAI/LONDON OPEC officials are embarking on an unusual flurry of meetings in the next six weeks, OPEC sources said on Friday, to nail down details of their deal to cut production agreed last week in Algiers.

[interestrateripoff]

Thomson Reuters CEO to move to Toronto, launches tech centre

 

Thomson Reuters Corp said it plans to create a new technology centre in Toronto by hiring 400 people over the next two years, and that its chief executive and chief financial officer will move to the Canadian city in 2017.

1:49pm BST

Market gauge of British inflation highest since at least end 2013

 

LONDON A market measure of long-term British inflation rose on Friday to its highest level since the end of 2013 at least as sterling took a dive on growing anxiety that Britain will opt for a "hard" exit from the European Union.

12:42pm BST

EU authorises Italy to extend deadline for sale of four banks

 

ROME The European Commission said on Friday it had authorised an extension of the process for sale of the four small Italian banks Nuova Banca Marche, Nuova Banca Etruria, Nuova Carife and Nuova Carichieti that were rescued from bankruptcy last year.

12:33pm BST

France's Sapin - London cannot remain euro clearing centre: Sky News

 

LONDON French finance minister Michel Sapin said it would be unacceptable for London to remain the main euro clearing centre once it leaves the European Union, in an interview broadcast on Friday.

12:07pm BST

VW has no plans to sell brands, raise capital - Boersen-Zeitung

 

FRANKFURT Volkswagen is not considering the sale of any of its brands or a capital increase to cope with the costs of the emissions scandal, its supervisory board Chairman Hans Dieter Poetsch told German daily Boersen-Zeitung.

11:34am BST

Exclusive - Qatar won't sell Deutsche Bank shares, might buy more: sources

 

DOHA/FRANKFURT Qatari investors who own the largest stake in Deutsche Bank do not plan to sell their shares and could consider buying more if the embattled German bank decides to raise capital, sources familiar with Qatari investment policy told Reuters.

11:26am BST

Avolon buys CIT's $10 billion plane-leasing business in push for scale

 

SINGAPORE/NEW YORK Avolon Holdings, part of China's acquisitive HNA Group, is acquiring CIT Group's aircraft leasing assets worth $10 billion (8.16 billion pounds) in a deal that will create the world's third-largest lessor in a rapidly consolidating sector.

11:15am BST

Cautious view of OPEC deal dampens oil price revival hopes - Reuters poll

 

Oil analysts are not convinced that OPEC's proposal to cut output for the first time since 2008 will result in much higher prices, as doubts run high over the feasibility of the group's decision, a Reuters poll showed on Friday.

11:08am BST

BDI, Finance Ministry decline comment on report companies mulling Deutsche stake

 

BERLIN Germany's BDI business association and the finance ministry have no comment on a report that top German companies are mulling an equity stake in Deutsche Bank, spokespeople said on Friday.

10:42am BST

ABN Amro 'not in play' after Nordea approach - officials

 

AMSTERDAM ABN Amro and its largest shareholder, the Dutch state, are not looking for a buyer and were deeply surprised by an approach by Sweden's Nordea about a merger, an ABN Amro official said on Friday.

EU financial transactions tax group to meet on Monday, no decision expected

 

BRUSSELS A group of 10 European Union countries that support a common financial transactions tax (FTT) will meet on Monday to discuss the issue but no breakthrough is expected yet, two EU officials said on Friday.

10:30am BST

German power group Innogy makes muted market debut

 

FRANKFURT Shares in Innogy, comprising the healthier assets of struggling power group RWE, hovered around their issue price in their stock market debut on Friday after Germany's largest listing in 16 years.

10:26am BST

Innogy has no plans to take stake in Deutsche Bank - CEO

 

FRANKFURT Neither Innogy nor parent RWE are likely to take a stake in Germany's largest lender Deutsche Bank, Innogy's Chief Executive told Reuters on Friday.

10:24am BST

Pound flash crash sends FTSE higher, gilts down

 

LONDON Sterling plummeted as much as 10 cents in just a few minutes of Asian trading on Friday, a "flash crash" that fuelled concerns about the vulnerability of the British currency while adding to the allure of the country's corporate sector.

10:13am BST

Bank of England says looking into cause of sharp fall of sterling

 

LONDON The Bank of England is investigating the cause of a sharp fall in the value of the pound in overnight trading in Asia, a spokesman for the central bank said on Friday.

10:12am BST

Pound plunges, stocks up, economy flat: What do Brexit swings mean for you?

 

LONDON Sterling has tumbled to a 31-year low, but British stocks are near a record high and, contrary to many expert forecasts, the shock of Brexit has not yet pushed the British economy off a cliff.

9:44am BST

HSBC forecasts sterling at $1.10 by end 2017 on Brexit woes

 

LONDON HSBC said on Friday it forecast the pound to drop to $1.10 and parity against the euro by the end of 2017 as fears of a "hard" Brexit intensify.

9:29am BST

Credit Suisse's new Swiss bank to go live on November 21

 

ZURICH Credit Suisse's new subsidiary catering for Swiss retail, private and investment banking clients will go live on Nov. 21 ahead of an initial public offering next year, a bank spokesman said on Friday.

9:19am BST

UK annual house price growth slows to new three-year low

 

LONDON British house prices rose at their slowest pace in more than three years in the three months to September, figures from mortgage lender Halifax showed, adding to signs of a slowdown in the housing market after Britain's Brexit vote in June.

9:09am BST

Sony to return image sensors to full capacity on smartphone pickup

 

KIKUYO-MACHI, Japan Sony Corp's image sensor production will return to full capacity in the October-March half-year due to a pickup in smartphone demand, having spent part of the past year running just under full strength, the head of its chip-making subsidiary said.

[interestrateripoff]

Total sells Atotech chemicals unit to Carlyle for $3.2 billion

 

PARIS Total has agreed to sell its speciality chemicals business Atotech to private equity firm Carlyle Group for $3.2 billion (2.57 billion pounds) , part of a $10 billion asset sale programme the French oil firm hopes to complete by the end of 2017.

8:40am BST

UK hiring steady in September but temporary pay growth slows - REC

 

LONDON British companies kept hiring staff last month after a brief lull around June's European Union membership referendum, but pay growth for temporary workers slowed, a monthly survey of recruitment agencies showed on Friday.

8:37am BST

German industry output rises more than expected in August

 

BERLIN German industrial production rose more than expected in August, posting its biggest increase since January and signalling that the sector will contribute to growth in the third quarter.

8:29am BST

Dutch insurer Delta Lloyd rejects NN Group takeover bid

 

AMSTERDAM Dutch insurer Delta Lloyd on Friday rejected an unsolicited 2.4 billion euro (2.17 billion pounds) takeover bid from larger rival NN Group as being too low but said mergers between Dutch insurers could make sense.

8:23am BST

BP to set up fuel stations in India, challenge state firms' dominance

 

NEW DELHI Global oil major BP plans to open up to 3,500 fuel stations in India, becoming the second overseas firm drawn to rising demand for gasoil and gasoline in the world's fastest growing major economy.

7:57am BST

LG Electronics third-quarter profit down 3.7 percent year on year; mobile worries continue

 

SEOUL South Korea's LG Electronics Inc said on Friday it expects third-quarter operating profit slipped 3.7 percent from a year earlier, as the consumer appliance and smartphone maker was likely hit by continued losses at its mobile division.

7:47am BST

U.S. private equity firm HarbourVest extends $1.35 billion SVG bid

 

U.S. private equity firm HarbourVest Partners said it had extended its $1.35 billion (1.08 billion pounds) offer for smaller rival SVG Capital, even after the British firm accepted an offer for its investment portfolio from Goldman Sachs and the Canada Pension Plan Investment Board.

7:31am BST

UBS says Spain filed request for Swiss assistance in tax matters

 

ZURICH Authorities in Spain have asked for support from Switzerland's tax agency on tax matters, Swiss bank UBS said.

7:30am BST

Deutsche Bank mulls spin-off of asset management - FT

 

FRANKFURT Deutsche Bank is working on a spin-off of its asset management business as one of several options to bolster its capital, the Financial Times reported on Friday, citing people familiar with the matter.

7:08am BST

G20 debated global risks, impact of ultra-easy monetary policy - Japan

 

WASHINGTON Finance ministers from the world's top economies debated global economic risks and the potential impact that ultra-loose monetary policies have on banks' profits, a senior Japanese finance ministry official said on Thursday.

Samsung sees third-quarter profit jump as chip surge eases smartphone recall blues

 

SEOUL South Korea's Samsung Electronics Co expects third-quarter profit grew 5.6 percent, beating estimates, as a pickup in chip and display earnings likely offset the impact of a global smartphone recall that has roiled the tech giant.

4:10am BST

Three more Chinese cities set new curbs on home-buying to prevent bubble

 

HONG KONG Two cities in China's southern Guangdong province and the southeast city of Fuzhou imposed new home buying restrictions on Thursday aimed at preventing a property bubble.

3:54am BST

Yahoo email scan fell under foreign spy law - sources

 

(The story published on October 5th corrects throughout to show court order did not come under Section 702 of FISA. Also corrects headline and 1st paragraph to remove references to soon-expiring law)

3:22am BST

Verizon pushes for $1 billion discount on Yahoo deal - NY Post

 

Verizon Communications is pressing for a $1 billion (807.26 million pounds) discount off its pending $4.8 billion agreement to buy Yahoo , the New York Post reported, citing sources.

2:33am BST

Norway gas plant workers agree wage deal, avoid strike

 

OSLO Workers at three plants serving Norway's gas and oil industry agreed a new wage deal early on Friday, avoiding a strike that could have cut supplies of natural gas to Britain and liquefied natural gas (LNG) to customers worldwide, the negotiators said.

2:32am BST

Waste containment at Samarco mine to be complete by year-end - BHP

 

SYDNEY BHP Billiton expects to complete work by year-end to contain the remaining waste that spewed from the Samarco iron ore project after a dam collapsed last November in Brazil's worst environmental disaster on record.

2:24am BST

UK fashion retailers' sales slump in September heat - BDO survey

 

LONDON Britain's fashion retailers endured a slump in sales in September as unseasonably warm weather deterred sales of autumn and winter collections, industry data showed on Friday.

2:18am BST

IMF chief gives Deutsche Bank tough advice, says need deal on fine

 

WASHINGTON/FRANKFURT IMF chief Christine Lagarde gave Deutsche Bank some tough advice on Thursday, saying Germany's biggest lender needed to reform its business model and rapidly reach a deal with U.S. regulators over a potentially huge fine.

