The great interest rate rip off part 10

[interestrateripoff]

UK's September inflation surge likely a taste of more to come

 

LONDON British inflation recorded its biggest jump in two years last month, setting the tone for a steep rise in prices over the coming year as sterling's post-Brexit plunge squeezes household finances.

3:43pm BST

Pound gains 1 percent on hint lawmakers must back Brexit

 

LONDON Sterling jumped the most in three months in a rollercoaster session on Tuesday, as suggestions that parliament will have to ratify a British deal to leave the European Union outweighed concerns about a larger-than-expected rise in inflation.

5:32pm BST

Goldman Sachs profit soars on bond trading and curtailed costs

 

Goldman Sachs Group Inc reported a 58 percent jump in third-quarter profit on Tuesday as bond trading rebounded and the Wall Street bank managed to keep a lid on expenses.

6:04pm BST

FTSE gets easyJet boost; Burberry falls

 

LONDON British stocks climbed on Tuesday, rebounding from a fall the previous day as a rise for easyJet and mining companies helped outweigh a sharp drop in Burberry's shares.

6:00pm BST

Foreign firms say UK profits hit by Brexit vote, weak sterling

 

LONDON The drop in sterling and some weakening in demand following the vote to leave the European Union have eaten into the earnings of foreign firms operating in Britain, companies have been saying as they reveal their third quarter results this month.

5:23pm BST

U.S. judge 'strongly inclined' to approve VW buyback settlement

 

A federal judge in San Francisco on Tuesday said he is "strongly inclined" to approve a record-setting $10.033 billion (£8.157 billion) proposed buyback and compensation offer from Volkswagen AG for 475,000 owners of polluting 2.0-liter diesel vehicles.

7:22pm BST

Glencore expands bond buyback as manages debt

 

LONDON Miner Glencore has increased the size of a bond buyback tender to $1.49 billion (£1.21 billion) from $1.25 billion, it said on Tuesday, seeking to seize on favourable conditions to reduce its debt burden.

7:53pm BST

Credit Suisse agrees 100 million euro deal to settle Italy tax case - source

 

MILAN Credit Suisse has agreed in principle to pay about 100 million euros to settle its tax position in Italy in a case involving allegations it helped clients transfer undeclared funds offshore, a source with direct knowledge of the matter said on Tuesday.

8:00pm BST

Tumbling airfares test nerves as low-cost carriers push for growth

 

DUBLIN/LONDON When Ryanair boss Michael O'Leary promised on Tuesday to pump a million seats a month into a weak winter market and slash fares by 15 percent, he was ramping up pressure on rivals -- and on investors struggling to see an end to Europe's price wars.

4:03pm BST

Gap to shut Banana Republic doors in the UK

 

Gap Inc said it would close all its eight Banana Republic stores in the UK as the ailing apparel retailer focuses on North America to revive its sales.

Harley-Davidson plans to reorganize, reduce workforce

 

Harley-Davidson Inc , facing falling motorcycle sales around the world, said on Tuesday it plans to streamline its operations, reorganize and reduce its workforce during the fourth quarter in a move that will cost the company $20 million (16.34 million pounds) to $25 million.

6:09pm BST

Goldman Sachs profit soars on bond trading and curtailed costs

 

Goldman Sachs Group Inc reported a 58 percent jump in third-quarter profit on Tuesday as bond trading rebounded and the Wall Street bank managed to keep a lid on expenses.

6:04pm BST

FTSE gets easyJet boost; Burberry falls

 

LONDON British stocks climbed on Tuesday, rebounding from a fall the previous day as a rise for easyJet and mining companies helped outweigh a sharp drop in Burberry's shares.

6:00pm BST

Elusive rebound in exports hampers French recovery

 

PARIS France's northern port of Rouen usually bustles in October with wheat-laden ships destined for distant markets but the worst harvest in three decades means there is no chance this year of a trade boost from one of its most reliable exports.

5:55pm BST

Oil steadies ahead of preliminary U.S. inventory report

 

NEW YORK Oil prices steadied on Tuesday, as the dollar relinquished early gains and expectations of OPEC output curbs lifted crude prices from session lows despite forecasts for data showing a second straight weekly build in U.S. crude stockpiles.

5:52pm BST

U.S. says Ernst & Young to pay $11.8 million to settle audit charges

 

Ernst & Young will pay $11.8 million (£9.64 million) to settle charges over "failed audits" of oil services company Weatherford International Plc , the U.S. Securities and Exchange Commission said on Tuesday.

5:39pm BST

Pound gains 1 percent on hint lawmakers must back Brexit

 

LONDON Sterling jumped the most in three months in a rollercoaster session on Tuesday, as suggestions that parliament will have to ratify a British deal to leave the European Union outweighed concerns about a larger-than-expected rise in inflation.

5:32pm BST

Foreign firms say UK profits hit by Brexit vote, weak sterling

 

LONDON The drop in sterling and some weakening in demand following the vote to leave the European Union have eaten into the earnings of foreign firms operating in Britain, companies have been saying as they reveal their third quarter results this month.

5:23pm BST

Bond turmoil threatens to trigger year-end global market sell-off

 

LONDON If October's bond jolt reverberates through a politically nervy end to the year, many funds fear it may trigger an exodus from all richly valued financial assets as investors re-price intertwined stocks and bonds and hurry to protect 2016 gains.

4:56pm BST

Lufthansa bans Samsung Galaxy Note 7 from all flights

 

FRANKFURT German flagship carrier Lufthansa said on Tuesday it had banned Samsung's Galaxy Note 7 mobile phones from all of its flights with immediate effect.

[interestrateripoff]

UK's post Brexit food price rises to be muted - industry executives

 

LONDON Food price rises in the wake of sterling's post-Brexit vote slump will be softened by intense competition in the industry, which is currently still driving them lower, grocery executives said on Tuesday.

4:29pm BST

Investors build up cash piles, bond market crash fears grow - BAML poll

 

LONDON Global investors have raised cash holdings back to post-Brexit highs and cut bond allocations to 10-month lows, nervous that bond prices are at risk of a destabilising selloff, a Bank of America Merrill Lynch survey showed on Tuesday.

4:28pm BST

Tumbling airfares test nerves as low-cost carriers push for growth

 

DUBLIN/LONDON When Ryanair boss Michael O'Leary promised on Tuesday to pump a million seats a month into a weak winter market and slash fares by 15 percent, he was ramping up pressure on rivals -- and on investors struggling to see an end to Europe's price wars.

4:03pm BST

Ryanair cuts profit forecast but says demand growing

 

DUBLIN Ryanair cut its annual profit forecast on Tuesday due to a weaker pound, but its share price rose after it said it expected to boost its market share in the coming months by selling more tickets at cheaper prices.

4:00pm BST

Bump in commodity shares, solid earnings lift stocks

 

NEW YORK A gauge of major equity markets around the globe rose to a one-week high on Tuesday as rising commodity prices and solid earnings reports helped pull shares in Asia, Europe, and the United States higher.

3:56pm BST

UK's September inflation surge likely a taste of more to come

 

LONDON British inflation recorded its biggest jump in two years last month, setting the tone for a steep rise in prices over the coming year as sterling's post-Brexit plunge squeezes household finances.

3:43pm BST

Burberry hit by weak department stores despite sterling boost

 

LONDON British luxury fashion brand Burberry reported a drop in first-half sales on Tuesday, hitting its shares as weak demand from U.S. department stores offset a surge in sales in its home market as tourists took advantage of a lower pound.

3:30pm BST

PE firm SVG Capital to sell investment portfolio to HarbourVest

 

Britain's SVG Capital Plc agreed to sell its investment portfolio to HarbourVest for about 807 million pounds after the private equity firm elbowed out Goldman Sachs Group Inc-led consortium with a sweetened offer.

3:26pm BST

OPEC secretary-general optimistic on reaching oil output deal in November

 

LONDON OPEC should be able to reach a deal next month to limit oil production without too much disagreement about individual countries' output levels, the producer group's secretary-general said on Tuesday.

3:10pm BST

Alitalia denies managers met Lufthansa over stake deal

 

MILAN Top managers at Alitalia and Lufthansa have not met to discuss the idea of the German airline buying a stake in the Italian flagship carrier, an Alitalia spokesman said on Tuesday.

Eurostar aims to cut 80 jobs as traffic suffers after attacks

 

PARIS Train operator Eurostar wants to cut 80 jobs this year as it struggles with weak traffic on the service that links Britain with continental Europe after a string of deadly attacks in Paris and Brussels, a spokeswoman said on Tuesday.

2:34pm BST

Rising gasoline, rents push U.S. inflation higher in September

 

WASHINGTON U.S. consumer prices recorded their biggest gain in five months in September as the cost of gasoline and rents surged, pointing to a steady build-up of inflation that could keep the Federal Reserve on track to raise interest rates in December.

2:29pm BST

Rise in global trade the tonic the world economy needs - Reuters poll

 

LONDON/BENGALURU The world economy needs international trade to pick up, according to Reuters polls of hundreds of economists who see no end yet to the aggressive monetary stimulus through which central banks have tried to prop up inflation.

2:24pm BST

Aviva rules out "significant" action following UK annuity review

 

LONDON Insurer Aviva said on Tuesday it did not expect to take "significant" action after Britain's regulator said some firms needed to review their sales of annuities to ensure people got the right deal.

2:22pm BST

Deepwater projects survive low oil price, executives say

 

LONDON The deepwater oil industry is not dead, even after the brutal drop in oil prices in recent years, but activity will focus on regions such as Brazil and the Gulf of Mexico where resources are large and costs low, executives said on Tuesday.

2:02pm BST

UK regulator cuts proposed earnings cap for Norway power link

 

British energy regulator Ofgem said on Tuesday it has revised down provisional upper and lower levels for National Grid's annual revenues from a planned electricity interconnector to Norway by around 30 percent, meaning British consumers were likely to benefit more than previously expected.

1:53pm BST

Dutch regulator weighs Tesla's use of 'Autopilot' name

 

AMSTERDAM The Dutch agency that approved electric carmaker Tesla's "Autopilot" driver assistance system for use throughout Europe said Monday it is considering what action to take, if any, on the name after several German organizations said it could be misleading.

1:47pm BST

Britain's largest rail freight firm to cut a quarter of its workforce

 

LONDON Britain's largest rail freight firm DB Cargo UK plans to cut 893 jobs, over a quarter of its workforce, as the industry faces "unprecedented challenges" from difficult core markets such as coal, it said on Tuesday.

12:49pm BST

Volatile sterling hits 11-day high vs euro on EU case headlines

 

LONDON Sterling hit its highest against the euro since its October 7 "flash crash" in a rollercoaster session on Tuesday, buffeted by mixed interpretations of a rise in inflation and suggestions parliament would have to ratify Britain's deal to leave the European Union.

12:29pm BST

Hays says hiring in London's finance industry hit by Brexit

 

Hiring in London fell sharply after Britain's vote to leave the European Union and companies are still cautious about adding to existing staff levels because of uncertainty over Brexit, recruitment company Hays said on Tuesday.

[interestrateripoff]

IBM third-quarter revenue falls, but tops forecasts on cloud, analytics growth

 

International Business Machines Corp posted better-than-expected third-quarter revenue on Monday, helped by growth in the company's cloud and analytics businesses.

