Sunday, December 16, 2018

Hopes of EU-US trade agreement put on ice, say Brussels sources

Uncertainty grows about trade deal with the EU that some in the US felt would be more important to its interests than a post-Brexit deal with Theresa May The prospect of a...

‘Everyone I know buys vintage’: the Depop sellers shaking up fashion

Caitlin Young is one of millions of teenagers and 20-somethings who are shaking up the fashion industry by digging out their parents’ cast-offs, raiding charity shops and scanning boot sales to...

UK hit peak wealth position on eve of Brexit vote – ONS

High levels of inequality persist with top 10% owning almost half the total wealth, show figures Britain on the eve of the EU referendum reached its wealthiest position in modern history, according...

Autumn Statement 2016 summary and highlights: Everything you need to know

Chancellor Philip Hammond has said his first Autumn Statement "is focused on  preparing and supporting the economy as we begin writing a new chapter in our  country's history". He announced this afternoon...

No, wealth isn’t created at the top. It is merely devoured there

his piece is about one of the biggest taboos of our times. About a truth that is seldom acknowledged, and yet – on reflection – cannot be denied. The truth that...

Chancellor to receive state of economy news in week before budget

Data expected to show rising inflation, falling real pay despite record employment, and first annual drop in retail sales in almost five years The chancellor, Philip Hammond, is to receive some crucial...

Brexit fallout: Here are the winners and losers from a weaker pound

The pound has plummeted to its lowest level in more than three decades against the dollar in the wake of the Brexit vote. Here's why it happened and whether households and businesses...

New York City plans to divest $5bn from fossil fuels and sue oil companies

Mayor Bill de Blasio: ‘It’s up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making New York safer and more resilient’ New York...

Bank of England warns of complacency over big rise in personal debt

The Bank of England has told banks, credit card companies and car loan providers that they risk fresh action against reckless lending as it warned of a looming “spiral of complacency”...

US interest rate rise almost certain after bumper jobs growth

The US Federal Reserve is poised to raise interest rates next week for only the third time since the financial crisis after the latest job numbers for the world’s largest economy...

Good for factories, bad for shoppers: a Brexit pattern is emerging

The latest UK figures suggest a modest rebalancing of the economy of the kind long wished for by policymakers The UK economy has settled down into a post EU-referendum pattern. Consumer spending...

Deutsche Bank slashes 7,000 jobs, with City likely to take hit

Bank announces investment arm will lose one in four jobs only hours before AGM Deutsche Bank, Germany’s largest lender, is to cut more than 7,000 jobs globally, with its investment banking business...

Energy price rises help drive UK inflation up to 2.7%

The rising cost of electricity contributed to inflation’s rise to 2.7% in April, its highest level in three and a half years. Increases in the cost of clothing, car tax and air...

Migrants are not to blame for Britain’s problems

A wave of hatred is sweeping Britain, with migrants blamed for a range of social ills. But migrants have not run down our public services, it’s not them that failed to...

In Zimbabwe it’s hello China, goodbye Britain

One aspect of the coup d’etat in Zimbabwe (Chaos in Zimbabwe after Mugabe refuses to resign, 20 November) is highly significant for Britain and the wider world: it has been suggested...

Morgan Stanley said a shift towards its own-brand policies should boost earnings

Direct Lineenjoyed its best day since July after Morgan Stanley said a shift towards its own-brand policies should boost earnings. The US investment bank upgraded the insurer’s rating to “overweight” and hiked...

Average UK debt at £8,000 per person (not including the mortgage)

Survey reveals 6m Britons fear never being debt-free with 25% struggling to make ends meet and 62% worried about personal debt levels More than 6 million Britons don’t believe they will ever...

Banking royal commission condemns greed of financial sector in first report

Josh Frydenberg says misconduct has gone unpunished as he releases inquiry’s interim report The banking royal commissioner, Kenneth Hayne, has blasted Australia’s financial services industry for putting greed and the pursuit of...

Market volatility returns: £50bn wiped off FTSE 100 in three days and pound skids...

  £50bn wiped off the FTSE 100 in three trading session as sell-off intensifies European bourses close lower as oil prices tumble after IEA report  Pound posts sharpest fall since Bank...

BT chief executive Gavin Patterson to leave this year

Move comes amid growing shareholder dissatisfaction with his performance. The BT chief executive, Gavin Patterson, is to leave the telecoms giant this year after investors made it clear they had lost confidence...

Free movement of people raises real concerns

What those who want to remain in a reformed EU that lessens people’s insecurity must grasp is that Brexit voters don’t want an apology, they want policies to deal with their desire for...

British Steel to axe almost 1 in 10 jobs

Steelmaker blames weak pound and euro but pledges not to close plants British Steel is cutting 400 jobs at its sites in the UK and elsewhere in Europe as it blamed a...

UK credit binge approaching levels not seen since 2008 crash

A credit boom that is close to levels not seen since the 2008 financial crash should set alarm bells ringing in Theresa May’s government, debt charities have warned. The latest figures from...

Young people are borrowing to cover basic living costs, warns City watchdog

FCA boss raises alarm over growing debt burden of young people in UK as number of insolvent 18- to 34-year-olds in the UK jumps by a third The head of Britain’s financial...

GKN major shareholder Elliott Advisors backs Melrose’s takeover bid

Slightly larger shareholder base has come out so far in favour of hostile bid than backs GKN board GKN shareholder Elliott Advisors has said it backs a £7.8bn bid by Melrose for...

TSB chief Paul Pester steps down after IT meltdown

Thousands of customers face ongoing problems after being locked out of accounts in April The TSB chief executive, Paul Pester, has stepped down after an IT meltdown in April that locked thousands...

Put less money into housing and more into saving, says Philip Hammond

Britons invest too much in housing and not enough in assets that are productive for the wider economy, according to Philip Hammond. Pensions are also poorly structured with the result that the...

Toblerone to revert to original shape but with bigger size and price

Poundland will be forced to drop the chocolate bar as it will weigh 200g and cost £3 Toblerone is reverting to its traditional shape after an outcry over a move to widen...

Demonetisation drive that cost India 1.5m jobs fails to uncover ‘black money’

Costly banknote recall did not flush out untaxed wealth, as PM Narendra Modi had promised More than 99% of the currency that India declared void in a surprise announcement in 2016 was...

London, Birmingham and Aberdeen now cost more to live in

UK cities move up the ranks on worldwide cost of living list as pound rallies against the dollar The pound’s strengthening against the dollar has increased the cost of living in London,...