2:14am BST

Snapchat parent working on IPO valuing firm at $25 billion or more - WSJ

 

Photo-sharing app Snapchat's parent is working on an initial public offering that could value the company at $25 billion or more, the Wall Street Journal reported, citing several people familiar with the matter.

2:02am BST

IMF, global finance leaders fret over populist backlash

 

WASHINGTON World finance leaders on Thursday decried a growing populist backlash against globalization and pledged to take steps to ensure trade and economic integration benefited more people currently left behind.

[interestrateripoff]

IMF warns U.S. rate hike could disrupt Asian capital flows

 

WASHINGTON A disorderly reaction to possible U.S. interest rate hikes could disrupt capital flows and heighten asset price volatility in Asia, the International Monetary Fund said on Thursday.

1:50am BST

Worldwide Golf eyes U.S. assets of bankrupt chain Golfsmith - sources

 

Worldwide Golf Shops is exploring an offer for the U.S. business of bankrupt chain Golfsmith International Holdings Inc[GOFTWG.UL], according to people familiar with the matter, as the golf retail sector grapples with the sport's waning popularity.

12:42am BST

IMF official says China should be able to manage yuan transition

 

WASHINGTON China can continue to make progress towards a floating exchange rate over time without a major disruptions to the yuan's value, a senior International Monetary Fund official said on Thursday.

12:19am BST

German companies ready to provide capital for Deutsche Bank - Handelsblatt

 

BERLIN The chief executives of several German blue-chip companies have discussed Deutsche Bank's problems and are ready to offer a capital injection if needed to shore up Germany's largest lender, newspaper Handelsblatt reported on Thursday.

12:16am BST

Deutsche Bank in informal talks about raising capital - Bloomberg

 

Deutsche Bank AG is in informal talks with securities firms to explore options including raising capital should mounting legal bills require it, Bloomberg reported on Thursday.

12:16am BST

BOJ Kuroda calls for prompt solution to Europe's banking woes

 

WASHINGTON Bank of Japan Governor Haruhiko Kuroda on Thursday urged European policymakers to act promptly to solve the region's banking sector problems, signalling a delay could have a negative effect on their economies.

06 Oct 2016

Pimco Income Fund, overseen by Ivascyn, posts $1.2 billion inflow in Sept

 

NEW YORK Investors poured $1.2 billion into the Pimco Income Fund, overseen by group chief investment officer Dan Ivascyn, in September, bringing total assets under management to $66 billion for the portfolio, according to Morningstar data on Thursday.

06 Oct 2016

Hammond says will decide on any further QE 'carefully and cautiously' - CNBC

 

WASHINGTON Any future decision on whether the British government should approve another round of quantitative easing to spur the economy will be taken "carefully and cautiously," Chancellor Philip Hammond said on Thursday.

06 Oct 2016

Delta Lloyd to reject NN Group's 2.4 billion euro offer - Bloomberg

 

Dutch insurer Delta Lloyd NV is planning to reject an unsolicited takeover offer from its larger rival NN Group NV , Bloomberg reported on Thursday, citing people familiar with the matter.

06 Oct 2016

Twitter shares plunge on report bidders are scarce

 

Twitter Inc shares plunged on Thursday as fears mounted that a much-anticipated auction of the social media company will draw minimal interest from potential buyers.

[interestrateripoff]

US Consumer Credit Has Second Biggest Jump On Record, As Student And Car Loans Soar

 

The Coming Collapse Of The World's Biggest Economy

 

A Look Inside The Pound Flash Crash: What Really Happened In Those 30 Seconds

 

US Oil Rig Count Rises For 15th Straight Week To 8 Month Highs

 

New Mega Oil Discovery In Alaska Could Reverse 3 Decades Of Decline

 

Since 2014 The US Has Added 547,000 Waiters And Bartenders And Lost 32,000 Manufacturing Workers

 

Do Our Central Planners Really Believe This Will End Well?

[interestrateripoff]

Fed Whisperer Hilsenrath Kills November Rate Hike Hopes, Plays Down December Too

 

Payrolls Rise 156K, Missing Expectations, Unemployment Rate Rises To 5.0%

 

Gold's Sharp Drop Is "Strategic Buying Opportunity" - Goldman Sees Physical Demand Intact From China

 

Sorry, Central Banks: Risk And Volatility Cannot Be Extinguished

 

Deutsche Bank Explores Capital-Raising Options, "All Unattractive"

[interestrateripoff]

• 
   
  RMT calls for further talks to avert Southern rail strike
   
   
  Published: 7:40 PM
  RMT calls for further talks to avert Southern rail strike
   
  
• 
   
  The Guardian view on industrial policy: consistency, not catchphrases
   
   
  Published: 7:19 PM
  The Guardian view on industrial policy: consistency, not catchphrases
   
  
• 
   
  The Guardian view on whitewashing in the movies: a failure of imagination
   
   
  Published: 7:18 PM
  The Guardian view on whitewashing in the movies: a failure of imagination
   
  

 

 

• 
  
  • Facebook enjoys £11m UK tax credit as it makes £5bn global profit
     
     
    Published: 6:47 PM
    Facebook enjoys £11m UK tax credit as it makes £5bn global profit
     
    
  • TPP trade deal: plain packaging challenge triggered 'hysteria', lawyer tells MPs
     
     
    Published: 6:30 PM
    TPP trade deal: plain packaging challenge triggered 'hysteria', lawyer tells MPs
     
    
  • Money blog Markets fear Trump's economies with the truth but Clinton isn't a cure-all
     
     
    Published: 3:18 PM
    Markets fear Trump's economies with the truth but Clinton isn't a cure-all
     
    
  • World Bank says Paris climate goals at risk from new coal schemes
     
     
    Published: 12:43 PM
    World Bank says Paris climate goals at risk from new coal schemes
     
    
  • Economics viewpoint The World Bank and the IMF won't admit their policies are the problem
     
    Larry Elliott
     
    Published: 12:22 PM
    The World Bank and the IMF won't admit their policies are the problem
     
    
  • Plan to force firms to reveal foreign staff numbers abandoned
     
     
    Published: 11:43 AM
    Plan to force firms to reveal foreign staff numbers abandoned
     
    

  [*]

 

 

• Tesla fights back as Michigan goes to new lengths to shut company out
   
   
  Published: 11:00 AM
  Tesla fights back as Michigan goes to new lengths to shut company out
   
  
• Carmichael mine to be given 'essential' status in sign of Palaszczuk support
   
   
  Published: 9:01 AM
  Carmichael mine to be given 'essential' status in sign of Palaszczuk support
   
  
• The chancellor talked about strong medicine. Time to dish it out
   
  Phillip Inman
   
  Published: 7:00 AM
  The chancellor talked about strong medicine. Time to dish it out
   
  
• Observer business agenda Keep out of business? Certainly not, minister
   
  Simon Goodley
   
  Published: 7:00 AM
  Keep out of business? Certainly not, minister
   
  
• Business leader Beyond the flash crash lies a simple truth: Brexit weakens the pound
   
   
  Published: 6:59 AM
  Beyond the flash crash lies a simple truth: Brexit weakens the pound
   
  
• The loudest sound in Birmingham was of doors being slammed shut
   
  Andrew Rawnsley
   
  Published: 4:29 AM
  The loudest sound in Birmingham was of doors being slammed shut
   
  
• MPs demand vote on hard Brexit plans for UK to leave single market
   
   
  Published: 12:38 AM
  MPs demand vote on hard Brexit plans for UK to leave single market
   
  
• How those born abroad benefit Britain
   
   
   
   
   
  
• 
  
  • Grogonomics Low economic growth: isolationism is not the answer, and government debt is not the villain
     
    Greg Jericho
     
    Published: 9:00 PM
    
    Low economic growth: isolationism is not the answer, and government debt is not the villain
     
    
  • 
     
    eBay pays £1.1m UK tax on revenues it told US investors were £1.1bn
     
     
    Published: 8:00 PM
    eBay pays £1.1m UK tax on revenues it told US investors were £1.1bn
     
    
  • 
     
    Welsh tidal lagoon project could open way for £15bn revolution in UK energy
     
     
    Published: 7:28 PM
    Welsh tidal lagoon project could open way for £15bn revolution in UK energy
     
    
  • A free market in tax is a grotesque reality
     
    Nick Cohen
     
    Published: 5:45 PM
    
    A free market in tax is a grotesque reality
     
    

   

   

  • 
    
    • How art restarted the heart of Swansea’s high street
       
       
      Published: 4:00 PM
      How art restarted the heart of Swansea’s high street
       
      
    • Brexit and the Black Country: two manufacturers navigate a new world
       
       
      Published: 4:00 PM
      Brexit and the Black Country: two manufacturers navigate a new world
       
      
    • After sterling’s terrifying plunge, bosses plead for clarity on the future of Brexit
       
       
      Published: 4:00 PM
      After sterling’s terrifying plunge, bosses plead for clarity on the future of Brexit
       
      
    • Pittsburgh's thriving tech sector brings new life to post-industrial city
       
       
      Published: 12:00 PM
      Pittsburgh's thriving tech sector brings new life to post-industrial city
       
      

   

  [*] Downward mobility Eight years after the Great Recession, recovery still rings hollow

   

   

  Published: 12:00 PM

  Eight years after the Great Recession, recovery still rings hollow

   

Unanswered questions Is Theresa May serious about sorting out rural broadband?

[interestrateripoff]

 

 

 

 

Gatwick: Heathrow will ‘likely fail’ to build runway if it wins bids

 

Bosses at the West Sussex airport say they will push on with plans to build a new runway even if their bid loses out to Heathrow

 

 

 

 

 

13 high-paying jobs for people who don't want to stare at a computer

 

 

 

 

• Facebook pays up £4m corporation tax after campaign pressure
   
  
  
• Q&A: How does Gatwick plan to build a new runway?
   
  
  
• Ben & Jerry’s publicly endorses Black Lives Matter
   
  
  

 

 

 

 

 

 

Pound crash slashes Sports Direct profits by £15m

 

Company took out hedge to protect itself but it had the opposite effect, and profits may be cut by further £20m if sterling remains weak in 2017.