12:12pm BST

Books covered for Convatec's $1.8 billion listing - sources

 

LONDON Books on the initial public offering (IPO) of medical products and technologies makers Convatec [iPO-CONV.L] were covered on the base deal size of $1.8 billion (1.47 billion pounds), sources said.

11:50am BST

ASOS says international sales help to shore up demand

 

LONDON ASOS , the British online fashion retailer, said fast-changing product ranges and an expanding international customer base would help it to maintain sales growth and defy tough conditions in the UK clothing market.

11:38am BST

EU insurers' watchdog says eyeing 'macro-prudential' review of solvency rules

 

FRANKFURT EU insurance industry regulator EIOPA plans to add broad-brush measures over the next few years to its core capital requirement rules, aimed at reducing the risk of a financial crisis developing from within the industry, it said on Tuesday.

11:36am BST

Vodafone enters Iranian market

 

LONDON Vodafone has agreed a partnership with Iranian internet firm HiWeb to help modernise its network, the companies said on Tuesday, making the British company the latest Western firm to enter Iran after sanctions were lifted.

11:24am BST

FedEx to invest $1.5 billion in France to double capacity at Roissy airport

 

PARIS Package delivery company FedEx Corp said on Tuesday it would invest 1.4 billion euros (1.22 billion pound) to double the capacity of its logistics activities at Charles de Gaulle International Airport in the Paris suburb of Roissy.

10:51am BST

Hollande says Brexit should bring more investments into France

 

PARIS Britain's vote to leave the European Union should bring more investment into France and make the country a gateway to the European market, President Francois Hollande said on Tuesday.

10:41am BST

Deutsche Bank to pay $38 million in U.S. silver price-fixing case

 

NEW YORK Deutsche Bank AG has agreed to pay $38 million (31 million pounds) to settle U.S. litigation over allegations it illegally conspired with other banks to fix silver prices at the expense of investors, according to court papers filed on Monday.

10:34am BST

UK watchdog makes changes to boost competition in wholesale banking

 

LONDON Britain's markets watchdog set out changes on Tuesday to how banks treat business customers, saying it will ban clauses that tie in clients, and change how companies are floated.

10:24am BST

BP says will break even with oil at $55/barrel in 2017 - CEO

 

LONDON BP chief executive Bob Dudley expects oil to trade at $50-$60 a barrel next year, he said on Tuesday, adding that his company would break even at prices slightly below $55.

[interestrateripoff]

Exclusive: Production slowing fast at Myanmar mine that rattled tin market

 

MAN MAW, Myanmar Output from a mysterious Myanmar tin mine that has disrupted the global market in the metal is falling sharply and deposits could be depleted in "two to three years", senior mine officials told Reuters.

10:15am BST

Dick's prepares bid for bankrupt retailer Golfsmith's U.S. stores - sources

 

Dick's Sporting Goods Inc is preparing a bid for the U.S. business of bankrupt Golfsmith International Holdings Inc, challenging an offer by rival retailer Worldwide Golf Shops, people familiar with the matter said on Monday.

10:07am BST

Euro zone banks to tighten company access to loans in fourth quarter - ECB poll

 

FRANKFURT Euro zone banks are set to tighten access to corporate credit for the first time in two and a half years as they become more wary of risk and negative interest rates eat into their profit, a European Central Bank survey showed on Tuesday.

9:59am BST

Tesco grows market share for first time since 2011

 

LONDON Tesco grew market share for the first time in five years over the last three months, the clearest sign to date that Britain's biggest supermarket chain is recovering from years of turmoil to accelerate away from rivals.

9:46am BST

Risks to China from 'very fast' credit growth rising rapidly - IMF

 

HONG KONG China's credit growth has been "very fast" by global standards and without a comprehensive strategy to tackle the debt overhang, there's growing risk it will have a banking crisis or sharply slower growth or both, the International Monetary Fund said.

9:37am BST

German digital association sees slowing growth in 2017

 

FRANKFURT Germany's telecommunications and IT industry association expects slowing growth next year as a boom in demand for expensive smartphones ends, sales of PCs and notebooks slow and price competition and regulation dampen telecom operators' revenues.

9:33am BST

LG Chem sees GM selling over 30,000 Bolt electric vehicles next year

 

SEOUL South Korea's LG Chem Ltd, a battery supplier for General Motors Co's (GM) upcoming Bolt electric vehicles, said on Tuesday it expected the U.S. automaker to sell more than 30,000 of the cars next year.

9:28am BST

Central bankers have 'lost the plot', William Hague says

 

LONDON Unless central bankers stop sowing discord by inflating a bubble with make-believe money, the world's top central banks will find their independence challenged, former Conservative Party leader William Hague was quoted as saying on Tuesday.

9:21am BST

British builder Bellway expects supplier price squeeze

 

LONDON British housebuilder Bellway expects some of its suppliers to seek price rises after the Brexit-induced fall in the pound, echoing consumer goods group Unilever's move to recoup currency losses through higher prices.

9:02am BST

Germany's Gabriel says he does not expect EU-Canada trade deal to fail

 

LUXEMBOURG German Economy Minister Sigmar Gabriel said on Tuesday he did not expect a planned free trade agreement between the European Union and Canada to fail, but it could take some time to answer questions raised by Belgium and other countries.

Belgium hopes for EU-Canada trade pact backing this week

 

LUXEMBOURG The Belgian federal government hopes it can persuade regional authorities to back its approval of an EU-Canada free trade deal by the time EU leaders meet at a Brussels summit this week, its trade minister said on Tuesday.

8:18am BST

China challenges weigh on Danone third-quarter sales

 

PARIS French food group Danone reported a slowdown in quarterly sales growth on Tuesday that was slightly worse than expected as difficulties in China hurt its baby food and water divisions.

8:00am BST

Hyundai to make China-only vehicles, green cars to battle local brands

 

SEOUL Hyundai Motor Co on Tuesday said it aims to make more China-only and environment-friendly cars at two new Chinese plants, as it strives to fend off competition from Chinese rivals and slowing growth in the world's biggest auto market.

7:50am BST

South Korea prosecutors to charge Lotte Group Chairman Shin - Yonhap

 

SEOUL South Korean prosecutors plan to charge Lotte Group chairman Shin Dong-bin, wire service Yonhap reported on Tuesday, in the latest twist to a wide-ranging corruption probe that has convulsed the country's fifth-largest conglomerate.

7:41am BST

Netflix subscriptions boom around world, shares jump 20 percent

 

Netflix Inc added over 50 percent more subscribers than expected in the third quarter as original shows such as "Stranger Things" drew new international viewers and kept U.S. customers despite a price hike, sending its shares soaring 20 percent in late trade.

6:36am BST

Australia's Tabcorp, Tatts in talks to create $7 billion gaming giant

 

SYDNEY Australia's Tatts Group Limited and Tabcorp Holdings Ltd on Tuesday said they are in talks to create a A$9.34 billion (5.8 billion pounds) betting industry giant, hoping to join forces to fend off popular online rivals.

6:22am BST

Once jobless and uncounted, eager workers could slow Fed rate hike

 

WELLSTON, Missouri The crammed-to-capacity parking lot at a job training centre in this St. Louis suburb is exhibit A for why the U.S. Federal Reserve remains at odds over the health of the U.S. labour market and how quickly interest rates should rise.

6:04am BST

China looks to expand trade ties during Duterte visit

 

BEIJING China is looking to expand trade with the Philippines during President Rodrigo Duterte's visit this week, a spokesman for the Ministry of Commerce said on Tuesday, as the two sides seek new commercial ties to soothe years of hostility.

5:46am BST

Malaysia's Najib seen pushing populist budget amid election talk

 

KUALA LUMPUR Malaysian Prime Minister Najib Razak is expected to put a raft of populist measures into the 2017 budget he unveils on Friday, in a bid to assuage voters unhappy with his leadership and rising living costs.

5:11am BST

Hyundai Merchant Marine says it may bid for Hanjin's Asia-U.S. route assets

 

SEOUL South Korea's Hyundai Merchant Marine Co Ltd said on Tuesday it may submit a preliminary bid for Hanjin Shipping Co Ltd assets used in Asia-to-U.S. routes - a sale seen as key to Hanjin's prospects for paying off creditors.

[interestrateripoff]

Samsung Electronics to compensate Galaxy Note 7 parts suppliers

 

SEOUL Samsung Electronics Co Ltd said on Tuesday it will compensate component suppliers for the discontinued Galaxy Note 7 smartphones and consider giving them orders for other models to cushion the blow.

3:51am BST

Egypt to gather additional $6 billion required for IMF deal

 

CAIRO Egyptian Finance Minister Amr El Garhy said on Monday his country would gather an additional $6 billion in bilateral funding required to secure a $12 billion International Monetary Fund (IMF) loan within one or two weeks.

3:31am BST

BHP boss calls for 'hard-headed Brexit' with little bureaucracy

 

LONDON The head of major miner BHP Billiton says what Britain needs is a "hard-headed Brexit", which would maintain trade relations with the European Union and place the focus on minimising bureaucracy as much as on keeping tariffs low.

3:09am BST

Corporate Japan unimpressed with BOJ's latest attempt to spur growth - Reuters poll

 

TOKYO Japan Inc has little faith in the central bank's latest shift in monetary policy, with companies saying it won't generate long-desired inflation, spur further business investment or have an impact on the economy.

12:27am BST

UK renewable subsidies to cost $11 billion by 2020/2021 -NAO

 

LONDON Britain's renewable electricity subsidies are set to cost 8.7 billion pounds ($10.8 billion) a year by 2020/2021, pushing up household energy bills, the National Audit Office said on Tuesday.

12:23am BST

Volkswagen labour boss demands commitment to battery production - Sueddeutsche

 

FRANKFURT Volkswagen should commit to investing in the development and production of batteries for electric cars, the carmaker's works council chief Bernd Osterloh told a German newspaper.

17 Oct 2016

Pearson slump, weak energy shares hit FTSE

 

LONDON Publisher Pearson led Britain's top share index lower on Monday after saying market conditions continued to be challenging.

17 Oct 2016

RBS says RT's bank accounts in Britain are still operative

 

Royal Bank of Scotland said on Monday Russian broadcaster RT's bank accounts in Britain remained open and were still operative, responding to a complaint by RT that it had been told that the accounts were to be closed.

17 Oct 2016

Global stocks slip, bond yields dip from four-month highs

 

NEW YORK Major stock markets around the world fell on Monday and U.S. and European bond yields slipped from four-month highs amid uncertainty over the health of the global economy.

17 Oct 2016

UK consumers most upbeat in five years, but not in pro-EU London

 

LONDON British consumers were their most confident in five years in September, a survey showed on Monday, but the upbeat mood was not shared in London where most voters opposed leaving the European Union in June's Brexit referendum.

[interestrateripoff]

9 Regional Feds Ask For Rate-Hike - Same As Prior To Last December's Hike

 

"The Economy Is Cracking Under Too Much Debt"

 

Schrodinflation: Healthcare Costs Are Either Soaring Or Flat, Depending On How They Are Measured

 

Oil's Biggest Threat: 'Peak Demand' Within 15 Years?