FTSE 100 smashes 6,800 as investors cheer post-Brexit stimulus package and bumper US jobs...

FTSE 100 charges to fresh one-year high London's FTSE 100 charged to a fresh 2016 high and its highest level in over a year as investors continued to cheer the Bank of...

Church of England pulls out of Wonga rescue effort

Justin Welby says church has decided not to participate in buyout of payday lender The Church of England has pulled out of an attempt to buy the loan book of the collapsed...

Conflicted Italy hovers on the brink of renewed hard times

After a long recession, Italians have enjoyed three precious years of growth: but now the country is stalling again as its populist leaders wrangle with the EU Angela Giuffrida in Rome and Jennifer Rankin in...

Growing risk of ‘debt trap’ if interest rates stay low, say central bankers

Near-zero rates have spurred borrowing and left consumers, businesses and governments at risk, says Basel institution A new warning has been issued about the growing risk of a "debt trap" if interest...

Factory and retail sales climb despite fears of Brexit slump

Weakness in sterling having positive effect on manufacturers as goods made in Britain become cheaper for buyers overseas British manufacturers and retailers are reporting an upswing in sales, despite fears Brexit could...

Germany and France close gap on UK for foreign investment

Brexit concerns making global investors more reluctant to invest in Britain, EY finds The UK remains Europe’s top destination for inward investment, but its star is waning as Brexit uncertainty allows Germany...

China reveals trade war strain as yuan slides and manufacturing stalls

Pressure begins to show amid a wider slowdown in the world’s second biggest economy The Chinese economy has revealed fresh signs of the pressure of a trade war with the US and a wider...

World Bank chief echoes Bill Gates’s warning to Theresa May on aid

Jim Yong Kim says reneging on UK commitment to spend 0.7% of GDP on aid could lead to rise in conflict and migration The World Bank president, Jim Kim, said UK...

More than ever, Australians must work together to create an inclusive society

The new year brings with it new hope and optimism, a chance for a fresh start and an opportunity to reassess the way forward. Or at least that’s the plan. On one...

BT chief blasts ‘cynical’ Sky for downgrading broadband repairs as Openreach row intensifies

The head of BT’s consumer business has launched a scathing attack on Sky, accusing his rival of “cynicism”, "lies" and “sinking to a new low”, after it emerged it cut its...

WPP: breaking up world’s top advertising group could net £22bn

How Sir Martin Sorrell’s sprawling empire breaks down – and who could succeed him Martin Sorrell’s resignation triggers 7% slide in WPP shares Nils Pratley: Sorrell’s exit leaves too many unanswered...

Barclays agrees to pay $2bn to settle US fraud case

Deal relates to sale of mortgage-backed securities in run-up to financial crisis Barclays has agreed a $2bn (£1.4bn) settlement with the US justice department over the sale of mortgage-backed securities in the...

UK growth will slow as consumer spending is squeezed, forecasts PwC

Economy likely to cool in next two years because of rising inflation arising from weak pound, consultancy predicts Record levels of employment will fail to prevent the economy’s growth rate slowing this...

Rising oil prices fuel fears of damage to global economy

Experts warn emerging markets could suffer as crude prices hit four-year high of $82 The global economy could be damaged if oil prices return to $100 (£76) a barrel, experts have warned,...

IMF says Australia has one of the fastest rising income inequality rates

Economic body’s Fiscal Monitor shows Australia’s 30-year inequality growth is similar to the US, India, China and the UK Australia is among countries with the highest growth in income inequality in the...

Brexit top risk for UK bosses but fears of impact receding – poll

Fears about the effect of Brexit are receding among Britain’s company bosses – although the UK’s departure from the EU remains their top risk. Nearly a third of chief financial officers said...

‘Rogue trader’ appeals to May and Javid to ‘show compassion’

Former banker Kweku Adoboli faces deportation to Ghana, which he left when he was four Kweku Adoboli considers himself “very British, but more a Yorkshireman”. He has lived in the UK for...

The most bullish Apple analyst just said Snap reminds him of Apple ‘in its...

(A woman wears 'Snapchat Spectacles' on the floor of the New York Stock Exchange (NYSE), March 2, 2017 in New York City. Snap Inc. shares opened at 24 dollars per share...

Trump’s team is planning a Reaganite revolution

One of the great advantages of the American system is that anybody can be appointed to the Cabinet: in theory at least, that can make it more meritocratic. In Britain, only members...

Bank of England steps up scrutiny of lenders

The Bank of England is stepping up its scrutiny of banks and other lenders on credit cards, personal loans and car purchases amid fears that growing consumer debt could rebound on...

Do more to help poor nations cope with climate change, IMF tells rich countries

World faces disaster if those who contributed ‘lion’s share’ to global warming don’t aid low-income countries, IMF says The International Monetary Fund has told rich countries they must do more to help...

People’s QE risks the Bank of England going bust

I am very pleased that Professor Richard Murphy, in his defence of People’s Quantitative Easing (Letters, 29 September), in response to my letter (28 September), accepts that QE debt is not...

Bank of England to print plastic £50 notes

UK’s highest value banknote will be printed on the same polymer as the £5 and £10 notes The £50 note will remain part of UK currency after a “new, more secure” version...

Pound dives as Bank of England rules out rate rise amid weak UK growth

The Bank of England governor has sent the pound into a nosedive after he ruled out an early rise in interest rates, saying UK growth was still too weak and pointing...

Shares soar as Trump hints at possible US-China trade deal

President’s positive remarks about a call with Xi Jinping, and a report that he has asked officials to draw up terms, lift markets Asian shares have surged on reports that Donald Trump...

Mirror publisher tops up funds to deal with phone-hacking fallout

Reach sets aside £70.5m, saying it underestimated the fees for lawyers representing claimants The publisher of the Daily Mirror, Sunday Mirror and Sunday People has topped up its fund for dealing with...

How will Brexit affect trade?

What’s going on? Following Britain’s vote to leave the European Union (EU), one major area of focus has been the potential effect on trade. On the one hand, Britain will be able...

UK trade deficit widens as fall in sterling fails to improve export sales

Brexit negotiators urged to safeguard terms of trade with EU amid signs UK becoming more dependent on deals with bloc Britain’s trade position with the rest of the world worsened in June...

Retailers and services struggle with squeeze on spending

Statistics show that UK economy entered new year on a downbeat note Britain’s retailers battled through “tough” trading conditions in January as consumers preserved their cash for essential food shopping and shunned...

