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The great interest rate rip off part 10


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If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

 

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

 

 

 

 

Coal power station is ‘first commercially viable zero-carbon plant’

 

Company boss says inventor of new technique should get Nobel Prize

 

 

 

 

 

Senior bankers warn they could start moving jobs out of London

 

 

 

 

 

 

 

 

 

 

Pound sterling now seen as an emerging market currency by traders

 

Volatility of the currency now resembles that of the Mexican peso - though the peso has performed better.

 

 

 

 

 

 

Russian Bank VTB quits London. But will others follow?

 

 

 

 

 

 

OPEC urged to cut oil output as global production breaks new records

 

 

 

 

 

 

Samsung Galaxy Note 7 disaster wipes $19bn off company's value

 

That was before it announced it would end production for good - analysts warn worse to come as long-term damage to Samsung's brand remains unknown

 

 

 

 

 

 

 

 

Pure Gym pulls London float. Have low cost gyms run out of puff?

 

Britain's biggest gym chain complains of weak investor demand for new issues across Europe. There could be more to it than that

 

 

 

 

 

 

Pure Gym abandons stock market flotation, blames volatile markets

 

Sources said weaker-than-expected demand for the shares was also a factor

 

 

 

 

 

 

 

 

UK airport currency exchanges offering less than one euro to the pound

 

Sterling has dropped through the $1.23 mark on Tuesday, after leaked papers suggest leaving the single market could cost UK £66bn per year in lost taxes

 

 

 

 

 

 

Pound’s collapse a ‘welcome change’ says Mervyn King

 

Reactions have been 'over the top'; Brexit has delivered what central bankers have failed to for years - lower exchange rates, lower house prices, higher interest rates, King said.

 

 

 

 

 

FTSE 100 nears record high as companies take advantage of pound fall

 

 

 

 

 

Samsung v Apple, China debt, Facebook sports: Business News in brief

 

 

 

 

 

 

Pound sterling falls further as City fears cost of hard Brexit

 

Kit Juckes, currency expert at Societe Generale, said: 'In real effective terms, sterling is now weaker than it was after Lehman'

 

 

 

 

 

 

 

 

RBS executives must be held to account over small business scandal

 

The pressure is on the Financial Conduct Authority to act in the wake of the latest revelations about the activities of the bank's Global Restructuring Group, which dealt with troubled business borrowers

 

 

 

 

 

 

William Hill's Amaya merger looks like a bad bet

 

The bookie is talking to the PokerStars owner about an all share deal but both companies have problems and putting them together might make things worse

 

 

 

 

 

 

 

Nobel prize in economics highlights debate over CEO pay

 

One of the winners proposed a model for setting CEO pay, but recent scandals prove that it is too high and something has gone badly wrong with the way it is set

 

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

 

 

Deutsche Bank fails to reach deal over $14bn fine

 

Speculation is mounting that the bank doesn’t have enough money to pay

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

Court Gives President More Power Over Consumer Agency Chief

 

By STACY COWLEY 12:37 PM ET

 

 

An appeals court panel said the director of Consumer Financial Protection Bureau was too independent, so it gave the president the power to fire him at will.

 

 

 

12UP-Cities-2-sfSpan.jpg

Ángel Franco/The New York Times

 

 

The Upshot

 

Actually, Many ‘Inner Cities’ Are Doing Great

 

By EMILY BADGER

 

A term Donald Trump used in Sunday’s debate has become a popular shorthand conflating cities, crime, poverty and minorities.

 

 

 

 

 

 

 

 

 

 

 

 

 

12Samsung-web-thumbStandard.jpg

Samsung Kills Off Galaxy Note 7 Smartphone

 

By CHOE SANG-HUN

 

The unprecedented move by the South Korean electronics giant is an embarrassing reversal for a respected global brand.

 

Tech Tip

 

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Do You Have a Samsung Galaxy Note 7? Here’s What to Do

 

By J. D. BIERSDORFER 1:32 PM ET

 

Power down the device immediately. Then contact the wireless carrier or store where it was bought for details about a refund or exchange.

 

12FREEWEB-thumbStandard.jpg

Free Broadband Initiatives for Poor and Rural Areas, With Eye on Future

 

By CECILIA KANG 9:30 AM ET

 

Tech companies like Sprint, Comcast and Facebook are increasingly working to make high-speed internet available to every American.

 

05chinacredit-illo-thumbStandard.jpg

Snooping in the Bathroom to Assess Credit Risk in China

 

By NEIL GOUGH

 

Extensive consumer databases are not in place for lenders to check, but companies are scrambling to crack the credit code.

 

12CHRYSLER2-web-thumbStandard.jpg

Fiat Chrysler Deal With Union Averts Strike in Canada

 

By IAN AUSTEN

 

The last-minute settlement with the workers’ union, Unifor, mirrors the main points in a contract that workers reached last month with General Motors of Canada.

 

11-DB-FARGO-thumbStandard.jpg

Wells Fargo Reshuffles Top Ranks, Rallying Around Its No. 2

 

By STACY COWLEY

 

Under fire for a scandal in which employees set up sham accounts, the bank solidified its leadership structure under the chairman’s heir-apparent.

 

11TWITTER-thumbStandard.jpg

Twitter Is Said to Be in Continued Talks With Salesforce

 

By MIKE ISAAC

 

The company tries to forge ahead despite a constantly shifting chess match of deal discussions and considerations.

 

05MEAT2-web-thumbStandard.jpg

Tyson Foods, a Meat Leader, Invests in Protein Alternatives

 

By STEPHANIE STROM

 

Tyson is investing an undisclosed amount for a 5 percent stake in Beyond Meat, which makes the plant-protein Beyond Burger.

 

12-ATLANTIC-thumbStandard.jpg

Atlantic Names Jeffrey Goldberg Its Editor in Chief

 

By SYDNEY EMBER

 

Mr. Goldberg, who has written for The New Yorker and The New York Times Magazine, is the magazine’s 14th top editor since its founding in 1857.

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

Pound falls further against the dollar

 

 

 

 

The pound has extended its losses against both the dollar and the euro in late trading on Tuesday.

 

  • 11 October 2016
  • From the section Business

 

 

Related content

 

 

 

 

 

 

 

 

Samsung scraps Galaxy Note 7 production

 

Samsung has ceased production of its Galaxy Note 7 smartphones after reports of devices it had deemed safe catching fire.

 

  • 11 October 2016
  • From the section Business

 

 

Related content

 

 

 

 

 

 

 

Live Business Live: Sterling falls to $1.21; UK-China aviation deal

 

Sterling extends fall against the dollar; Fujitsu job cuts latest; UK-China agree to double flights; FTSE 100 closes 0.38% down.

 

 

 

 

 

 

'Poor reward' for pocket money savers

 

  • 11 October 2016
  • From the section Business

 

 

'Regret' over women's pension changes

 

  • 11 October 2016
  • From the section Business

 

 

Fujitsu to cut up to 1,800 jobs in UK

 

  • 11 October 2016
  • From the section Business

 

 

 

 

 

Pensions regulator wants more powers

 

  • 11 October 2016
  • From the section Business

 

 

Airbus raps Poland over helicopter deal

 

  • 11 October 2016
  • From the section Business

 

 

Apple and Samsung reach Supreme Court

 

  • 11 October 2016
  • From the section Technology
  • comments

 

 

South African finance minister summoned

 

  • 11 October 2016
  • From the section Business

 

 

Passengers plead for end to rail strike

 

  • 11 October 2016
  • From the section England

 

 

BP axes Australian coastal oil project

 

  • 11 October 2016
  • From the section Business

 

 

 

 

Also in the News

 

 

 

YouTubers warned over fan relationships

 

 

 

 

 

What's happened to London's nightlife?

 

  • 7 October 2016
  • From the section London

 

 

 

 

Features & Analysis

 

 

 

Fear of falling

 

The pound looks like it's staying down - why should I care?