 

 

 

 

 

 

Philip Hammond scraps plan to sell off Lloyds bank shares to public

 

 

 

 

 

 

US adds 156,000 jobs as economy shows signs of resilience

 

 

 

 

 

 

Five charts that show how the pound has been ravaged by Brexit

 

The pound has been easily the worst perfoming of the G10 group of major currencies against the dollar in 2016

 

 

 

 

 

 

 

 

UK trade deficit doubles after Brexit as pound continues to slide

 

Factory output also fell in August, the Office for National Statistics said

 

 

 

 

 

 

Brexit will cause the' pound to fall to €1 and $1.10 by end of 2017'

 

HSBC said sterling has become a political currency

 

 

 

 

 

 

 

 

Mystery 6% pound plunge to be investigated by Bank of England

 

Sterling fell as much as 6 per cent to $1.1841 – the biggest plunge since the Brexit vote

 

 

 

 

 

 

UK businesses more confident now than before Brexit vote

 

Analysts have cautioned that the reality of Brexit has not yet hit as the UK still benefits from free trade with Europe’s 500 million people.

 

 

 

 

 

Pound value crash: Why did sterling plunge by 6% in 2 minutes?

 

 

 

 

 

Mystery over 'flash crash' as pound plunges 6% in 2 minutes

 

 

 

 

 

 

Snapchat preparing IPO that values company at $25bn

 

If Snap Inc offers share sells in that timeframe, it would be the highest valued company to go public since 2014

 

 

 

 

 

 

 

 

Carney downplays rift with Theresa May on Bank's money printing

 

The Bank of England Governor suggested he was not alarmed by the Prime Minister’s words to the Tory Party conference and said he ‘absolutely [did] not’ see them as an attack on the Bank’s independence.

 

 

 

 

 

 

Government will not pursue 'hard Brexit' says Hammond

 

Hammond dismisses claims the Tories have adopted anti-business stance and says London can maintain £440bn euro clearing industry.

 

 

 

 

 

 

 

Brexit could cost Scotland 80,000 jobs and £2,000 per person

 

First Minister Nicola Sturgeon says her government will do 'everything in its power to protect Scotland' from 'serious risks' outlined in new report.

 

 

 

 

 

One of world's first kite-driven power stations to open in Scotland

 

 

 

 

 

Deutsche Bank, Airbnb, and McKinsey use this personality test

 

 

 

 

 

 

Deutsche Bank cuts another 1,000 German jobs as part of global cuts

 

Embattled German lender Deutsche Bank has announced plans to cut 1,000 jobs in Germany, as part of a restructuring plan. This brings the total of jobs being cut in the country to around 4,000.

 

 

 

 

 

 

 

BAE in arms deal with Saudi Arabia despite war crimes allegations

 

British-based weapons maker hopes to seal multi-billion pound fighter jet deal – MPs say there is ‘great weight of evidence’ that UK-made weapons have been used to violate humanitarian law

 

 

 

 

 

Pound hits another 31-year low as Philip Hammond heads to Wall Street

 

 

 

 

 

Sunderland 'worried' about Nissan's threat to put investment on hold

 

 

 

 

 

 

BoE Brexit warning, Swiss bank '[problem]', Monsanto: News in brief, 6 Oct

 

BoE's Broadbent foresees 'insidious' Brexit hit to UK investment; Suspicion over Swiss banks’ alleged link to 1MDB [problem]; Monsanto profit forecast trails estimates.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California overtakes UK to become 'world's fifth largest economy'

 

California has a gross domestic product of $2.46 trillion

 

 

 

 

 

Twitter shares plummet - Apple, Google and Disney 'unlikely' to bid

 

 

 

 

 

UK productivity crawls back to 2007 peak

 

 

 

 

 

 

London can still be world financial hub despite Brexit, claims Hammond

 

'I will do everything I can' to save the industry, Chancellor is to say, as he launches US charm offensive.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pound sterling slide hits EasyJet profits

 

Easyjet pays for fuel in dollars, which makes it more expensive when the pound is weaker

 

 

 

 

• 
  UK defence firms reap $60bn from Pentagon contracts under Obama
   
  
  
• 
  IMF warns of risks to global economy as debt hits record $152trn
   
  
  
• 
  Is Theresa May right about the damaging effect of monetary policy?
   
  
  
• 
  Deutsche Bank: is it too big to fail?
   
  
  
• 
  What do immigrants do for the UK economy?
   
  
  

 

 

 

 

Casino capitalism, inflation, French tourism: Business news in brief

 

Billionaire investor accuses central banks of turning global markets into a casino; consumers unaware of Brexit price hikes in store; French tourism companies call for special police force.

[interestrateripoff]

Facebook paid £4.1m in UK tax last year

 

 

 

 

Facebook says it paid £4.16m in corporation tax in the UK last year, despite turnover more than doubling to £210m.

 

• 9 October 2016
  
• From the section Business
  

 

 

Related content

 

 

• Facebook to pay millions more in tax
  
• Facebook's £4,327 tax bill
  

 

 

 

 

 

 

Firms 'won't need to list foreign staff'

 

UK companies will not be told to list or name foreign workers they employ, the government says - as Labour accuses it of "disarray".

 

• 9 October 2016
  
• From the section UK Politics
  

 

 

Related content

 

 

• Firms 'won't have to name foreign workers'
  
• Don't call me a racist - home secretary
  

 

 

 

 

 

William Hill in £4.5bn merger talks

 

Betting company William Hill is in talks to merge with the owner of poker websites Full Tilt and PokerStars in a £4.5bn deal.

 

• 9 October 2016
  
• From the section Business
  

 

 

Related content

 

 

• William Hill suitors pull out of bid
  
• Football win fails to lift William Hill
  

 

 

 

Business pleads against 'hard' Brexit

 

• 8 October 2016
  
• From the section Business
  

 

 

Replacement Samsung Note 7 catches fire

 

• 9 October 2016
  
• From the section US & Canada
  

 

 

One body to advise on pensions and debt

 

• 9 October 2016
  
• From the section Business
  

 

 

 

 

 

UK first for trade deal - Trump adviser

 

• 8 October 2016
  
• From the section Business
  

 

 

Warning over doorstep mattress sales

 

• 8 October 2016
  
• From the section UK
  

 

 

Hammond urges calm after pound plunge

 

• 7 October 2016
  
• From the section Business
  

 

 

Government abandons Lloyds retail sale

 

• 7 October 2016
  
• From the section Business
  
• comments
  

 

 

Sports Direct hit by slide in pound

 

• 7 October 2016
  
• From the section Business
  

 

 

One man's bid to get the best energy deal

 

• 7 October 2016
  
• From the section Business
  

 

 

 

 

Also in the News

 

 

 

Credit card with fraud-busting display

 

• 7 October 2016
  
• From the section Technology
  

 

 

 

 

What's happened to London's nightlife?

 

• 7 October 2016
  
• From the section London
  

 

 

 

 

Features & Analysis

 

 

 

Gulp... it's Brexit

 

Will the sherry trade lose its sweetness?

 

• 9 October 2016
  
• From the section Europe
  

 

 

 

 

 

Plotting success

 

Three things that could help make a 'UK Google'

 

• 7 October 2016
  
• From the section Business
  

 

 

 

 

 

'Flash crash'

 

What exactly is happening to the pound?

 

• 7 October 2016
  
• From the section Business
  

 

 

 

 

 

 

 

Bright light

 

Is that lamp post watching you?

 

• 7 October 2016
  
• From the section Business
  

 

 

 

 

 

Pound plunge

 

Predictions for where the currency will end the year

 

• 7 October 2016
  
• From the section Business
  

 

 

 

 

 

When businesses mess up

 

From passing up a Google bargain to losing a spacecraft

 

• 6 October 2016
  
• From the section Business
  

 

 

 

 

 

 

Our Experts

 

UK will be first for trade deal - Donald Trump adviser

 

Donald Trump's trade adviser says the UK will be "at front of the queue" for a US trade deal - if the Republican wins the presidential election.

[interestrateripoff]

An Investor’s Plan to Transplant Private Health Care in Africa

 

By LANDON THOMAS Jr.

 

A private equity firm is aiming at an emerging middle class that can afford to hire private doctors and avoid the difficult conditions of public hospitals.

Swarovski, Maker of All Things Bejeweled, Tries On a Hoodie

 

By MARK SCOTT

 

In a village in the Austrian Alps, Swarovski, which has been making crystals for more than a century, is refashioning itself as a tech company.

 

Sign of Thaw With Iran: American Cellphones Ringing in Tehran

 

By THOMAS ERDBRINK

 

AT&T’s partnership with an Iranian company suggests that promises President Hassan Rouhani made long ago of welcoming Western businesses may at last be coming true.

 

Salesforce Shareholders Besiege Possible Twitter Deal

 

By KATIE BENNER and LESLIE PICKER

 

To make acquisitions, Salesforce relies on stock and therefore needs to keep its shareholders happy. And they are not interested in a Twitter deal.

 

Jane Pauley Is Back — Again

 

By JOHN KOBLIN

 

Ms. Pauley was quick to point out the fairly incredible timing of her “Sunday Morning” debut: It will occur almost 40 years after her first day as a co-host on “Today.”

 

News Analysis

 

For Britain’s ‘Brexit’ Bunch, the Party Just Ended

 

By PETER S. GOODMAN

 

A sickening drop in the pound signals that all the illusions around the vote to leave the European Union have been shattered, and that Britain will pay a price.

 

Mylan to Settle EpiPen Overpricing Case for $465 Million

 

By KATIE THOMAS

 

The government said Mylan had wrongly claimed EpiPen as a generic, leading Medicare and Medicaid to overpay for it. The company said the settlement included no admission of wrongdoing.

 

Europe May Finally End Its Painful Embrace of Austerity

 

By PETER S. GOODMAN

 

After years of failing to generate economic growth by cutting government spending, Europe is reassessing austerity.

 

Libya Starts Expanding Oil Exports — for Now, at Least

 

By CLIFFORD KRAUSS

 

A militia has allowed Libya’s National Oil Company to export through ports it controls. The increase in production, however, could offset much of the cuts planned by OPEC.

 

Twitter’s Fate: Marc Benioff of Salesforce Addresses Acquisition Talk

 

By QUENTIN HARDY

 

The tech world has been buzzing since it heard that the online software company Salesforce was interested in bidding for Twitter.

 

U.S. Economy, Showing Resilience, Added 156,000 Jobs Last Month

 

By NELSON D. SCHWARTZ

 

A bright spot in a fairly steady report was the participation rate, which rose as almost 500,000 people entered the labor force.

