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News stories from Saturday 24 February, 2018

Favicon for Finance News - Business news from the UK and world 09:58 More than 20 Red Cross workers were sacked or quit after cases of sexual misconduct » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 09:40 Florida shooting: NRA-linked firms hit by consumer boycott » Post from BBC News - Business Visit off-site link
Several businesses cut ties with the US gun lobby in the wake of the deadly Florida school shooting.
Favicon for Finance News - Business news from the UK and world 09:39 Prince Philip leads tributes to 'genius' Telegraph cartoonist Matt as he celebrates his 30th anniversary » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 09:00 'People have gone chicken crazy': what the KFC crisis means for the brand » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

A logistics problem left the firm’s UK supplies sat in a warehouse. What went wrong and how will KFC and DHL recover?

At lunchtime on Friday, George Cheah, or George Junior as he is known, doesn’t really have the time to talk. “Honestly we are so busy, it’s gone absolutely mad. People have gone chicken crazy,” he says over the phone, while people shout orders in the background. Cheah’s family-run fried chicken joint, Chicken George in Luton, won best takeaway at the British Takeaway Awards in 2016 so they are never short of custom, but since the great fried chicken crisis of 2018 began more than a week ago they have been inundated.

“I reckon our business has doubled in the past week,” said Cheah. “We’ve been really, really busy, like packed. With KFC being shut, lots of people are tagging us on social media saying they’d rather have a George anyway.”

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Favicon for Finance News - Business news from the UK and world 08:01 Pictures of the Day: 24 February 2018 » Post from Finance News - Business news from the UK and world Visit off-site link
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:00 Is it worth buying a cordless vacuum cleaner? » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Will pricey brands such as Dyson really pick up the dirt, or should I stick with a conventional one?

Every week a Guardian Money reader submits a question, and it’s up to you to help him or her out – a selection of the best answers will appear in next Saturday’s paper.

This week’s question:

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:00 Stelios Haji-Ioannou’s new ‘easyIsa’ offers a 4% return » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
The ‘innovative’ savings product is expected to excite investors – but it is not risk-free

His business empire spans everything from low-cost flights, hotels and buses to coffee shops, dog-walking and groceries. Now Sir Stelios Haji-Ioannou is moving into the world of savings and investment with an Isa paying a headline-grabbing 4.05%. But this is far from a risk-free investment.

The billionaire founder of easyJet is launching (or rather, relaunching) a financial services arm called – what else? – easyMoney, and the Isa being unveiled on Saturday is the first of many planned products.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:00 Isas: what are the best deals now interest rates are low? » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Cash Isas are falling out of favour – but there are deals to be found if you can lock money away

It’s tough for savers: the best-paying easy-access cash Isas – from Virgin Money and Leeds building society – pay just 1.21% interest. Meanwhile, official data earlier this month showed that inflation remained high at 3% in January – meaning savers are losing money in real terms.

That may help explain why cash Isas have collapsed in popularity, with government data showing a £20bn fall in the amount invested in the space of 12 months.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:00 ‘Lloyds ruined my trip of a lifetime’ » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
The bank blocked the only card a Guardian feature writer had while on holiday in the US

Congratulations to Lloyds Bank for launching a timely mental health awareness campaign this month. In the Channel 4 adverts, famous people (including Jeremy Paxman and Victoria Pendleton) and members of the public, wear sticky notes on their heads featuring words and phrases such as bipolar disorder, agoraphobia, depression and anxiety. The voiceover tells us: “Mental health problems affect one in four of our customers, of our staff, of everyone. Let’s get it out in the open. Lloyds Bank – by your side.”

Of course we should get it out in the open. So let’s start with Lloyds Bank, and how it has contributed to my mental health problems by relying too heavily on algorithms and too little on human staff.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:00 Metro bank refuses to refund scammed customer » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
Bank accuses businessman of gross negligence after his account is cleared of £20,000

Metro bank is one of the fastest-expanding new banks in Britain, aiming for 100 branches. But what if your account falls victim to fraud? One customer says he is outraged after Metro refused to refund £20,000 stolen from his account, despite accepting he did not authorise the payments.

Paul Graham*, a Kent-based businessman, lost £20,000 after fraudsters were able to go into the Brixton, south London branch of mobile phone company EE and take over his phone account, which they used to set up a series of new online payments, that subsequently emptied his Metro account.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 07:30 ‘I’m 37, I’m dying and this is how I spend it’ » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Former recruitment consultant Rob Anderson on how he organises his finances – and why he isn’t keen on bucket lists

I live in the East End of London and own my flat. I have a brain tumour. I’m dying – it’s inoperable, and I’m halfway through my third round of chemo.

I try to live my life to the full, in four-week sprints, with a round of chemo coming up every month.

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Favicon for Finance News - Business news from the UK and world 07:30 Contactless card fraud overtakes cheque scams for first time » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 06:46 Ecuador blames Britain for impasse over Julian Assange » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 06:25 Woman survives rare great white shark attack in Sydney's Botany Bay » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 05:33 EuroMillions results: UK ticket holder wins £78m as another seven pocket £1m » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 02:49 Donald Trump's approval rating rises to 50 per cent in new poll » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 02:33 Labour's general secretary Iain McNicol quits after 'tumultuous' tenure » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 02:24 Police warning about fake fundraising account for dead girl » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 01:56 'Crash and burn' » Post from BBC News - Business Visit off-site link
Students are suffering from stress and anxiety owing to the pressures of housing costs, a survey has suggested.
Favicon for Finance News - Business news from the UK and world 01:35 National Rifle Association facing backlash as corporate giants drop links with gun lobby group » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 01:01 24:2018, 24 photos of New Year's Day » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 00:58 'Oh boy:' Donald Trump jokes about trying to hide his bald spot » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 00:02 UN poised to vote on ceasefire to end deadly bombing in Syria’s Ghouta » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 00:00 French town ditches Devon twin in favour of Essex rival  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)

News stories from Friday 23 February, 2018

Favicon for Finance News - Business news from the UK and world 23:14 Nigel Farage ridicules his Russia-Trump connection claims: 'My only link to Russia is drinking the vodka' » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 22:52 Jared Kushner's security clearance status is John Kelly's decision, Trump says  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 22:43 Woman crashes car into White House barricade » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 22:00 Archbishop of Canterbury: Remainers are like Marvin the depressed robot from the Hitchikers' Guide to the Galaxy  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 21:58 Trump campaign aide Richard Gates 'flips' and pleads guilty in Russia investigation » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 21:46 France pledges 1,500 jail places to isolate radicalised inmates » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 21:24 Lisa Marie Presley sues business manager after her $100m Elvis inheritance reduced to $14,000 » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 21:18 Sat-navs are sending drivers down one of Britain's most prolific bus lanes, motorists say » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 21:09 Pub offers hefty discount to customers who lock up their mobiles whilst eating » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 21:00 Trickle-down trouble: Coalition risks backlash in enlisting Qantas to spruik tax cuts » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Ministers and airline boss Alan Joyce talk up the need for cuts. But if corporate profits keep rising while wages stagnate, voters will know who to blame

Having just managed to rid itself of one Joyce, the government has been keen to embrace another member of the clan. At Sydney airport on Friday, Mathias Cormann, the acting prime minister, and treasurer Scott Morrison enlisted Qantas chief executive Alan Joyce to promote their plan to cut corporate tax rates from 30% to 25%.

What better embodiment of Australian corporate success than the airline’s boss? After plumbing the depths four years ago with losses of $2.8bn, the national carrier is now soaring into the wide blue yonder of profitability this week with half-yearly earnings of $976m.

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Favicon for Finance News - Business news from the UK and world 20:57 Former boyfriend of Holby City star's daughter is charged with her manslaughter  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:36 Tunisia's Tijma troglodytes, in pictures » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 20:14 Jeff Fairburn's tin ear makes Persimmon the home of executive greed » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

He finally gave up a small fraction of his ‘preposterous’ bonus but too late in the game

Jeff Fairburn didn’t buckle when his chairman, as well as the head of Persimmon’s remuneration committee, resigned in December over his insistence on taking his £100m bonus in full.

Nor did he waver in the media storm that followed. He’d make a donation to charity, he eventually conceded, but never got round to defining what he meant by a “very meaningful” sum.