 

  • 11 October 2016
  • From the section Business

 

 

 

 

 

Fires and spin

 

Blazing tumble dryers and 'corporate malpractice'

 

  • 11 October 2016
  • From the section Business

 

 

 

 

 

No more pink, please

 

How would the world look if there were more women in tech?

 

 

 

 

 

 

 

 

Are you a danger?

 

How your app downloads could put your firm at risk

 

  • 11 October 2016
  • From the section Business

 

 

 

 

 

A man for all seasons

 

How Izzy Sharp built a popular global hotel chain

 

  • 10 October 2016
  • From the section Business

 

 

 

 

 

Gulp... it's Brexit

 

Will the sherry trade lose its sweetness?

 

  • 9 October 2016
  • From the section Europe

 

 

 

 

 

 

Our Experts

 

The pound’s fall and why it matters

 

Another weak day for sterling and new worries over government borrowing are creating a febrile atmosphere.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

Worst four days since June pushes sterling to $1.22

 

LONDON Sterling shed more then 1 percent to trade as low as $1.22 on Tuesday as senior officials and investors pointed to the potential for more declines in a market still trying to recover from Friday's 10 percent flash crash.

5:36pm BST

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Wall Street slides, dollar hits 8-month high

 

NEW YORK Slumping crude prices and a dour start to Wall Street's corporate earnings season pulled down U.S. and European equities on Tuesday, while the dollar hit an eight-month high on increasing bets U.S. interest rates will rise in December.

7:54pm BST

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Top bankers warn of risk of 2017 exodus from Britain

 

LONDON Top bankers warned on Tuesday they could start moving staff abroad as early as next year if there is no clarity on whether Britain will retain access to the European single market when it leaves the EU.

5:58pm BST

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Samsung scraps Galaxy Note 7 over fire concerns

 

SEOUL Samsung Electronics Co Ltd scrapped its flagship Galaxy Note 7 smartphone on Tuesday less than two months after its launch, dealing a huge blow to its reputation and outlook after failing to resolve safety concerns.

4:21pm BST

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British supermarket chain Sainsbury's to place Argos in every store

 

LONDON Britain’s No.2 supermarket group Sainsbury's aims to have an Argos presence in every one of its British stores, its chief executive said on Tuesday.

6:24pm BST

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Deutsche Bank shakes up investment bank to regain lost ground

 

LONDON Deutsche Bank promoted a group of its senior investment bankers on Tuesday, part of an internal reshuffle as it tries to boost its flagging performance in corporate mergers and acquisitions and capital markets.

5:57pm BST

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JCB to quit UK business lobby group amid Brexit differences

 

The maker of JCB diggers, one of the most prominent businesses to back Britain leaving the European Union, is leaving the Confederation of British Industry (CBI) lobby group, which opposed the country's "Brexit" vote in a June 23 referendum.

1:07pm BST

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Apple-Samsung iPhone patent feud leaves U.S. top court struggling

 

WASHINGTON The fierce, big-money patent fight between Apple and Samsung left the U.S. Supreme Court groping for a solution on Tuesday, as the justices puzzled over how to discern the value of individual design elements in a complex product like an iPhone. The eight justices heard arguments in Samsung's bid to pare back $399 million of $548 million it paid Apple in December following a 2012 jury verdict finding that it infringed Apple's iPhone paten

7:56pm BST

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Fujitsu's 1,800 British job cuts "not linked to Brexit"

 

LONDON Japanese electronics giant Fujitsu Ltd said on Tuesday it was cutting 1,800 jobs in Britain as part of a "transformation programme" but that the move was not linked to the country's vote to leave the European Union.

5:19pm BST

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Alcoa stock tumbles as profit, revenue miss expectations

 

Metals company Alcoa Inc , weeks away from splitting into two, on Tuesday reported a quarterly profit that missed estimates and lowered its revenue forecast for the unit serving the auto and aerospace sectors, sending shares down 10 percent.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

UK government bond trading volume gets a huge Brexit boost

 

LONDON The volume and value of UK government bonds changing hands since Britain's decision in June to leave the European Union has soared by as much 400 percent, figures on Tuesday showed.

5:40pm BST

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Worst four days since June pushes sterling to $1.22

 

LONDON Sterling shed more then 1 percent to trade as low as $1.22 on Tuesday as senior officials and investors pointed to the potential for more declines in a market still trying to recover from Friday's 10 percent flash crash.

5:36pm BST

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Ireland unveils "Brexit-proof" budget; opposition calls it "pathetic"

 

DUBLIN Ireland's finance minister unveiled his "Brexit-proof" budget on Tuesday, but business groups and the opposition said it failed to protect the economy from the likely impact of its main trading partner quitting the European Union.

5:36pm BST

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Irish budget measures "not last word" on Brexit, finance minister says

 

DUBLIN Ireland's budget aimed at "Brexit-proofing" the economy will not be the last set of policies to deal with the risks posed by Britain's decision to quit the European Union, Finance Minister Michael Noonan said on Tuesday.

5:36pm BST

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FTSE 100 slips from fresh record high, FTSE 250 outperforms

 

LONDON Britain's blue-chip equity index hit an all-time high on Tuesday while the mid-cap index outperformed European peers as sterling came under renewed pressure on currency markets, though a fall in commodity-related stocks weighed.

5:32pm BST

Two European IPO cancellations temper hopes of market upturn

 

LONDON Two European companies cancelled plans to IPO on Tuesday due to unfavourable conditions, joining a growing number of firms to cancel listings this year amid disappointing debuts for many that did brave choppy markets.

5:25pm BST

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Fujitsu's 1,800 British job cuts "not linked to Brexit"

 

LONDON Japanese electronics giant Fujitsu Ltd said on Tuesday it was cutting 1,800 jobs in Britain as part of a "transformation programme" but that the move was not linked to the country's vote to leave the European Union.

5:19pm BST

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Euro area economic resilience depends on easy ECB policy, Mersch says

 

FRANKFURT The euro zone's economic resilience in the face of shocks such as Britain's vote to leave the European Union depends on the European Central Bank's continued monetary support, ECB Executive Board member Yves Mersch said on Tuesday.

5:19pm BST

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Driverless car tested on UK streets for the first time

 

MILTON KEYNES, England With the steering wheel turning on its own and radar and camera technology guiding it, a driverless car took to Britain's streets for the first time on Tuesday, as part of trials aimed at getting autonomous vehicles onto the roads by 2020.

5:17pm BST

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Ireland to offer 20,000 euro tax rebate for first-time house buyers

 

DUBLIN Ireland is to give first-time homebuyers a tax rebate of up to 20,000 euros in a measure designed to stimulate house building and alleviate the country's housing crisis, Finance Minister Michael Noonan said on Tuesday.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

Oil down 2 percent on mixed Russian response to OPEC

 

NEW YORK Oil fell almost 2 percent on Tuesday, retreating from one-year highs, after mixed responses by Russian oil industry officials toward an OPEC call for all major crude producers to cut output.

5:05pm BST

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Fed's Kashkari says U.S. economy has room to run

 

WASHINGTON Minneapolis Federal Reserve President Neel Kashkari said on Tuesday that the Fed should continue to focus on further progress in the U.S. labour market until inflation pressures emerge.

5:01pm BST

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Yum Brands to return $13.5 billion to shareowners by 2019; more franchising

 

Yum Brands Inc , owner of Pizza Hut, KFC and Taco Bell chains, said on Tuesday it expects to return as much as $13.5 billion (10.97 billion pounds) to shareholders by 2019 as part of a programme started last year, sending shares up as much as 3.8 percent.

4:28pm BST

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Samsung scraps Galaxy Note 7 over fire concerns

 

SEOUL Samsung Electronics Co Ltd scrapped its flagship Galaxy Note 7 smartphone on Tuesday less than two months after its launch, dealing a huge blow to its reputation and outlook after failing to resolve safety concerns.

4:21pm BST

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Greece anxious to tap financial markets the soonest possible - Central Banker

 

ATHENS Greece is anxious to tap financial markets the soonest possible since its multi-billion euro bailout programme expires in 2018, Central Bank governor Yannis Stournaras said on Tuesday.