China capital flight flashes warning as authorities forced to prick property bubble

Capital outflows from China are accelerating. The hemorrhage has reached the fastest pace since the currency panic at the start of the year. The latest cycle of credit-driven expansion has already peaked...

World Bank chief plays down prospect of €3bn Greek loan

The President of the World Bank has dampened the prospect of handing billions of euros to Greece to boost jobs and growth as he signalled that securing board approval would be...

City firms urge free trade agreement for financial services after Brexit

London and Frankfurt will lose out to New York and Singapore if UK and EU do not agree deal, says report London and Frankfurt will lose out to New York and Singapore...

Brexit could damage UK’s fight against corruption, says OECD

Brexit could damage the UK’s efforts to tackle corruption and give multinationals leverage over the British government in bribery cases, the Organisation for Economic Co-operation and Development has warned. Business pressure to...

Virgin Atlantic pilots to strike in run-up to Christmas Day

Union, which represents about a third of airline’s pilots, is locked in dispute with carrier over recognition Pilots at Virgin Atlantic are to strike from 22 December to Christmas Day in a dispute over...

Britain’s young suffer as austerity continues to take its toll

“Childhood” in “Crisis”, edited by Phil Scraton (Letters, 7 August) and published in 1996, has long been considered the definitive reference book on child poverty and the demonisation of young people...

Nobel prize in economics awarded to Richard Thaler

Pioneer of behavioural economics is best known for ‘nudge’ theory, which has influenced politicians and policymakers One of the founding fathers of “nudge” theory, which has helped boost British tax receipts and...

HSS Hire seeks £13m from investors to foot restructuring bill

Tool rental group HSS Hire has approached investors for £13m to fund its transformation programme as the company struggles to bring its costs under control. The company has conditionally placed just over...

UK economic growth slows to weakest rate in five years

G7 rivals outpace UK as consumers rein in spending amid Brexit-fuelled price inflation Britain’s economy grew at a slower rate than first thought in the final three months of 2017, leaving the...

What will Brexit mean for migration?

The EU referendum is the issue of the year. But what are the facts? In the fourth of a series of briefings, Alexander Rankine looks at the potential impact on Britain’s immigration...

Turkey’s economic crisis deepens as Trump doubles tariffs

US president has tweeted that ‘our relations with Turkey are not good at this time!’ Turkey’s unfolding economic crisis has deepened further after Donald Trump announced he was doubling US import tariffs...

UK wages soon to catch up with inflation, Bank of England survey finds

Report indicates wages will rise above inflation in all sectors except Brexit-hit construction British workers are set for the biggest annual pay rise in a decade, according to forecasts from the Bank...

Rising food and fuel prices hoist UK inflation rate to 2.3%

Rising food and fuel prices pushed Britain’s inflation rate to 2.3% last month, the highest rate for more than three years. Inflation was well above the 2.1% expected in a Reuters poll...

UK consumer credit growth falls to 18-month low

Decline will soothe Bank of England fears about reckless lending while household incomes are being squeezed The UK’s consumer debt boom has eased back after growth in lending on credit cards and...

Poor productivity outside south-east England hurting UK economy

Worker output in London and satellite cities far outweighs that in places such as Stoke and Doncaster, says Centre for Cities thinktank Britain’s economy would be more than £200bn bigger if all...

Made in the UK goods could cost more as import prices rise

Britain’s manufacturers fear the rising cost of raw materials will soon dent a robust recovery since the Brexit vote that has included total orders hitting a two-year high. A survey of the...

UK GDP beats forecasts but growth remains uneven

ONS puts quarterly growth at 0.5% but warns annual pace is slowest since 2012 The British economy grew at a faster rate than expected in the final three months of 2017, despite...

JD Sports bets on Brexit staycations with Go Outdoors takeover

JD Sports has carried on camping with a £128.3m takeover of Go Outdoors, which cements its status as the largest outdoor equipment retailer in the UK. JD Sports, already owns tent and hiking...

China vows to retaliate as US threatens tariffs on further $200bn of goods

Trade skirmish continues to escalate between world’s two biggest economies The Trump administration has said it would slap 10% tariffs on an extra $200bn worth of Chinese imports, prompting Beijing to promise...

Athens: thousands of public-sector workers march against austerity

Greece has been hit by fresh strike action as thousands of public sector workers marched through Athens in protest against the debt-ridden country’s austerity programme. Authorities said that about 5,000 people took...

Germany overtakes UK as fastest-growing G7 economy

Germany overtook the UK as the fastest growing among the G7 states during 2016. Europe’s largest economy expanded at the fastest rate in five years, showing growth of 1.9% last year. The...

Ground rent: ‘We feel like prisoners in our own home’

High charges have left young homebuyers trapped – and the John Lewis pension fund has been accused of playing a role Thousands of young homebuyers remain trapped in virtually brand-new homes made...

Theresa May accused of insulting teachers as pay rise is held at 1%

Theresa May has been accused of insulting teachers by offering them a 1% pay rise after she refused to bow to pressure from some Tory MPs, Labour and trade unions to...

UK economy cooling after post-Brexit vote growth, surveys show

Britain’s economy is cooling fast, according to the latest surveys of the services, manufacturing and construction sectors, bolstering expectations that the Bank of England will leave interest rates at their record...

Dow Jones tops 26,000 for first time as stock market boom continues

The Dow Jones Industrial Average has topped the 26,000 mark for the first time, a new landmark in the Wall Street stock market boom that has gathered pace since the new...

UK interest rate rise likely as GDP beats forecast to grow by 0.4%

Services sector drives faster-than-expected expansion of economy in the third quarter, but uncertainty over Brexit deal still affecting long-term outlook Ruth Gregory, UK economist at the consultancy Capital Economics, said the latest...

UK budget deficit narrows as shoppers boost VAT receipts

Public finances still rising as a proportion of GDP despite unexpectedly strong figures for August Britain’s public sector spending deficit dropped to its lowest August total since 2007 after an increase in...

Top bosses urged to quit Trump jobs council as fifth member steps away

Scott Paul resigns on Tuesday after three high-profile departures on Monday AFL-CIO steps down following Trump’s latest remarks on Charlottesville The bosses of some of the world’s biggest companies are facing...

Turkish lira rebounds as finance minister vows to defend currency

Fears over emerging markets’ currencies ease slightly amid financial crisis in Turkey The Turkish lira recovered some of its losses on Tuesday, with the country’s finance minister pledging to take steps to...