 

The Upshot

 

How Trump and Clinton Can Interpret This Jobs Report

 

By NEIL IRWIN

 

The numbers are such that Hillary Clinton can argue that the economy continues to improve, and Donald Trump can argue that things haven’t improved enough.

[interestrateripoff]

• 09 Oct 2016, 5:17pm Facebook gets £11m tax credit, after vowing to pay more to taxman
   
   
   
  
• 09 Oct 2016, 4:32pm China must wean itself off debt addiction if it is to avoid financial calamity, warns IMF chief
   
   
   
  
• 09 Oct 2016, 4:10pm Duchess of Cambridge favourite Monica Vinader sparkles with jump in sales
   
   
   
  
• 08 Oct 2016, 4:50pm Comment: The world finally realises that yes, Brexit means Brexit
   
   
   
   
   
   
   
   
  
• 09 Oct 2016, 7:13pm The Guinness story books a record for tourism numbers - and a profit to boot
   
   
   
  

 

 

 

 

 

• 09 Oct 2016, 11:57am Comment: The UK’s economic interests are not the same as those of self-interested business leaders
   
   
   
   
  
• 08 Oct 2016, 4:10pm Comment: Hard Brexit shouldn't carry the can for sterling's woes
   
  Comment: Twitter bid flop: Blue bird of unhappiness is flying backwards
   
   
   
   
   
  
• 
   
   
  
• Comment: Government must commit to fundamental reform
   
  Business confidence bounces back as firms voice optimism on Britain's future
   
   
   
  

Australian negotiators arrive to begin post-Brexit trade talks

 

 

• 
  

[interestrateripoff]

Euro zone economy resilient to recent shocks - ECB's Constancio

 

WASHINGTON The euro zone economy is proving surprisingly resilient to a series of recent shocks and growth remains on a steady path in line with projections, European Central Bank Vice President Vitor Constancio said on Sunday.

3:10pm BST

Pound slump exacerbates Brexit impact for German exporters - DIHK

 

BERLIN Britons' vote to leave the European Union is already affecting German exports to Britain and a drop in sterling, which hit a 31-year low on Friday, is making things worse, Germany's DIHK Chambers of Industry and Commerce has said.

6:31pm BST

Facebook reports 11 million pounds UK tax credit as revenues soar

 

LONDON Facebook said its main UK subsidiary generated an 11-million-pound tax credit in 2015 even as revenues soared, thanks to its tax efficient structure, accounts published on the weekend showed.

7:16pm BST

Elusive 2016 Fed interest rate hike coming into focus

 

LONDON The U.S. economy's readiness -- or not -- for an interest rate rise is likely to once again take the global economic spotlight in the coming week, just a month before a hotly contested U.S. presidential election.

7:32pm BST

Tesla's Musk says will not have to raise funds in Q4

 

Tesla Motors Inc Chief Executive Elon Musk on Sunday said the company would not need to raise equity or corporate debt in the fourth quarter for its planned acquisition of SolarCity Corp , contradicting a filing the company made with regulators last week.

5:44pm BST

Deutsche Post committed to Britain despite Brexit vote

 

LONDON Deutsche Post DHL remains committed to Britain despite its vote to leave the European Union and so far it has been business as usual for its customers, the company's finance chief said.

1:51pm BST

Credit Suisse places five employees on leave over tax probe

 

ZURICH Credit Suisse has placed five employees on leave while it carries out an internal investigation related to tax matters, the Swiss bank said on Sunday.

2:59pm BST

Deutsche Bank says derivatives exposure fears overblown - paper

 

FRANKFURT Deutsche Bank is continuing to cut back the size of its derivatives book, which is not as risky as investors may believe, Chief Risk Officer Stuart Lewis told German weekly paper Welt am Sonntag.

2:03pm BST

UberEats to expand to Berlin in 2017: Tagesspiegel

 

FRANKFURT Ride hailing business Uber Technologies [uBER.UL] will offer takeaway meal delivery services in Berlin in 2017 using bicycle courier services, Uber's manager in Germany, Christoph Weigler, told Germany's Tagesspiegel newspaper.

3:54pm BST

IMF says still engaged with Greece, no decision yet on bailout role

 

WASHINGTON The International Monetary Fund said on Sunday it is still fully engaged in talks to join the Greek bailout program and has not yet decided on what role it will take.

[interestrateripoff]

Israel's Bank Leumi CEO sees return to dividends in 2017 -report

 

JERUSALEM Bank Leumi , Israel's second-largest bank, expects to resume paying dividends in 2017 as it is very close to clearing a key regulatory hurdle, its chief executive said.

2:27pm BST

Deutsche Bank says derivatives exposure fears overblown - paper

 

FRANKFURT Deutsche Bank is continuing to cut back the size of its derivatives book, which is not as risky as investors may believe, Chief Risk Officer Stuart Lewis told German weekly paper Welt am Sonntag.

2:03pm BST

Deutsche Post committed to Britain despite Brexit vote

 

LONDON Deutsche Post DHL remains committed to Britain despite its vote to leave the European Union and so far it has been business as usual for its customers, the company's finance chief said.

1:51pm BST

Banks ponder the meaning of life as Deutsche agonises

 

WASHINGTON It wasn't just Deutsche Bank that was grappling with big questions about the future at the International Monetary Fund meetings in Washington last week.

12:12pm BST

Risks in China's banking system controllable even as bad loans rise - PBOC Zhou

 

BEIJING Risks in China's banking system are controllable even as bad loans increase, said the governor of the country's central bank.

11:33am BST

VW CEO Mueller had no knowledge of diesel scandal - Bild am Sonntag

 

FRANKFURT Volkswagen Chief Executive Matthias Mueller had no knowledge of the carmaker's diesel emissions cheating scandal, Germany's Bild am Sonntag newspaper said, citing a report by Jones Day, the lawfirm tasked with investigating the scandal.

11:22am BST

Australia's Rinehart and China's Shanghai CRED agree deal for Kidman cattle empire

 

SYDNEY Australia's richest woman Gina Rinehart and Chinese developer Shanghai CRED have agreed on a deal to jointly purchase S. Kidman & Co, the country's largest private land holding, for A$365 million ($276.8 million), the companies said on Sunday.

9:59am BST

Iraq's oil minister wants country to increase output in 2017

 

BAGHDAD Iraq's oil minister has urged oil and natural gas producers operating in the country to continue increasing output next year, the oil ministry said in a statement on Sunday.

9:22am BST

IMF's Lipton likes Bank of Japan policy revamp, calls for more 'arrows'

 

WASHINGTON International Monetary Fund First Deputy Managing Director David Lipton welcomed the Bank of Japan's new policy framework as a boost to its credibility, but called for more vigorous fiscal and structural policies to reflate a fragile economic recovery.

2:14am BST

BOJ's Kuroda vows to cut rates, buy more assets to fight shocks

 

WASHINGTON Bank of Japan Governor Haruhiko Kuroda said on Saturday the central bank will deepen negative interest rates or expand asset purchases if external shocks hit the economy and make the need for further monetary easing "substantial."

UK working to get pension funds to finance infrastructure - Sunday Telegraph

 

LONDON Britain's government is working to find ways to get domestic pension funds to invest in new nuclear power, rail and broadband projects ahead of a mid-year budget statement next month, the Sunday Telegraph reported late on Saturday.

08 Oct 2016

Italy must get all possible budget flexibility, but debt must fall - EU

 

WASHINGTON Italy can count on all the flexibility European Union budget rules can offer with its 2017 budget but it should not increase its already very high debt, European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Saturday.

08 Oct 2016

Spain may grow more than 3.1 percent in 2016; will miss 2017 deficit goal

 

MADRID Spain's economy may grow by more than 3.1 percent in 2016, up from the current official target of 2.9 percent, despite political deadlock, acting Economy Minister Luis de Guindos told reporters in Washington on Saturday.

08 Oct 2016

IMF steering committee calls on members to use all tools to boost growth

 

WASHINGTON The International Monetary Fund's steering committee on Saturday called on member countries to use all policy tools to support a global economic recovery that continues "slowly and unevenly."

08 Oct 2016

ECB could hit inflation target by late 2018, early 2019 -Draghi

 

WASHINGTON Euro zone inflation could approach the ECB's target by late 2018 or early 2019 and so far there is no evidence that super-easy monetary policy is leading to asset price bubbles, European Central Bank President Mario Draghi said on Saturday.

08 Oct 2016

Germany's Schaeuble says too much talk on Deutsche Bank

 

WASHINGTON German Finance Minister Wolfgang Schaeuble said on Saturday that there has been too much talk about the fortunes of Deutsche Bank after the U.S. government said it would levy a $14 billion (11 billion pounds) fine on the bank.

08 Oct 2016

Philip Hammond names HSBC economist as senior advisor

 

LONDON British finance minister Philip Hammond has appointed HSBC's chief European economist, Karen Ward, to advise him as the country prepares to leave the European Union, the finance ministry said on Saturday.

08 Oct 2016

Odebrecht patriarch leads Brazil plea deal talks -Estado

 

SAO PAULO The eldest member of Brazil's Odebrecht family is personally spearheading negotiations between executives of his namesake engineering conglomerate and federal prosecutors for a potential plea deal in Brazil's biggest-ever corruption probe, O Estado de S.Paulo newspaper reported on Saturday.

[interestrateripoff]

German banks' group wants uncertainties in sector settled soon

 

WASHINGTON The sooner uncertainties in Germany's banking sector can be settled the better, the head of the BdB banking association, Michael Kemmer, said on Saturday.

08 Oct 2016

Indonesia asks Japan to work on Jakarta-Surabaya train project

 

JAKARTA Indonesia has invited Japan to submit proposals to work on a railway line connecting Jakarta to its second-biggest city Surabaya, the transport minister told Reuters on Saturday.

08 Oct 2016

Beijing says China to improve access for foreign companies

 

BEIJING China's State Council, or cabinet, said on Saturday the country is committed to improve access for foreign companies in China, as part of "a new round of high-level opening up".

08 Oct 2016

Beijing, Shanghai propose curbs on who can drive for ride-hailing services

 

BEIJING Regulators in Beijing and Shanghai are proposing restrictions on who can operate as drivers for ride-hailing services such as Didi Chuxing and Uber [uBER.UL], possibly making it tougher for those services to recruit drivers.

08 Oct 2016

UK businesses urge government to rule out 'worst' Brexit options

 

LONDON Britain's government needs to immediately rule out leaving the European Union without securing preferential access to the bloc's single market, or investment will suffer, the head of a leading business organization said on Saturday.