4:08pm 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 (274.63 million pound) by the first quarter of next year to help fund its growth in emerging markets, its chief executive said on Monday.

4:06pm BST

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Exclusive - Polish billionaire Kulczyk looking at beer again, plans move into IT

 

LONDON Polish billionaire Sebastian Kulczyk said he could use some of the proceeds from the sale of his 1.5 percent stake in SABMiller to bid for the brewer's central and eastern European assets and to create a world-renowned Polish IT company.

4:05pm BST

Geneva's banks prepare for a tough 2017 with no Brexit bonus

 

GENEVA More than a third of Geneva's banks expect a difficult 2017 after finding 2016 much tougher than the year before, an annual survey of the Swiss city's financiers showed on Tuesday.

4:01pm BST

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Getting best Brexit deal for banks "absolute priority" - UK minister

 

LONDON Getting the best deal for the City of London will be an "absolute priority" in Brexit trade talks with the European Union, Britain's financial services minister said on Tuesday as banks warned they may start moving from London next year.

3:46pm BST

BoE's Saunders says would not be surprised if sterling fell further

 

LONDON Bank of England policymaker Michael Saunders said on Tuesday he would not be surprised if the pound fell further, but the BoE could overlook the effect of weak sterling on inflation, possibly for years.

Russia's Novak says ready to work with OPEC on oil market stabilisation

 

ISTANBUL Russian Energy Minister Alexander Novak said on Tuesday that Moscow was ready to work with OPEC group in order to stabilise global oil markets.

3:17pm BST

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Wells Fargo CFO says accounts scandal won't hit profit much - WSJ

 

Wells Fargo & Co's chief financial officer said efforts by states to penalize its business over an unauthorized-accounts scandal would not affect third-quarter earnings "much", the Wall Street Journal reported, citing a recording of an internal call.

3:12pm BST

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Takata bidders, carmakers to meet this month, $3 billion bid on table - sources

 

TOKYO Bidders for Japan's Takata Corp will meet this month with the carmakers key to its survival to consider options, including a $3 billion (2.44 billion pounds) bid, at a gathering that could determine the future of the air-bag maker, people familiar with the matter said.

3:01pm BST

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Factbox - British consumers paying more for food and fuel

 

LONDON British consumers have been hit by a double blow from Brexit-driven sterling weakness that has increased prices of imported goods and a rebound in oil prices that has lifted domestic energy and petrol prices.

2:40pm BST

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easyJet aims to bolster market share in Berlin, Hamburg

 

BERLIN Low-cost airline easyJet will focus on strengthening its existing bases in Germany before considering expansion at other airports such as Frankfurt, the head of its German operations said on Tuesday.

2:21pm BST

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European Union countries at odds over banking reform

 

LUXEMBOURG European Union countries were at odds on Tuesday over a global reform of banking rules with divergent views about a cap on increases in banks' capital buffers that might result from the review.

2:19pm BST

Old Mutual Wealth's client flows drop as parent plans break-up

 

LONDON Financial services group Old Mutual Plc's UK asset management business posted a sharp drop in third-quarter client inflows and higher investment platform costs, as its parent prepares to split into its four main businesses.

2:10pm BST

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EU finance ministers did not discuss Deutsche Bank -Slovakia's Kazimir

 

PRAGUE A meeting of European Union finance ministers did not discuss the situation regarding Germany's Deutsche Bank , Slovak Finance Minister Peter Kazimir said on Tuesday.

1:59pm BST

N Brown bucks tough British clothing market as online sales grow

 

British plus-size fashion retailer N Brown Group Plc has shrugged off weakness in the sector, with growth in online sales lifting first-half revenue, sending its shares up by around a fifth.

1:50pm BST

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Second review must be concluded on Greece before market access - Central Banker

 

ATHENS Greece must wait for a second review of its economic progress by its international lenders before tapping financial markets, Central Bank Governor Yannis Stournaras said on Tuesday.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
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German finance minister: Greek privatisation fund must have management by year end

 

LUXEMBOURG Greece must have the management of its privatisation fund in place by the end of this year, German Finance Minister Wolfgang Schaeuble said on Tuesday after euro zone ministers gave Athens a positive review of its reforms while withholding part of a new loan payment.

1:43pm BST

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BoE's Kashyap says worried about spillover from EU banking woes

 

LONDON A Bank of England policymaker charged with overseeing the banking sector said he had big concerns about the risk of British banks being hurt by trouble among their peers elsewhere in the European Union.

1:26pm BST

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Gunvor owner cuts stake as staff buy into growth strategy

 

LONDON The co-founder of Gunvor, Torbjorn Tornqvist, is diluting his stake in the company to allow employees to own more than a third of the fast-growing trading house by year-end to help to retain and recruit talent as it pursues its global expansion strategy.

1:10pm BST

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JCB to quit UK business lobby group amid Brexit differences

 

The maker of JCB diggers, one of the most prominent businesses to back Britain leaving the European Union, is leaving the Confederation of British Industry (CBI) lobby group, which opposed the country's "Brexit" vote in a June 23 referendum.

1:07pm BST

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U.S. must stop judicial "extortion" of corporate Europe, French lawmakers say

 

PARIS Europe should challenge the United States over its increasingly aggressive use of extraterritorial laws that have cost European companies - especially banks - billions in fines and other settlements, a French parliamentary report said.

1:01pm BST

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BP scraps plan to drill off Australia's south coast

 

MELBOURNE/LONDON Oil major BP has scrapped plans to drill for oil and gas off the southern coast of Australia because it is too expensive in the face of low oil prices that have prompted heavy cost-cutting across the sector.

12:31pm BST

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Staffing firm PageGroup says UK market 'fragile' after Brexit

 

Confidence among employers in Britain is "fragile" following the country's vote to leave the European Union, with multinational firms holding off from hiring, particularly in the financial services sector, recruiter PageGroup said on Tuesday.

12:09pm BST

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Norway's wealth fund says sterling flash crash reflects economic prospects

 

OSLO The flash crash in sterling was a "correct move" that reflected economic expectations, a senior official at Norway's sovereign wealth fund, one of Britain's biggest foreign investors, said on Tuesday.

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China premier says economy improving, debt risks under control

 

BEIJING China's economy performed better than expected in the third quarter and the country's debt risks are under control, Premier Li Keqiang said on Tuesday.

11:45am BST

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Singapore shuts Falcon bank unit, fines DBS and UBS over 1MDB

 

SINGAPORE/ZURICH Singapore's central bank on Tuesday shut down a second Swiss bank in the city-state and fined banks DBS and UBS in its biggest crackdown on alleged money-laundering activities connected with Malaysia's scandal-tainted 1MDB fund.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Novelis says global aluminium demand to grow 4-5 percent in 2017

 

SEOUL Novelis Inc [NVLX.UL], the world's largest maker of rolled aluminium products, sees demand for the metal growing 4-5 percent in 2017, boosted by sales to carmakers and can manufacturers, company executives said on Tuesday.

11:31am BST

German investor morale brightens more than expected in October

 

BERLIN The mood among German investors and analysts improved more than expected in October, a survey showed on Tuesday, suggesting traders are more upbeat about the growth prospects of Europe's biggest economy for the coming months.

11:03am BST

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John Lewis weekly department store sales up 11.5 percent

 

LONDON British retailer John Lewis [JLP.UL] on Tuesday gave the following sales figures for the latest week compared with a year earlier.

11:03am BST

Swiss attorney general mulls criminal proceedings against Falcon

 

ZURICH Switzerland's Office of the Attorney General (OAG) may open criminal proceedings against Zurich-based Falcon Private Bank following sanctions from Swiss financial watchdog FINMA, the OAG said on Tuesday.

10:24am BST

Lloyd's of London Chairman says City will be damaged if Brexit mishandled

 

LONDON Insurance market Lloyd's of London Chairman John Nelson said on Tuesday that Britain's financial services ecosystem will be severly damaged if Brexit is mishandled.