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Favicon for Finance News - Business news from the UK and world 20:00 Churches must switch off CCTV cameras during services as prayer should be private, court rules » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 19:59 Snail racing competition postponed because snails are too “sluggish” to take part, organisers say » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 19:40 Toys R Us faces bankruptcy, putting 3,200 jobs at risk » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Troubled retailer has been struggling to find a buyer before £15m VAT bill falls due

Toys R Us is expected to tumble into administration next week after last ditch talks to find a buyer faltered.

The move will put 3,200 jobs at risk and follows the recent decision by its bankrupt American parent to try to sell the loss-making UK business as well its other European stores.

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Favicon for Finance News - Business news from the UK and world 19:25 Nurses should call doctors by their first names to prevent patient deaths, says Jeremy Hunt » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 19:19 Family promised dying woman they would be buried next to her - then discovered a stranger had been buried there » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 18:59 Stolen Degas painting found on a bus near Paris » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 18:57 Ex-BHS boss Dominic Chappell ordered to pay £87,000 in pensions case » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

He says he is broke and can’t pay, after court rules he failed to give information to regulator

The former owner of BHS, Dominic Chappell, has been ordered to pay a £50,000 fine and £37,000 court costs for failing to disclose vital details to the pensions watchdog as part of its investigation into the collapse of the high street chain.

The fine – which Chappell said he could not pay because he had “no funds” – comes on top of a demand from the Pensions Regulator (TPR) for £10m to help plug the hole in BHS’s pension fund.

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Favicon for BBC News - Business 18:36 KFC's cheeky apology for chicken chaos » Post from BBC News - Business Visit off-site link
KFC has taken a cheeky approach to apologising for the supply chain chaos that closed more than 700 restaurants. How did it go down with the customers?
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 18:31 Can this man save our high streets? » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Philip Day is the opposite of the brash entrepreneur, yet he’s quietly showing his retail rivals the way

The turnover of shops on Britain’s high streets chart the rise and fall of retail empires as once popular brands and their owners fall out of fashion.

The 2016 collapse of BHS shocked the foundations of Sir Philip Green’s retail empire and the mooted sale of his Topshop to Burton group Arcadia would bring the final curtain down on a near 20-year reign as king of the high street. But as one billionaire Philip fades into the background, another is hoving into view.

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Favicon for BBC News - Business 18:30 Ex-BHS owner Dominic Chappell fined £87,000 » Post from BBC News - Business Visit off-site link
The fine was imposed for failing to provide information about BHS's pension schemes.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 18:19 Big six energy companies routinely overcharging customers – exclusive » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Analysis for the Guardian shows most companies charging customers the same after switching them to ‘cheaper’ tariffs

The UK’s big six energy companies have been accused of dirty tricks after analysis for the Guardian revealed that they are routinely charging customers almost exactly the same amount after switching them off controversial default tariffs.

In the face of Theresa May’s plans to impose a price cap on standard variable tariffs (SVTs), which more than half of energy customers are on despite their steep prices, companies such as British Gas, E.ON and SSE have pledged to phase out such tariffs and shift billpayers onto better value fixed deals.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 18:15 RBS posts its first profit in 10 years » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Boss of taxpayer-owned bank hails profit as ‘symbolic moment’ despite looming litigation

Royal Bank of Scotland has posted its first annual profit in a decade, but admitted it is braced for a multibillion-pound hit from US regulators.

The bank, which is still 71%-owned by the government, made a profit of £752m in 2017, following a £7bn loss in 2016. Its chief executive, Ross McEwan, declared it a symbolic moment and an indication RBS had moved on. The bank, however, would still have been in the red if a long-anticipated fine from the US Department of Justice (DoJ) had arrived during the financial year.

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Favicon for Finance News - Business news from the UK and world 18:12 400kg of cocaine seized at Russian embassy in Argentina » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 17:33 US will 'move its embassy to Jerusalem by May' » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 17:30 Let’s move to Hebden Bridge, West Yorks: a rain-soaked paradise » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

If the roots of its liberal and creative image are a mystery, its appeal is obvious

What’s going for it? Nobody knows why Hebden Bridge became “Hebden Bridge”, officially the quirkiest/kookiest/koolest/most LGBTQ-friendly/least chain-store-y etc small town in the universe. I have asked. I asked the people in the herb shop on the narrowboat, at the market, on the towpath, at the Trades Club. I asked Urban Boffins in the university faculty I teach in. Nobody knows. It looks like other northern, post-industrial former mill towns: canal, steep valley, Methodist chapels, chimneys... It feels, though, utterly different, a little rain-soaked paradise. You’d never have guessed it from Hebden Bridge’s starring role in Happy Valley’s grimfest; nor from local boy Ted Hughes’ poem Stubbing Wharfe: “the hopeless old stone trap”. Two decades after he wrote that in the 1950s, though, others saw what he couldn’t – artists, hippies and conservationists doing up its cheap, knackered buildings. Today the town feels festive even on a wet winter Tuesday: all co-ops, carrot cake and bunting – blunt Yorkshire wit, though, perfectly tempering the earnestness.

The case against… Such is the demand to live here, and such is the shortage of space, you’ll pay a premium to move in. Floods: though how well it bounced back from the last, in 2016. Cosmopolitan it may be, but it’s still a very small town. Occasionally tends towards over-kookiness.

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Favicon for Finance News - Business news from the UK and world 17:27 Burmese government bulldozes scores of Rohingya villages » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 17:20 German politician compares hard-right AfD to Nazis in dramatic parliamentary attack » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 16:55 King's College London graduate accused of harassing lecturer with gifts and unwanted visits » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 16:47 Brightly painted homes – in pictures » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Show your true colours with these visually stunning properties, from Devon to Norfolk

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 16:45 Heathrow: budget row threatens to further delay third runway » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Airlines back cheaper rival bid, warning projected spend could increase passenger costs

The chances of a smooth take off for Heathrow’s expansion plans were always slim, but an unexpected obstacle has arisen in the path of a third runway. Some of Britain’s biggest airlines have lent their voices to a rival proposal to develop Heathrow for some £5bn less than the airport itself declares necessary, fuelling a row over costs and throwing fresh uncertainty on the scheme.

A crucial vote on the government’s approval to expand the London hub is due this summer, but MPs were left confused after being told by the airport’s main customers this week not to trust Heathrow with its £14.3bn budget for a new runway. Airline executives warned the cost estimate could prove “grossly off target” and make the airport unaffordable as the overspends are passed on to carriers – and then passengers – via higher landing charges.

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Favicon for Finance News - Business news from the UK and world 16:17 Duchess of Cambridge gets a henna tattoo on visit to Sunderland » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 16:17 Prince Harry and Meghan Markle anthrax scare treated as 'racist hate crime' after letter with white powder sent to palace » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 15:51 RBS shares drop 4% on fears of heavy US fines - as it happened » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

2.51pm GMT

Royal Bank of Scotland has moved back into profit after nine years of losses, prompting chief executive Ross McEwan to hail “a symbolic moment”. But the bank has not included provisions for potential fines from the US Department of Justice, which are likely to knock results in the coming months.

In other big UK results, there were positive reactions to Pearson but less so for British Airways owner International Airlines.

2.34pm GMT

US markets have followed up Thursday’s gains with a strong opening on the last trading day of the week.

The Dow Jones Industrial Average is currently up 186 points or 0.75%, while the S&P 500 opened up 0.57% and the Nasdaq Composite is 0.7% better. A dip in bond yields, which eased from recent highs after Federal Reserve member James Bullard seemed to warn against too many interest rate rises this year, helped lift share prices.

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Favicon for Finance News - Business news from the UK and world 15:51 Brothers killed in suspected hit and run in Coventry are named » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 15:39 Trump to announce 'largest ever' North Korea sanctions » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 15:37 UK weather: Snow warnings as 'beast from the East' grips Britain and 'postpones' spring » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 15:29 Lions charge towards safari park visitors after they are 'trapped' in enclosure for almost an hour » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 15:27 Grand Canyon helicopter crash: Newlywed becomes fourth Briton to die » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 15:26 Armed officer at Florida school who failed to confront gunman 'believed he did a good job' » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 15:09 Russian mercenary boss spoke with Kremlin before attacking US forces in Syria, intel claims » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 15:00 'Here we don't have to hide our ambition': the rise of the women-only workspace » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

In-house yoga, comfy sofas, film nights: is a new breed of women-only members’ clubs the way to get ahead at work?