08 Oct 2016

German push to ban combustion-engine cars by 2030 wins support

 

FRANKFURT A proposal to stop sales of new combustion-engine cars by 2030 has gained cross-party support in Germany's Bundesrat, the country's upper house of parliament, Der Spiegel reported.

08 Oct 2016

For Scottish shortbread maker, sterling crunch pushes up Brexit costs

 

HUNTLY, Scotland Sterling's plunge since Britain voted to leave the European Union has pushed up costs so much for Scottish shortbread maker Bill Dean that he may have to lift prices to balance the books.

08 Oct 2016

Pound's "flash crash" strains bond, stock market nerves

 

LONDON Sterling lost as much as 10 percent of its value in just a few minutes of trading early on Friday, a "flash crash" that fuelled concerns about the vulnerability of the currency and other British assets to investor worries about Brexit.

08 Oct 2016

Fighting fires - Samsung struggles to limit damage from smartphone recall

 

(Correcting story first sent on Thursday without changes to text. Subscribers please note that the earlier text version went out with a set of pictures that have since been withdrawn.)

08 Oct 2016

Kuroda says BOJ easing alone can't achieve balanced growth

 

WASHINGTON Bank of Japan Governor Haruhiko Kuroda said it was hard to achieve balanced economic growth with monetary policy alone, adding that G20 nations shared the view fiscal and structural policies must also play a key role in boosting growth.

U.S.' Lew says must avoid competitive devaluation in meeting with Aso

 

WASHINGTON U.S. Treasury Secretary Jack Lew stressed the importance of adhering to a Group of 20 agreement to refrain from competitive currency devaluation in a meeting with his Japanese counterpart Taro Aso, the U.S. Treasury Department said on Friday.

08 Oct 2016

VW, Audi recall 334,000 vehicles in North America due to fuel leaks

 

DETROIT Volkswagen AG is recalling about 334,000 Volkswagen and Audi brand vehicles in the United States and Canada in three separate recalls, each due to fuel leaks but with different causes, U.S. safety regulators and VW said on Friday.

08 Oct 2016

Ireland still sees 2016 tax take almost 2 percent above target

 

DUBLIN Ireland still expects to collect almost 2 percent more tax than expected this year despite waning outperformance in recent months, the country's finance ministry said on Saturday.

08 Oct 2016

Congresswoman raises concerns about VW settlement oversight

 

SAN FRANCISCO/WASHINGTON A settlement with U.S. regulators gives Volkswagen AG too much authority over how to spend $2 billion on electric vehicle technology, a U.S. congresswoman from California said this week in a letter, echoing concerns from states and others who fear the German automaker gains undue influence in the deal.

08 Oct 2016

Mylan to pay $465 million over EpiPen Medicaid rebate dispute

 

Mylan NV on Friday said it will pay $465 million to settle questions of whether it underpaid U.S. government healthcare programs by misclassifying its EpiPen emergency allergy treatment, which has come under intense scrutiny after a series of drastic price increases.

08 Oct 2016

U.S. pressed to disclose secret court's order on Yahoo email search

 

SAN FRANCISCO A U.S. senator and civil groups critical of surveillance practices on Friday called on the government to release a 2015 order by a secret court directing Yahoo to scan all its users' incoming email, saying it appeared to involve new interpretations of at least two important legal issues.

08 Oct 2016

Greece likely to get part or all of next loan tranche on Monday - sources

 

WASHINGTON Euro zone finance ministers are likely to approve on Monday the disbursement of much or all of the money from the 2.8 billion euro ($3.14 billion) tranche of loans Greece is waiting for, two senior euro zone officials said on Friday.

08 Oct 2016

Exclusive: William Hill, GVC among bidders for Canada's Amaya Inc - sources

 

TORONTO Canadian online gambling company Amaya Inc has received strong interest from other companies in the industry and some private equity firms, according to two sources familiar with the situation.

08 Oct 2016

Argentina expects $1.8 billion investment from renewable energy auction

 

BUENOS AIRES Argentina expects investment of $1.8 billion from 17 renewable energy projects awarded in an auction to generate 1,109 megawatts of power, the government said on Friday, as it tries to lessen dependence on imported power.

08 Oct 2016

Finance leaders issue fresh warnings amid Deutsche worries, pound rout

 

WASHINGTON World finance leaders issued fresh warnings about economic stability risks on Friday amid worries about a massive U.S. fine for Deutsche Bank destabilising Germany's largest bank, a sharp fall in the British pound and weak global growth.

[interestrateripoff]

Deutsche Bank Tells Investors Not To Worry About Its €46 Trillion In Derivatives

 

Never. Been. Higher.

 

Deutsche Bank CEO Returns Home Empty-Handed After Failing To Reach 'Deal' With DOJ: Bild

 

Ray Dalio Warns A 1% Rise In Yields

 

Globalization Is Done

 

Deutsche Bank Raises $3 Billion In Debt, As Hedge Fund Explains What Its "Bail-In" Would Look Like

 

Doomed To Failure

 

Would Lead To Trillions In Losses

[interestrateripoff]

• 
   
  Science Museum should drop Statoil sponsorship of children’s gallery
   
   
  Published: 8:19 PM
  Science Museum should drop Statoil sponsorship of children’s gallery
   
  
• 
   
  Theresa May's local council set to spend £50,000 to fight Heathrow runway
   
   
  Published: 8:11 PM
  Theresa May's local council set to spend £50,000 to fight Heathrow runway
   
  
• 
   
  Uber’s main UK business paid only £411,000 in tax last year
   
   
  Published: 8:05 PM
  Uber’s main UK business paid only £411,000 in tax last year
   
  

 

 

• 
  
  • JCB pulls out of Confederation of British Industry in Brexit row
     
     
    Published: 8:01 PM
    JCB pulls out of Confederation of British Industry in Brexit row
     
    
  • Fall in sterling is a welcome change, says Mervyn King
     
     
    Published: 7:47 PM
    Fall in sterling is a welcome change, says Mervyn King
     
    
  • Nils Pratley on finance In poker terms, Amaya is offering William Hill a marginal hand
     
     
    Published: 7:42 PM
    In poker terms, Amaya is offering William Hill a marginal hand
     
    
  • Eurogroup ministers back further bailout loans for Greece
     
     
    Published: 7:33 PM
    Eurogroup ministers back further bailout loans for Greece
     
    
  • Give regulator veto over takeovers that strain pensions, says IoD chair
     
     
    Published: 7:12 PM
    Give regulator veto over takeovers that strain pensions, says IoD chair
     
    
  • Workplace: now you can use Facebook at work – for work
     
     
    Published: 6:26 PM
    Workplace: now you can use Facebook at work – for work
     
    

  [*]

 

 

• Samsung Galaxy Note 7 crisis deepens with reports of production halt
   
   
  Published: 6:22 PM
  Samsung Galaxy Note 7 crisis deepens with reports of production halt
   
  
• France offers help to banks considering Paris move after Brexit vote
   
   
  Published: 5:50 PM
  France offers help to banks considering Paris move after Brexit vote
   
  
• Twitter shares dive 14% after potential bidders reportedly lose interest
   
   
  Published: 4:47 PM
  Twitter shares dive 14% after potential bidders reportedly lose interest
   
  
• Shortcuts Why yellow is old hat on building sites
   
   
  Published: 4:36 PM
  Why yellow is old hat on building sites
   
  
• Pound continues to fall against dollar amid 'hard Brexit' fears
   
   
  Published: 4:23 PM
  Pound continues to fall against dollar amid 'hard Brexit' fears
   
  
• Mitie's chief executive steps down after 'decade at the top'
   
   
  Published: 4:03 PM
  Mitie's chief executive steps down after 'decade at the top'
   
  
• Heathrow third runway expansion wins backing of Scottish government
   
   
  Published: 2:27 PM
  Heathrow third runway expansion wins backing of Scottish government
   
  
• Three-day Southern rail strike to go ahead despite legal challenge
   
   
  Published: 1:59 PM
  Three-day Southern rail strike to go ahead despite legal challenge
   
  
• Business live Pound hovers around $1.240 as businesses fear 'hard Brexit' – as it happened
   
   
  Published: 1:17 PM
  Pound hovers around $1.240 as businesses fear 'hard Brexit' – as it happened
   
  
• ‘I had to leave the job I loved’: dealing with mental health problems at work
   
  Guardian readers and Tess Riley
   
  Published: 1:16 PM
  ‘I had to leave the job I loved’: dealing with mental health problems at work
   
  
• Economics blog Nobel prize in economics 2016 awarded to Oliver Hart and Bengt Holmström - as it happened
   
   
  Published: 1:15 PM
  Nobel prize in economics 2016 awarded to Oliver Hart and Bengt Holmström - as it happened
   
  
• Nobel economics prize winners' work unlocks issues around executive pay
   
   
  Published: 1:06 PM
  Nobel economics prize winners' work unlocks issues around executive pay
   
  
• Nobel economics prize won by Oliver Hart and Bengt Holmström
   
   
  Published: 12:46 PM
  Nobel economics prize won by Oliver Hart and Bengt Holmström
   
  
• Women should be given more top jobs – and not just in times of crisis
   
  Shellye Archambeau
   
  Published: 12:30 PM
  Women should be given more top jobs – and not just in times of crisis
   
  
• Prices will shoot up if UK fails to get EU single market access, retailers warn
   
   
  Published: 11:59 AM
  Prices will shoot up if UK fails to get EU single market access, retailers warn
   
  
• Deutsche Bank shares slide again after fresh speculation over US penalty
   
   
  Published: 11:00 AM
  Deutsche Bank shares slide again after fresh speculation over US penalty
   
  
• The Nobel prize in economics takes too little account of social democracy
   
  Avner Offer
   
  Published: 10:59 AM
  The Nobel prize in economics takes too little account of social democracy
   
  
• Global demand for energy will peak in 2030, says World Energy Council
   
   
  Published: 8:38 AM
  Global demand for energy will peak in 2030, says World Energy Council
   
  
• Facebook enjoys £11m UK tax credit despite £5bn global profit
   
   
  Published: 8:28 AM
  Facebook enjoys £11m UK tax credit despite £5bn global profit
   
  
• Amber Rudd's plan to force firms to reveal foreign staff numbers abandoned
   
   
  Published: 8:02 AM
  Amber Rudd's plan to force firms to reveal foreign staff numbers abandoned
   