 

Saudi Arabia Launches Sale Of 5, 10 And 30 Year Bonds, Seeks To Raise Up To $15 Billion

 

"Change Is As Necessary As It Is Impossible": Deutsche Bank Explains Why The World Is At A Dead End

 

ECB's First Chief Economist Warns: The EU Is A "House Of Cards"

 

Ford To Idle Four Factories Due To Slowing Car Demand, Rising Inventories

[interestrateripoff]

Deutsche Bank Pays $38 Million To Settle Silver Manipulation Lawsuit

 

Former German Central Banker Reveals "The Real Danger In Finance"

 

Ignorance Is More Costly In Politics Than In Markets

 

Financial Repression Is Now "In Play"

[interestrateripoff]

Philip Hammond insists Bank of England's independence is safe

 

The move comes following Theresa May’s comments at the Tory party conference that ‘a change has got to come’ to low interest rates

 

 

 

 

 

Banks consider ‘moving London staff to Luxembourg to get access to EU’

 

 

 

 

• Jobs market holds up in August
   
  
  
• Sir Philip Green says he is ‘sad and very sorry’ over BHS collapse
   
  
  
• Cannabis drug developer GW pharma cancels london stock market listing
   
  
  

 

 

 

 

 

 

Could this be why Starbucks Is hyping a new China mega-expansion?

 

The timing is interesting for Starbucks to announce a new aggressive expansion in China.

 

 

 

 

 

 

President Trump has won! Now watch the trade deals burn

 

 

 

 

 

 

Company posts job advert for executive with psychopathic qualities

 

 

 

 

 

 

Insurers laughing all way to bank as pension freedom scrapped for 5m

 

Industry arguments against phase two of the former Chancellor’s reforms amounted to saying we’re worried consumers will get a bad deal because our industry will rip them off

 

 

 

 

 

 

 

 

Osborne’s flagship pension policy scrapped amid misselling fears

 

Industry body says Government u-turn is ‘right decision’ as savers could not be protected from scams

 

 

 

 

 

 

China's economy grows 6.7% but experts warn of 'unsustainable' bubble

 

'Amazing what a housing bubble and crazy debt increases can achieve,” says Michael Every, head of financial markets research at Rabobank in Hong Kong

 

 

 

 

 

 

 

 

Travis Perkins to close 30 branches and axe up to 600 jobs

 

Travis Perkins was one of the biggest fallers on the FTSE 100 after the UK voted to leave the EU

 

 

 

 

 

 

Black Friday survival guide: how to save money and stay sane

 

Here’s the Independent’s Black Friday survival guide

 

 

 

 

 

Trade deal; Netflix; Eurostar: Business news in brief Wednesday 19 Oct

 

 

 

 

 

Burberry boosted by weak pound but shares slump as Asian sales fall

 

 

 

 

 

 

The pound is recovering but airports are still selling it for a euro

 

Moneycorp at Bristol airport featured the worst rate at $1 for a pound - 19% lower than its wholesale rate

 

 

 

 

 

 

 

 

An income squeeze is coming and Brexit is to blame

 

Inflation is starting to rise but wages are unlikely to keep up as the economy weakens

 

 

 

 

 

 

Samsung Galaxy Note 7 banned from all Lufthansa flights

 

Samsung scrapped the Galaxy Note 7 last week because of incidents where the phones began catching fire

 

 

 

 

 

 

 

Netflix's huge bet on original content is paying off

 

Netflix's subscriber growth and guidance easily topped estimates. The billions spent by the company to build up its original content library appear to have much to do with it.

 

 

 

 

 

UK will wait years to agree post-Brexit trade deals says WTO economist

 

 

 

 

 

Higher inflation rise will cost poor families extra £100 a year, warns

 

 

 

 

 

 

William Hill pulls out of Amaya merger talks but what next?

 

With rivals focussed on pulling their own deals off, Hill could steal a march if it can find the people it needs to fix its problems

 

 

 

 

 

 

 

Tesco increases market share for first time in five years

 

Extra 228,000 shoppers visit the firm’s stores over last three months, but Asda's slide continues

 

 

 

 

 

British fashion industry in steepest decline since 2009

[interestrateripoff]

• 
   
  BHP Billiton aims for 50% female workforce by 2025
   
   
  Published: 7:58 PM
  BHP Billiton aims for 50% female workforce by 2025
   
  
• 
   
  Saudi Arabia raises $17.5bn from bonds to repair damage to public finances
   
   
  Published: 7:29 PM
  Saudi Arabia raises $17.5bn from bonds to repair damage to public finances
   
  
• 
   
  Devalued penny will have to drop on Brexit
   
   
  Published: 7:28 PM
  Devalued penny will have to drop on Brexit
   
  

 

 

• 
  
  • Touts using bots to buy tickets could face jail
     
     
    Published: 7:15 PM
    Touts using bots to buy tickets could face jail
     
    
  • Bank of England rebuts May and Hague's attacks on quantitative easing
     
     
    Published: 6:25 PM
    Bank of England rebuts May and Hague's attacks on quantitative easing
     
    
  • Live Benn and Cooper elected to chair Brexit and home affairs committees respectively - Politics live
     
     
    Published: 6:11 PM
    Benn and Cooper elected to chair Brexit and home affairs committees respectively - Politics live
     
    
  • Business live UK jobless rate sticks at 4.9%, but pay squeeze may be looming – as it happened
     
     
    Published: 6:03 PM
    UK jobless rate sticks at 4.9%, but pay squeeze may be looming – as it happened
     
    
  • Shortcuts No internet, no lounge, no fire escape: memories of my first terrible flat
     
     
    Published: 4:44 PM
    No internet, no lounge, no fire escape: memories of my first terrible flat
     
    
  • 15,000 apply for 78 jobs to drive new Virgin trains
     
     
    Published: 4:19 PM
    15,000 apply for 78 jobs to drive new Virgin trains
     
    

  [*]

 

 

• Airports Commission chair calls for immediate Heathrow third runway vote
   
   
  Published: 3:20 PM
  Airports Commission chair calls for immediate Heathrow third runway vote
   
  
• Taxpayer faces huge bill after Ingenious Media wins case against HMRC
   
   
  Published: 3:12 PM
  Taxpayer faces huge bill after Ingenious Media wins case against HMRC
   
  
• Top Marx: socialist magazine Jacobin's staffers unionize
   
   
  Published: 3:07 PM
  Top Marx: socialist magazine Jacobin's staffers unionize
   
  
• Philip Turvey wins defamation settlement against Daniel Curran of Heir Hunters
   
   
  Published: 2:53 PM
  Philip Turvey wins defamation settlement against Daniel Curran of Heir Hunters
   
  
• A bit flakey: Marks & Spencer croissant loaf goes on sale
   
   
  Published: 2:19 PM
  A bit flakey: Marks & Spencer croissant loaf goes on sale
   
  
• People power is ending TTIP and other unpopular EU free-trade deals
   
  Molly Scott Cato
   
  Published: 2:06 PM
  People power is ending TTIP and other unpopular EU free-trade deals
   
  
• HSBC winds down private banking operation in Monaco
   
   
  Published: 1:36 PM
  HSBC winds down private banking operation in Monaco
   
  
• Philip Hammond to be pressed on risks of UK leaving EU customs union
   
   
  Published: 1:27 PM
  Philip Hammond to be pressed on risks of UK leaving EU customs union
   
  
• transforming transport 'We're wasting money': the case for greater local power over transport
   
   
  Published: 1:02 PM
  'We're wasting money': the case for greater local power over transport
   
  
• Barratt Developments' top London executive arrested after inquiry
   
   
  Published: 12:47 PM
  Barratt Developments' top London executive arrested after inquiry
   
  
• Economics blog Does good UK jobs data mask an impending low pay problem?
   
  Larry Elliott
   
  Published: 12:20 PM
  Does good UK jobs data mask an impending low pay problem?
   
  
• Somaliland hopes Brexit will pave way for UK to grant international recognition
   
   
  Published: 12:03 PM
  Somaliland hopes Brexit will pave way for UK to grant international recognition
   
  
• Market Forces blog BT slips on pension and break-up concerns
   
   
  Published: 11:35 AM
  BT slips on pension and break-up concerns
   
  
• Laird issues profit warning on downturn in smartphone production
   
   
  Published: 11:15 AM
  Laird issues profit warning on downturn in smartphone production
   
  
• Samsung owners furious as company resists paying up for Note 7 fire damage
   
   
  Published: 11:00 AM
  Samsung owners furious as company resists paying up for Note 7 fire damage
   
  
• UK employment rate at record high despite vote to leave European Union
   
   
  Published: 10:55 AM
  UK employment rate at record high despite vote to leave European Union
   
  
• Theresa May accused of 'dither and delay' over Heathrow expansion
   
   
  Published: 10:06 AM
  Theresa May accused of 'dither and delay' over Heathrow expansion
   
  
• Would you do your banking with a tech startup?
   
   
  Published: 9:53 AM
  Would you do your banking with a tech startup?
   
  
• Market Forces blog FTSE 100 slips as Travis Perkins and Reckitt Benckiser disappoint
   
   
  Published: 9:48 AM
  FTSE 100 slips as Travis Perkins and Reckitt Benckiser disappoint
   
  
• Travis Perkins to close more than 30 branches, putting 600 jobs at risk
   
   
  Published: 9:22 AM
  Travis Perkins to close more than 30 branches, putting 600 jobs at risk
   
  
• Leading MP doubtful that Sir Philip Green can keep knighthood
   
   
  Published: 8:55 AM
  Leading MP doubtful that Sir Philip Green can keep knighthood
   
  
• Adventures in Business English wasabi, Devon grappa: why UK firms are experimenting
   
   
  Published: 8:28 AM
  English wasabi, Devon grappa: why UK firms are experimenting
   
  
• I hate Trump and Farage. But on free trade they have a point
   
  Aditya Chakrabortty
   
  Published: 6:30 AM
  I hate Trump and Farage. But on free trade they have a point
   
  
• Shipping 'progressives' call for industry carbon emission cuts
   
   
  Published: 6:01 AM
  Shipping 'progressives' call for industry carbon emission cuts
   
  
• The long read Still ticking: The improbable survival of the luxury watch business
   
   
   
   
   
  

[interestrateripoff]

Skilled workers 'may avoid controls'

 

 

 

 

Highly skilled workers may be exempt from the government's planned immigration controls, Chancellor Philip Hammond says.

 

• 19 October 2016
  
• From the section Business
  

 

 

Related content

 

 

• Ahmed: Chancellor breaks with 'Project Fear'
  
• May 'has full confidence' in Hammond
  

 

 

 

 

 

 

Philip Green launches fresh attack

 

Former BHS owner Sir Philip Green has sent a letter criticising MP Frank Field the day before MPs discuss whether he should lose his knighthood.