UK labour productivity increases at fastest rate since financial crisis

Data for final six months of 2017 show strongest economic growth, but worker efficiency languished The productivity of British workers in the second half of 2017 rose at the fastest rate since...

FTSE 100 hits 16-month high and pound plunges below $1.29 as Theresa May sets...

London’s FTSE 100 charged to a 16-month high, but fell just four points short of smashing 7,000 in intraday trade, after the pound slumped towards a three-decade low on Theresa May’s...

UK banks asked to draw up plans to show they are prepared for Brexit

The Bank of England has asked UK banks, insurers and other financial institutions to draw up comprehensive plans for how they will deal with Britain’s exit from the European Union, and...

Co-op own-brand champagne better than Moët, says Which?

Supermarket’s bubbly deemed as good as Mumm and best value for Christmas Co-op’s own-brand champagne is as good as Mumm Cordon Rouge and better than Moët & Chandon, according to tests by...

Richest UK households ‘should pay more to fund clean energy’

Government-funded researchers urge change in way clean energy is funded to reduce burden on poorest households The richest households should pay £410 a year more towards supporting energy subsidies for wind farms,...

German firms told to prepare for hard Brexit or face heavy losses

Firms with presence in UK must make provisions for hard exit. Anything else is naive, warns trade chief German firms operating in the UK must brace themselves for a “very hard Brexit”,...

Drones predicted to give British economy a £42bn lift by 2030

Wider use of unmanned aerial vehicles will create jobs and boost GDP by 2%, says report Using drones to transform working practices could boost Britain’s economy by £42bn by 2030, research claims. Increased...

Canadian gambling firm buys Sky Betting and Gaming for £2.5bn

Purchase by Stars Group will create world’s largest publicly listed online gaming company. UK-based firm Sky Betting and Gaming (SBG) is to be sold to a Canadian company for about £2.5bn, it...

Public sector workers first to face cut in real pay, says thinktank

Public sector workers have become the first group to suffer a cut in real wages since the recovery of 2014 as forecasters predicted that the rest of the working population would...

Why Europe needs QE – now

European Central Bank (ECB) boss Mario Draghi is famous for saying that he’d do “whatever it takes” to save the euro. This declaration, made at the height of the crisis in...

Northern trains operator asked for timetable changes to be delayed

Request was refused by Network Rail and other operators and changes led to chaos for rail users The operator of Northern trains requested in January to defer the introduction of the rail...

US economy slowed in first quarter after Trump’s $1.5tn tax cuts

GDP rose from January through March at a lower level than the third and fourth quarters, despite Trump’s promises cuts would boost it US economic growth slowed moderately in the first quarter,...

UK economy falls to bottom of EU growth league

First quarter figures of 0.2% GDP growth beaten by every other nation in 28-country bloc as weaker pound after the Brexit vote fuels price inflation The UK economy was the worst performer...

Burberry to reinvent itself as a super luxury British brand

New boss announces plan to raise the premium and put the fashion label on par with the likes of Dior and Gucci after better than expected results Burberry’s new chief executive, Marco...

NHS cuts and public sector pay: will there be a ‘winter of discontent’?

The chancellor’s options in the autumn budget to allay voters’ frustrations over austerity are diminishing by the day In the weeks that followed their disastrous election result, a delegation of Tory MPs...

Thomas Cook rules out compensation for no-deal Brexit disruption

Airline and tour operator amends terms but says it will still reimburse ticket costs British tourists travelling with Thomas Cook will not receive compensation or expenses should their flights be grounded as a result...

Demand for gold hits four-year high after Brexit and Trump votes

The Brexit vote and the election of Donald Trump drove global demand for gold to a four-year high in 2016, as pension funds and other institutional investors piled into the precious...

Ikea to cut 350 UK jobs as it refocuses on small outlets and online

Flat-pack firm plans to create 11,500 jobs worldwide with new smaller inner-city stores Ikea is cutting 7,500 office jobs worldwide, including 350 in the UK, as it focuses on improving its online operation...

From the farm to the checkout: this is how inflation will hurt next year

Posh hot chocolate. The sign marking the entrance to Sir Hans Sloane’s factory in Surrey may not immediately explain what’s inside, but the smell that wafts out as the door opens...

TSB rejected help from Lloyds at start of IT meltdown

Bank accused of ‘playing fast and loose’, as some users still report problems accessing accounts TSB turned down an offer of help from Lloyds Banking Group, its former owner, in the early...

British industrial production grows at fastest pace in four years

British industrial production grew at the fastest pace in almost four years in April, boosted by the pharmaceuticals and energy sectors. The official figures, which took the City by surprise and sent...

FTSE 100 reaches record high as UK services sector rebounds

Flurry of orders appears to bolster Bank of England decision to raise interest rates, pushing stock market index to new record high Shares in Britain’s top 100 companies reached an all-time high...

UK faces risk from slump in China, warns Bank of England

Financial links to Hong Kong mean that Chinese slowdown could have serious UK impact The Bank of England has warned that the health of China’s economy poses a greater risk to the...

Use inheritance tax to tackle inequality of wealth, says OECD

Wealth inequality is even greater than income inequality and is on the rise, says new report Governments should consider deploying the taxation system to reduce wealth inequality, with inheritance tax the favoured...

Spanish train firm to create 1,000 jobs at new factory in Scotland

Talgo, which is bidding to win HS2 rolling stock contracts, will build its first UK base in Fife More than 1,000 jobs are to be created at a new train manufacturing plant...

Before interest rate cut wait for brexit fog clear

“Keep calm and carry on” is a good motto to live by—as well as a good strategy for monetary policy. The initial market reaction to the UK vote to leave the European...

Brexit fallout – the economic impact in six key charts

Britain’s surprise decision to quit the European Union at the 23 June referendum sent shockwaves across global markets, triggered a political crisis in the UK, and pushed the economy into uncharted...

Melrose shareholders revolt against directors’ £42m bonuses

Rebellion at new owner of GKN too late to stop bumper £167m payout shared by four directors Shareholders in turnaround specialist Melrose have staged one of the largest pay revolts this year,...

Fears for future of UK onshore wind power despite record growth

2.6GW of capacity built in 2017 before subsidies ban industry says will make generation dearer A record amount of onshore wind power was built in the UK last year, but government policy...

UK at risk of Brexit ‘catastrophe’ warns Canadian trade expert

Britain risks a “catastrophic” Brexit because the government is so dismissive of the concerns of trade experts, according to one of the figures behind the EU-Canada trade deal which took a...

Rented property licensing: crackdown on rogue landlords or money grab?