10:22am BST

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Samsung Electronics says halted Galaxy Note 7 production

 

SEOUL Samsung Electronics Co Ltd said on Tuesday it has halted the production of its Galaxy Note 7 smartphones due to consumer safety concerns.

10:14am BST

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Japan parliament passes $32 billion extra budget, focus shifts to TPP bills

 

TOKYO Japan's parliament approved on Tuesday a $32 billion (25.73 billion pounds) extra budget for this fiscal year that will help fund Prime Minister Shinzo Abe's economic stimulus package.

10:11am BST

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Airbus lifts lid on helicopter talks after Poland scraps deal

 

PARIS Airbus Helicopters hit back on Tuesday at Poland's decision to cancel a multi-billion-dollar military helicopter deal, deepening a defence procurement row that has soured relations between France and its eastern European NATO ally.

10:09am BST

UK's debt office to work with new providers of gilt prices

 

LONDON Britain's Debt Management Office said on Tuesday that FTSE Russell and Tradeweb will provide reference prices for British government bonds and bills.

9:48am BST

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Bankers' love of London complicates Brexit relocation plans

 

LONDON As Britain heads for the EU exit, financial firms intending to move London-based jobs to continental Europe face a costly choice: offer generous relocation and redundancy packages, or expect a flood of lawsuits from disgruntled staff.

Exclusive - Russia's Rosneft boss Sechin says no to OPEC oil cap

 

ISTANBUL Igor Sechin, Russia's most influential oil executive and the head of state-controlled energy giant Rosneft, said his company will not cap oil production as part of a possible agreement with OPEC.

9:42am BST

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May targets finance industry for failing to promote women

 

LONDON Prime Minister Theresa May criticised Britain's finance industry for failing to promote and retain women on Tuesday as the government revealed that some of the biggest players have committed to having at least 30 percent in senior roles by 2021.

9:32am BST

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UK shoppers spend more in September, Brexit worries likely to weigh - BRC

 

LONDON, British consumers picked up the pace of their spending in September after a weak August, but the country's planned exit from the European Union is likely to weigh on sales ahead, an industry group said on Tuesday.

9:30am BST

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IEA says oil market may rebalance faster if OPEC sticks to target

 

LONDON Global oil supply could fall in line with demand more quickly if OPEC and Russia agree to a steep enough cut in production, but it is unclear how rapidly this might happen, the International Energy Agency said on Tuesday.

9:26am BST

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Alibaba's $60 billion finance arm seeks growth before IPO - sources

 

SHANGHAI/HONG KONG Investors gearing up for the initial public offering of Ant Financial, the $60 billion (54.26 billion pounds) online finance arm spun off by e-commerce giant Alibaba, will have to wait until at least late 2017 as the business puts growth first, sources say.

8:55am BST

Housebuilder McCarthy & Stone says trading more stable after Brexit dip

 

McCarthy & Stone Plc, Britain's biggest builder of retirement homes, said business had returned to more normal levels in the five weeks since the end of August, after a slowdown following Britain's vote to leave the European Union.

8:37am BST

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BP boss Dudley sees oil prices at $55-$70 for rest of the decade

 

ISTANBUL BP Chief Executive Robert Dudley said on Tuesday he expects global oil prices to stabilise at around $55-$70 per barrel for the rest of the decade.

8:28am BST

Spain to beat EU deficit target this year, miss 2017 goal - report

 

MADRID Spain's caretaker government expects to beat this year's deficit target set by Brussels but will fall short of next year's goal, business daily newspaper Expansion reported on Tuesday, citing sources with knowledge of the draft budget.

7:54am BST

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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.

7:45am BST

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Falcon Private Bank not being sold at moment - CEO

 

ZURICH Abu Dhabi investor Aabar is at this time not divesting Zurch-based Falcon Private Bank, the chief executive of the Swiss wealth manager said on Tuesday.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

Samsung Electronics could permanently halt Galaxy Note 7 sales - source

 

SEOUL Samsung Electronics Co Ltd is considering permanently halting sales of Galaxy Note 7 smartphones as an option after fresh reports of fires in the premium devices, a person familiar with the matter told Reuters on Tuesday.

7:43am BST

China banks may need $1.7 trillion injection as credit quality worsens - S&P

 

HONG KONG Rising debt levels will worsen the credit profiles of China's top 200 companies this year, requiring the country's banks to raise $1.7 trillion (1.53 trillion pounds) in capital to cover a likely surge in bad loans, S&P Global said in reports published on Tuesday.

7:22am BST

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Exports would be hurt if Samsung scraps Galaxy Note 7 - South Korea finance minister

 

SEOUL South Korea's finance minister said on Tuesday that Samsung Electronic Co Ltd's deepening crisis over its Galaxy Note 7 smartphone would hurt exports if the phone model is scrapped altogether.

7:18am BST

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Airbus to cut A380 assembly rate to one aircraft per month from 2017

 

PARIS Airbus plans to slow the assembly rate of its A380 superjumbo to one aircraft per month from next year, the head of the A380 programme told Le Figaro, as the European planemaker struggles to revive sales of the world's largest passenger jet.

7:10am BST

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Note 7 fiasco could burn a $17 billion hole in Samsung accounts

 

SEOUL Samsung Electronics' worst-ever recall could cost the company as much as $17 billion (15.35 billion pounds) after it halted sales of its flagship Galaxy Note 7 for a second time, spelling an almost certain end for the ill-fated premium model.

7:01am BST

Samsung China to recall all 190,984 Galaxy Note 7 phones sold in mainland China - watchdog

 

Beijing China's quality watchdog said on Tuesday Samsung Electronics Co Ltd's local unit will recall all 190,984 Galaxy Note 7 phones that it has sold in the mainland.

6:57am BST

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Unmarried home buyers in Chinese city must show proof they're single - Xinhua

 

BEIJING Unmarried investors in the eastern Chinese city of Jinan must show proof that they're single if they want to buy a home, the official Xinhua news agency said on Monday, pointing to the lengths some cities are going to cool real estate markets.

6:19am BST

Samsung likely to permanently halt Galaxy Note 7 sales - Hankyoreh

 

SEOUL Samsung Electronics Co Ltd will likely stop selling its Galaxy Note 7 smartphones permanently following the latest halt of sales and production, South Korea's Hankyoreh newspaper reported on Tuesday citing unnamed sources.

6:15am BST

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U.S. watchdog expands scrutiny to more Chinese deals

 

Insurance mergers and acquisitions rarely raise red flags with U.S. national security watchdogs.

6:11am BST

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BOJ seen holding off more stimulus for now unless yen rises sharply - Reuters poll

 

TOKYO The Bank of Japan is expected to wait until next year before easing policy further unless any sharp spikes in the yen undermine the economy significantly in the meantime, a Reuters poll found.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

Ford luxury brand Lincoln considers China production as sales surge

 

DETROIT/BEIJING Ford Motor Co's luxury unit Lincoln is studying whether to produce cars locally in China, the brand's China chief said on Monday, as its sales surge in the world's largest auto market.

6:01am BST

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Swiss watchdog sanctions Falcon bank in 1MDB case

 

ZURICH Switzerland's financial watchdog FINMA has sanctioned Falcon Private Bank Ltd after it "seriously breached" money-laundering regulations over its handling of funds linked to scandal-hit Malaysian state investment fund 1MDB, FINMA said on Tuesday.

6:00am BST

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Marathon sues BP for breach of contract in Texas oil refinery sale

 

HOUSTON Marathon Petroleum Corp alleged BP Plc failed to deliver a Texas oil refinery and three products terminals in the condition promised under a $2.4-billion (1.93 billion pounds) sales agreement signed in 2012, according to a federal lawsuit filed on Monday.

5:54am BST

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Fed's Evans sees benefits to overshooting inflation target

 

The U.S. Federal Reserve should engineer monetary policy to spur inflation to rise above its two-percent target because the costs of doing so are less than in past decades, Chicago Federal Reserve Bank President Charles Evans said on Tuesday.