It’s a drizzly, cold evening in January. The steps outside 11 Rathbone Place, a five-storey Georgian townhouse just off London’s Oxford Street, are covered in brick dust and the door – nondescript, black, chipped – has electrical tape stuck to it. A slogan plastered across the huge front windows paraphrases Virginia Woolf: “A woman must have money and a room of her own.” I press the bell, which looks broken; there’s silence followed by laughter and a clatter. The door flies open, and there stands Debbie Wosskow clad head to toe in red sequins. “Come in!” she grins, a human glitterball in the midst of a building site. “And welcome to the AllBright Club!” This “hard hat tour” is obviously a far more glamorous affair than I’ve dressed for.

Wosskow (a 42-year-old entrepreneur who sold her company, Love Home Swap, last summer for £40m) and her business partner Anna Jones (41-year-old ex-CEO of the magazine publisher Hearst) have been furiously busy since late last year, when they announced plans to open a women-only private members’ club. Tonight they will host a party for 150 of the 400 founder members – Wosskow calls them women “of all ages and all stages” – who were chosen by a panel to ensure a diversity of professions, ages, ethnicities and experience. Seventy per cent of applicants said their reason for wanting to join was “building their network of other women”. The AllBright has already attracted actors Naomie Harris and Ruth Wilson, Mobo awards founder Kanya King, Martha Lane Fox, Sarah Brown and women from business, politics, media, business and fashion; Wosskow and Jones’s goal is a total membership of 1,000, paying £50 a month.

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Favicon for Finance News - Business news from the UK and world 14:59 Why it is extremely unlikely the new Royal baby will be called John » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 14:44 Boko Haram girls were not freed in heroic mission after all, Nigerian officials admit » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 14:27 'Disbelief and discontent' over rail timetable changes » Post from BBC News - Business Visit off-site link
New train timetables could be published just four weeks before journeys are due to happen
Favicon for BBC News - Business 13:45 Standard Life Aberdeen sells insurance business for over £3bn » Post from BBC News - Business Visit off-site link
Standard Life Aberdeen reaches a deal with Phoenix Group to sell one of the UK's oldest insurance companies.
Favicon for Finance News - Business news from the UK and world 13:36 Newcastle grooming gangs acted with 'arrogant persistence', serious case review finds » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 13:18 Seven killed in Indonesia as hillside collapses in Java » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/png)
Favicon for BBC News - Business 13:17 RBS reports first profit in 10 years » Post from BBC News - Business Visit off-site link
The taxpayer-owned bank has reported an annual profit for the first time since the financial crisis.
Favicon for Finance News - Business news from the UK and world 13:11 Stephen Fry reveals prostate cancer diagnosis » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 13:01 EU arsenic warning over magnetic putty children's toy » Post from BBC News - Business Visit off-site link
A magnetic putty toy is no longer on sale after dangerous levels of arsenic were found in a product.
Favicon for BBC News - Business 12:40 Persimmon chief's bonus cut by £25m » Post from BBC News - Business Visit off-site link
Bonuses to top executives at housebuilder Persimmon are cut following criticism over excessive rewards.
Favicon for BBC News - Business 12:29 Electric powered Minis to be built in China » Post from BBC News - Business Visit off-site link
BMW plans a partnership with a Chinese firm to build electric-powered Minis in China.
Favicon for BBC News - Business 12:17 'We're trying to become Africa's Madame Tussauds' » Post from BBC News - Business Visit off-site link
The owner of Durban's wax museum, Lungelo Gumede, talks about his sculptures.
Favicon for BBC News - Business 12:03 Kylie Jenner 'sooo over' Snapchat - and shares tumble » Post from BBC News - Business Visit off-site link
Shares in Snapchat's owner sink after the reality TV star tweets her criticism of the messaging app.
Favicon for BBC News - Business 12:00 Can Liberia's celebrity president tackle the economy? » Post from BBC News - Business Visit off-site link
Former international footballer and now Liberian president, George Weah says fixing the economy is his main goal.
Favicon for BBC News - Business 11:53 Making cosmetics from Russian herbs » Post from BBC News - Business Visit off-site link
How Russian hair and skincare company Natura Siberica become a popular global brand.
Favicon for BBC News - Business 11:28 Wot, no signal? » Post from BBC News - Business Visit off-site link
Billions of people still have no access to mobile services, but nano-satellites could change this.
Favicon for BBC News - Business 11:10 BT told to share poles for ultrafast fibre internet » Post from BBC News - Business Visit off-site link
BT must make it easier for rivals to install fibre broadband on telegraph poles, Ofcom says.
Favicon for BBC News - Business 10:30 William Hill pushed into loss by Australia writedown » Post from BBC News - Business Visit off-site link
The bookmaker reports an annual loss of £75m after slashing the value of its Australian business.
Favicon for Finance News - Business news from the UK and world 10:29 Grand Canyon crash that killed Britons happened on tribal land with fewer aviation regulations » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 10:20 RBS profit 'very symbolic' says McEwan » Post from BBC News - Business Visit off-site link
RBS turning an annual profit for the first time in ten years is welcomed by chief executive Ross McEwan.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 10:19 Persimmon slashes boss's bonus … to just £75m » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Housebuilder cuts controversial bonuses to top trio following public outcry

Persimmon is reducing bonus payouts to three top executives by £51m, including a £25m cut for its chief executive, after the UK’s second largest housebuilder was strongly criticised over its huge payout plans.

The FTSE 100 firm said a bonus of £100m for its chief executive, Jeff Fairburn, would be cut to £75m under the company’s long-term incentive bonus plan.

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Favicon for Finance News - Business news from the UK and world 10:16 Ivanka Trump arrives in South Korea for Winter Olympics closing ceremony » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 09:58 Ivanka Trump arrives in South Korea for 2018 Winter Olympics closing ceremony » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 09:32 China seizes control of insurance giant Anbang » Post from BBC News - Business Visit off-site link
In an unusual move Anbang Insurance will be run by the government for one year.
Favicon for Finance News - Business news from the UK and world 09:11 Front Bench: There was agreement at Chequers on Brexit, but there's still a parliamentary battle to win. Have your say on who will win » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:45 'You don't raise interest rates when unemployment rises' – experts debate Brexit watch data » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Two former members of Bank of England’s interest rate-setting committee discuss the outlook consumers are squeezed by inflation

The economy is starting to deteriorate
February verdict in charts

Senior economic adviser at the PwC consultancy and member of the Bank of England’s monetary policy committee from October 2006 to May 2011

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:44 Centrica feels the heat but avoids cutting the dividend yet again | Nils Pratley » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Centrica’s Iain Conn issued regrets on many fronts but probably saved his job – for now

The Centrica chief executive, Iain Conn, avoided the indignity of cutting the dividend for a second time in three years and has probably saved his job as a result, at least for now. It will be 4,000 colleagues who lose theirs as the company embarks on another round of cost-cutting in search of stability.

Conn found himself issuing regrets on many fronts – to the affected workers and to investors for “a very poor shareholder experience”. You bet: he inherited a share price of 279p at the start of 2015 and it’s now just 142p, even with Thursday’s 7% relief bounce.

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Favicon for Finance News - Business news from the UK and world 08:03 Pictures of the Day: 23 February 2018 » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 07:09 'This has got to stop': Australia's deputy leader resigns amid scandals » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 07:00 Scottish granite is at the heart of curling » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 06:47 From paper to fuel, North Koreans endure widespread shortages as sanctions take their toll  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 01:40 Japanese airbag maker Takata reaches settlement in US » Post from BBC News - Business Visit off-site link
The penalty will not be paid, however, as Takata's US arm TK Holdings is in bankruptcy proceedings.
Favicon for BBC News - Business 01:11 The fashion show with Hollywood visual effects » Post from BBC News - Business Visit off-site link
Lucasfilm’s ILMxLAB and the London College of Fashion used a virtual avatar to join catwalk models.
Favicon for BBC News - Business 01:11 How duct tape became a million dollar idea » Post from BBC News - Business Visit off-site link
The BBC's Aaron Heslehurst explains how duct tape became a million dollar idea.
Favicon for BBC News - Business 01:10 Is nationalisation the answer for Britain's railways? » Post from BBC News - Business Visit off-site link
Labour wants to renationalise Britain's railways but 75% of the industry is already under public control.
Favicon for BBC News - Business 01:10 Rail regulation » Post from BBC News - Business Visit off-site link
Labour wants to bring Britain's railways back under public control, but 75% of the industry is already nationalised.
Favicon for BBC News - Business 01:10 British Rail could be revived under Labour » Post from BBC News - Business Visit off-site link
The shadow chancellor says a Labour government would bring together tracks and trains again.
Favicon for Finance News - Business news from the UK and world 01:01 Fruit tea and diet drinks between meals are fuelling tooth erosion dentists warn  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 01:01 NHS drug errors may be causing up to 22,000 deaths every year  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 01:01 Britons work so much for free overtime they only start getting paid this year's salary from today, analysis shows » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 00:39 Woolworths first-half profit soars 38% to $969m » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Retail giant outpaces Coles in food sales in what its chief executive called an early sign of the group’s transformation

Woolworths has increased its first-half profit by 37.6% to $969m as it continued its recovery from a costly exit from the home improvement sector. 