Owners are angry with councils for demanding hundreds of pounds for licences and claim it’s just to boost coffers Landlord licensing schemes are popping up all over the country as local authorities...

Trump pushes for SEC to end quarterly earnings reports

President feels switching to twice-yearly disclosure of accounts would boost business Donald Trump has told the US securities regulator to consider abandoning quarterly reporting – a practice criticised as too short-term by...

What the crashing pound means for your money

Last week was rather an exciting one for markets. The prime minister gave us a deadline for Brexit. Upon hearing all the tough talk at the Conservative party conference, the pound took...

CBI urges UK to avoid loss of up to €1bn a year in EU...

Business group wants Britain to become associate member of R&D programme after Brexit Britain’s biggest business lobby group is seeking to prevent the loss of as much as €1bn (£882m) in annual...

Grenfell firefighter: MPs should be dragged to look at tower’s shell

Lucy Masoud blames tragedy on austerity and says decision makers don’t care about social housing tenants MPs should be “dragged” from parliament to see Grenfell Tower’s shell as a reminder of how...

Food and drink industry says EU staff exodus will damage economy

The food and drink industry has issued a warning of significant disruption and economic damage if the government fails to stem the flow of EU nationals leaving the UK. Nearly a third...

No-deal Brexit would have big economic consequences – Carney

Bank of England governor warns of interest rate cuts if UK crashes out of EU Mark Carney has warned that Britain would face “big economic consequences” and could need emergency interest rate...

The Scottish economy has strengths – but could it make a success of independence?

Convincing the Scottish people that they would be better off after independence proved beyond Alex Salmond in 2014. Project Fear failed to deliver for David Cameron in the EU referendum last...

London’s thriving economy generates a £26.5bn surplus that is recycled by the government to provide financial help to Britain’s less well-off regions, according to an official breakdown of the public finances. The...

Mark Carney agrees to stay at Bank of England until January 2020

Hammond tells MPs governor will remain in post to ‘ensure continuity through what could be quite a turbulent period’ The governor of the Bank of England, Mark Carney, has agreed to continue...

Consumer confidence bounces back to pre-EU referendum levels

Consumer confidence bounced-back to pre-EU referendum levels in September as households shrugged off Brexit jitters and continued to spend. All five measures used to compile GfK’s closely-watched confidence index climbed this month,...

The 10 College Majors Employers Want Most This Year

Congrats, grads: The proportion of employers planning to hire recent college graduates hit a decade-high this year. Almost three-fourths of employers intend to hire college graduates this year, according to a new...

Landowners reap benefits of soaring British land prices

UK’s net worth rose by £803bn over the course of last year to stand at £9.8tn at the end of 2016, says ONS Britain’s landowners have emerged as the biggest winners from...

Wetherspoon may raise drink prices to absorb higher wages

Share price drops and chain announces founder Tim Martin is recovering from burst appendix JD Wetherspoon may raise its prices in the coming months as the pub chain warned of weaker trading, higher...

Digital bank Monzo becomes Britain’s best-rated lender

Fast-growing bank topples First Direct from top position in Which? consumer survey The fast-growing digital bank Monzo has toppled First Direct from its near decade-long reign as Britain’s best-rated lender, according to a Which? annual...

City cuts weekend short to tackle fallout from French election

Hundreds of City workers are to return to their desks on Sunday as banks and hedge funds prepare for the fallout from the french election results. Markets jumped when frontrunner centrist candidate...

UK having informal trade talks with at least 12 countries, says Fox

The UK is already discussing informal trade deals with at least 12 countries, despite being notionally prevented from striking deals while still a member of the EU, according to Liam Fox’s...

In austerity Britain, people need parks

The quietly announced news that the Heritage Lottery Fund is closing its Parks for People funding programme comes as a shock. It should be a matter of huge concern, not only...

Our best innovations? Beer and pizza

What have been the great investment opportunities of this decade? Artificial intelligence? Robotics? The commercialisation of space, solar power, driverless cars or the intelligent home? There is immense excitement around all...

Age of austerity isn’t over yet, says IFS budget analysis

Mainly grim news from thinktank, painting a picture of doom and gloom including predictions of a £35bn deficit in 2019-20 Seven years after George Osborne ushered in a tough new age of...

Credit card holders warned spending could be ‘frozen’ under new rules

Clampdown will hit persistent overspenders – and those on 0% balance transfer deals Get your credit card finances in order or we’ll pull the plug on your plastic! That is the warning to...

Oil market rocked by Russia-Saudi co-operation pact

Saudi Arabia and Russia have forged a deal to use their combined market dominance to help stabilise the oil market as it recovers from its two year downturn. The oil giants, which...

WPP could sell stakes worth billions in Vice and other companies

Some of proceeds, as focus changes after Sir Martin Sorrell’s exit, will help pay down debt WPP is to sell stakes worth billions of pounds that it holds in a wide range...

MPs call for fare freeze for those most affected by rail timetable fiasco

Select committee report highly critical of transport secretary as it blames collective failure Fares should be frozen for passengers most affected by the upheaval in rail timetabling in May, MPs have demanded. A scathing report...

Chancellor appoints Sir David Ramsden to Bank of England deputy role

Key economic adviser, known for helping keep UK out of euro, replaces Charlotte Hogg and will have seat on MPC Philip Hammond has filled the vacancy on the Bank of England’s interest...

Greece’s debt costs rise sharply as worries grow over IMF role

Fresh worries over Greece’s debts have pushed the country’s borrowing costs sharply higher amid renewed insistence from Athens it will not swallow further austerity demands from international lenders. The yields on two-year...

Hammond gets early Christmas gift as public sector borrowing falls

Net borrowing at £8.7bn in November but chancellor warned improvement in public finances likely to be cut short in new year Philip Hammond has been handed an early Christmas present after government...

Has the time come for a wealth tax in the UK?

Taxing the rich will address inequality and secure the welfare state’s future. It’s a Tory peer’s call, and he’s right Tax may as well be a four letter word. Politicians have found...

Disappointing US jobs figures knock markets off peak

Only 138,000 jobs were created across the US in May, well below the expected figure of 180,000 Global stock markets reached new peaks on Friday, but came off their best levels following...

Darling: Brexit would not have happened without banking crisis

Former chancellor admits government lost control for a few days 10 years ago and says people have felt ‘badly treated’ since The UK would not have voted for Brexit had it not...

Survival after disorderly Brexit is possible for UK lenders, says Carney

Stress tests show impact would be ‘no worse’ than this year’s tests, which were at extreme of what might be expected Mark Carney, the governor of the Bank of England, described the...