5:10am BST

Fed's Evans says wants more data before deciding on December hike

 

SYDNEY Chicago Federal Reserve Bank President Charles Evans said on Tuesday he "could be fine" with raising U.S. interest rates in December, but he would prefer to see how the economy and inflation progressed before deciding.

4:55am BST

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Goldman sees lower chance of oil market rebalancing in 2017

 

Goldman Sachs said a planned oil output cut by producer cartel OPEC and other exporters like Russia has become a "greater possibility", but warned that any reduction likely won't be deep enough to re-balance markets in 2017.

4:31am BST

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China pledges support for Macau with renminbi clearing centre

 

HONG KONG Chinese premier Li Keqiang has pledged to support Macau, the world's largest gambling hub, with a series of policies including setting up a renminbi clearing centre for Portuguese-speaking countries, the Xinhua newsagency reported on Tuesday.

3:34am BST

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'Hard Brexit' could cost 66 billion pounds a year - Times

 

The United Kingdom could lose up to 66 billion pounds a year under a "hard Brexit", The Times reported citing leaked government papers.

3:33am BST

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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.

3:25am BST

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RBS Irish unit sells problem loans with $2.8 billion face value

 

DUBLIN The Irish unit of Royal Bank of Scotland has sold non-performing loans with a face value of 2.5 billion euro (2.25 billion pounds)

 

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.

3:18am BST

U.S. cautions air passengers on replacement Samsung Galaxy Note 7 phones

 

WASHINGTON Airline passengers with replacement Samsung Electronics Galaxy Note 7 smartphones should power them down and not stow them in checked baggage due to a fire risk, the U.S. Federal Aviation Administration said on Monday.

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Takata tumbles after report company weighs U.S. bankruptcy filing

 

TOKYO Shares of Takata Corp fell sharply on Tuesday after The Wall Street Journal reported late last week that the troubled Japanese air bag maker is weighing a U.S. bankruptcy filing as one option for clearing a path for an outside investor.

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Timeline - Samsung Electronics' Galaxy Note 7 recall crisis

 

SEOUL Samsung Electronics Co Ltd told customers on Tuesday to stop using their Galaxy Note7 smartphones while it investigates reports of fires in the devices, as the tech giant scrambled to contain a deepening recall crisis.

1:59am BST

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South Korea advises airplane passengers to turn off Galaxy Note 7 phones

 

SEOUL South Korea's transport ministry said on Tuesday that all Galaxy Note 7 phones produced by Samsung Electronics should not be used or charged inside airplanes.

1:58am BST

Samsung Elec shares open sharply lower as Note 7 woes mount

 

SEOUL Samsung Electronics Co Ltd shares opened sharply lower on Tuesday, as the firm's decision to halt sales and exchanges of the Galaxy Note 7 smartphone weighed on sentiment.

1:31am BST

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Salesforce still mulls bid for Twitter as shareholders resist - sources

 

Salesforce.com Inc is still deliberating whether it should make an offer for Twitter Inc in the face of resistance from Salesforce shareholders over the strategic merits and valuation of such a deal, people familiar with the matter said on Monday.

12:57am BST

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Twitter CEO calls company 'people's news network'

 

SAN FRANCISCO Twitter Inc Chief Executive Jack Dorsey defined one of the company's missions as being the "people's news network," according to an internal memo seen on Monday.

12:57am BST

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Coca-Cola to buy AB InBev's stake in African bottler

 

Coca-Cola Co said it would exercise its right to buy Anheuser-Busch InBev's stake in Africa's biggest Coke drinks bottler, after the brewer's takeover of SABMiller .

10 Oct 2016

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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.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

 

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

Pound sterling loses almost 1% of value against dollar as Brexit debat

 

The pound lurched back below $1.22 as the government outlined its Brexit strategy

 

 

 

 

 

Value of trade-weighted pound sterling slumps to historic new low

 

 

 

 

 

 

 

 

 

 

Alaska/Virgin America deal has 57 per cent chance - analyst

 

Regulators may question whether Alaska needs 257 codeshares with American after a Virgin America merger, but JP Morgan still estimates the chance for approval to be 75%.

 

 

 

 

 

 

Passporting negotiations will be 'painstaking', says BoE top official

 

 

 

 

 

 

Lloyds Bank: Can service be sustained after another round of layoffs?

 

 

 

 

 

 

Small businesses optimistic post Brexit. Here's why that won't last

 

Lack of skilled staff rated as the biggest impediment to growth

 

 

 

 

 

 

 

 

Monarch airline saved at last minute with £165m rescue deal

 

The investment from Greybull Capital will keep airline in business and save thousands of holidays.

 

 

 

 

 

 

A leading Brexiteer said the pound's record slump is good for Britain

 

His comments came after the pound endured its worst four-day performance since the EU referendum on Tuesday

 

 

 

 

 

 

 

 

Sterling, terrorism and competition: the challenges for Monarch

 

Exclusive: Airline boss says deadline extension was needed to finalise investment

 

 

 

 

 

 

Samsung slashes profit forecast by £2 billion amid Note 7 nightmare

 

Flaming smartphones fiasco has already wiped billions off tech giant's value - now earnings forecast cut by a third.

 

 

 

 

 

Airbus, Brexit, BP: Business News in Brief Wednesday 12 October

 

 

 

 

 

Can Samsung recover from its biggest ever crisis?

 

 

 

 

 

 

Why are the pound and the stock market heading in different directions

 

Part of the answer is that the decent growth of the FTSE 100 is itself a simple currency effect. But this isn’t the whole story

 

 

 

 

 

 

 

 

Samsung v Apple, China debt, Facebook sports: Business News in brief

 

Tech giants gear up for court battle; Beijing unveils plan to tackle ballooning debt; Facebook begins live sports streaming.

 

 

 

 

 

 

Pound sterling now seen as an emerging market currency by traders

 

Volatility of the currency now resembles that of the Mexican peso - though the peso has performed better.

 

 

 

 

 

 

 

Coal power station is ‘first commercially viable zero-carbon plant’

 

Company boss says inventor of new technique should get Nobel Prize

 

 

 

 

 

Russian Bank VTB quits London. But will others follow?

 

 

 

 

 

Senior bankers warn they could start moving jobs out of London

 

 

 

 

 

 

OPEC urged to cut oil output as global production breaks new records

 

The cartel has been flooding the world market with cheap oil, apparently in a bid to put shale oil producers out of business.

 

 

 

 

 

 

 

£193bn added to value of FTSE companies since EU referendum vote

 

The fall in the pound has pushed the UK’s benchmark index above its all-time high during to hit 7,129.83

 

 

 

 

 

Samsung Galaxy Note 7 disaster wipes $19bn off company's value

 

 

 

 

 

FTSE 100 hits record high as Brexit fears push pound below $1.23

 

 

 

 

 

 

Pure Gym pulls London float. Have low cost gyms run out of puff?

 

Britain's biggest gym chain complains of weak investor demand for new issues across Europe. There could be more to it than that

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

Zenefits, a Rocket That Fell to Earth, Tries to Launch Again

 

By FARHAD MANJOO 11:28 AM ET

 

Laid low by a regulatory scandal, a human resources software company plans a reintroduction as rivals nip at its heels.

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Doug Chayka

 

 

 

 

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Samsung Estimates $2.3 Billion Loss Over Galaxy Note 7 Troubles

 

By CHOE SANG-HUN

 

The company slashed its third-quarter profit estimate by a third to absorb the hit from its decision to end production of the smartphone and recall millions of devices.

 

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Samsung’s Response to Galaxy Note 7 Crisis Draws Criticism

 

By SAPNA MAHESHWARI

 

Instructions on where to get a refund or replacement phone were posted in an obscure spot on the Samsung home page. They were not on social media sites.

 

 

 

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Why Samsung Abandoned Its Galaxy Note 7 Flagship Phone

 

By BRIAN X. CHEN and CHOE SANG-HUN

 

The unprecedented move by the South Korean electronics giant is an embarrassing reversal for a respected global brand.