The retail giant saw a 4.9% rise year on year in comparable food sales, far outpacing that of rival Coles, which on Wednesday recorded comparable food and liquor sales growth of 0.9% for the half.

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Favicon for Finance News - Business news from the UK and world 00:31 Robert Mueller files fresh indictments against ex-Trump campaign aides Paul Manafort and Rick Gates » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)

News stories from Thursday 22 February, 2018

Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 23:45 Freehold of 'worst leasehold abuse' block sold for £180,000 » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Anonymous buyer picks up right to collect soaring ground rents on Blythe Court flats from freeholder MPs described as crook

The freehold to a block of flats in Birmingham regarded as the worst example of leasehold abuse in the country has been snapped up by an anonymous buyer for £180,000.

The deal leaves buyers of the small one-bedroom flats – who thought they would be paying just £250 a year in ground rent – locked into bills of up to £8,000 a year and ultimately spiralling to £8m a year over the life of the lease.

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Favicon for Finance News - Business news from the UK and world 22:41 Questions after Royal Navy uses patrol boat to shadow Russian ships » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 22:36 Oxfam sex scandal: Now Haiti suspends the charity from working in the country » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 22:30 Ed Sheeran: why don't more men wear engagement rings? » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 21:51 Mastermind of attacks on the South to head North Korean delegation to Olympic closing ceremony » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 21:24 Lonely hearts couple who met on Muslim dating site jailed for 26 years over UK terror plot » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/png)
Favicon for Finance News - Business news from the UK and world 21:21 France's first mixed-race Joan of Arc hit by torrent of racist abuse » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 21:02 Treasury targets Facebook and Google with 'fair' tax system » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Chancellor expected to levy tax on digital businesses’ UK revenues rather than profits

The Treasury is threatening digital companies such as Facebook and Google with a new tax, as it pushes for global agreement on a fairer system for ensuring digital businesses pay their way.

The chancellor, Philip Hammond, is expected to use next month’s spring statement to announce the results of a consultation launched by the Treasury in November, on how to update the tax system to reflect the nature of online businesses.

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Favicon for Finance News - Business news from the UK and world 20:52 Donald Campbell's Bluebird hydroplane to return to the water - in Scotland » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:49 Outrage as patient calls 999 then thanks paramedics for free ride » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 20:36 What kind of away day would help ministers crack Brexit differences? » Post from BBC News - Business Visit off-site link
With Theresa May hosting an away-day, what team bonding might ministers try if they can't build a Brexit consensus.
Favicon for Finance News - Business news from the UK and world 20:28 Businessman plans to burn 'body parts and organs' to create energy  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:28 Scottish whisky suffers EU court setback in battle over Germany's Glen Buchenbach » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:21 Fears neo-Nazis are seeking influence at one of Germany's biggest car makers in threat to trade union  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:11 Nicolas Maduro to hold ‘mega-election’ at all levels in Venezuela despite opposition boycott » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:10 Emmanuel Macron promises to stop foreign investors buying up French farms after China land grab   » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:00 Neanderthal art was far better than previously thought as scientists find they made earliest cave paintings  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:00 Scientists grow 'mini tumours' which enable cancer patients to have tailor made treatment  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 19:54 Marine Le Pen's niece tells Trump supporters: We want our country back too » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 19:49 Scottish Nationalists criticised over 'insane' stunt to form human chain to the peak of Ben Nevis » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 19:45 Britain urges Russia not to veto UN ceasefire resolution and end 'merciless' assault on Eastern Ghouta » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 19:44 Satellite which beamed Live Aid gig around the world in £2m upgrade to allow Britain to communicate with Mars space missions » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 19:29 Donald Trump's in-laws may have benefited from 'chain migration' process he rails against » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 18:42 Care home hired pole dancers to put on show for elderly residents » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 18:18 Hero police officer catches falling child in Egypt  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 18:09 UK economy lags behind G7 rivals as growth revised down - as it happened » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

UK growth during 2017 has been revised down to 1.7%.

Earlier:

5.09pm GMT

And finally, Britain’s stock market clawed back some of its losses to end the day down 29 points, or 0.4%, at 7272 points.

That’s partly thanks to a pick-up on Wall Street, where traders welcomed today’s strong weekly jobless figures.

UK GDP was revised downwards to 0.4% quarter on quarter, missing expectations of 0.5%. Britain grew just 1.4% year on year making it the slowest growing major economy, lagging behind Italy and Japan, as Brexit uncertainties continue to impact on data.

Whilst this isn’t a huge downwards revision, it was sufficient to knock investor confidence over whether the BoE will be able to hike rates as soon as May. The question arises once again as to whether the UK economy is strong enough to sustain a rate rise in the Spring, with so many Brexit uncertainties still unresolved.

2.14pm GMT

Here’s our full story on today’s growth figures, by my colleague Angela Monaghan:

Britain’s economy grew at a slower rate than first thought in the final three months of 2017, leaving the UK lagging further behind other major economies as it prepares to leave the EU.

The Office for National Statistics revised down its estimate for UK growth in the fourth quarter to 0.4%, following an earlier estimate of 0.5% and missing economists’ forecasts that the rate would be unchanged.

Related: UK economic growth slows to weakest rate in five years

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Favicon for Finance News - Business news from the UK and world 17:51 Team GB gymnast teaches elderly people how to stay on their feet  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 17:40 British firefighter saves woman who fell into active Bali volcano » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 17:23 Barclays reveals big gender pay gaps across UK banking group » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

International division’s median hourly pay gap was 43.5% with 73% gap for bonuses, report says

Men working for Barclays’ international division got paid bonuses that were more than double those of their female colleagues last year, with far fewer women occupying senior roles.

Released on the day Barclays slid to a near-£2bn loss, the bank’s 2017 gender pay gap report shows there are big pay gaps between men and women in all three parts of the banking group in the UK.

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Favicon for Finance News - Business news from the UK and world 17:11 Donald Trump defends NRA as ‘great American patriots’ as he doubles down on call to arm teachers » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 16:53 French police move in to clear nuclear storage protests » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 16:46 Women earn up to 43% less at Barclays » Post from BBC News - Business Visit off-site link
The bank's boss, Jes Staley, says it has "more work to do" as the gender pay gap figures are released.
Favicon for Finance News - Business news from the UK and world 16:44 British couple kidnapped in South Africa » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 16:40 Killer on home leave who attempted to murder a dog walker may never be released from prison » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 16:30 Eurostar's direct London-Amsterdam tickets on sale after IT hold-up » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Technical issues with a reservation system appear to be behind two-day delay that prevented rail customers from booking tickets for the new route, which is due to start in April

Tickets for Eurostar’s new direct high-speed rail service from London to Amsterdam went on sale on Thursday, after a last-minute IT glitch delayed plans for the original launch on Tuesday afternoon.

The eagerly anticipated new route starts running on Wednesday 4 April, with fares from London to Rotterdam and Amsterdam starting at £35 each way. Tickets were due to go on sale on 20 February and on the same day as a special high-profile inaugural service to the city. But in a tweet that evening the company said it had delayed the launch.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 16:22 Greece to investigate top politicians over Novartis bribery claims » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

MPs to look into accusations 10 senior officials accepted bribes from Swiss pharmaceutical firm

The Greek parliament is to investigate ten of the country’s top politicians over accusations they accepted bribes from the Swiss pharmaceutical firm Novartis in return for patronage that resulted in huge losses for the nation.