  
• The secret life The secret life of a supermarket manager: My store feels like a second home
   
  Anonymous
   
  Published: 8:00 AM
  The secret life of a supermarket manager: My store feels like a second home
   
  
• Shortcuts How to get ahead in the office – with help from Team GB’s psychologists
   
   
  Published: 7:00 AM
  How to get ahead in the office – with help from Team GB’s psychologists
   
  
• Consumer champions Charity begins in Nepal with HP cartridges
   
   
  Published: 7:00 AM
  Charity begins in Nepal with HP cartridges
   
  
• 'Mental health is not only about darkness and depression'
   
   
  Published: 7:00 AM
  'Mental health is not only about darkness and depression'
   
  
• Hard Brexit risks destroying UK's open economy, says CBI chief
   
   
  Published: 3:09 AM
  Hard Brexit risks destroying UK's open economy, says CBI chief
   
  
• Brexit fears lead large UK companies to plan lower investment
   
   
   
   
   
  

[interestrateripoff]

 

 

 

 

What Britain's Nobel Prize-winning economist had to say about Brexit

 

Hart’s comments came in the run-up to Britain’s historic referendum on whether to leave the EU

 

 

 

 

 

Nobel Prize for economics awarded to Oliver Hart and Bengt Holmström

 

 

 

 

• RBS executives must be held to account over small business scandal
   
  
  
• William Hill's Amaya merger looks like a bad bet
   
  
  
• Nobel prize in economics highlights debate over CEO pay
   
  
  

 

 

 

 

 

 

Mexican peso rises after Trump-Clinton debate, pound still vulnerable

 

The moves came after candidates exchanged barbs during US presidential debate following the emergence of a 2005 video on which the Republican candidate speaks crudely about women.

 

 

 

 

 

 

Deutsche Bank fails to reach deal over $14bn fine

 

 

 

 

 

 

Goldman Sachs could move 2,000 jobs out of the UK, says report

 

 

 

 

 

 

RBS documents leak reveals 'shocking' conduct says Andrew Tyrie MP

 

New documents show bank gave bonuses to staff who could identify firms to be ‘restructured’.

 

 

 

 

 

 

 

 

Samsung stops Galaxy Note 7 production as crisis deepens

 

Even new safe versions have reportedly caught fire, forcing Samsung to suspend production according South Korean reports

 

 

 

 

 

 

Brexit could lead to higher prices for shoppers, retailers warn

 

The average duty on meat imports could be as high as 27 per cent, while clothing and footwear would attract tariffs of up to 16 per cent

 

 

 

 

 

 

 

 

Brexiteers are ashamed of attracting the best talent, says CBI chief

 

'They regard it as an indication that it is somehow a shameful thing to be attracting the best talent from around the world, rather than a source of pride,' Fairbairn said

 

 

 

 

 

 

Why the plummeting pound sterling is good news for Britain

 

A former International Monetary Fund official argues that the sharp decline in the value of the UK currency will help the British economy to rebalance and grow sustainably

 

 

 

 

 

Sterling struggles to recoveras investors brace for further falls

 

 

 

 

 

Gatwick: Heathrow will ‘likely fail’ to build runway if it wins bid

 

 

 

 

 

 

Facebook pays up £4m corporation tax after campaign pressure

 

The firm had been criticised for contributing just £4,327 in 2014

 

 

 

 

 

 

 

 

13 high-paying jobs for people who don't want to stare at a computer

 

Some of these pay really well

 

 

 

 

 

 

Q&A: How does Gatwick plan to build a new runway?

 

Gatwick plans to press ahead with a second runway regardless of the outcome of the Government’s decision over airport expansion in the South-east. Simon Calder explains the obstacles ahead

 

 

 

 

 

 

 

Ben & Jerry’s publicly endorses Black Lives Matter

 

"All lives will not matter until black lives matter"

 

 

 

 

 

Pound crash slashes Sports Direct profits by £15m

 

 

 

 

 

Philip Hammond scraps plan to sell off Lloyds bank shares to public

 

 

 

 

 

 

US adds 156,000 jobs as economy shows signs of resilience

 

Steady progress will encourage Federal Reserve policy makers to follow through on their forecast for an interest-rate increase by the end of 2016.

 

 

 

 

 

 

 

Five charts that show how the pound has been ravaged by Brexit

 

The pound has been easily the worst perfoming of the G10 group of major currencies against the dollar in 2016

 

 

 

 

 

UK trade deficit doubles after Brexit as pound continues to slide

 

 

 

 

 

Brexit will cause the' pound to fall to €1 and $1.10 by end of 2017'

 

 

 

 

 

 

Mystery 6% pound plunge to be investigated by Bank of England

 

Sterling fell as much as 6 per cent to $1.1841 – the biggest plunge since the Brexit vote

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UK businesses more confident now than before Brexit vote

 

Analysts have cautioned that the reality of Brexit has not yet hit as the UK still benefits from free trade with Europe’s 500 million people.

 

 

 

 

 

Pound value crash: Why did sterling plunge by 6% in 2 minutes?

 

 

 

 

 

Mystery over 'flash crash' as pound plunges 6% in 2 minutes

 

 

 

 

 

 

Snapchat preparing IPO that values company at $25bn

 

If Snap Inc offers share sells in that timeframe, it would be the highest valued company to go public since 2014

[interestrateripoff]

Pound below one euro at many airports

 

 

 

 

Many travellers buying foreign currency at some of the UK's airports are now receiving less than one euro to the pound.

 

• 10 October 2016
  
• From the section Business
  
• comments
  

 

 

Related content

 

 

• What's happening to the pound?
  
• Sports Direct hit by slide in pound
  
• Hammond urges calm after pound plunge
  
• Viewpoints: How low can the pound go?
  

 

 

 

 

 

 

Special payments made to select BHS staff

 

Panorama investigation finds that Sir Philip Green's Arcadia paid £2m to favoured BHS staff.

 

• 10 October 2016
  
• From the section Business
  

 

 

Related content

 

 

• Green should 'pay BHS pensioners'
  
• Last BHS stores closed after 88 years
  

 

 

 

 

 

Live Business Live: JCB quits CBI amid Brexit claims

 

UK manufacturer JCB quits CBI employers' group; The pound sinks to around the $1.23; FTSE 100 ends up

 

• From the section Business
  

 

 

 

 

 

Oil price lifted by Russia's Opec pledge

 

• 10 October 2016
  
• From the section Business
  

 

 

UK sellers halt Samsung Note 7 exchanges

 

• 10 October 2016
  
• From the section Business
  

 

 

'Gig' economy all right for some

 

• 10 October 2016
  
• From the section Business
  

 

 

 

 

 

Royal Mail 'failing to tackle' fraud

 

• 10 October 2016
  
• From the section Business
  

 

 

Economists win Nobel for contract theory

 

• 10 October 2016
  
• From the section Business
  

 

 

Retailers warn of Brexit price rises

 

• 10 October 2016
  
• From the section Business
  

 

 

RBS squeezed businesses, leak reveals

 

• 10 October 2016
  
• From the section UK
  

 

 

Deutsche 'fails to reach swift US deal'

 

• 10 October 2016
  
• From the section Business
  

 

 

FTSE 100 closes higher as miners gain

 

• 10 October 2016
  
• From the section Business
  

 

 

 

 

Also in the News

 

 

 

YouTubers warned over fan relationships

 

• 9 October 2016
  
• From the section Technology
  

 

 

 

 

What's happened to London's nightlife?

 

• 7 October 2016
  
• From the section London
  

 

 

 

 

Features & Analysis

 

 

 

A man for all seasons

 

How Izzy Sharp built a popular global hotel chain

[interestrateripoff]

• FTSE 100 closes near record high but pound sinks below $1.24 as Brexit woes persist
   
   
   
  
• 10 Oct 2016, 5:24pm British steel could have gone into Trident subs - but the contract was sent to France
   
   
   
  
• 10 Oct 2016, 3:52pm MPs could re-open RBS probe as leaks reveal 'dash for cash' in 2008
   
   
   
  
• 10 Oct 2016, 5:28pm Profits at Uber's UK arm doubled last year as its drivers racked up more than £100m in fares
   
   
   
  
• 10 Oct 2016, 9:46am Mitie boss Ruby McGregor-Smith quits in wake of profit warning
   
   
   
  
• Work-life balance tops list of young workers’ worries
   
   
   
  
• 10 Oct 2016, 10:32am Brexit gloom has lifted but the big issue still looms large: is the world facing an era of permanent low-growth?
   
   
   
  
• 10 Oct 2016, 12:28am CBI chief warns Theresa May hard Brexit could 'close the door' on an open economy
   
   
   
  
• 10 Oct 2016, 9:46am Mitie boss Ruby McGregor-Smith quits in wake of profit warning
   
   
   
  
• 09 Oct 2016, 9:31pm Bank of England's Mark Carney and Philip Hammond in bank 'war game’
   
   
   
  
• 10 Oct 2016, 12:02pm Protectionism threatens climate change action, warns BHP Billiton
   
   
   
  
• Britain should embrace weaker pound and it needs to fall further, says former BoE govenor and currency guru
   
   
   
  
• 10 Oct 2016, 7:22pm Manufacturing giant JCB ends CBI membership over anti-Brexit stance
   
   
   
  
• 10 Oct 2016, 6:12pm British-born economist Oliver Hart shares Nobel Prize for work on pay and contracts
   
   
   
  
• 10 Oct 2016, 10:32am Brexit gloom has lifted but the big issue still looms large: is the world facing an era of permanent low-growth?
   
   
   
  

[interestrateripoff]

$1.6 Million Bill Tests Tiny Town and ‘Bulletproof’ Public Pensions

 

By MARY WILLIAMS WALSH

 

 

When the hamlet of Loyalton, Calif., withdrew from the state’s pension system, it was told to pay up or its four retirees’ pensions would be slashed.

 

 

 

Kevin Clifford for The New York Times

 

Loyalton, Calif., with a population of just over 700, has just four municipal retirees. When its City Council pulled out of the state public employees’ retirement system in 2012, its bill amounted to more than its total expenditures that year.

 

 

 

 

 

The Moderators

 

Martha Raddatz and Anderson Cooper Steered Debate With Sharp Questions

 

By MICHAEL M. GRYNBAUM

 

The moderators of the second presidential encounter pressed for specifics, asserted facts and responded to criticism from Donald J. Trump in real time.