Simon Jack Business editor

 

 

• 19 October 2016
  
• From the section Business
  

 

 

Related content

 

 

• Philip Green 'sad and sorry' about BHS
  
• MPs to vote on Philip Green knighthood
  

 

 

 

 

 

Live Business Live: Wall Street rises

 

Wall Street rises as energy and financial stocks gain; Reaction to Chancellor Philip Hammond's Treasury select committee hearing

 

• From the section Business
  

 

 

 

 

 

Mortgage arrears customers get redress

 

• 19 October 2016
  
• From the section Business
  

 

 

Travis Perkins says 600 jobs at risk

 

• 19 October 2016
  
• From the section Business
  

 

 

UK unemployment rate holds steady

 

• 19 October 2016
  
• From the section Business
  

 

 

 

 

 

Sales of 'hedonistic' chocolate rise

 

• 19 October 2016
  
• From the section Business
  

 

 

Lower iPhone sales hit Laird profits

 

• 19 October 2016
  
• From the section Business
  

 

 

Barratt London boss arrested amid inquiry

 

• 19 October 2016
  
• From the section Business
  

 

 

Treasury 'right' to shelve pension plan

 

• 19 October 2016
  
• From the section Business
  

 

 

DiCaprio to co-operate in 1MDB probe

 

• 19 October 2016
  
• From the section Business
  

 

 

China's economy grows steadily at 6.7%

 

• 19 October 2016
  
• From the section Business
  

 

 

 

 

Also in the News

 

 

 

Thousands apply for train driver jobs

 

• 19 October 2016
  
• From the section Edinburgh, Fife & East Scotland
  
• comments
  

 

 

 

 

Maps update aims to prevent stuck lorries

 

• 19 October 2016
  
• From the section Technology
  

 

 

 

 

Features & Analysis

 

 

 

Your own boss?

 

What four workers think of being self-employed

 

• 19 October 2016
  
• From the section Business
  

 

 

 

 

 

'Things are changing'

 

Breaking through India's glass ceiling

 

• 19 October 2016
  
• From the section Business
  

 

 

 

 

 

Trade deals

 

Is the UK in for a nasty divorce from the EU?

 

• 19 October 2016
  
• From the section Business
  

 

 

 

 

 

 

 

Runway decision

 

What questions do you have about airport expansion?

 

• 19 October 2016
  
• From the section Business
  

 

 

 

 

 

Reality test

 

Which country really has the cleverest students?

Sean Coughlan Education correspondent

 

 

• 19 October 2016
  
• From the section Business
  

 

 

 

 

 

Fur real?

 

Will new welfare assessments improve Europe's fur farms?

 

• 19 October 2016
  
• From the section Business
  

 

 

 

 

 

 

Our Experts

 

Hammond says Treasury’s EU economic shock analysis 'partially invalid'

 

The chancellor breaks with past and says the assumptions behind the Treasury’s gloomy prognosis of the economic shock if Britain voted to leave the EU is now “partially invalid”.

19 October 2016

 

Kamal Ahmed Economics editor

Philip Green launches fresh attack on Frank Field

 

Former BHS owner Sir Philip Green has sent a letter criticising MP Frank Field the day before MPs discuss whether he should lose his knighthood.

19 October 2016

[interestrateripoff]

World's longest subsea power link to generate at least £1.3bn income for National Grid

 

GW Pharmaceuticals ditches London listing

 

FTSE 100 rises and pound drops below $1.23 as Hammond says City 'a very high priority' in Brexit talks

 

Twitter has a negative vibe and a nebulous purpose - no wonder nobody wants to buy it

 

Low-cost air travel will drive trillion-dollar airline spending spree, says Boeing

 

Eurostar traffic falls 10pc on terror fears but weak sterling boosts Channel Tunnel operator

 

 

• Foxtons' property sales tumble by a third as London house buying cools
   
   
   
  
• Reckitt Benckiser reports slowing growth as fallout from South Korean disinfectant scandal continues
   
   
  
• Bank of England defends QE as being good for growth
  
• Saudi Arabia's debut bond sales poised to set emerging market record
   
   
   
  
• 
  
  UK employment at record high but wage growth slows
   
   
   
  

[interestrateripoff]

British QE to give 300 billion-pound boost to spending - BoE's Haldane

 

LONDON The Bank of England's 435 billion-pound ($534 billion)government bond-buying programme is likely to bring about a 300 billion-pound increase in overall spending in Britain, equivalent to three times annual public health spending, the BoE's chief economist said on Wednesday.

7:45pm BST

Sterling hits 12-day high vs euro, rebound still shaky

 

LONDON Sterling touched its highest in almost two weeks against the euro on Wednesday, holding onto its biggest one-day gain in months and riding out another round of headlines around Brexit negotiations and the government's attitude to the central bank.

4:52pm BST

Financials and energy stocks help FTSE to end higher

 

LONDON Britain's top share index finished higher on Wednesday, with energy stocks tracking a sharp rally in crude oil prices and banks gaining momentum after U.S. bank Morgan Stanley reported better-than-expected profits.

5:04pm BST

Iceland would welcome Britain into EFTA after Brexit - Iceland foreign minister

 

LONDON Iceland would welcome Britain, its biggest trading partner, back into the European Free Trade Association (EFTA), Icelandic Foreign Minister Lilja Alfredsdottir said on Wednesday in London.

7:57pm BST

Hammond tells banks they will be a priority in Brexit talks

 

LONDON Chancellor Philip Hammond sought to reassure Britain's powerful banking sector that he would protect its access to skilled labour and the European Union's single market once the country leaves the bloc.

5:28pm BST

E.ON declines comment on media report it will post record annual loss

 

DUESSELDORF German utility E.ON said it would not comment on its expected financial results for 2016 after German paper Handelsblatt reported the company was set to post another record loss this year.

8:02pm BST

UK job growth slows but labour market withstanding Brexit shock - ONS

 

LONDON, Job creation in Britain slowed in the three months to August although there was little sign of a big hit to the labour market from the country's decision to leave the European Union, official data showed on Wednesday.

5:58pm BST

Lufthansa lifts 2016 profit guidance after strong September

 

BERLIN German airline Lufthansa increased its profit target for the year after business bookings proved better than expected in September and its decision to cut back the amount of seats it planned to offer this year paid off.

7:26pm BST

BASF to gradually resume chemical production after accident

 

FRANKFURT German chemical giant BASF said on Wednesday it would gradually restart production again of key petrochemical sites at its Ludwigshafen headquarters after a deadly fire and explosion on Monday had forced it to close them.

7:50pm BST

Morgan Stanley profit jumps on bond-trading comeback

 

Morgan Stanley reported a better-than-expected profit on Wednesday, boosted by a surge in bond trading that helped all Wall Street banks last quarter.

[interestrateripoff]

Morgan Stanley profit jumps on bond-trading comeback

 

Morgan Stanley reported a better-than-expected profit on Wednesday, boosted by a surge in bond trading that helped all Wall Street banks last quarter.

5:36pm BST

Hammond tells banks they will be a priority in Brexit talks

 

LONDON Chancellor Philip Hammond sought to reassure Britain's powerful banking sector that he would protect its access to skilled labour and the European Union's single market once the country leaves the bloc.

5:28pm BST

Nissan to appoint CEO Ghosn as Mitsubishi Motors chairman -sources

 

TOKYO Nissan Motor Co Ltd Chief Executive Carlos Ghosn will chair Mitsubishi Motors Corp after Japan's second-biggest automaker by sales buys control of its smaller peer, two people with knowledge of the matter told Reuters on Wednesday.

5:21pm BST

Oil jumps after U.S. data; stocks edge up

 

NEW YORK Crude oil prices rose to a 15-month high on Wednesday after a surprise U.S. inventory drawdown, boosting energy shares.

5:15pm BST

U.S. crude hits 15-month highs after big drawdown

 

NEW YORK Oil prices jumped as much as 3 percent on Wednesday, with U.S. crude hitting 15-month highs after the government reported a surprisingly large drop in domestic inventories for the sixth week out of seven.

5:10pm BST

Financials and energy stocks help FTSE to end higher

 

LONDON Britain's top share index finished higher on Wednesday, with energy stocks tracking a sharp rally in crude oil prices and banks gaining momentum after U.S. bank Morgan Stanley reported better-than-expected profits.

5:04pm BST

Sterling hits 12-day high vs euro, rebound still shaky

 

LONDON Sterling touched its highest in almost two weeks against the euro on Wednesday, holding onto its biggest one-day gain in months and riding out another round of headlines around Brexit negotiations and the government's attitude to the central bank.

4:52pm BST

Saudi Arabia sets record with mammoth $17.5 billion bond issue

 

DUBAI/LONDON Saudi Arabia conducted the largest-ever emerging market bond sale on Wednesday, selling $17.5 billion (14.22 billion pounds) of debt in the government's first international offer while attracting investor orders totalling almost four times that amount.

3:41pm BST

Hammond notes risks for firms outside customs union

 

LONDON Chancellor Philip Hammond said on Wednesday he was sensitive to the potential problems for British companies if the country decides to leave the European Union's customs union as well as the EU itself.

3:31pm BST

Shell selling 16 assets worth more than $500 million

 

LONDON Royal Dutch Shell is currently offering 16 assets each worth more than $500 million (406.2 million pounds) for sale as part of its vast $30 billion three-year asset sales programme, the oil and gas company's head of upstream Andy Brown said on Wednesday.

Keeping euro-clearing in London not a top priority in Brexit talks - minister

 

LONDON The future of London's financial clearing business is a significant consideration in Britain's negotiations on leaving the European Union, but is probably not a top priority for government, its financial services minister said on Wednesday.

3:24pm BST

Hammond says won't change monetary policy after BoE spat

 

LONDON Chancellor Philip Hammond said the government did not plan to change the independence of the Bank of England to set monetary policy after the prime minister criticised the side-effects of low interest rates earlier this month.

2:50pm BST

China third quarter GDP grows 6.7 percent as expected as construction booms, debt rises

 

BEIJING China's economy expanded at a steady 6.7 percent in the third quarter and looks set to hit Beijing's full-year target, fuelled by stronger government spending, record bank lending and a red-hot property market that are adding to its growing pile of debt.

2:47pm BST

The current account deficit and what it means for Brexit Britain

 

LONDON Britain has long relied on foreigners to fund a big deficit in its balance of payments, a risk that has been heightened by the country's decision to leave the European Union.

2:27pm BST

Carrefour third-quarter sales accelerate with Brazil, France improving

 

PARIS World number-two retailer Carrefour said on Wednesday that sales growth accelerated in the third quarter, reflecting robust sales in Brazil and an improving performance in its core French market despite a difficult environment there.

2:09pm BST

UK mortgage lenders face compensation bill for mishandling arrears

 

LONDON Britain's mortgage lenders face compensation claims from hundreds of thousands of customers for incorrectly handling payment arrears, the country's financial regulator said on Wednesday.

1:55pm BST

Apple supplier Laird warns of sharply lower profit; shares plunge

 

Apple Inc supplier Laird Plc said it expected to post a sharply lower profit for the year, citing a slowdown in smartphone sales and "unprecedented" pricing pressure, sending its shares down by as much as 50 percent.

1:45pm BST

Collecting transaction tax in Germany could cost 8 million euros - study

 

LONDON Collecting a long-awaited EU tax on financial transactions could cost up to 8 million euros (£7.15 million) in Germany alone, a European Union document showed on Wednesday.

1:42pm BST

Saudi's Falih says oil market at end of downturn

 

LONDON Saudi Arabia's energy minister gave an upbeat message to an audience of industry executives on Wednesday, saying the oil market was at the end of a downturn and producer action to limit supply would help it improve further.