After a raucous 20-hour debate, MPs voted early on Thursday to form a parliamentary committee tasked solely with investigating two former prime ministers and eight other ministers in connection with the allegations.

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Favicon for Finance News - Business news from the UK and world 16:20 US radio presenter gives birth live on air to share the experience with her listeners  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 16:05 Latest Boko Haram kidnappings are 'challenge to Nigerian government' » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 16:03 FA Cup ball used in the 'Matthews Final' sold at auction » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 15:52 Woman who climbed tree to save stuck kitten has to be rescued by fire brigade alongside pet  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/png)
Favicon for Finance News - Business news from the UK and world 15:35 Living in Afghanistan was better than Aldershot, soldiers tell MoD in protest over 'freezing' barracks » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 15:20 Iran 'may quit nuclear deal' if Donald Trump sabotages benefits of sanctions relief, minister warns » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 15:07 Nazanin Zaghari-Ratcliffe's release 'linked to interest on UK debt to Iran' » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 15:04 Heathrow boss hits back at airlines over expansion cost claims » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

John Holland-Kaye says airport is not looking to protect the self-interest of British Airways

Heathrow has hit back at airlines’ claims that its expansion plans would blow the £14.3bn budget and drive up charges, saying it was looking out for passengers and the local community and not to “protect the self-interest” of British Airways.

Airline executives, led by Willie Walsh of BA’s parent company, IAG, told MPs on the transport select committee this week that they should not trust Heathrow and warned that a “grossly off-target” budget could make the airport unaffordable.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 15:00 Manchester United end 13-year wait for official YouTube channel » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Lure of video-sharing site’s 1.3bn users finally has club ready to play catchup with football rivals

Manchester United is to launch an official YouTube channel after a 13-year absence as it looks to build its brand and commercial income in a deal with the world’s biggest video-sharing site.

Manchester United is the only Premier League team, and the only one of the world’s biggest clubs, not to create an official channel since YouTube launched in 2005.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 14:48 KFC struggles to give chicken away after store supply crisis » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Several charities pour cold water on fast-food chain’s stated aim to donate surplus poultry

KFC is struggling to find charities to which it can donate thousands of tonnes of surplus chicken that has been stored in an unregistered depot during a supply crisis that has closed more than 200 stores for almost a week, inquiries by the Guardian suggest.

On Wednesday, the fast-food chain admitted that it would have to destroy at least some of the chicken at a cold storage facility in Rugby. It is run by DHL, the company in charge of a troubled supply contract with 900 KFC outlets.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 14:30 The Brexit economy: things are starting to deteriorate » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Cracks are starting to appear in UK economic resilience, with unemployment rising and growth slowing

The British economy is showing signs of deteriorating just as the government attempts to reassert its vision for Brexit, according to a Guardian analysis of economic news over the past month that highlights the country’s increasingly fragile position on the world stage.

Cracks are beginning to appear in the picture of economic resilience built up during the final months of 2017, when a sustained upswing in global growth helped to lift economic output in Britain. Fresh figures this week also showed the economy grew more slowly than first thought in the final three months of 2017, with GDP growth having been revised down to 0.4% from 0.5% – putting the UK at the bottom of the G7 league table.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 14:30 How has the Brexit vote affected the economy? February verdict » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
Favicon for BBC News - Business 14:24 Saudi Arabia to invest $64bn in entertainment » Post from BBC News - Business Visit off-site link
The conservative kingdom promises thousands of Western-style events, include Cirque de Soleil.
Favicon for BBC News - Business 14:11 Brexit blamed by Stockport smart meter firm intending to axe 288 staff » Post from BBC News - Business Visit off-site link
British Gas supplier Landis+Gyr says production costs have risen by 20% since the EU referendum in 2016.
Favicon for BBC News - Business 14:02 More KFC outlets reopen as chicken chaos eases » Post from BBC News - Business Visit off-site link
Almost 700 stores are trading again following the week-long chicken delivery fiasco.
Favicon for Finance News - Business news from the UK and world 13:19 Montenegro police investigating 'suicide' grenade attack on US embassy » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 13:15 Christopher Eccleston: I don't get offered Shakespeare roles because I have a northern accent » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 13:14 Fashion company loses social media followers over same-sex ads » Post from BBC News - Business Visit off-site link
A men's suit company in the Netherlands faces "homophobic" backlash over their new same-sex adverts.
Favicon for Finance News - Business news from the UK and world 13:09 YouTube deletes video claiming Florida shooting survivor is actor after it becomes top trending clip  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 13:07 UK economic growth revised downwards » Post from BBC News - Business Visit off-site link
Economic growth was a worse than expected 0.4% in the last three months of 2017, official figures say.
Favicon for Finance News - Business news from the UK and world 13:02 M20 murder inquiry after body found on motorway shuts road for 24 hours » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 12:59 China hands out free TVs to beam propaganda into poorest regions » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 12:46 UK economic growth slows to weakest rate in five years » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

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 UK lagging further behind other major economies as it prepares to leave the EU.

The Office for National Statistics revised down its estimate for UK growth in the fourth quarter to 0.4%, following an earlier estimate of 0.5% and missing economists’ forecasts that the rate would be unchanged.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 12:33 MPs attack pension regulator at Carillion inquiry » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Regulators heavily criticised amid claim firm’s ex-finance chief called pensions ‘a waste of money’

Carillion’s former finance director described pension payments as a “waste of money”, MPs conducting a parliamentary inquiry into the collapse of the government contractor have said.

MPs referred to the alleged comment during a sometimes savage evidence session that involved heavy criticism of The Pensions Regulator over its grasp of key facts.

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Favicon for Finance News - Business news from the UK and world 12:29 Russian opposition leader Alexei Navalny detained before election » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 12:22 Dutch fail in attempt to charge tobacco firms with attempted murder » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Prosecutors refuse to open criminal investigation into four majors as it ‘would not succeed’

Dutch public prosecutors have refused to open a formal criminal investigation into four major international tobacco companies on charges of attempted murder or manslaughter, saying there is too little chance of a conviction.

Anne Marie van Veen, a Dutch lung cancer patient, and an Amsterdam lawyer, Bénédicte Ficq, filed a criminal complaint in 2016 accusing the tobacco majors of intentionally aiming to turn smokers into addicts and of causing “deliberate damage to public health”.

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Favicon for Finance News - Business news from the UK and world 12:12 Justin Trudeau's India trip under renewed scrutiny over links to Sikh terrorist » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 12:07 The fashion firm bringing tinsel to the high street » Post from BBC News - Business Visit off-site link
The tinsel revolution: A design company which started in a bedroom is expanding to the high street.
Favicon for BBC News - Business 12:07 Sacked pregnant worker loses European court case » Post from BBC News - Business Visit off-site link
EU judges defend a Spanish bank's dismissal of a pregnant worker in general staff cuts.
Favicon for BBC News - Business 12:01 Barclays takes £127m hit from Carillion collapse » Post from BBC News - Business Visit off-site link
The bank reveals how much the collapse of the outsourcing giant cost it, but its profits still rose.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 11:37 EU27 rule out UK's preferred approach to future trade deal » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

‘Three basket approach’ would breach agreement to prevent cherry-picking, says Brussels

The EU has ruled out the UK government’s preferred approach to a future trade deal, describing it as a risk to the European project, just as Theresa May is seeking to strike an agreement on the way forward within her cabinet.

The inner cabinet is meeting at Chequers on Thursday to try to find an agreement among warring cabinet members on an approach sketched out to ministers by the prime minister’s Brexit adviser, Olly Robbins.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 11:37 Is this the worst leasehold block in Britain? » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

£8,000 a year ground rent bill for buyers already and rising towards £8m – as watchdog warns time’s up for leasehold

The freehold to a 1960s block of flats near Birmingham regarded as the worst example of leasehold abuse in Britain will be auctioned on Thursday, as a new report warns that the leasehold system is on borrowed time.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 11:35 Barclays reports £1.9bn loss amid Trump tax changes » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

A £900m charge for US tax changes, litigation bills, cost of exiting Africa and Carillion collapse all blamed

Hefty charges related to Donald Trump’s corporate tax changes, the cost of exiting Africa, the collapse of Carillion and legal battles pushed Barclays nearly £2bn into the red last year.

Chief executive Jes Staley, who hailed a year of “considerable strategic progress”, collected a pay package of £3.9m, down from £4.2m, with his annual bonus cut to £1.07m from £1.3m and benefits also down, while his salary stayed at £2.4m.