 

 

Tech Tip

 

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Do You Have a Samsung Galaxy Note 7? Here’s What to Do

 

By J. D. BIERSDORFER

 

Power down the device immediately. Then contact the wireless carrier or store where it was bought for details about a refund or exchange.

 

 

 

 

 

 

 

 

 

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Toyota and Suzuki Say They Are Considering an Alliance

 

By JONATHAN SOBLE

 

The Japanese car manufacturers were vague about what might happen but said that they were discussing a wide-ranging business partnership.

 

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At Wells Fargo, Complaints About Fraudulent Accounts Since 2005

 

By STACY COWLEY

 

Employees tipped off the bank’s ethics hotline, human resources department and even the chief executive, but the problems persisted.

 

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Amazon Pairs Its Speaker With Streaming Music, at a Bargain Price

 

By BEN SISARIO

 

A new service offering tens of millions of songs will cost customers as little as $4 per month if they listen through the Echo device.

 

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Can the U.S. Really Get Astronauts to Mars by 2030?

 

By KENNETH CHANG and DANIEL VICTOR

 

President Obama renewed his call to send Americans to the red planet, and White House and NASA officials outlined how they expected to get there.

 

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Police Use Surveillance Tool to Scan Social Media, A.C.L.U. Says

 

By JONAH ENGEL BROMWICH, DANIEL VICTOR and MIKE ISAAC

 

Geofeedia, a company in Chicago, has used data from Facebook, Twitter and several other networks to aid law enforcement officials in monitoring protesters, the A.C.L.U. says.

 

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W.H.O. Urges Tax on Sugary Drinks to Fight Obesity

 

By SABRINA TAVERNISE

 

“If governments tax products like sugary drinks, they can reduce suffering and save lives,” a World Health Organization official said.

 

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Tech Companies Expect Free High-Speed Internet for Poorer Americans to Pay Off Later

 

By CECILIA KANG

 

Tech companies like Sprint, Comcast and Facebook are increasingly working to make high-speed internet available to every American.

 

Fed Policymakers Closer to Rate Hike, but Inflation Doubts Remain: Minutes

 

By REUTERS 2:03 PM ET

 

Several voting Federal Reserve policymakers judged a rate hike would be warranted "relatively soon" if the U.S. economy continued to strengthen, according to the minutes of the Fed's September policy meeting released on Wednesday.

 

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Conundrum for Justices: Does a Design Patent Cover a Whole Smartphone?

 

By ADAM LIPTAK

 

Samsung is arguing that it shouldn’t have to give up all its profit from the sale of phones that copy only part of the look of an Apple iPhone.

 

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Emerging Climate Accord Could Push A/C Out of Sweltering India’s Reach

 

By ELLEN BARRY and CORAL DAVENPORT

 

A phaseout of hydrofluorocarbons could have a major effect on climate change but would make air-conditioning more expensive just as many Indians are becoming able to afford it.

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Live Business Live: Tesco and Unilever 'in price dispute'

 

 

 

 

Tesco runs low of Unilever brands in 'price dispute' with brands such as Marmite, Ben & Jerry's, and Surf washing power in short supply.

 

 

 

 

 

 

 

 

 

Pound steadies after recent slump

 

The pound recovers some of its recent losses, with analysts attributing the gains to the promise of a Commons debate on the Brexit process.

 

  • 12 October 2016
  • From the section Business

 

 

Related content

 

 

 

 

 

 

 

Louis Vuitton handbags 'cheapest in London'

 

According to Deloitte, the UK has the most affordable luxury goods market in the world due to the Brexit-liked fall in the pound

 

  • 12 October 2016
  • From the section Business

 

 

Related content

 

 

 

 

 

What does Uber's employment case mean?

 

  • 12 October 2016
  • From the section Business

 

 

Galaxy Note 7: The unanswered questions

 

 

 

Lloyds Banking Group cuts 1,200 jobs

 

  • 12 October 2016
  • From the section Business

 

 

 

 

 

Fed interest rate hold a 'close call'

 

  • 12 October 2016
  • From the section Business

 

 

Ericsson warns of 94% dive in profit

 

  • 12 October 2016
  • From the section Business

 

 

Heathrow accused over living wage deal

 

  • 12 October 2016
  • From the section UK

 

 

Tax credits firm 'suffers data breach'

 

  • 12 October 2016
  • From the section Business

 

 

Hot weather cools demand for gravy

 

  • 12 October 2016
  • From the section Business

 

 

Childcare costs 'hit mortgage seekers'

 

  • 12 October 2016
  • From the section Business

 

 

 

 

Features & Analysis

 

 

 

Hedge your bets

 

Should I change my pounds to dollars now?

 

  • 12 October 2016
  • From the section Business

 

 

 

 

 

One big chance

 

Is this the world's most oversubscribed school?

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Link to post
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Sterling bounces off record trade-weighted low as MPs flex Brexit muscles

 

LONDON Sterling rebounded from a record low in trade-weighted terms on Wednesday after Britain's prime minister said she would give lawmakers some scrutiny of the Brexit process and would seek "maximum possible access" to Europe's single market.

5:06pm BST

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FTSE 100 and FTSE 250 equity indexes lose ground

 

LONDON Britain's index of leading shares slipped on Wednesday from record highs reached in the previous session, partly reflecting currency moves which weighed on some of its global companies.

5:00pm BST

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Oil down 1 percent; OPEC output climbs further amid cut pledges

 

NEW YORK Oil prices settled 1 percent lower on Wednesday after OPEC reported its September oil output hit eight-year highs, offsetting optimism over the group's pledge to bring a global crude glut under control.

8:05pm BST

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Exclusive - ECB may review QE options but decision could be put off until Dec

 

FRANKFURT The European Central Bank may discuss technical changes to its asset-buying scheme next week but a decision could be deferred until December when the bank will also decide whether to extend the scheme beyond March, sources familiar with the discussion said.

5:38pm BST

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Lloyds Banking Group cuts 1,230 jobs as part of strategic overhaul

 

LONDON State-backed Lloyds Banking Group said on Wednesday it planned to axe 1,230 jobs as part of a three-year restructuring plan aimed at cutting costs and improving returns for shareholders.

11:39am BST

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Fed policymakers closer to rate hike, but inflation doubts remain - minutes

 

WASHINGTON Several voting Federal Reserve policymakers judged a rate hike would be warranted "relatively soon" if the U.S. economy continued to strengthen, according to the minutes of the Fed's September policy meeting released on Wednesday.

7:20pm BST

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Deutsche Bank to pay $9.5 million penalty over research info -SEC

 

WASHINGTON Deutsche Bank will pay a $9.5 million (7.76 million pounds) penalty to settle civil charges that it failed to properly safeguard material non-public information generated by its research analysts and of publishing an improper research report, U.S. regulators said Wednesday.

7:36pm BST

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Basel publishes final rules to tackle "too big to fail" banks

 

LONDON Global regulators have published final rules that aim to limit the impact on financial markets if mega banks run into trouble.

6:21pm BST

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Putin says Rosneft buy of Bashneft gives impetus to privatisation

 

MOSCOW The Russian government's sale of a controlling stake in mid-sized oil firm Bashneft to the country's largest oil producer Rosneft should give momentum to Russia's privatisation drive, President Vladimir Putin said on Wednesday.

7:43pm BST

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UK fraud agency boss expects to move quickly in Airbus inquiry

 

LONDON Britain's Serious Fraud Office (SFO) is working with French authorities in its investigation into alleged fraud, bribery and corruption at European aerospace group Airbus and expects to proceed "fairly quickly", its head said on Wednesday.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

Glencore hopes for Moroccan refinery restart to recoup money

 

LONDON Glencore , one of the main creditors of Morocco's sole refinery, still has hopes the idled plant will restart so lenders can gradually recoup their money, despite repeated failures to get it up and running.

6:11pm BST

Hargreaves Lansdown complains to government over Lloyds share sale plan

 

LONDON Fund supermarket Hargreaves Lansdown said on Wednesday it had written to the British government to protest about the potential exclusion of retail investors from the sale of its remaining stake in Lloyds Banking Group .