1:26pm BST

UK minister says 'nothing is off the table' over question of BT-Openreach split

 

LONDON The British government said "nothing is off the table" when asked if breaking up telecoms group BT would help deliver the fibre broadband connections it said the country needs.

[interestrateripoff]

BT sees strong case for network investment if it stays intact

 

LONDON BT said there was a "strong case" for the group to invest more in fibre-optic broadband networks, but the numbers would not add up if it was forced to spin off its Openreach network division.

1:22pm BST

Cobalt Insurance to launch Lloyd's first sharia-compliant syndicate

 

London-based Cobalt Insurance and a unit of British outsourcing group Capita said they have received "in principle" approval from Lloyd's of London to launch the specialist insurance market's first sharia-compliant syndicate.

1:20pm BST

May says will ensure best possible access to European market

 

LONDON British Prime Minister Theresa May said on Wednesday she would ensure Britain has the best possible access to trade with and operate within the European market after it has left the European Union.

12:56pm BST

Travis Perkins warns on profit, blaming weak demand and Brexit

 

LONDON Travis Perkins , Britain's biggest supplier of building materials, said on Wednesday it would miss 2016 profit forecasts and predicted a tough 2017, blaming weak demand and uncertainty created by Britain's vote to leave the European Union.

12:30pm BST

FCA approves Singapore Exchange's takeover of London's Baltic Exchange

 

LONDON Britain's Financial Conduct Authority (FCA) has approved Singapore Exchange's 87 million pound takeover of London's Baltic Exchange after shareholders gave the green light for the deal last month, the Baltic said on Wednesday.

12:28pm BST

Reckitt Benckiser's sales lose their sparkle

 

LONDON Reckitt Benckiser Group reported weaker than expected sales on Wednesday, blaming various issues including a "failed" new Scholl footcare product and becoming the third European consumer goods maker in a week to talk of tough conditions.

12:28pm BST

China must brook no delay in regulating property market - Xinhua

 

BEIJING China must brook no delay in cutting out "tumours" in the property market to ensure healthy market development in the long term, the Xinhua state news agency said in a commentary on Wednesday.

12:22pm BST

China September government spending up 11.3 percent year-on-year, aiding growth pace

 

BEIJING Government spending in China rose 11.3 percent in September from a year earlier while revenue rose 4.9 percent, the Ministry of Finance said on Wednesday.

12:17pm BST

Brazilian President seeks foreign investment, access to Japan's markets

 

TOKYO Faced with a deep recession at home, Brazilian President Michel Temer on Wednesday sought to lure Japanese investments, saying there is "much potential" in investing in the country's airport, oil and gas sectors.

12:16pm BST

Top Capita investor says confident dividend safe, no equity raise needed

 

LONDON A top-five shareholder in outsourcing group Capita said on Wednesday it was confident the company's dividend was safe and fresh equity will not be required, after a meeting with management following a profit warning last month.

Handelsbanken remains optimistic about UK operations

 

STOCKHOLM Sweden's Handelsbanken plans to press ahead with its expansion in Britain despite the country's vote to leave the European Union, newly appointed Chief Executive Anders Bouvin said on Wednesday.

11:49am BST

VW works council denies it has agreed cost cut deal

 

BERLIN Volkswagen labour leaders said on Wednesday they had not yet struck a deal with management on cost cuts at the core autos division, denying an earlier report by Manager Magazin.

11:25am BST

At crisis-hit Samsung, nerves jangle as annual review looms

 

SEOUL The next few weeks are traditionally a tense time at Samsung Electronics Co as executives wait to see if their work over the year is rewarded with promotion at the South Korean firm's annual performance review.

11:18am BST

HSBC winding down Monaco private bank after deal with CFM Indosuez

 

ZURICH HSBC plans to wind down its Monaco private bank and has agreed to introduce clients in the principality to CFM Indosuez Wealth Management, it said on Wednesday, as it seeks to streamline its wealth management business.

11:07am BST

Harley-Davidson soars on plans to reorganize, slow production workforce

 

(This October 18 story has been corrected to say 'soars' instead of 'soar' in headline)

10:48am BST

Rising inflation fears erode UK household confidence - Markit

 

LONDON Fears of higher inflation have started to hit British consumer sentiment for the first time since June's vote to leave the European Union sent the value of sterling tumbling, a survey of households showed on Wednesday.

10:20am BST

VW challenges sister brand Audi with new China-only model

 

BEIJING Volkswagen (VW) will launch a top-end sedan in China on Friday that will compete directly with sister brand Audi and is aimed at buyers looking for luxurious yet less-flashy cars amid a nationwide crackdown on conspicuous consumption.

10:13am BST

Moscow vows to hit back in row over Russian TV channel's UK accounts

 

MOSCOW Russia has promised to retaliate against Britain after a British state-owned bank said it was withdrawing its services from Kremlin-backed Russian broadcaster RT.

10:09am BST

Starbucks names China CEO, sees 5,000 stores there by 2021

 

Starbucks Corp on Wednesday named its first chief executive officer for China and said it plans to more than double its store count in that country to 5,000 by 2021.

9:11am BST

Drug developer GW Pharma to cancel London listing

 

Britain's GW Pharmaceuticals Plc, a developer of marijuana-based epilepsy treatments, said it planned to cancel its listing in London's junior market and would retain listing of its American Depositary Receipts (ADRs) on Nasdaq to simplify trading and cut expenses of dual listing.

[interestrateripoff]

Zalando lifts earnings forecast, third quarter sales disappoint

 

BERLIN Zalando, Europe's biggest online-only fashion retailer, reported an improvement in quarterly profitability on Wednesday, even as sales growth slowed, as it managed to prepare for unseasonably warm weather by ordering less stock ahead of time.

8:31am BST

Hammond told May he will not quit - Telegraph

 

LONDON Chancellor Philip Hammond has told Prime Minister Theresa May that he will not quit the government after media reports of a split among senior ministers over Brexit, the Daily Telegraph said, citing an unidentified Hammond ally.

8:20am BST

UK shelves key part of plan to loosen pension investment rules

 

LONDON Britain cancelled a plan to create a secondary market for annuities on Tuesday, dismantling a key part of former Chancellor George Osborne's drive to give pensioners freedom to choose how to invest their pension pots.

8:16am BST

Mitsubishi Motors says now expects operating loss for FY2016

 

TOKYO Japan's Mitsubishi Motors Corp said on Wednesday it now expects to post an operating loss for the year ending next March, hurt by additional expenses and a stronger yen.

8:13am BST

Sales fall at Foxtons as weak London market persists

 

LONDON British estate agent group Foxtons said a continuation of lower activity in the property sales market in London had hit its business, pushing quarterly sales revenue down by a third.

7:28am BST

Akzo Nobel's sales hit by weak pound

 

AMSTERDAM Akzo Nobel, the Dutch coatings and paints maker, reported a 4 percent slide in quarterly sales on Wednesday, in line with market expectations, citing pricing pressures and the drop in the value of sterling.

7:26am BST

Rising power costs weigh on BHP Billiton's Olympic Dam

 

MELBOURNE Power risks are so front of mind at global giant BHP Billiton's Olympic Dam copper mine in South Australia, that the mine's chief has an app on her phone to track electricity prices and is even considering building a power station for the site.

6:52am BST

Japan to tighten regulations on high-frequency traders

 

TOKYO Japan plans to tighten regulations on high-frequency trading (HFT), whose growing presence in the Tokyo Stock Exchange has raised concerns such trades could destabilise the market and put retail investors at a disadvantage.

6:26am BST

Saudi has little room to slow austerity drive, IMF says

 

DUBAI The International Monetary Fund feels the pace of Saudi Arabia's austerity drive is broadly appropriate and there is little room for Riyadh to ease up on the spending cuts that have slowed economic growth sharply, a senior IMF official said.

6:01am BST

Japan investors in dilemma over U.S. bonds as hedging costs bite

 

TOKYO Japanese investors may soon be forced out of their U.S. debt investments as currency hedging costs soar on the prospect of higher interest rates and tougher U.S. money market regulations.

China Sept. property investment, sales quicken but new construction slips

 

BEIJING Investment in Chinese real estate quickened in September after ticking higher the previous month, highlighting the persistence of investor demand - even as more official tightening measures were introduced to curb prices.

3:52am BST

China Life agrees to invest $2 billion in Starwood Capital U.S. hotel portfolio

 

HONG KONG State-owned China Life Insurance Co Ltd is leading a group of investors injecting $2 billion (1.62 billion pounds) into Starwood Capital's U.S. hotels portfolio, adding to a string of deals in the sector by mainland Chinese buyers this year.

3:42am BST

Hanjin Shipping to cut 400 land-based jobs in South Korea

 

SEOUL Hanjin Shipping Co Ltd said on Wednesday it plans to lay off about 400 land-based employees in South Korea in the near future as it tries to cut costs.

3:19am BST

Samsung faces potential class action in U.S. over Note 7

 

Samsung Electronics Co Ltd's U.S. unit is facing a proposed class action lawsuit from three Galaxy Note 7 customers, according to a filing in a federal court in Newark, New Jersey.

3:02am BST

Timeline - Samsung Electronics' Galaxy Note 7 recall crisis

 

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.

3:02am BST

Pound gains 1 percent on hint lawmakers must back Brexit

 

LONDON Sterling jumped the most in three months in a rollercoaster session on Tuesday, as suggestions that parliament will have to ratify a British deal to leave the European Union outweighed concerns about a larger-than-expected rise in inflation.

3:00am BST

China third-quarter economic growth seen steadying but property, debt key risks

 

BEIJING Fuelled by government spending and a housing frenzy, China's economic growth likely steadied at 6.7 percent in the third quarter, but slumping private investment, surging debt and the risk of a property correction are keeping the government and global investors on edge.

12:05am BST

Intel's results beat estimates; forecast disappoints

 

Intel Corp reported better-than-expected quarterly earnings and revenue, boosted by improving PC demand and growth in its data centre and cloud businesses, but its revenue forecast for the current quarter disappointed Wall Street.

18 Oct 2016

U.S. judge signals likely approval of VW diesel buyback settlement

 

A federal judge in San Francisco on Tuesday said he was "strongly inclined" to approve a record-setting $10.033 billion (£8.15 billion) proposed buyback and compensation offer from Volkswagen AG for 475,000 owners of polluting 2.0-liter diesel vehicles.

18 Oct 2016

VW suppliers keen to avoid disputes despite price squeeze

 

WOLFSBURG, Germany Volkswagen suppliers seem keen to avoid more disputes with the company even as they face growing pressure from Europe's largest automaker to accept price cuts.