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Favicon for Finance News - Business news from the UK and world 11:34 Pupils threatened with isolation if they sport 'meet me at McDonald's' haircut » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/png)
Favicon for BBC News - Business 11:31 British Gas owner Centrica to cut 4,000 jobs after 'weak' year » Post from BBC News - Business Visit off-site link
The cuts come after what Centrica said was a "weak" performance at the end of 2017.
Favicon for Finance News - Business news from the UK and world 11:24 Net migration from Europe falls below 100,000 for first time since 2013  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 11:17 Merkel calls for end to 'massacre' in Eastern Ghouta ahead of UN vote on possible ceasefire » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 10:49 Stansted Airport plan for 43 million passengers » Post from BBC News - Business Visit off-site link
The airport says increasing its annual passenger limit by eight million would create 5,000 jobs.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 10:32 British Gas cuts 4,000 jobs blaming price cap and tough competition » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Profits fall nearly a fifth at Centrica as parent company expands cost-cutting drive

British Gas owner Centrica will shed a further 4,000 jobs as part of a £1.2bn-a-year cost-cutting programme, which it blamed on the government’s price cap and fierce competition in the energy market.

The job cuts came as Britain’s largest energy company reported operating profits down nearly a fifth to £1.25bn in 2017, due to poor performance in its business energy supply and North America divisions.

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Favicon for Finance News - Business news from the UK and world 09:29 Cash pours in for bargain hunter as £15 broken teapot fetches £575,000 » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 09:14 Front Bench: The 'War Cabinet' heads to Chequers, but they are still angry about the transition. Have your say  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 08:35 Reality Check: How much do we spend on fried chicken? » Post from BBC News - Business Visit off-site link
KFC outlets have been forced to close due to a chicken shortage - but how much do we spend on fast food?
Favicon for Finance News - Business news from the UK and world 08:13 Donald Trump likened to Vladimir Putin and Rodrigo Duterte by Amnesty International in annual human rights report » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:01 Energy company promises to pay customer to use electricity » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Octopus Energy offers a tariff that will charge customers according to demand

A small energy company has launched a new tariff that will potentially pay customers to use its electricity when demand is low.

Octopus Energy’s new Agile tariff tracks wholesale electricity prices, allowing customers to take advantage if there is an excess of supply and the electricity price “goes negative”.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:00 Play-it-safe banks ‘de-risk’ and freeze out customers » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
Anxious not to fall foul of money-laundering rules, much-needed cash is being held in accounts

Barclays bank summarily closed my personal and business accounts four years ago and has still not returned £19,221 that was in them.

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Favicon for Finance News - Business news from the UK and world 07:56 Pictures of the Day: 22 February 2018 » Post from Finance News - Business news from the UK and world Visit off-site link
Favicon for Finance News - Business news from the UK and world 07:04 Donald Trump considers arming more teachers as students confront lawmakers on gun control » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 07:01 Poorer Britons face three years of income stagnation, says report » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Resolution Foundation warns of rising inequality amid cuts to working-age benefits

Britain is at risk of the first sustained rise in inequality since the late 1980s as poorer families face three years of stagnating incomes, according to the Resolution Foundation.

The thinktank warned that government cuts to working-age benefits were damaging prospects for 8 million low and middle-income households, as the rollout of £14bn of welfare reductions offsets the gains from policies such as the “national living wage”.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 07:01 MPs launch inquiry into digital currencies amid cybercrime fears » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Scrutiny is needed to examine risks for investors, says Treasury committee chair Nicky Morgan

A powerful committee of MPs is launching an inquiry into bitcoin and other digital currencies over fears that cryptocurrencies could lead to increased “market volatility, money laundering and cybercrime”.

The Treasury select committee said the inquiry would “examine the potential impact of distributed ledger technology – such as blockchain – on financial institutions, including the central bank, and financial infrastructure”.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 07:00 Why is no one exposing our failing firms in advance? | Prem Sikka » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
As MPs hear evidence on the collapse of Carillion, it’s time for auditors to be held to account

Since the collapse of the construction giant Carillion last month, the focus has been on its directors and senior employees, particularly those whose pay packets seemed proportional to the scale of the company’s failure. But today the focus will turn to its auditors at KPMG, as they give evidence to the Commons business select committee. And about time too. In the words of Rachel Reeves, its chair: “Carillion’s annual reports were worthless as a guide to the true financial health of the company.” Those reports were signed off by KPMG.

Accountancy is an industry in serious need of reform. The collapse of huge companies such as Carillion and BHS, the 2008 banking crash and rampant tax avoidance are all symptoms of a dysfunctional relationship between accountants and the state. With 350,000 professionally qualified accountants, the UK has the highest number per capita in the world: in fact, 12% of the global total, even though our share of the global economy is just 3.5%. Another 165,000 students are registered with UK professional bodies. What do we get for that? Certainly not freedom from frauds and fiddles, the production of meaningful company accounts, safe pension schemes, the absence of tax dodging or an abundance of good corporate governance.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 07:00 The casual dining crunch: why are Jamie’s Italian, Strada, Byron (and the rest) all struggling? » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media (image/jpeg)

The list of chains closing sites and restructuring is growing by the day. How did the world of mid-market restaurants overstretch itself so badly?

In the summer of 2015, restaurant owner David Fox was made an offer he couldn’t refuse. One that today – with financially troubled chains such as Byron and Jamie’s Italian desperately restructuring and closing sites in order to stay afloat – seems to encapsulate the great UK casual dining bubble that has finally, spectacularly, burst.

Fox then had branches of his east Asian restaurant brand, Tampopo, in two huge shopping centres: Oracle in Reading and Cabot Circus in Bristol. He was facing a painful rent increase in Reading but, remarkably, the owners of the centres offered him £1.3m to vacate both sites – such was the clamour, presumably, among the biggest restaurant players to snap up any empty space at top-of-the-market prices.

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Favicon for BBC News - Business 06:44 Qantas Airways sees record half year profits » Post from BBC News - Business Visit off-site link
Australian biggest airline beats off competition and higher fuel costs to post a 14.6% jump in profits.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 06:00 German court to rule on city bans for heavily polluting diesel cars » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Federal court set to announce whether Stuttgart and Düsseldorf can use vehicle bans to try to improve air quality

One of Germany’s top courts will rule on Thursday whether heavily polluting vehicles can be banned from the urban centres of Stuttgart and Düsseldorf, a landmark ruling which could cause traffic chaos and dramatically hit the value of diesel cars on the country’s roads.

Related: First fall in car sales since 2011 blamed on fears over diesel ban

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 05:21 Fortescue Metals Group's new CEO earns $500,000 less than predecessor » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Elizabeth Gaines’ lower salary follows trend at corporate giants Wesfarmers and Commonwealth Bank which also cut CEO salaries

The CEO of Fortescue Metals Group, Elizabeth Gaines, will be paid $500,000 less than her predecessor.

Gaines, who was previously Fortescue’s chief financial officer, started in the role this week, taking over from Nev Power who held the position for seven years. Julie Shuttleworth was appointed as her deputy.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 01:54 The IMF doesn’t share the government’s heroic growth prediction | Greg Jericho » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

While employment prospects are good, wages and other areas of the economy aren’t expected to grow at the rate the treasury hopes

The latest review of Australia’s economy by the International Monetary Fund has a much less rosy outlook for the next few years than does the government’s budget papers. And in light of the latest release of wages price data showing continued weak wages growth, the IMF crucially predicts much lower wages growth than does the budget – a factor which creates a major risk to the government’s hopes for a return to surplus by 2021.

Related: Economy returning to normal? It can only be the 'new normal' | Greg Jericho

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Favicon for BBC News - Business 01:16 From 'terrible teen' to thriving entrepreneur » Post from BBC News - Business Visit off-site link
A weightlifter has turned her life around to become a successful business woman at 32.
Favicon for Finance News - Business news from the UK and world 01:16 More than 100 Nigerian girls feared kidnapped after Boko Haram storms school  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 01:09 Carillion was in trouble by mid-2016, says whistleblower » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Former executive says directors were ‘placating the City’; nobody wanted to give ‘bad news’

Carillion was in serious financial difficulty by the middle of 2016 but directors were “placating the City” by failing to disclose major problems, according to a former executive at the collapsed government contractor.