Chancellor’s budget to build up Brexit reserves, not tackle NHS crisis

Philip Hammond is expected to use Wednesday’s budget to announce that tax revenues will be used to build up a reserve to deal with uncertainties arising from Brexit, rather than increase...

European commission upgrades growth forecast for UK economy

The eurozone will enjoy stronger economy growth than previously thought this year and next but face risks from uncertainty surrounding Donald Trump’s presidency and the UK’s negotiations to leave the European...

Nature versus nurture of a growing human population

It is heartening to see the Guardian giving considered coverage to the issue of human population and its impacts upon our planet and the threat that continued population growth and excessive...

Greece paves way for debt relief after late night deal

Greece has reached a deal with its creditors on austerity measures that will pave the way for talks to reduce Athens' massive debt burden. Greek bonds and stocks rallied on Tuesday morning...

Higher inflation drives down real wages for British workers

The spread of zero-hour contracts and a weak pound mean many employees are worse off than they were before Brexit vote, warns Standard & Poor’s Rising prices on the back of the...

Dukes and other super-rich are not the only ones who can reduce death duties

While attacked as a way to avoid inheritance task, setting up a trust is a legitimate form of financial planning which is available to anyone When the 6th Duke of Westminster died...

DPD raises pay and scraps fines after driver’s death

Delivery firm to pay at least £8.75 an hour and drop £150 charge for missing work following Don Lane’s death Self-employed couriers working for the gig-economy delivery firm DPD will receive a...

Mnuchin: Trump will not cut social security and Medicare ‘entitlements’

Donald Trump’s first budget proposal will spare big social welfare programs such as social security and Medicare from cuts, the treasury secretary, Steven Mnuchin, said in an interview broadcast on Sunday. Mnuchin...

Snapchat isn’t worth $25bn – but that won’t stop the technorati making it so

The irony of me – a 39-year-old untrendy luddite – writing a column about Snapchat has not escaped me. I do not want to take a picture of my face, use digital...

HSBC profits slump following sale of Brazil business

HSBC has recorded a $1.7bn loss from the sale of its Brazilian unit, with the bank’s pre-tax profits tumbling by 86pc in the third quarter. The banking giant’s $843m quarterly profit fell...

The truth about black unemployment in America

As Trump highlights declining jobless figures, Kansas City offers a window into how the recovery has passed many African Americans by Kansas City is booming. Employers and investors have poured into the...

UK banks could face new multibillion-pound claims after PPI ruling

Court ruling over mis-selling may allow cases that have been rejected to be reconsidered Britain’s banks face the threat of a huge new PPI bill that could add billions of pounds to...

British Gas puts up bills by £44 in second increase this year

Firm says 3.5m customers affected and blames rising wholesale energy prices British Gas is adding £44 to the typical fuel bill for 3.5 million customers in the second increase this year. Britain’s biggest...

Fears minimum wage rises will put more jobs at risk of automation

Institute for Fiscal Studies warns above-inflation increases give employers a greater incentive to replace workers with robots Above-inflation increases in Britain’s minimum wage are putting a growing number of workers at risk...

Tax wealth or lose election, ex-May aide warns Tories

The Tories will lose the next election if they back “unbridled capitalism” and refuse to tax wealth to help the “struggling many”, one of Theresa May’s former advisers has warned. Higher tax...

Economic gap across Irish border ‘set to widen’ as Brexit looms

Report says uncertainty and breakdown of Northern Ireland’s assembly will increase disparity between north and south The gap in fortunes between the economies of Northern Ireland and Ireland will increase in the...

Pound skids to fresh 31-year low and FTSE 100 closes below 7,000 on fears...

Orthopaedics giant Smith & Nephew recorded its worst day in more than two months after Berenberg said it thinks revenue growth will fall short of investor expectations in the next 12...

Business leaders say economic nationalism is biggest growth threat

Poll of CEOs finds backlash from political populism among leading concerns Business leaders around the globe have said the rise of economic nationalism triggered by Brexit, Donald Trump and populist politics poses...

Trouble for big tech as consumers sour on Amazon, Facebook and co

Trump is after Amazon, Congress is after Facebook, and Apple and Google have their problems too. Should the world’s top tech firms be worried? Trump is going after Amazon; Congress is after...

US gained only 98,000 jobs in March, putting a chill on Trump’s promises

The US economy added just 98,000 jobs in March as a cold snap, a government hiring freeze and a faltering retail sector appear to have put the chill on Donald Trump’s...

Sub-prime cars: are car loans driving us towards the next financial crash?

A huge increase in the amounts borrowed by already indebted households in Britain and the US to buy new vehicles is fuelling fears that “sub-prime cars” could ignite the next financial...

UK economy is about to surge back to life, says leading forecaster

Britain’s economy will surge back to life in the next six months following its slow start this year, a leading forecaster has predicted, prompting the Bank of England to raise interest...

Nike under fire for marketing of ‘menacing’ balaclava

Marketing of product appears aimed at youngsters aiming for gang-inspired look, critics say Nike has come under fire for selling a balaclava that critics say plays on stereotypes of black youths involved...

Dixons Carphone CEO will step down to run chemist chain Boots

Sebastian James, who has led Dixons Carphone for six years, resigned in a surprise move The chief executive of Britain’s biggest specialist electrical goods and mobile phone retailer will step down to...

FCA sets aside £30m to smooth out Brexit process for City banks

Financial services watchdog to deprioritise non-critical projects in preparation for disruption when Britain leaves the EU The City watchdog has set aside £30m to deal with Brexit this year and has admitted...

Revealed: how ANZ executives can earn 300% bonuses – live

Chief executive offers mea culpa after appearance by AMP’s acting chief. Follow all the developments and updates What have we learned? The royal commission spent a considerable amount of time asking Shayne Elliott, the...

Bank of England cuts interest rates to historic low

The Bank of England today reduced interest rates by 25 basis points to 0.25%, a record low. As well as the rate cut, it is to boost its quantitative easing programme...

WPP in talks to buy FT’s London HQ in £90m-plus deal

One Southwark Bridge could become ad group’s head office in break from Sorrell era WPP is in advanced talks to buy the Financial Times’s London headquarters for more than £90m in another significant break...

UK retail sales slump in September as inflation and wage woes bite

Supermarkets and petrol stations hardest hit as lacklustre pay growth and rising inflation dent spending power High street sales slumped last month, pushing the UK retail sector to its lowest growth rate...