[interestrateripoff]

10-Trillion-Dollar Bye-Bye - The Calm Before The Storm

 

"There Will Be Panic"

 

How A 34 Year Old Goldman Trader Made $100 Million In A Few Months

 

ECB Wants To Curb Bitcoin Use Over Fears It May "Lose Control Over Money Supply"

 

World Gone Mad: Japanese Investors Edition

 

Global Markets Shrug As China 'Manages' To Meet GDP Expectations

 

Five Main Things To Watch In Today's Chinese GDP Report

 

China Injects Economy With A Quarter Trillion In Debt In One Month, But The Full Story Is Much Scarier

 

The ECB Made A Mistake During Its Daily Bond Purchases

 

"The Economy Is Cracking Under Too Much Debt"

[interestrateripoff]

 

 

 

 

Mario Draghi dismisses threats to central banks' independence

 

The President of the European Central bank said that he did not feel under pressure, despite growing criticism from politicians or loose monetary policies

 

 

 

 

 

UK company moves to EU after Brexit, says it ‘can’t afford to wait’

 

 

 

 

• Sir Philip Green ‘beat BHS black and blue' say MPs
   
  
  
• Retail sales miss expectations in September
   
  
  
• House price growth in London hits two-year low after Brexit
   
  
  

 

 

 

 

 

 

Pound sterling slides back below $1.23 as EU leaders meet in Brussels

 

Economic data has played second fiddle to politics for sterling in recent weeks

 

 

 

 

 

 

MPs are right. Sir Philip Green should surrender his knighthood

 

 

 

 

 

 

Hermes delivery service faces inquiry over low pay allegations

 

 

 

 

 

 

Barclays is retreating from the world. Britain should welcome that

 

A more focused bank with more modest ambitions will be easier to manage and pose less risk to its host economy

 

 

 

 

 

 

 

 

Trump debate so bad, even bookies have given up on him

 

The Republican was seen as the loser after last night's clash with Hilary Clinton by almost everyone except himself and the odds reflect that

 

 

 

 

 

 

Tesco executives to face trial in 2017 after accounting scandal

 

The trio could face up to 10 years in jail if found guilty of the fraud charge and seven years for false accounting

 

 

 

 

 

 

 

 

Brexit: Nestlé hints at price rises after pound value crash

 

Maker of KitKat, Nescafe and dozens more household brands is 'considering all options' to cope with the currency's 18% fall

 

 

 

 

 

 

Mortgage rip-off; Foxtons; Richard Branson: Business news in brief

 

FCA could order compensation for home loans rip-off; Foxtons sales fall: Virgin receives 15,000 applications for train driver job

 

 

 

 

 

Mexican peso spikes after US debate as Donald Trump fails to impress

 

 

 

 

 

Saudi Arabia issues record £17.5bn of government debt

 

 

 

 

 

 

Cannabis drug developer GW pharma cancels london stock market listing

 

UK biotech firm is close to achieving approval for a new drug to treat childhood epilepsy

 

 

 

 

 

 

 

 

Philip Hammond insists Bank of England's independence is safe

 

The move comes following Theresa May’s comments at the Tory party conference that ‘a change has got to come’ to low interest rates

 

 

 

 

 

 

Banks consider ‘moving London staff to Luxembourg to get access to EU’

 

Nicolas Mackel said there had been ‘strong interest’ from US and other non-EU firms assessing their options since June’s referendum

 

 

 

 

 

 

 

Could this be why Starbucks Is hyping a new China mega-expansion?

 

The timing is interesting for Starbucks to announce a new aggressive expansion in China.

 

 

 

 

 

President Trump has won! Now watch the trade deals burn

 

 

 

 

 

Company posts job advert for executive with psychopathic qualities

 

 

 

 

 

 

Insurers laughing all way to bank as pension freedom scrapped for 5m

 

Industry arguments against phase two of the former Chancellor’s reforms amounted to saying we’re worried consumers will get a bad deal because our industry will rip them off

 

 

 

 

 

 

 

Osborne’s flagship pension policy scrapped amid misselling fears

 

Industry body says Government u-turn is ‘right decision’ as savers could not be protected from scams

 

 

 

 

 

China's economy grows 6.7% but experts warn of 'unsustainable' bubble

 

 

 

 

 

Travis Perkins to close 30 branches and axe up to 600 jobs

 

 

 

 

 

 

Black Friday survival guide: how to save money and stay sane

 

Here’s the Independent’s Black Friday survival guide

[interestrateripoff]

• 
   
  Self-employment status - who's next under the HMRC spotlight
   
   
  Published: 7:54 PM
  Self-employment status - who's next under the HMRC spotlight
   
  
• 
   
  European banks warn against political 'intrusion'
   
   
  Published: 7:52 PM
  European banks warn against political 'intrusion'
   
  
• 
   
  Nestlé hints at price rise to offset weak pound
   
   
  Published: 7:41 PM
  Nestlé hints at price rise to offset weak pound
   
  

 

 

• 
  
  • Quality of life v the push for fracking and airport expansion
     
     
    Published: 7:38 PM
    Quality of life v the push for fracking and airport expansion
     
    
  • BHP Billiton employees face criminal charges on Brazil dam disaster
     
     
    Published: 7:35 PM
    BHP Billiton employees face criminal charges on Brazil dam disaster
     
    
  • MPs back motion to strip Sir Philip Green of his knighthood
     
     
    Published: 7:01 PM
    MPs back motion to strip Sir Philip Green of his knighthood
     
    
  • HMRC to take over work of tax credits firm Concentrix
     
     
    Published: 6:56 PM
    HMRC to take over work of tax credits firm Concentrix
     
    
  • Twist in the tale: super spin-offs start to replace film remakes and sequels
     
     
    Published: 6:18 PM
    Twist in the tale: super spin-offs start to replace film remakes and sequels
     
    
  • Business live Euro hits four-month low as Mario Draghi hints at more stimulus – as it happened
     
     
    Published: 5:54 PM
    Euro hits four-month low as Mario Draghi hints at more stimulus – as it happened
     
    

  [*]

 

 

• Nate Parker's Birth of a Nation expected to lose millions for Fox
   
   
  Published: 5:46 PM
  Nate Parker's Birth of a Nation expected to lose millions for Fox
   
  
• Global wine production expected to fall by 5% due to 'climatic events'
   
   
  Published: 5:20 PM
  Global wine production expected to fall by 5% due to 'climatic events'
   
  
• Can Fox News survive the forces it unleashed on the 2016 election?
   
   
  Published: 5:15 PM
  Can Fox News survive the forces it unleashed on the 2016 election?
   
  
• MPs support stripping 'billionaire spiv' Sir Philip Green of his knighthood – video
   
   
  Published: 5:15 PM
  MPs support stripping 'billionaire spiv' Sir Philip Green of his knighthood – video
   
  
• Southern railway to restore full timetable from 31 October
   
   
  Published: 5:08 PM
  Southern railway to restore full timetable from 31 October
   
  
• Experts dismiss HMRC's shrinking tax gap estimate
   
   
  Published: 4:44 PM
  Experts dismiss HMRC's shrinking tax gap estimate
   
  
• Live French president says Brexit talks will be 'hard' if UK wants hard Brexit - Politics live
   
   
  Published: 4:19 PM
  French president says Brexit talks will be 'hard' if UK wants hard Brexit - Politics live
   
  
• Ireland beyond Brexit Guinness may be good for you but borders are bad, says Ireland drinks chief
   
   
  Published: 3:03 PM
  Guinness may be good for you but borders are bad, says Ireland drinks chief
   
  
• Economics blog Leaving the EU will be bad for trade, but a secret Brexit will be worse
   
  George Magnus
   
  Published: 2:55 PM
  Leaving the EU will be bad for trade, but a secret Brexit will be worse
   
  
• the palm oil debate Africa and Latin America: exploring palm oil's new frontiers – new series
   
   
  Published: 2:05 PM
  Africa and Latin America: exploring palm oil's new frontiers – new series
   
  
• City of London weighs up regional visa system to avoid post-Brexit staff gaps
   
   
  Published: 1:47 PM
  City of London weighs up regional visa system to avoid post-Brexit staff gaps
   
  
• Boots' US owner posts large jump in quarterly profits
   
   
  Published: 1:37 PM
  Boots' US owner posts large jump in quarterly profits
   
  
• BHS buyer calls Philip Green 'bully and nasty individual' who broke promises on sale
   
   
  Published: 1:25 PM
  BHS buyer calls Philip Green 'bully and nasty individual' who broke promises on sale
   
  
• Sky to pre-register customers before it launches mobile service
   
   
  Published: 1:24 PM
  Sky to pre-register customers before it launches mobile service
   
  
• RMT suspends Southern rail strike after British Legion request
   
   
  Published: 12:54 PM
  RMT suspends Southern rail strike after British Legion request
   
  
• HMRC's Hermes inquiry shows government finally got the message
   
  Larry Elliott
   
  Published: 12:49 PM
  HMRC's Hermes inquiry shows government finally got the message
   
  
• the palm oil debate Liberia: the growth of a new palm oil frontier
   
   
  Published: 12:38 PM
  Liberia: the growth of a new palm oil frontier
   
  
• More than window dressing – Selfridges festive displays in pictures
   
   
  Published: 12:35 PM
  More than window dressing – Selfridges festive displays in pictures
   
  
• Santa comes to Selfridges early – and he's everywhere
   
   
  Published: 12:35 PM
  Santa comes to Selfridges early – and he's everywhere
   
  
• the palm oil debate Palm oil in Liberia: hope and anger in one of Africa's poorest countries – video
   
   
  Published: 12:32 PM
  Palm oil in Liberia: hope and anger in one of Africa's poorest countries – video
   
  
• Tesco executives accused of fraud get trial date for next year
   
   
  Published: 12:00 PM
  Tesco executives accused of fraud get trial date for next year
   
  
• Banks' online security is failing customers, says Which?
   
   
  Published: 10:30 AM
  Banks' online security is failing customers, says Which?
   
  
• Retail sales sluggish in September, official figures show
   
   
  Published: 10:26 AM
  Retail sales sluggish in September, official figures show
   
  
• Market Forces blog Cyber group NCC and engineers Keller and Senior all slump after warnings
   
   
  Published: 10:07 AM
  Cyber group NCC and engineers Keller and Senior all slump after warnings
   
  
• Philip Green accuses work and pensions committee chair of making false claims
   
   
  Published: 9:43 AM
  Philip Green accuses work and pensions committee chair of making false claims
   
  
• Market Forces blog FTSE slips back but IAG and easyJet climb after Lufthansa update
   
   
   
   
   
  

[interestrateripoff]

MPs back stripping Green of knighthood

 

 

 

 

MPs have backed a call for the former owner of BHS, Sir Philip Green, to be stripped of his knighthood.

 

• 20 October 2016
  
• From the section Business
  

 

 

Related content

 

 

• Which notable people have lost knighthoods?
  
• Green 'moves towards pension deal'
  
• Philip Green launches fresh attack
  

 

 

 

 

 

 

'I return half of what I buy'

 

Shops are "struggling to cope" with the amount of items customers return, with a quarter of it unfit for resale, new figures suggest.

 

• 20 October 2016
  
• From the section Business
  

 

 

Related content

 

 

• Most online shoppers return clothes
  
• Are you a serial returner?
  