 

 

 

Critic's Notebook

 

Was That a Debate? Or Were the Candidates Just Trying to Go Viral?

 

By JAMES PONIEWOZIK

 

Donald J. Trump needed to drown out his embarrassing “Access Hollywood” video from 2005. So he tried to bring back 1998, and the Monica Lewinsky scandal.

 

 

 

 

 

 

 

 

 

• Wall St. Is Higher as Oil Prices Climb 12:27 PM ET
  

 

Samsung Halts Galaxy Note 7 Production as Battery Problems Linger

 

By CHOE SANG-HUN

 

The move is a major setback for the world’s largest producer of smartphones, which had been gaining ground against Apple in the high-end market.

 

Oliver Hart and Bengt Holmstrom Win Nobel in Economics for Work on Contracts

 

By BINYAMIN APPELBAUM 22 minutes ago

 

The professors were recognized for their efforts on how best to write the deals that bind together employers and their workers, or companies and their customers.

 

• 50 Comments
  

 

Hollywood’s Queen of Reinvention Takes on ‘Rocky Horror’

 

By BROOKS BARNES

 

Gail Berman, who has championed women throughout her career, is known for her resilience, audacity and taste.

 

How NBC Finished Second on the Trump Video Story

 

By JOHN KOBLIN and MICHAEL M. GRYNBAUM 1:16 PM ET

 

Top NBC officials learned early last week of the video of Donald J. Trump making vulgar remarks about women. But it was The Washington Post that broke the story.

 

Looking for a Choice of Voices in A.I. Technology

 

By QUENTIN HARDY

 

Choosing a voice, which is often young and female, in conversational computing has implications for design, branding or interacting with machines.

 

Coke and Pepsi Give Millions to Public Health, Then Lobby Against It

 

By ANAHAD O’CONNOR 12:13 PM ET

 

A new report documents the beverage industry’s deep financial ties to health groups as part of a strategy to silence critics and gain unlikely allies.

 

• 15 Comments
  

 

The Week Ahead

 

Apple and Samsung Clash in the Supreme Court, and Sony Goes Virtual

 

By THE NEW YORK TIMES

 

The justices will hear arguments about whether Samsung must pay Apple about $400 million for copying part of the iPhone’s design; Sony will offer the $399 PlayStation VR.

[interestrateripoff]

Stronger commodities stocks help FTSE close near record high

 

LONDON Britain's top share index rallied to close near a record high on Monday, with commodities-related stocks surging on the back of strong crude oil and major industrial metals prices.

5:25pm BST

U.S. stocks gain on widening Clinton lead, oil surges

 

NEW YORK U.S. stocks strode higher on Monday, lifted by Hillary Clinton's widening lead in the U.S. presidential campaign and by a surge in oil prices, while sterling was under pressure on concerns Britain will make a hard exit from the European Union.

7:43pm BST

Sterling fails to shake off hard-Brexit blues

 

LONDON Sterling slipped below $1.24 on Monday, extending last week's heavy losses, as investors bet that Britain will undergo a "hard Brexit" - a total split from Europe's single market.

5:08pm BST

RBS's worst-case legal bill could hit $27 billion

 

LONDON Royal Bank of Scotland may have to pay out as much as $27 billion (21.74 billion pounds), roughly the market value of the bank, in misconduct fines and lawsuits over the next few years, lawyers and analysts said.That bill represents the upper end of estimates to settle a range of claims related to RBS's alleged misconduct before and during the financial crisis, including mis-selling mortgage backed securities (MBS) in the United States.

7:10pm BST

Pure Gym to cancel IPO - Sky News

 

Fitness club chain Pure Gym Group Plc will cancel its initial public offering on Tuesday, Sky News reported, citing sources.

8:05pm BST

Apple stock hits highest since December on Samsung Note 7 fire crisis

 

SAN FRANCISCO Apple Inc's stock on Monday jumped 2.3 percent, reaching a high not seen since December, after rival Samsung Electronics Co Ltd suspended production of its flagship Galaxy Note 7 smartphones following reports of fires in replacement devices.

7:53pm BST

EU's Vestager says not investigating Google's European tax deals

 

BRUSSELS EU regulators who are investigating whether Alphabet unit Google is abusing its market power have has not extended their scrutiny to its tax deals with national authorities across Europe, the EU's antitrust chief said on Monday.

6:20pm BST

Anti-Brexit Vitol chief says weak pound helps, risks remain

 

LONDON The head of energy trader Vitol who helped fund the unsuccessful campaign to keep Britain in the European Union said on Monday the pound's demise since the Brexit vote has helped to lower costs for his London offices.

4:08pm BST

Brexit minister says UK has negotiating leverage on financial passporting

 

LONDON Britain will have leverage in talks with the European Union over so-called "passporting" rights, which allow financial services to be sold into the EU states from London, Brexit minister David Davis told parliament on Monday.

6:14pm BST

Global oil producers say possible to reach output cut when OPEC meets

 

ISTANBUL OPEC's top oil producer Saudi Arabia said on Monday a global production deal to limit supplies could be reached by the group's next formal meeting in November, when an invitation to join cuts could be extended to non-OPEC nations such as Russia.

Ford luxury brand Lincoln nearly triples China sales in third quarter

 

DETROIT Ford Motor Co's luxury Lincoln brand nearly tripled its China sales in the third quarter to 8,546 vehicles, the company said on Monday.

7:05pm BST

Oil hits one-year high as Russia ready to join output caps

 

NEW YORK Oil prices jumped as much as 3 percent on Monday, with Brent hitting one-year highs, after Russia said it was ready to join OPEC in curbing crude output and Algeria called for similar commitments from other non-OPEC producers.

6:31pm BST

EU's Vestager says not investigating Google's European tax deals

 

BRUSSELS EU regulators who are investigating whether Alphabet unit Google is abusing its market power have has not extended their scrutiny to its tax deals with national authorities across Europe, the EU's antitrust chief said on Monday.

6:20pm BST

Brexit minister says UK has negotiating leverage on financial passporting

 

LONDON Britain will have leverage in talks with the European Union over so-called "passporting" rights, which allow financial services to be sold into the EU states from London, Brexit minister David Davis told parliament on Monday.

6:14pm BST

RBS denies latest SME claims, lawmaker demands review publication

 

LONDON Royal Bank of Scotland said on Monday there was no evidence it had deliberately caused SMEs to fail, while a senior British lawmaker called for the country's regulator to fix a publication date for a long-delayed review into the allegations.

5:57pm BST

Portugal cab drivers block Lisbon airport in anti-Uber protest

 

LISBON Thousands of Portuguese cab drivers blocked access to Lisbon international airport on Monday to protest government plans to regulate alternative ride-hailing services like Uber, and vowed to maintain their blockade until their demands are met.

5:53pm BST

Danish exports to Britain near 16-year lows in post-Brexit months

 

COPENHAGEN Danish exports to Britain fell in August for the second straight month, official data showed on Monday, after Britons' June vote to leave the European Union sent the pound to its lowest level against the euro for more than five years.

5:49pm BST

Centrica's gas import deal with Dutch firm expires end-2016

 

British utility Centrica's gas import deal for 8 billion cubic meters a year from Dutch company GasTerra will expire at the end of 2016, a Centrica spokesman said on Monday.

5:43pm BST

Stronger commodities stocks help FTSE close near record high

 

LONDON Britain's top share index rallied to close near a record high on Monday, with commodities-related stocks surging on the back of strong crude oil and major industrial metals prices.

5:25pm BST

Global oil producers say possible to reach output cut when OPEC meets

 

ISTANBUL OPEC's top oil producer Saudi Arabia said on Monday a global production deal to limit supplies could be reached by the group's next formal meeting in November, when an invitation to join cuts could be extended to non-OPEC nations such as Russia.

[interestrateripoff]

Global oil producers say possible to reach output cut when OPEC meets

 

ISTANBUL OPEC's top oil producer Saudi Arabia said on Monday a global production deal to limit supplies could be reached by the group's next formal meeting in November, when an invitation to join cuts could be extended to non-OPEC nations such as Russia.

5:11pm BST

Sterling fails to shake off hard-Brexit blues

 

LONDON Sterling slipped below $1.24 on Monday, extending last week's heavy losses, as investors bet that Britain will undergo a "hard Brexit" - a total split from Europe's single market.

5:08pm BST

Mainstream Renewable hopes to raise up to 300 million euros by first quarter - CEO

 

LONDON Mainstream Renewable Power, a wind and solar plant developer, hopes to raise up to 300 million euros (£27 million) by the first quarter of next year to help fund its growth in emerging markets, its chief executive said on Monday.

4:54pm BST

Singapore charges two former BSI bankers in 1MDB-linked probe

 

SINGAPORE Singapore police charged two former BSI bankers on Monday amid an investigation tied to the scandal-hit Malaysian state fund 1MDB that prompted the Singapore central bank to order the local unit of the Swiss private bank to shut down.

4:37pm BST

OPEC chief optimistic of agreement with non-OPEC states on production cut

 

ISTANBUL OPEC Secretary-General Mohammed Barkindo said on Monday he expected to reach a common understanding with non-OPEC countries at a gathering in Istanbul on the implementation of last month's Algiers agreement on cutting oil production.

4:17pm BST

Not forbidden to "help banks reflect" on Paris move after Brexit - Sapin

 

LUXEMBOURG France is helping banks and financial institutions to consider a move from London to Paris after Britain voted to leave the European Union, the French finance minister said on Monday.

4:15pm BST

Anti-Brexit Vitol chief says weak pound helps, risks remain

 

LONDON The head of energy trader Vitol who helped fund the unsuccessful campaign to keep Britain in the European Union said on Monday the pound's demise since the Brexit vote has helped to lower costs for his London offices.

4:08pm BST

Deutsche Bank forced into rethink as strategy overhaul stutters - sources

 

FRANKFURT Threatened with a multi-billion-dollar fine from U.S. regulators, Deutsche Bank's management is rethinking elements of its year-old strategic overhaul that has made faltering progress, people familiar with the matter said.

3:58pm BST

OPEC chief says severe contraction of investment poses threat to oil supply

 

ISTANBUL A sharp contraction in investments poses a threat to global oil supply, Mohammed Barkindo, secretary-general of the Organisation of the Petroleum Exporting Countries, said on Monday at the World Energy Congress in Istanbul.