RBS to close 162 branches with loss of 800 jobs

New closures in England and Wales prompt concerns for rural communities and small firms Royal Bank of Scotland is to close 162 branches in England and Wales this summer with the loss...

Bank of England policymaker urges interest rate rise

Michael Saunders says Brexit uncertainty is hitting consumer confidence, but ‘modest’ increase is necessary to curb high inflation Britain needs higher interest rates to prevent inflation from heading back towards 3% and...

Four reasons why banks won’t leave the City of London after Brexit

As the revolving doors on 25 Bank Street swung open, there was an eery silence - apart from the noise from one of the packs of wild dogs who now inhabit Canary...

UK mortgage lending rises but banks warn on ‘sluggish’ economy

Business investment levels remain subdued amid Brexit uncertainty, says UK Finance Lending for mortgages jumped in January by nearly a tenth, but borrowing by businesses to invest dropped back amid Brexit uncertainty,...

Think our governments can no longer control capitalism? You’ve been duped Larry Elliott Larry...

Blue Planet 2 demonstrated the terrifyingly fragile state of nature’s ecosystem. One of the key messages from the BBC series was that a delicate balance exists in the oceans between predators and...

Did you hear the one about the inequality and the thinktank?

There’s a joke, beloved of American economists, that has a chief executive, a member of the conservative Tea Party movement and public-sector employee sitting at a table eyeing a plate of 12...

Aunt Bessie’s to be sold to Birds Eye owner in £210m deal

Yorkshire-based firm sells brand to investment group that also bought Goodfella’s pizza The Aunt Bessie’s frozen Yorkshire puddings and roast potatoes business has been sold for €240m (£210m) to a US-listed investment...

Final US growth figures under Obama are a triumph – for Trump

The last set of growth figures for Barack Obama’s eight years in the White House could hardly have been better. For the new president, that is. Judging by the preliminary estimates, the...

Economists hike forecasts as Brexit confidence grows

Britain's economy will grow faster than expected in 2016 and 2017, as newly optimistic economists reverse some of the downgrades made immediately after the Brexit vote. A raft of strong economic data...

How to get 4 billion unconnected people online

A large fraction of the world’s population will never read this post. Some of you may regard that as desirable, but most of the people involved — about 4 billion according to...

UK manufacturing order books near three-decade high, says CBI

Strong growth recorded in November continued in December, but is expected to slow in early 2018 Britain’s manufacturers have ended 2017 on a high note, with output surging to meet the strongest...

Bank of England policymaker signals rate rise ‘in coming months’

MPC member Gertjan Vlieghe says rising inflation and strengthening household spending mean time for increase is nearing The pound jumped to its highest level in more than a year after a member...

Wetherspoons increases price of sugary soft drinks

Pub chain blames manufacturers for passing down sugar tax, forcing it to charge customers more JD Wetherspoon has increased the price of sugary soft drinks such as Pepsi by 10p ahead of...

UK household spending falls for first time since 2013

Pressures from rising prices and political uncertainty see drop in spending across clothing, household goods, food and transport Squeezed British households have cut back their spending for the first time in almost...

British Gas pays out £2.65m for overcharging

Energy firm incorrectly put customers on higher tariff after they chose to switch supplier Energy firm British Gas has paid out £2.65m after it overcharged more than 94,000 switching customers and wrongly...

Volatility dogs trading in Australian and Asian markets

Initial Friday bounce off back of Wall Street gains lost as concerns about wealth manager AMP stoke fears Australian and Asian share markets continued to be gripped by a volatile mood on...

Manchester University must think again about cuts to languages

As senior representatives for modern languages in the UK, we are surprised and disturbed to hear that the University of Manchester plans to cut 35 posts in its School of arts,...

Attlee, Labour and the battle against austerity

How apt that a biography of Attlee won the Orwell prize for political writing as art (Tribute to NHS founder Clement Attlee wins Orwell prize, 16 June). Such reminders of Labour’s...

UK car production falls at fastest rate in more than two​-​and​-​a​-​half years

British car manufacturing went into reverse in April, with production falling at the fastest rate in more than two and a half years. A total of 122,116 cars rolled off UK production...

Lloyds to hand £3bn to shareholders as profits jump 24% to £5.3bn

António Horta-Osório, chief executive of Britain’s largest bank, gets bumper £6.4m payout Lloyds Banking Group is to hand more than £3bn in dividends and surplus capital to shareholders and has awarded its...

Experience-hungry shoppers trend towards food and drink spending

UK high streets are expected to be busy this Easter weekend, with forecasters predicting an increase in the number of people going out to spend money on food and drink. Mild spring...

Janet Yellen rebukes Trump over plan to lift financial regulations

Fed chair defends regulations and says policymakers may have forgotten damage inflicted on the economy in 2008 Donald Trump has been rebuked by the US central bank chief, Janet Yellen, for planning...

Amazon is running its own hunger games – and all the players will be...

Amazon, the online retail giant, is in the midst of running its own hunger games. The contestants are 238 cities and regions across North America. The prize is being chosen as...

G20: Chancellor eyes clarity on Brexit deal ‘later this year’ as vote raises global...

The Government will aim to outline a Brexit blueprint "later this year", according to the Chancellor, in a move that he said would send a "reassuring signal" to businesses and markets. Global...

Carney boost evaporates as pound drops back towards $1.22 after UK factory sector loses...

Investors welcome Mark Carney's decision to stay at Bank of England until June 2019 Pound retreats from two week high after UK manufacturing PMI FTSE 100 edges back towards 7,000 ...

Osborne gets job number six – an honorary professorship in Manchester

George Osborne, the editor of the Evening Standard and former chancellor of the exchequer, has added a sixth job to his portfolio – that of honorary professor of economics at the...

Central bankers are destroying capitalism

Central bankers justify ultra-low interest rates on the grounds they help to stave off deflation. One of the well-known consequences of deflation is that corporate profits become depressed. This happens because...

Honda warns no-deal Brexit would cost it tens of millions

Carmaker says it could face higher tariffs but stresses it is committed to Swindon site Honda has warned a no-deal Brexit would cost it tens of millions of pounds in additional tariffs and would...

Quantitative easing is like heroin, says former Treasury official

Nick Macpherson says it’s ‘time to move on’ from QE, nearly 10 years after the financial crash, because of its unwanted side-effects A former senior Treasury mandarin has compared quantitative easing to...

Trump budget plan could add $6tn to public debt in a decade, analysts say

Donald Trump’s tax-cutting and spending plans could add another $6tn to the US public debt over the next 10 years, independent budget analysts have calculated, as the Congressional Budget Office warned...