6:08pm BST

Louis Dreyfus to explore stake sale in metals unit in second half 2017

 

LONDON Louis Dreyfus Company [AKIRAU.UL] expects to start conversations on potentially selling a stake in its metals business in the second half of 2017, Chief Executive Gonzalo Ramírez Martiarena said on Wednesday.

6:06pm BST

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UK fraud agency boss expects to move quickly in Airbus inquiry

 

LONDON Britain's Serious Fraud Office (SFO) is working with French authorities in its investigation into alleged fraud, bribery and corruption at European aerospace group Airbus and expects to proceed "fairly quickly", its head said on Wednesday.

6:02pm BST

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Exclusive - ECB may review QE options but decision could be put off until Dec

 

FRANKFURT The European Central Bank may discuss technical changes to its asset-buying scheme next week but a decision could be deferred until December when the bank will also decide whether to extend the scheme beyond March, sources familiar with the discussion said.

5:38pm BST

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Sterling bounces off record trade-weighted low as MPs flex Brexit muscles

 

LONDON Sterling rebounded from a record low in trade-weighted terms on Wednesday after Britain's prime minister said she would give lawmakers some scrutiny of the Brexit process and would seek "maximum possible access" to Europe's single market.

5:06pm BST

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Global shares edge lower, dollar firms before Fed minutes

 

NEW YORK Global equity markets traded slightly lower and the dollar edged higher ahead of the release of Federal Reserve minutes on Wednesday that should provide a clearer picture on when policymakers will raise U.S. interest rates.

5:04pm BST

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FTSE 100 and FTSE 250 equity indexes lose ground

 

LONDON Britain's index of leading shares slipped on Wednesday from record highs reached in the previous session, partly reflecting currency moves which weighed on some of its global companies.

5:00pm BST

Louis Dreyfus sees no need for share listing as JV plans progress

 

PARIS Louis Dreyfus Company [AKIRAU.UL] does not need to turn to the stock market in the near term as it moves ahead with plans to find partners to bolster certain activities, starting with its fertiliser business, its CEO said on Wednesday.

4:58pm BST

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Pimco took part in Deutsche Bank bond offerings -source

 

NEW YORK Pacific Investment Management Co, which oversees more than $1.5 trillion (1.22 trillion pounds) in assets under management, took part in Tuesday's $1.5 billion Deutsche Bank AG bond offering as well as a $3 billion bond deal on Friday, a source familiar with the matter told Reuters on Wednesday.

Russia says completes Bashneft sale to Rosneft for $5.3 billion

 

MOSCOW The Russian government has completed the sale of a controlling stake in mid-sized oil producer Bashneft to the Kremlin-owned Rosneft for 329.69 billion roubles (4.32 billion pounds), the economy ministry said on Wednesday.

4:27pm BST

New bank capital rules 'several years away' in practice

 

BRUSSELS/LONDON New bank capital rules now being finalised by global regulators will not be implemented for several years, an official responsible for writing them said on Wednesday, seeking to soothe European concerns about their impact on struggling lenders.

4:13pm BST

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OPEC tries to build momentum for global oil freeze

 

ISTANBUL OPEC sought on Wednesday to build momentum for its plan to cap global oil production, saying it will extend invitations to more non-member producers after holding informal talks with Russia and Mexico in Istanbul.

4:08pm BST

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Investors may be betting oil glut will end soon, but crude traders beg to differ

 

SINGAPORE Investors may have driven crude oil futures prices above $50 a barrel and amassed large bullish positions in expectations of further gains to come but their optimism isn’t shared by the people who produce, refine, ship or trade the real stuff on a daily basis.

4:08pm BST

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UK Treasury - financial services will be high priority in Brexit talks

 

LONDON Britain's financial services sector will be a "high priority" for the government when it negotiates the terms of Britain's new relationship with the European Union, the most senior official in the country's finance ministry said.

4:06pm BST

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Driverless car tested on UK streets for the first time

 

MILTON KEYNES, England With the steering wheel turning on its own and radar and camera technology guiding it, a driverless car took to Britain's streets for the first time on Tuesday, as part of trials aimed at getting autonomous vehicles onto the roads by 2020.

4:05pm BST

Fund manager Andurand sees $60 oil and above 'because Saudis want it'

 

Energy hedge fund manager Pierre Andurand said crude oil could hit $60 a barrel by the end of the year and $70 by summer 2017 as Saudi Arabia wants higher oil prices and will make it happen.

4:00pm BST

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Tesla, SolarCity shareholders vote Nov. 17 on merger

 

Tesla Motors Inc and SolarCity Corp said Wednesday in a U.S. securities filing that a vote to merge the two California-based companies will take place on Nov. 17.

3:56pm BST

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Ericsson crisis deepens as profits plunge 94 percent

 

STOCKHOLM The crisis at Ericsson deepened on Wednesday when the world's biggest maker of mobile network equipment reported a 94 percent plunge in quarterly operating profit and tumbling sales.

3:55pm BST

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Samsung slashes third-quarter profit estimate by a third after pulling plug on Note 7

 

SEOUL Samsung Electronics Co slashed its quarterly profit estimate by a third on Wednesday, soaking up a $2.3 billion (1.87 billion pounds) hit from ditching its flagship smartphone in what could be one of the costliest product safety failures in tech history.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

UBS chairman says bank will deliver on cost-cutting target

 

ZURICH UBS will deliver on its end-2017 cost-cutting target amid a challenging sub-zero interest rate environment, Chairman Axel Weber said on Wednesday.

3:37pm BST

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Elliott says view on Samsung not diminished despite Note 7 issues

 

Two affiliates of activist hedge fund Elliott Management said its view on Samsung Electronics Co had not diminished, despite the company ditching its flagship Galaxy Note 7 smartphone.

3:33pm BST

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EU bank crisis rules having negative impact on sector - BOI

 

MILAN New European rules for dealing with bank crises are having a negative impact on the sector and not just in Italy, the director general of the Bank of Italy said on Wednesday.

3:30pm BST

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Greece says IMF debt analysis should be ready by Christmas

 

The International Monetary Fund should conclude on its debt sustainability analysis for Greece by Christmas, Greek economy minister George Stathakis said on Wednesday.

3:12pm BST

Big oil traders doubt OPEC deal will bring heavy supply cuts

 

LONDON OPEC's deal to cut oil production is unlikely to result in a substantial reduction in supplies, some of the world's biggest oil trading companies said this week, meaning the market is unlikely to rebalance until well into 2017.

3:09pm BST

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Global investors wary of UK markets as Brexit fog thickens

 

LONDON Money managers charged with investing trillions of dollars of global savings haven't abandoned Britain just yet, but the uncertainty created by Brexit has made them extremely wary about investing in UK Plc.

3:01pm BST

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France's Hollande criticises huge U.S. fines against corporate Europe

 

PARIS French President Francois Hollande on Wednesday accused the United States of abusing its power by demanding multi-billion dollar fines from European companies while shielding its own firms.

2:53pm BST

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Fed can be 'gentle' in hiking rates, Dudley says

 

ALBANY, N.Y. The Federal Reserve can be "gentle" in removing monetary stimulus since U.S. inflation remains low and the economic expansion could last five or more years, one of the most influential Fed policymakers said on Wednesday.

2:35pm BST

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OPEC points to larger 2017 oil surplus despite deal to cut

 

LONDON OPEC reported a increase in its oil production in September to the highest in at least eight years and raised its forecast for 2017 non-OPEC supply growth, pointing to a larger surplus next year despite the group's deal to cut output.

2:00pm BST

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British foodmakers' confidence sags as weak pound erodes margins

 

EDINBURGH More than two-thirds of British food makers have become less confident about the business environment since Britain's vote to leave the European Union, a survey published on Wednesday said.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

Britain's Royal Mail bans delivery of Samsung Galaxy Note 7s

 

Royal Mail Plc, operator of Britain's main postal service, said on Wednesday it had banned the delivery of Samsung Electronics Co's Galaxy Note 7 smartphones through its network for safety reasons, making it potentially difficult for many Britons to return the recalled devices.