3:56pm BST

Trafigura says can boost oil volumes further to catch rival Vitol

 

LONDON Commodities trading house Trafigura aims to expand its oil trading business further to rival that of top trader Vitol in the next few years and believes rising barriers to entry into the sector will squeeze out potential newcomers.

Twitter's shares slump on report that potential bidders lose interest

 

Twitter Inc's shares slumped more than 13 percent in early trading on Monday after a weekend Bloomberg report that top potential bidders, including Salesforce.com Inc , had lost interest in making a bid for the company.

2:57pm BST

Vitol sees no oil market supply balance before second half of 2017

 

LONDON The oil market may see supply and demand rebalance if OPEC and Russia deliver a meaningful enough production cut, but it will still take until the second half of 2017, Vitol [VITOLV.UL] chief executive Ian Taylor said on Monday.

2:46pm BST

Putin says Russia ready to join OPEC output freeze

 

ISTANBUL Russia is ready to join a proposed cap on oil output by OPEC members, Russian President Vladimir Putin told an energy congress on Monday.

2:05pm BST

Vitol chief who opposed Brexit says weak pound helps costs

 

LONDON The head of energy trader Vitol who helped fund the unsuccessful campaign to keep Britain in the European Union said on Monday the pound's demise since the Brexit vote has helped to lower costs for his London offices.

1:50pm BST

Far from stepping back, top central banks are set to double down

 

WASHINGTON Central banks' repeated warnings that there are limits to what they can do to bolster the sputtering world economy could suggest they are about to pull back and pass the baton to governments.

1:47pm BST

U.S. top court to hear Apple-Samsung feud over iPhone designs

 

NEW YORK After five years of litigation, the U.S. Supreme Court will hear arguments on Tuesday in the bitter patent dispute between the world's two top smartphone manufacturers over the amount Samsung should pay Apple for copying the iPhone's distinctive look.

1:45pm BST

PE firm HarbourVest offers to buy SVG's investment portfolio

 

Private equity firm HabourVest offered to buy smaller rival SVG Capital's investment portfolio for at least 783.1 million pounds, looking to trump an offer from Goldman Sachs and the Canada Pension Plan Investment Board.

1:38pm BST

Hasenstab heads up new Franklin Templeton global FX fund

 

LONDON U.S. fund manager Franklin Templeton said on Monday it was launching a new global currency fund headed by its star bond investor Michael Hasenstab and one of his chief lieutenants.

1:28pm BST

South Africa's Mondi to buy Russian packaging firm Beepack

 

JOHANNESBURG South Africa's Mondi has signed an agreement to acquire Beepack from a private investor for 41 million euros (37 million pounds) as part of plans to expand its packaging business, the paper group said on Monday.

1:25pm BST

German banks' group wants uncertainties in sector settled soon

 

WASHINGTON The sooner uncertainties in Germany's banking sector can be settled the better, the head of the BdB banking association, Michael Kemmer, said on Saturday.

[interestrateripoff]

Samsung halts Note 7 production after new fire scare - source

 

SEOUL Samsung Electronics Co Ltd has suspended production of its flagship Galaxy Note 7 smartphones, a source said on Monday, after reports of fires in replacement devices added to the tech giant's worst ever recall crisis.

12:57pm BST

British economy losing steam as business investment wilts, surveys show

 

LONDON Britain's economy appears to be losing steam, with major business surveys showing a marked slowdown in the services sector and boardrooms beset by doubt about the future following the country's vote to leave the European Union.

12:47pm BST

Canada's Amaya, Britain's William Hill in talks to merge

 

TORONTO Canadian online gambling company Amaya Inc and British bookmaker William Hill Plc said they were in talks to combine in a merger of equals, confirming a Reuters report about the discussions earlier on Friday.

12:36pm BST

SVG Capital accepts bid from Goldman and Canadian pension fund

 

Britain's SVG Capital accepted an offer from Goldman Sachs and the Canada Pension Plan Investment Board on Thursday, saying it gave shareholders a better return than a hostile bid from U.S. private equity rival HarbourVest.

11:56am BST

China unveils plans to cut corporate debt, to push debt-to-equity swaps

 

BEIJING China unveiled guidelines on Monday to reduce rising corporate debt levels which some analysts fear could destabilise the world's second-largest economy.

11:52am BST

Bank of England moves to clear up SONIA rate setting

 

LONDON The Bank of England said on Monday it planned to change the way a benchmark for interbank lending is calculated as part of its attempts to stamp out the manipulation of key yardsticks in financial markets.

11:46am BST

Growth momentum stable in major economies - OECD

 

PARIS Economic momentum is holding stable in major industrialised economies while growth has settled at a lower rate in Britain after its vote in June to quit the European Union, the OECD's monthly leading indicators showed on Monday.

11:03am BST

UK outsourcing group Mitie's CEO steps down

 

British business and public services outsourcing group Mitie announced the replacement of Chief Executive Ruby McGregor-Smith on Monday, three weeks after a profit warning that sent its shares down by over 28 percent.

10:59am BST

Gold miner SolGold says BHP Billiton offer not in its best interest

 

Gold miner SolGold Plc said on Monday that global miner BHP Billiton Plc's offer to buy a stake in the company to gain exposure to its Cascabel project in Ecuador was not in its best interest.

10:54am BST

Saudi Arabia's Falih says OPEC should not crimp supply too tightly

 

ISTANBUL Saudi Arabia's Energy Minister Khalid al-Falih said on Monday that OPEC should not crimp oil supply too tightly and said he was optimistic a global production deal to limit supplies could be reached by November.

Timeline - Samsung Electronics' Galaxy Note 7 recall crisis

 

SEOUL Samsung Electronics Co suspended production of its flagship Galaxy Note 7 smartphones, a source said on Monday, after reports of fires in replacement devices added to the tech giant's worst ever recall crisis.

10:01am BST

World got cannier at using energy last year - IEA

 

LONDON Global energy efficiency, or the amount of gross domestic product squeezed from a given unit of energy, improved by 1.8 percent last year, the International Energy Agency said in a report on Monday.

9:52am BST

OPEC officials set for flurry of meetings to nail down Algeria deal

 

DUBAI/LONDON OPEC officials are embarking on an unusual flurry of meetings in the next six weeks, OPEC sources said on Friday, to nail down details of their deal to cut production agreed last week in Algiers.

9:47am BST

Sentix index rises in October as euro zone "overcomes Brexit shock"

 

BERLIN, Oct 10 Investor sentiment in the euro zone improved further in October and the economy in the single currency area has overcome the shock of Britain's vote to leave the European Union, a survey showed on Monday.

9:32am BST

Deutsche Bank falls after no deal reached with U.S. Department of Justice

 

FRANKFURT/LONDON Deutsche Bank shares fell more than 3 percent on Monday after Chief Executive John Cryan failed to secure a speedy deal with the U.S. Department of Justice (DoJ) at the weekend over the misselling of mortgage-backed securities.

9:27am BST

M&G to launch retail-focused funds in Luxembourg

 

LONDON British asset manager M&G Investments, the fund arm of insurer Prudential , plans to launch a Luxembourg fund range to ensure it can sell to continental European retail investors after Britain's vote to leave the European Union.

9:19am BST

Interserve to keep equipment services unit after review

 

Support services and construction company Interserve Plc has decided to keep its RMD Kwikform business after a strategic review because it brings the firm more international exposure.

9:17am BST

Kuroda reiterates Bank of Japan may push back inflation goal timetable - report

 

TOKYO Bank of Japan Governor Haruhiko Kuroda reiterated that the central bank may push back the forecast date for which it plans to achieve its 2 percent inflation target, Bloomberg reported on Monday.

9:16am BST

China monetary policy will provide favourable conditions for deleveraging - central bank official

 

BEIJING China will maintain a prudent monetary policy with timely fine-tuning, central bank deputy governor Fan Yifei said on Monday.

8:59am BST

French tycoon Bollore tightens grip on Vivendi

 

PARIS French tycoon Vincent Bollore said on Monday that his investment company had raised its stake in Vivendi to above 20 percent, further tightening his hold on the French media group.

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China debt-to-equity swaps will not be free lunch for troubled firms - state planner

 

Beijing China's planned debt-to-equity swap programme will target high-quality companies that face temporary difficulties, a vice chair of China's state planner said in a news briefing on Monday.

8:49am BST

China's cabinet issues guidance on lowering corporate debt levels

 

BEIJING China's cabinet issued guidance on Monday for lowering corporate debt levels.

8:47am BST

German exports post biggest rise in more than six years

 

BERLIN German exports rebounded more than expected in August, recording their biggest rise in more than six years and dispelling fears that Europe's biggest economy is heading for a slowdown.

8:39am BST

Vedanta expects higher second-half production at Indian zinc unit

 

Diversified miner Vedanta Resources Plc said it expects production at its Indian zinc unit to be significantly higher in the second half of the financial year ending March 31, 2017 compared with the first half.

8:33am BST

Samsung Elec says adjusting Note 7 supply due to fire reports

 

SEOUL Samsung Electronics Co Ltd said on Monday it is adjusting shipment volumes for Galaxy Note 7 smartphones due to reports of some of the devices catching fire.

7:32am BST

As China's economy slows, migrant workers head home

 

BEIJING Every summer in Bianqiang village in northwestern China, locals gather for three nights of Chinese opera. There are children's rides, popcorn and spit-roasted chickens. Grandparents watch over their grandchildren.

5:54am BST

Samsung temporarily halts Galaxy Note 7 production - source

 

SEOUL Samsung Electronics Co Ltd has temporarily suspended production of its Galaxy Note 7 smartphones, a person familiar with the matter told Reuters, following reports that new versions of the smartphones are catching fire.

5:24am BST

Samsung Elec suspends Galaxy Note 7 production - Yonhap

 

SEOUL Samsung Electronics Co Ltd has suspended production of its Galaxy Note 7 smartphones following reports of fires in replacement devices, South Korea's Yonhap News Agency reported on Monday citing an unnamed source.

3:16am BST

South Korea watching reports of new Note 7s catching fire

 

SEOUL A South Korean government agency on Monday said it is monitoring reports that some of Samsung Electronics Co Ltd's new Galaxy Note 7 smartphones have caught fire amid a deepening recall crisis for the tech giant.

3:13am BST

Tesla's Musk says will not have to raise funds in fourth quarter

 

Tesla Motors Inc Chief Executive Elon Musk on Sunday said the company would not need to raise equity or corporate debt in the fourth quarter for its planned acquisition of SolarCity Corp , contradicting a filing the company made with regulators last week.