Nouriel Roubini: Why are markets ignoring the black swans?

NEW YORK (Project Syndicate)– With Emmanuel Macron’s defeat of the right-wing populist Marine Le Pen in the French presidential election, the European Union and the euro EURUSD, -0.1831%   have dodged...

Mark Wilson has been put on gardening leave and will receive salary for next six months Mark Wilson has quit as chief executive of Aviva after Britain’s biggest insurance company decided it was time...

Britain should embrace weaker pound and it needs to fall further, says former BoE...

The slump in sterling is a blessing in disguise after years of overvaluation and helps to break the corrosive stranglehold of the financial elites over the British economy, according to a former bail-out...

UK rail fares to rise by 3.2% as commuters voice frustration

Call for freeze on train fare increases after year of mass cancellations and strikes Rail fares will increase by up to another 3.2% in January, the government has confirmed, with the cost...

Four common mistakes investors make

Investing is hard. Even for the pros. So here are four simple ideas to keep in mind whether you’ve never invested, just started investing, or are a seasoned pro. The first mistake a lot...

San Marino plans to ask for IMF bailout to bolster banks

Loan for enclave still affected by bad debts from 2008 financial crisis equates to £7,500 per resident Leaders of the medieval enclave of San Marino are preparing to ask the International Monetary Fund for...

Sir Philip Green and the BHS scandal

Sir Philip Green, the former owner of BHS, has been branded the “unacceptable face of capitalism” by MPs investigating the retailer’s collapse. Is that fair? Simon Wilson reports. What’s happened? The verdict of...

Christmas cancelled by universal credit as benefit cuts hit the most vulnerable

Unless urgent changes are made to increase benefits and tax credits, and reform universal credit, the impact on poor families will be devastating, says Mike Stein. Meanwhile, David Higdon is shocked...

UK household finances improve in June after May slump

British households turned a bit more upbeat about their finances in June, according to a survey which suggested a slowdown in the economy ahead of next week's European Union membership was...

The Guardian view on the post-Brexit economy: fear itself Editorial

Confidence is the magic ingredient in economics. When there is collective faith in the future, shops sell their stock, cranes crank into action, and credit can be turned on like a...

The shares to bring cheer in 2017

From companies whose fortunes are forecast to change for the better, to others predicted to maintain success, Telegraph writers offer their tips for the year ahead. James Quinn: Morrisons Food inflation. Digital sales....

National tensions exposed within Brexit Britain

David Marquand asserts that “there is no such place as Britain” (How can Britain exit the EU? Britain doesn’t really exist, 13 January). If Britain is not a nation, to what nation...

The world’s 10 best cities to live in

The world's 10 best cities to live in, according to the Economist Intelligence Unit global “liveability” study, which looks at how “tolerable” it is to live in a particular place given...

Troubled npower sheds 500,000 customer accounts in 2018

Member of big six energy companies to report fourth consecutive annual loss Npower, one of the UK’s big six energy firms, has lost half a million customer accounts in 2018 and said...

US jobs report shows sharp recovery in June but wage growth remains slow

The US economy added 222,000 new jobs in June, reversing a worrying slowdown in jobs growth for Donald Trump but once again highlighting America’s low-wage economy. Economists had been expecting the US...

China unveils shake-up of bank regulation to rein in credit spree

Insurance and banking regulators will be combined into one agency as credit in the world’s second largest economy has exploded since the financial crisis China has unveiled plans for the biggest shake-up...

Rising inflation leads to sales falls in all UK retail sectors apart from food

Clothing and footwear retailers particularly badly hit in July amid ‘volatile’ trends, says Office for National Statistics Britain’s consumers are taking a more cautious approach to shopping as higher inflation above the...

BHS collapse: ex-owner was victim of political pressure, court hears

Dominic Chappell’s solicitor says regulator was under pressure to be ‘seen to respond’ over collapse The former owner of the collapsed high street chain BHS was the victim of political pressure, a...

UK economic growth expected to slow in first few months of 2018

High inflation, weak consumer confidence and Brexit are discouraging consumer spending Economic growth in the UK is expected to slow in the first few months of 2018 as high inflation, weak consumer...

Barbara Judge resigns from Institute of Directors amid racism claims

Boardroom crisis deepens over allegations that lobby group failed to properly investigate claims against chair The crisis at the Institute of Directors has intensified with the resignation of its chair, Barbara Judge,...

Hard Brexit could cripple UK science, say Nobel prizewinners

Dozens of scientists write letter to May and Juncker setting out their concerns A coalition of Nobel laureates has said a hard Brexit could cripple UK science, in a letter to Theresa...

US stocks drop then rise again as wild ride continues

Dow Jones plunges 200 points before ending up 300 Index fell 5% over week in one of biggest drops since recession US stock markets continued their wild ride on Friday, ending...

The old £10 note: £2bn worth must be spent in a few days

There is still £2.2bn worth of the old-style paper £10 notes in circulation – but you have just 12 days left to spend them before they lose their status as legal...

British cyber security firm ECSC targets £15m Aim float

British cyber security business ECSC, which counts 10pc of the FTSE 100 as its clients, has announced its intention to float on London’s junior market. The Bradford-based group hopes to raise around...

Here’s the cold LinkedIn message that prompted a CEO to give the sender a...

Kathryn Minshew, cofounder and CEO of the career advice and job listings site The Muse, hadn't been looking to hire a head of marketing in 2012. Then she received a LinkedIn message...

HSBC mobile banking fails on day MPs launch inquiry into outages

Service disruption comes as select committee starts looking into IT failures at banks Some HSBC customers have been locked out of their mobile banking services, as MPs launched a formal inquiry into banking IT...

Sweden rejects quotas for women on boards of listed companies

Sweden’s parliament has rejected plans to introduce legislation that would fine listed companies who fail to appoint women to at least 40% of board seats. The leftwing government announced in September that...

Horlicks up for sale as GSK looks to fund $13bn Novartis deal

Firm floats venerable malt drink amid planned full buyout of Novartis joint venture GlaxoSmithKline is putting Horlicks up for sale to help fund a buyout of the remaining $13bn stake in its...

Rolls-Royce jet engine problems prompt £1.3bn loss

Costly inspections and repairs to Trent 1000 and 900 engines turn £1.4bn half-year profit into lossCostly inspections and repairs to Trent 1000 and 900 engines turn £1.4bn half-year profit into loss Rolls-Royce...