1:42pm BST

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Merkel stresses access to EU market requires free movement of people

 

BERLIN German Chancellor Angela Merkel has always stressed that access to the European Union's single market requires that a country accept the bloc's principle of the free movement of people, her spokesman said on Wednesday.

1:31pm BST

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Euro zone hopes to keep IMF in Greek bailout - ECB's Coeure

 

FRANKFURT Euro zone finance ministers are working to keep the International Monetary Fund as part of the Greek bailout and to address concerns about Greek debt sustainability, European Central Bank board member Benoit Coeure said on Wednesday.

1:19pm BST

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Cash injection keeps Britain's Monarch Airlines flying

 

LONDON British airline Monarch secured a 165 million pound lifeline from majority shareholder Greybull Capital on Wednesday, enabling the low-cost carrier to renew a key operating licence and fund new aircraft.

1:01pm BST

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PM May says wants maximum possible access to EU market post-Brexit

 

LONDON Britain will see a deal with the European Union that will include maximum possible access to the bloc's single market once it leaves the EU, Prime Minister Theresa May said on Wednesday.

12:27pm BST

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Glencore pursues more deals with Libya, Iran to beat tough trading year

 

LONDON Glencore is seeking to increase oil trading with Libya, Iran and Iraq to beat what looks to be a much tougher trading environment compared with last year, Glencore's global head of oil Alex Beard told the Reuters Commodities Summit.

12:12pm BST

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Too hard for EU to replicate UK financial sector for now - BoE's Cunliffe

 

LONDON Large chunks of London's financial sector are unlikely to move to the European Union for the foreseeable future, though some activity could shift to New York after Brexit, Bank of England Deputy Governor Jon Cunliffe said on Wednesday.

12:10pm BST

Old Mutual Wealth unit listing could include IPO - spokesman

 

LONDON Anglo-South African financial services firm Old Mutual's planned demerger and listing of its UK asset management unit could also include the sale of equity through an initial public offering, an Old Mutual spokesman said on Wednesday.

11:45am BST

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Sterling trims gains after PM's spokeswoman says will be no Article 50 vote

 

LONDON Sterling trimmed some of its gains on Wednesday after a spokeswoman for the British prime minister said there would be no vote in parliament on triggering "Article 50", which will start the formal process to take Britain out of the EU.

11:40am BST

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Lloyds Banking Group cuts 1,230 jobs as part of strategic overhaul

 

LONDON State-backed Lloyds Banking Group said on Wednesday it planned to axe 1,230 jobs as part of a three-year restructuring plan aimed at cutting costs and improving returns for

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

Toyota, Suzuki say exploring possible partnership

 

TOKYO Japan's Toyota Motor Corp and minivehicle maker Suzuki Motor Corp said they plan to explore a possible partnership, citing technological challenges and the need to keep pace with rising consolidation in the global auto industry.

11:33am BST

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Swiss attorney general opens criminal probe of Falcon in 1MDB case

 

ZURICH Switzerland's Office of the Attorney General (OAG) has opened criminal proceedings against Zurich-based Falcon Private Bank over its alleged failure to prevent suspected money laundering linked to Malaysian state fund 1Malaysia Development Bhd (1MDB).

11:26am BST

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Barclays announces sale of $323 million loan portfolio in Italy

 

LONDON Barclays has sold 260 million pounds' worth of salary secured loans in Italy to IBL Banca, the British lender said on Wednesday, the latest disposal of assets from its 'non-core' unit that are earmarked for sale.

11:13am BST

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Potential oil output deal prompts another worry: a shortage

 

ISTANBUL While OPEC and other big crude producers work towards a deal to cap production to erode a glut, industry executives are concerned the sharp drop in investment that followed the oil price crash could lead to another crisis - a supply shortage.

11:08am BST

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Irish budget beyond limit of prudent policy, watchdog says

 

DUBLIN Ireland's 2017 budget goes beyond the limit of prudent policy, the country's fiscal watchdog said on Wednesday after the government announced a 1.3 billion euro (1.19 billion pounds) package of spending increases and tax cuts.

10:41am BST

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Deutsche Bank shakes up investment bank to regain lost ground

 

LONDON Deutsche Bank promoted a group of its senior investment bankers on Tuesday, part of an internal reshuffle as it tries to boost its flagging performance in corporate mergers and acquisitions and capital markets.

10:38am BST

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FCA fines Sonali Bank for anti-money laundering failings

 

LONDON Britain's Financial Conduct Authority (FCA) fined a bank owned by the Bangladesh government 3.25 million pounds for failures in anti-money laundering controls, the FCA said on Wednesday.

10:27am BST

Property developer Countryside says trading picks up after Brexit dip

 

Property developer Countryside Properties said on Wednesday strong trading since the last week of July had more than offset an initial jump in cancellation rates after Britain's vote to leave the European Union in June.

10:25am BST

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Irish finance minister says budget not in breach of EU rules

 

DUBLIN Ireland's 2017 budget is in line with European Union fiscal rules, Finance Minister Michael Noonan said on Wednesday after the country's independent fiscal watchdog said it believed the rules had been breached.

10:20am BST

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British advertising budgets to grow in 2016 despite Brexit - survey

 

Growth in British companies' advertising spending budgets has hit its highest in more than two years, a survey showed on Wednesday, suggesting that Brexit's impact on the sector might be softer than previously expected.

British supermarket chain Sainsbury's to place Argos in every store

 

LONDON Britain’s No.2 supermarket group Sainsbury's aims to have an Argos presence in every one of its British stores, its chief executive said on Tuesday.

9:37am BST

Premier Foods blames warm September for sales shortfall

 

LONDON Britain's Premier Foods reported weaker than expected quarterly sales and lowered its full-year sales outlook on Wednesday, saying a warm start to autumn reduced appetite for its gravies and some desserts.

9:19am BST

External sharia audits gain traction in Islamic finance - study

 

External sharia audits are gaining support in Islamic finance as consumers and regulators seek more transparency and accountability, a study has found.

9:12am BST

German growth to slow in second half after strong first half expansion - Economy Ministry

 

BERLIN The German economy will lose some steam in the second half of the year after its robust performance in the first half, the Economy Ministry said on Wednesday, putting a damper on growth hopes after better-than-expected economic data.

9:08am BST

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Samsung Electronics cuts third-quarter operating profit guidance on Note 7 impact

 

SEOUL Samsung Electronics Co Ltd on Wednesday cut its third-quarter operating profit guidance to 5.2 trillion won (3.8 billion pounds) from 7.8 trillion won due to the impact of pulling its Galaxy Note 7 smartphones off the market.

8:13am BST

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Toyota recalls 340,000 Priuses globally to fix parking brake issue

 

TOKYO Toyota Motor Corp said on Wednesday it was recalling around 340,000 of its latest Prius gasoline hybrid model in Japan and overseas to fix a parking brake issue.

8:03am BST

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Ireland unveils 'Brexit-proof' budget, opposition calls it 'pathetic'

 

DUBLIN Ireland's finance minister unveiled his "Brexit-proof" budget on Tuesday, but business groups and the opposition said it failed to protect the economy from the likely impact of its main trading partner, Britain, quitting the European Union.

8:01am BST

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BOJ policymakers signal higher threshold for further easing

 

MATSUMOTO/TOKYO, Japan Bank of Japan policymakers signalled on Wednesday they had raised the threshold for further easing after last month's policy revamp - keeping their pledge to expand stimulus if needed, but only to protect the economy from external shocks.

7:50am BST

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Deutsche Bank strategists expect more outperformance for FTSE 100

 

LONDON Deutsche Bank's equity strategists on Wednesday said they expected the relative outperformance of FTSE 100 to continue due to more sterling weakness.

7:33am BST

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Telford Homes says has not changed growth targets since EU vote

 

LONDON British housebuilder Telford Homes, which operates in or around London, said it was not changing its growth targets as a result of the Brexit vote and that sales had been robust in recent weeks.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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