Speaking on condition of anonymity, an executive who spent more than 20 years with the company lifted the lid on a corporate culture in which “nobody wanted to give bad news”.

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Favicon for BBC News - Business 01:05 Too few homes being bought commonhold, says law body » Post from BBC News - Business Visit off-site link
Buying a home under commonhold law could be much easier than via leasehold law - but the idea hasn't caught on
Favicon for BBC News - Business 01:03 Bitcoin: MPs launch inquiry into digital currencies » Post from BBC News - Business Visit off-site link
The UK's Treasury Committee has launched an investigation into the risks and rewards of digital money.
Favicon for BBC News - Business 01:02 Michael Gove tells water firms to clean up their act » Post from BBC News - Business Visit off-site link
The environment secretary says water firms may face further regulation if prices and leaks aren't fixed.
Favicon for Finance News - Business news from the UK and world 01:01 Domestic abusers will be punished more harshly than those who commit assaults in the street under new rules » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 01:00 The shape of water » Post from BBC News - Business Visit off-site link
The pros and cons of Labour's vow to bring the water industry back into public ownership.
Favicon for Finance News - Business news from the UK and world 00:48 British skier, 21, dies on family holiday in the Swiss Alps after hitting a tree » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 00:44 Adani mining giant facing renewed claims of $600m fraud in India » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Customs department revives allegations that cash was siphoned from firm to family

India’s customs department has revived allegations of a US$600m financial fraud against the Adani Group, challenging an order clearing the mining giant last year as “erroneous, illegal and improper”.

Adani has been fighting allegations for the past four years that it used a shell company in Dubai to siphon hundreds of millions of dollars from the company’s books into Adani family tax havens overseas.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 00:18 Metro bank files first annual profit amid lending growth » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Residential mortgage and commercial lending drive ‘challenger bank’ to a pre-tax £20.8m profit in 2017

Metro Bank has reported its first annual profit, driven by a boom in residential mortgages and strong commercial lending.

The so-called challenger bank, which listed on the London Stock Exchange in 2016, said it had made a pre-tax profit of £20.8m during 2017 compared with a £11.7m loss a year earlier.

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Favicon for Finance News - Business news from the UK and world 00:13 President of Disney's theatrical group accused of sexual harassment on eve of Frozen musical opening on Broadway » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)

News stories from Wednesday 21 February, 2018

Favicon for BBC News - Business 23:56 Ford executive leaves over inappropriate behaviour » Post from BBC News - Business Visit off-site link
The car giant says US chief Raj Nair's actions were "inconsistent with the company's code of conduct".
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 23:55 Top Ford executive fired over behavior 'inconsistent' with company code » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Raj Nair, automaker’s North America president, apologizes after investigation but company provides few details

A top Ford Motor Company executive was fired on Wednesday after an internal investigation found his behavior was “inconsistent with the company’s code of conduct”.

In an announcement, the company said Raj Nair, a longtime Ford executive who was president for North America, was leaving the company immediately.

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Favicon for BBC News - Business 23:34 US regulator warns companies over cyber attack delays » Post from BBC News - Business Visit off-site link
The SEC financial regulator wants "timely" disclosure of attacks, after several breaches emerged long after they happened.
Favicon for Finance News - Business news from the UK and world 22:30 Save the Children supported Justin Forsyth in getting a job at Unicef and paid him £20,000 bonus despite 'inappropriate behaviour'  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 22:26 No one living in Britain 'truly British', scientists find as Stonehenge builders were replaced by European immigrants » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 22:15 Soldiers had their mobile phones taken from them to help pay for Britain’s new nuclear submarines » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 22:00 Seal with a frisbee around its neck is released back into the wild in Norfolk four months on from dramatic rescue » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 21:42 AA share price plunge close 28% down on profit warning » Post from BBC News - Business Visit off-site link
The breakdown and insurance firm is cutting dividend payments as it invests in the business.
Favicon for Finance News - Business news from the UK and world 21:39 Confidant of Israel's Benjamin Netanyahu 'turns state witness' in corruption case  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 21:36 Federal Reserve policymakers more confident about economy » Post from BBC News - Business Visit off-site link
Minutes from the Federal Reserve's January meeting will fuel debate over whether US interest rates should rise.
Favicon for Finance News - Business news from the UK and world 21:34 Fourth fortune hunter dies looking for Fenn's Treasure » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 21:22 Five officers and a soldier killed in armed raid on South African police station » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 21:09 Vaping at the wheel? You can be prosecuted for that, police warn » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 20:48 Brexit will knock 5% off wage growth, says Mark Carney » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

BoE governor says workers were already suffering as pay failed to keep up with inflation

The Bank of England has warned that economic uncertainty caused by the Brexit vote will knock 5% off UK wage growth by the year end.

Mark Carney, the bank’s governor, said British workers had already suffered a cut in earnings of 3.5% after inflation is taken into account, and would see that loss swell to 5% by the end of the year as wages growth remained below inflation.

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Favicon for Finance News - Business news from the UK and world 20:27 Donald Trump considers raising minimum purchase age for guns like that used in Florida shooting » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 20:27 Disruption continues at KFC amid delivery problems » Post from BBC News - Business Visit off-site link
More KFC outlets have reopened but many remain closed or are offering a limited menu.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 20:16 It would be useful to know what Corbyn really thinks of Lloyds | Nils Pratley » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Is it the Labour leader’s kind of bank or is it one that he would prefer to break up?

Lloyds Banking Group’s profits are back at pre-crisis level, there’s a new, digital-heavy three-year plan and enough surplus cash to spend £1bn buying back shares. Very good, but the chief executive, António Horta Osório, has a more interesting boast. Lloyds, he said, is “completely aligned” with Jeremy Corbyn’s vision that banks should serve the “real economy”.

You can see what Horta Osório means, of course. Since the crisis, Lloyds has jettisoned almost all its overseas operations and presents itself these days as a patriotic servant of “the people, businesses and communities in the UK”. Its logo is a stylised union jack in green. It parades its flattering statistics at every opportunity: £47bn lent to first-time buyers in the last four years, support for 440,000 startups and the No 1 spot among UK corporate taxpayers.

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Favicon for BBC News - Business 19:47 Star Wars firm sued over 'failed' Darth Vader film » Post from BBC News - Business Visit off-site link
Marc John seeks £1.35m after alleging his plans for a Darth Vader fans' film were scuppered.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 19:35 GKN takeover bid to be scrutinised by MPs » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Melrose’s £7bn offer raises fears for future of UK engineering base and national security

MPs are stepping up their scrutiny of the proposed £6.7bn bid for the engineering business GKN by the turnaround specialist Melrose.

The business, energy and industrial strategy committee will hold a session on 6 March to hear from the two companies, as well as the Unite union, which is campaigning against the takeover. Ministers are also assessing whether the bid should be blocked on national security grounds.

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Favicon for Finance News - Business news from the UK and world 19:14 Facebook deletes pages glorifying Columbine shooters after survivor says they could inspire other shootings » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 18:59 MPs approve new FCA chair despite tax avoidance admission » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Charles Randell’s appointment given green light despite his £114,000 ‘error of judgment’

The incoming chairman of the Financial Conduct Authority, who admitted to an “error of judgment” after investing in a controversial tax avoidance scheme, has been given the go-ahead by MPs to take up his new role at the City regulator.

Related: FCA's chair-elect admits error of judgment over tax avoidance scheme

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Favicon for Finance News - Business news from the UK and world 18:32 NHS faces £1bn deficit and widespread shortages of staff  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 18:03 Police and farmers call for change in the law to protect llamas and ostriches from dog attacks  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 18:00 Bank of England governor says Brexit has made us poorer - as it happened » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Mark Carney has told MPs that household incomes will be 5% lower because of Brexit, as he clashes with his own chief economist about the merits of devaluation

Earlier:

5.00pm GMT

Time for a recap.

The governor of the Bank of England has warned that the Brexit referendum has hurt the UK economy, and made people poorer.

It’s uncertainty about what’s the relationship going to be with our biggest trading partner...Why wouldn’t you hold back if that’s going to be materially affected?

A combination of the weaker pound, and a stronger global economy, has worked its magic.

Depreciations don’t work. The have an economic effect, but they’re not a good economic strategy.

They may be an outcome of various things... but it’s how you make yourself poorer.