 

 

 

 

 

Live Sterling slides on Brexit concerns

 

The pound has fallen against the dollar and the euro after a two-day rebound; MPs back a motion to strip former BHS owner Sir Philip Green of his knighthood

 

• From the section Business
  

 

 

 

 

 

Apple complains of fakes on Amazon

 

• 20 October 2016
  
• From the section Technology
  

 

 

Workers' pensions to get more protection

 

• 20 October 2016
  
• From the section Business
  

 

 

Warm weather subdues UK retail sales

 

• 20 October 2016
  
• From the section Business
  

 

 

 

 

 

ECB pegs December for bond scheme talks

 

• 20 October 2016
  
• From the section Business
  

 

 

Miner BHP seeks gender balance by 2025

 

• 20 October 2016
  
• From the section Business
  

 

 

World wine output 'to hit four-year low'

 

• 20 October 2016
  
• From the section Business
  

 

 

Banks surge as FTSE 100 edges up

 

• 20 October 2016
  
• From the section Business
  

 

 

Contactless bus travel plans unveiled

 

• 20 October 2016
  
• From the section Scotland business
  

 

 

Heathrow flyers climb ahead of decision

 

• 20 October 2016
  
• From the section Business
  

 

 

 

 

Also in the News

 

 

 

Sales of 'hedonistic' chocolate rise

 

• 19 October 2016
  
• From the section Business
  

 

 

 

 

Thousands apply for train driver jobs

 

• 19 October 2016
  
• From the section Edinburgh, Fife & East Scotland
  
• comments
  

 

 

 

 

Features & Analysis

 

 

 

Itchy business

 

Why head lice removal firms are cleaning up

 

• 20 October 2016
  
• From the section Business
  

 

 

 

 

 

Mind games

 

Sports guru on beating the inner chimp to win at work

 

• 20 October 2016
  
• From the section Business
  

 

 

 

 

 

Your own boss?

 

What four workers think of being self-employed

[interestrateripoff]

‘Lions Hunting Zebras’: Ex-Wells Fargo Bankers Describe Abuses

 

By STACY COWLEY 11:56 AM ET

 

 

In legal filings and statements, former employees of the bank said immigrants, older adults, college students and Native Americans were targeted for fake accounts.

 

 

 

Max Whittaker for The New York Times

 

 

Voices From Wells Fargo: ‘I Thought I Was Having a Heart Attack’

 

Compiled by STACY COWLEY 11:57 AM ET

 

Former employees describe intimidation and ridicule tactics at the bank, which they said caused anxiety, panic attacks and other physical symptoms.

 

 

 

 

 

 

 

 

 

 

 

• Wall St. Wavers on Some Middling Quarterly Reports 12:28 PM ET
  

 

Tesla Will Make Its Cars Fully Self-Driving, but Not Turn the System On Yet

 

By BILL VLASIC 10:51 AM ET

 

Tesla said that all the vehicles would have hardware enabling fully autonomous driving, though it would not be activated without more testing.

 

How Silicon Valley Treats a Trump Backer: Peter Thiel

 

By DAVID STREITFELD and MIKE ISAAC

 

Peter Thiel, who has drawn fire from fellow tech executives for supporting Donald J. Trump, plans to address the issue in a speech this month.

 

MetLife Grounds Snoopy. Curse You, Red Baron!

 

By CHRISTINE HAUSER and SAPNA MAHESHWARI 2:22 PM ET

 

The Peanuts character has been the insurer’s symbolic mascot for more than 30 years. Surveys encouraged the company to update the brand to attract global, diverse customers.

 

Video Reveals How ‘Cage-Free’ Hens Live, Animal Advocates Say

 

By STEPHANIE STROM

 

Direct Action Everywhere released a video of a stealth visit to a “cage-free” egg producing barn in California that showed dead and injured chickens.

 

In Push for G.M.O.s, China Battles Fears of 8-Legged Chickens

 

By AMIE TSANG and CAO LI

 

A Chinese firm’s $43 billion effort to buy Syngenta could upend the industry, but it faces widespread fears at home over modified food.

 

SoFi, an Online Lender, Is Looking for a Relationship

 

By NATHANIEL POPPER

 

Social Finance Inc., or SoFi, takes a different approach to consumer lending, one that includes holding singles and networking events.

 

He Stars in a Spanish-Language Soap. Why Is He Driving for Uber?

 

By LIZETTE ALVAREZ

 

Many working telenovela actors who shoot their shows in Miami struggle to make ends meet, because they are not protected by the television industry’s union.

 

• 38 Comments
  

 

Sweet-Toothed Egypt Endures a Sugar Crisis: ‘People Are Going to Snap’

 

By DIAA HADID and NOUR YOUSSEF

 

Shortages of sugar, a staple of the national diet, and of other products have led to brewing anger against President Abdel Fattah el-Sisi.

 

Trove of Stolen Data Is Said to Include Top-Secret U.S. Hacking Tools

 

By SCOTT SHANE, MATT APUZZO and JO BECKER

 

Investigators found that stolen documents in the possession of Harold T. Martin III included top-secret N.S.A. hacking tools that two months ago were offered for sale on the internet.

 

• 196 Comments
  

 

‘Nasty Woman’ and ‘Bad Hombres’: The Real Debate Winners?

 

By ERIN McCANN and JONAH ENGEL BROMWICH 12:30 PM ET

 

Two phrases uttered at Wednesday’s presidential debate caught the attention of social media and of the online marketplace.

 

Airbnb Proposes Cracking Down on New York City Hosts

 

By KATIE BENNER

 

The company told the city that it was willing to create a registry of hosts so it could track individuals renting out multiple homes.

 

 

 

• US Claims for Unemployment Benefits Rise by 13,000 9:27 AM ET
  
• US Home Sales Rebounded in September Despite Tight Supply 10:21 AM ET
  
• As Health Markets Struggle, 9% Average Rise in Enrollment Is Predicted
  
• Verizon Revenue Drops as Subscriber Additions Disappoint
  
• Steven Cohen May Return to Hedge Fund Industry When Ban Expires
  
• Hong Kong Tribunal Suspends Investor Who Criticized Chinese Firm 9:27 AM ET
  
• Ex-Fox Chairman Roger Ailes to be Subject of TV Mini-Series
  

[interestrateripoff]

Fed risks repeating Lehman blunder as US recession storm gathers

 

 

• FTSE 100 edges higher and pound skids below $1.23 after Draghi says ECB did not discuss extending QE
   
   
   
  
• 
  20 Oct 2016, 1:17pm Price of a Kit Kat could rise as Nestlé mulls UK price hike
   
   
   
  
• Deutsche Bank shares jump on talk of Middle Eastern and Chinese backing
   
   
   
  
• Housebuilder Barratt's London boss suspended after arrests linked to the awarding of contracts
   
   
  
• Investors flee engineers Senior and Keller after downbeat updates
   
   
  
• House price rises along Southern Rail routes grind to a halt as RMT strike action continues
  
• Giant 'pilgrim planes' could be answer to unwanted Airbus superjumbos
  
• Death knell for EU trade deals if Canada treaty collapses, says EU President
  

[interestrateripoff]

BIS to hear initial verdict on sterling crash in November

 

LONDON Central bank officials looking into the factors behind the dramatic fall sterling took on Oct. 7 will make an initial report to the Bank for International Settlements in early November, sources with knowledge of the investigation said.

6:58pm BST

Dollar hits 7-month high after ECB's Draghi, pressures oil, stocks

 

NEW YORK The euro fell to a four-month low against the U.S. dollar on Thursday and the greenback rose to its highest in seven months against a basket of major currencies after the European Central Bank President left the door open to more monetary stimulus.

7:30pm BST

Exclusive - ECB annuls Brussels appointment after complaints of favouritism

 

FRANKFURT The European Central Bank has annulled the appointment of its new Brussels representative after staff complained Stephane Rottier, an advisor to chief economist Peter Praet, had been handpicked for the job, denying other candidates a chance.

8:26pm BST

UK retail sales enjoy strongest quarter since late 2014, warm weather hurts clothing - ONS

 

LONDON, British retail sales recorded their strongest quarter of growth since late 2014 in the three months to September, but warm weather and higher prices dented demand for new clothing towards the end of the period.

3:33pm BST

Unilever's 'Marmitegate' shows strain on consumer industry

 

LONDON Unilever's push to raise the prices of its brands in Britain in response to a fall in the pound exposed the vulnerabilities of a company - and wider consumer brands industry - that can no longer count on selling more goods to deliver revenue growth.

12:39pm BST

ECB leaves door open to more stimulus, points to December meeting

 

FRANKFURT The European Central Bank left ultra-loose monetary policy unchanged on Thursday but kept the door open to more stimulus in December, firmly shooting down any talk of tapering its 1.7 trillion euro asset-buying programme.

6:18pm BST

UK's online estate agents begin to squeeze bricks-and-mortar rivals

 

LONDON Ash, in his 30s, is about to sell his flat. His neighbour in the apartment upstairs sold easily with an online agent. In London, says Ash, a house "sells itself". "What does a (traditional) estate agent contribute?"

4:48pm BST

Ex-Goldman recruit drives HSBC's investment banking ambitions

 

LONDON Using a rare hire from a Wall Street firm, HSBC is pushing hard to become the top European-based investment bank while its regional rivals struggle with regulatory fines and falling revenues.

5:27pm BST

U.S. judge picks monitor for Deutsche Bank over regulator's choice

 

NEW YORK A U.S. judge on Thursday approved a U.S. Commodity Futures Trading Commission deal with Deutsche Bank AG in which a monitor would be appointed to ensure the bank reports swaps data properly, but named someone other than the regulator's choice.

5:43pm BST

Ireland to hit foreign investors with new tax on real estate deals

 

DUBLIN Non-resident investors in Irish real estate funds will have to pay a 20 percent withholding tax from next year on certain deals, the finance ministry said on Thursday, in a further clampdown on structures used to minimise tax bills.

6:27pm BST

[interestrateripoff]

U.S. judge picks monitor for Deutsche Bank over regulator's choice

 

NEW YORK A U.S. judge on Thursday approved a U.S. Commodity Futures Trading Commission deal with Deutsche Bank AG in which a monitor would be appointed to ensure the bank reports swaps data properly, but named someone other than the regulator's choice.

5:43pm BST

Irish domestic lenders seen paying slightly lower bank levy

 

DUBLIN Ireland's domestically-owned banks are likely to pay slightly less towards the country's annual levy on the sector from next year, analysts said on Thursday, after the government announced changes to the way the charge is calculated.

5:41pm BST

Ex-Goldman recruit drives HSBC's investment banking ambitions

 

LONDON Using a rare hire from a Wall Street firm, HSBC is pushing hard to become the top European-based investment bank while its regional rivals struggle with regulatory fines and falling revenues.

5:27pm BST

London store kicks off Christmas with glittery Santa window display

 

LONDON London department store Selfridges unveiled its Christmas window display on Thursday as British retailers prepare for the busy festive shopping season.

5:23pm BST

First-time buyers boost U.S. home sales; jobless claims rise

 

WASHINGTON U.S. home resales surged in September after two straight months of declines as first-time buyers stepped into the market, pointing to underlying momentum in the economy.

5:18pm BST

FTSE buoyed by appetite for banks

 

LONDON Banks helped to support British blue-chips on Thursday, buoyed by good performance from U.S. lenders in key business areas on a volatile day as the European Central Bank held policy steady.

5:03pm BST

China's Geely shows global ambitions, launching new compact SUV in Germany

 

BERLIN Chinese automaker Geely, the owner of Volvo cars, showed off the first model of its new Lynk & Co brand in Germany on Thursday, a compact SUV aimed at taking on the likes of BMW and Mercedes-Benz, as well as ride-hailing service Uber, across the world.

4:57pm BST

UK's online estate agents begin to squeeze bricks-and-mortar rivals

 

LONDON Ash, in his 30s, is about to sell his flat. His neighbour in the apartment upstairs sold easily with an online agent. In London, says Ash, a house "sells itself". "What does a (traditional) estate agent contribute?"

4:48pm BST

Gulf investors prepared to buy 25 percent Deutsche Bank stake - Manager Magazin

 

FRANKFURT Deutsche Bank's shares jumped 4 percent on Thursday following a report by German business monthly Manager Magazin, which said sovereign wealth funds from Qatar and Abu Dhabi and a Chinese investor could buy a 25 percent stake in the lender.

4:45pm BST

Euro and bond yields fall back as ECB cools taper talk

 

LONDON The euro fell to a four-month low and German Bund yields headed back towards zero after a brief jump on Thursday as the European Central Bank cooled talk of any withdrawal of their monetary stimulus.

London builders turn to funds as property prices drop

 

High-end property developers in London are restricting the supply of homes to prevent further price falls by selling entire apartment blocks to funds for rental, according to agents and investment managers.

3:54pm BST

UK retail sales enjoy strongest quarter since late 2014, warm weather hurts clothing - ONS

 

LONDON, British retail sales recorded their strongest quarter of growth since late 2014 in the three months to September, but warm weather and higher prices dented demand for new clothing towards the end of the period.

3:33pm BST

Exclusive - Blockchain platform developed by banks to be open: source

 

LONDON A blockchain platform developed by a group that includes more than 70 of the world's biggest financial institutions is making its code publicly available, in what could become the industry standard for the nascent technology.

2:19pm BST

Swiss finance minister says EU banking deal at least several years off

 

BERN A comprehensive agreement between Switzerland and the European Union covering financial services is at least several years away, Swiss Finance Minister Ueli Maurer said on Thursday.

2:16pm BST

EU watchdog says MiFID II securities rules may need tweaks after Brexit

 

OSLO A sweeping reform of European Union securities rules to apply lessons from the 2008 financial crisis may need to be adapted after Britain leaves the bloc, a senior regulatory official said on Thursday.

2:13pm BST

No talk at ECB meeting of tapering QE or extending it - Draghi

 

FRANKFURT The European Central Bank did not discuss at its latest meeting either ending its asset-buying programme or extending it, ECB President Mario Draghi said on Thursday.

2:11pm BST

Nestle cuts sales target as food sales disappoint

 

VEVEY, Switzerland Nestle became the latest company to be hit by the global slowdown affecting food manufacturers after posting its weakest underlying sales growth in more than a decade.

2:10pm BST

Euro zone economy to improve, but there are risks - ECB's Draghi

 

FRANKFURT The euro zone economy should continue to improve slowly, European Central Bank President Mario Draghi said on Thursday, with inflation creeping up in the coming months.

1:55pm BST

Tesla says self-driving hardware to be built into all its cars

 

SAN FRANCISCO Chief Executive Elon Musk said on Wednesday all new Tesla Motors Inc models will come with hardware to enable them to be fully self-driving, as the Silicon Valley electric car company bids to be the first among many rivals to get autonomous vehicles on the road.

1:48pm BST

Solid quarterly earnings help London Stock Exchange focus on merger

 

London Stock Exchange Group Plc reported a jump in third-quarter earnings, helped by a weaker pound and putting the company on a sound footing as it focuses on its merger with Deutsche Boerse .

[interestrateripoff]

Bundesbank's Dombret says euro-clearing hinges on using EU rules

 

LONDON Britain must copy European Union rules if it wants to keep the clearing of euro-denominated financial contracts in London after it leaves the EU, Bundesbank executive board member Andreas Dombret said on Thursday.

1:02pm BST

Unilever's 'Marmitegate' shows strain on consumer industry

 

LONDON Unilever's push to raise the prices of its brands in Britain in response to a fall in the pound exposed the vulnerabilities of a company - and wider consumer brands industry - that can no longer count on selling more goods to deliver revenue growth.

12:39pm BST

UK will ensure stability of financial sector - Brexit minister

 

LONDON The British government will do whatever is needed to ensure the stability of the financial services sector and markets during the process of negotiating Britain's exit from the European Union, Brexit minister David Davis said on Thursday.

12:25pm BST

Germany must not lower regulatory standards to lure British banks - Bundesbank's Dombret

 

LONDON Germany will not lower regulatory standards to lure banks from Britain after it voted to leave the European Union, Bundesbank executive board member Andreas Dombret said on Thursday, adding that the bloc should not "punish" Britain in Brexit negotiations.

12:14pm BST

VW brand chief eyes 3.7 billion euros of cost cuts by 2021 - sources

 

BERLIN/FRANKFURT Volkswagen is targeting about 3.7 billion euros (£3.34 billion) of cost cuts at its core car brand by 2021 as it wrestles with labour leaders over a turnaround plan, sources said.

11:53am BST

Former Tesco executives to face fraud trial in Sept 2017

 

LONDON Three former senior executives of Tesco accused of fraud and false accounting at Britain's biggest retailer were told on Thursday that they will face trial next September.

11:49am BST

HSBC plans to inject $1 billion into Indonesia business - regulator

 

JAKARTA British lender HSBC plans to inject $1 billion (0.82 billion pounds) of additional capital into its combined Indonesian business with PT Bank Ekonomi Raharja, an official at the Indonesian financial regulator, Ariastiadi, said on Thursday.

11:33am BST

London financial district proposes regional visas for foreign staff

 

LONDON The City of London financial district has proposed a system of "regional visas" to allow banks, agriculture and healthcare to hire foreign staff after Britain leaves the European Union.

11:27am BST

Nissan completes takeover of Mitsubishi, keeps embattled chief

 

TOKYO Nissan Motor Co Ltd said on Thursday it had completed a deal to take a controlling stake in Mitsubishi Motors Corp, and would be retaining the embattled automaker's chief executive to ensure its recovery from a mileage cheating scandal.

11:21am BST

VW works council says still away from cost-cut deal with management

 

BERLIN Volkswagen's labour leaders said they were still quite a bit away from an agreement with management on cost cuts and strategy for the main autos division.

Stop blaming the ECB, Bundesbank's Dombret tells banks

 

FRANKFURT Euro zone banks should stop blaming regulators and central banks for their predicament and accept that they are not automatically entitled to a comfortable business environment, Bundesbank board member Andreas Dombret said on Thursday.

10:19am BST

Not in UK interest to restrict movement of talent - Brexit minister

 

LONDON It will not be in Britain's national interest to restrict the free movement of highly talented people when it leaves the European Union, Brexit minister David Davis said on Thursday.

10:16am BST

Catwalks and Katy Perry - Alibaba starts countdown to Singles' Day

 

HONG KONG Chinese e-commerce giant Alibaba Group Holding Ltd started the countdown to its annual shopping festival Singles' Day on Friday, promising consumers - and investors - a bonanza of fashion shows, virtual reality and U.S. pop star Katy Perry.

10:16am BST

British QE to give 300 billion-pound boost to spending - BoE's Haldane

 

LONDON The Bank of England's 435 billion-pound government bond-buying programme is likely to bring about a 300 billion-pound increase in overall spending in Britain, equivalent to three times annual public health spending, the BoE's chief economist said on Wednesday.

10:04am BST

In Italian bond market, politics starts to outweigh ECB backstop

 

LONDON The premium that Italy must pay over Spain to borrow is at its highest in two years, suggesting political risks suppressed for years by central bank largesse are coming to the fore of investor concern.

10:03am BST

Starbucks plans new 'Reserve' targets in super-premium battle

 

Starbucks Corp Chief Executive Howard Schultz on Thursday unveiled new growth plans for the chain's upscale Reserve brand as it fights off competition from super-premium coffee rivals like Blue Bottle and Intelligentsia.

10:02am BST

British minister says banks need access to EU market

 

LONDON Britain must find a "mechanism" that gives banks based in the UK access to the European Union's single market after the country leaves the bloc, a government minister said on Thursday.

10:01am BST

Samsung enlists Ukrainians to beat Hungary labour crunch

 

BUDAPEST Samsung Electronics has recruited Ukrainian workers to keep its Hungarian factory running smoothly, it said on Thursday, in a sign of the unconventional efforts local companies are making to beat a deepening labour crunch.

9:46am BST

Lufthansa lifts 2016 profit target after strong September

 

BERLIN German airline Lufthansa increased its profit target for the year after business bookings were better than expected last month, contrasting with downgrades from low-cost rivals and boosting its shares.

9:34am BST

EU court adviser backs Intel appeal against record EU fine

 

LUXEMBOURG Intel's fight against a record 1.06 billion euro ($1.16 billion) EU antitrust fine received a boost on Thursday when an adviser to Europe's top court questioned whether the U.S. chipmaker's actions had really harmed competition.

[interestrateripoff]

UK banking body calls for cuts in taxes on the sector

 

LONDON The surcharge tax on profits of Britain's banks should be scrapped and the reduced scope of the existing levy on bank balance sheets introduced sooner than planned, a top banking industry official said on Thursday.

9:23am BST

JPMorgan in talks to sell out of Chinese securities JV

 

HONG KONG JPMorgan Chase & Co is in talks to sell out of a Chinese securities joint venture with First Capital Securities Co Ltd in what would be the first departure by a top-tier global investment bank from China's securities segment.

9:14am BST

Nestle says UK investments long term, but weighing options on pricing

 

VEVEY, Switzerland Nestle will not adjust its investments in Britain because of Brexit before details of the country's exit from the European Union is clear, its CEO said on Thursday, though it is examining price rises to deal with a sharp fall in the currency.

8:48am BST

Cinven to sell Avio space business to Italy's Space2, Leonardo - Finmeccanica

 

LONDON Private equity group Cinven will sell Avio Space Propulsion, an operator in space launchers and space propulsion, to Space2 and Leonardo-Finmeccanica together with Avio’s management, the group said on Thursday.

8:02am BST

Sky says British customers can sign up for mobile from Oct. 31

 

LONDON Pay-TV company Sky Plc said on Thursday that customers would be able to register for its new mobile phone service in Britain, its biggest market, from the end of the month.

7:49am BST

Senior warns on 2016 performance due to heavy truck drag

 

LONDON British engineering firm Senior Plc warned its annual profit would come in below expectations due to lower demand for parts used in heavy truck production and oil and gas markets.

7:31am BST

Ground engineer Keller says will be hit by tough trading in Asia

 

LONDON British ground engineer Keller warned on profits on Thursday, saying very difficult trading conditions were persisting in Asia and operating losses in the region were mounting.

7:28am BST

Roche third quarter sales rise 3 percent, confirms outlook

 

ZURICH Roche on Thursday confirmed its full-year 2016 outlook on the strength of robust sales of cancer drugs including Tecentriq, the new immunotherapy that the Swiss company is banking on to counter patent expirations of its older medicines.

7:25am BST

BlackRock Japan CIO - More structural reforms needed to upgrade Japan stocks

 

TOKYO Further progress in structural reforms are the key to bringing back foreign investors to Japanese shares and Prime Minister Shinzo Abe may work on that after a possible election early next year, BlackRock Japan's chief investment officer said.

7:13am BST

Transition challenges highlighted as China third quarter income growth slows

 

BEIJING Consumption is driving China's economic growth, but a further slowdown in income growth in the third quarter highlights the challenges to the country's transition away from manufacturing and heavy industry.