This qualifies as a wee smack-down? #Haldane #Carney pic.twitter.com/dmMVeuv1YQ

Historically the thing that has really killed jobs has been central banks stepping on the brakes too late.

4.34pm GMT

The session ends with Nicky Morgan MP congratulating Andy Haldane on his recent school visits.

I hope it will help with our pipeline of economists in the future, she signs off.

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Favicon for Finance News - Business news from the UK and world 17:58 Swedish 'laser man' handed life sentence in Germany for murdering Holocaust survivor » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 17:44 School hires hawk to drive out 'aggressive' seagulls who divebomb children in playground » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 17:30 Celebrity deaths in 2018: Famous people the world lost this year » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/png)
Favicon for Finance News - Business news from the UK and world 17:15 Columbine High shooting survivor: Social media is giving Parkland students the voice we never had » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 16:44 Austria far-Right party dragged into fresh anti-semitic songbook row » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 16:22 Productivity growth strongest since financial crisis » Post from BBC News - Business Visit off-site link
The UK sees a second quarter of productivity growth and wages rise more than expected.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 16:09 What is the Windsor hum and is it really US Steel’s fault? » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

An intermittent rumbling similar to a case investigated on The X-Files has been driving some residents berserk for years – with similar noises heard around the world. The truth is out there ...

Name: The Windsor Hum.

Age: About seven years old.

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Favicon for Finance News - Business news from the UK and world 16:02 Jennifer Lawrence says she chose to be cold as she attacks 'ridiculous' feminists for criticising her revealing dress » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 15:52 Lloyds to hand £3bn to shareholders as profits jump 24% to £5.3bn » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

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 chief executive a bumper £6.4m payout just nine months after returning to full private ownership following its taxpayer bailout in 2008.

The group, the largest bank in Britain with 27 million customers, posted a 24% jump in pre-tax profits to £5.3bn. In a bonanza for shareholders, Lloyds hiked its dividend by 20% and announced a buyback programme worth an extra £1bn.

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Favicon for Finance News - Business news from the UK and world 15:39 Syria airstrikes: Death toll rises after Damascus suburb of Ghouta is targeted, in pictures » Post from Finance News - Business news from the UK and world Visit off-site link
Favicon for Finance News - Business news from the UK and world 15:37 Baby rhino circles its dead mother  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 15:29 Lawyer’s widow argues she should be spared driving ban because she would ‘struggle’ to walk down her driveway » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 15:17 Is this the beginning of the end for cash? Readers on the rise of digitised payments » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

We asked you about the UK’s declining cash usage and the difference it makes to your lives. Here’s what some of you said

What do barber shops, buses, street markets, shisha bars and grandchildren at Christmas all have in common?

They are some of the last hold-outs of the cash economy, small pockets of activity that still deal in notes and coins despite the surge in digital payment systems that threaten to drive cash out of business altogether.

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Favicon for BBC News - Business 15:16 Meet Cora, your local bank avatar » Post from BBC News - Business Visit off-site link
Next time you contact your bank, you may be served by a digital avatar instead of a human being. Cora is a prototype virtual bank teller developed by NatWest.
Favicon for Finance News - Business news from the UK and world 15:00 The Telegraph's post-PMQs analysis » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 14:31 British Games Institute cements UK cultural hub for video games » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

BGI merger with Nottingham’s National Videogame Arcade creates ‘centre of gravity’ for the UK’s £1bn-plus games industry – but it’s still seeking government support

The recently formed British Games Institute, which aims to become a video game equivalent of the BFI, is merging with the National Videogame Foundation to create a new body dedicated to supporting and promoting game development and culture in Britain.

The British Games Institute will be housed at the NVA’s National Videogame Arcade building in Nottingham, where a games museum as well as cultural and educational programmes have been in operation since 2016.

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Favicon for Finance News - Business news from the UK and world 14:31 US evangelist Billy Graham dies, aged 99 » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 14:25 Hundreds of KFC shops closed as storage depot awaits registration » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

DHL has been storing all KFC chicken at a single unregistered cold storage facility in Rugby

The storage depot at the centre of KFC chicken crisis had not been registered or inspected until an emergency visit on Tuesday, a local council has revealed.

Hundreds of KFC outlets remain closed as the fast food chain tries to recover from a disastrous start to a new delivery contract. Last night KFC said delivery drivers had been working around the clock in a bid to ensure that all stores could reopen by the end of the week.

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Favicon for Finance News - Business news from the UK and world 14:21 Older people are more cyber-savvy about keeping themselves safe online than young people, government figures show » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 14:18 Motorcyclist killed by pheasant that struck his helmet at 60mph » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 14:17 Japan demands answers from US as fighter jets drop fuel tanks into fishing lake » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 14:11 NatWest Bank tests Cora, an AI bot that will answer customer questions » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Bank promises life-like experience with artificial intelligence system

NatWest is testing an artificial intelligence-powered “digital human” called Cora that will converse with customers in branches – raising fears that bank tellers could be replaced by avatars.

Cora, described by the bank as “highly lifelike”, is the result of a link-up with a New Zealand tech company whose co-founder was involved with creating digital characters in the blockbuster films Avatar, King Kong and Spider-Man 2.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 14:03 UK employment is up – it’s just a shame the workers are so miserable | Faiza Shaheen » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
Philip Hammond may celebrate the stats, but these measures simply don’t reflect the realities of life in the gig economy

We hear it again and again - politicians boasting about “more people in work than ever before”. At the same time we hear about a woman having a baby in the Sports Direct toilet because of a culture of fear at the company, BHS workers losing their pensions, Carillion construction workers left without work and even a DPD parcel delivery driver, Don Lane, collapsing and dying after being fined £125 for going to a doctors appointment.

The gig economy has become synonymous with worker exploitation. Cases are lining up – from Pimlico Plumbers to university lecturers – the news is not one of jubilance but of desperation. So what does the headline employment statistic published this week, telling us that employment remains at near record levels, really indicate? Is it a sign that the economy is indeed doing well?

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Favicon for Finance News - Business news from the UK and world 13:53 Gita: Ex-cyclone brings damage to New Zealand  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 13:21 Crowdfunding: When gold is the goal » Post from BBC News - Business Visit off-site link
Great Britain's bobsleighers Mica McNeill and Mica Moore have got to Pyeongchang thanks to crowdfunding.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 13:16 Red tape in the meat industry? It's the difference between life and death » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Without regulations that scrutinise food standards and trade deals, we cannot trust the safety of the food on our plates

It should come as no surprise that the global meat industry is a major source of disease and crime. We are talking about a substance of animal origin, inherently alive with risky micro-organisms, necessitating expensive traceability and investment to make it safe, and worth hundreds of billions of dollars in global trade.

But in the UK, regulation is increasingly underfunded. Meat inspection services have been slashed over the past decade in favour of greater industry self-regulation, favouring private assurance schemes and meat companies being given fewer inspection if they can show general compliance. This might sound sensible until you look back over recent history and realise that it has been some highly reputable companies that have been the source of bad meat news, and that it was a spot-check random inspection that uncovered the Russell Hume case. Without robust regulation and independent checks, food scandals are too often the result. And the picture is the same all over the world, as the global demand for meat increases rapidly as wealth increases, government seeks to reduce ‘red tape’ and more people adopt western, meat-heavy diets.

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Favicon for Finance News - Business news from the UK and world 13:16 Trump Jr denies 'profiteering from presidency' as pressure grows on his India business trip » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 13:09 UK borrowing at lowest level since financial crisis » Post from BBC News - Business Visit off-site link
Government borrowing is at its lowest level since January 2008, official figures show.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 13:07 AA shares fall by nearly a quarter after profits and dividends warning » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Profits and shareholder payouts fall as breakdown firm undergoes strategic £45m overhaul

Shares in the AA plunged by almost a quarter after the roadside repair firm warned profits would be lower than expected and slashed dividend payouts to shareholders.

Revealing a new strategy, the company said plans to invest £45m on improving the business would weigh on profits for the year ending January 2019. It expects profits over the period to be in the range of £335m to £345m, below City expectations of £387m.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 13:02 The outsourcing cock-up that has left KFC customers feeling peckish | Coco Khan » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
Behind the lighthearted story lie darker suggestions of cost-cutting that puts jobs at risk and lines corporate pockets

It’s an upset that far outstrips the Nando’s shortage of 2014, and at a scale that makes last year’s dip in hummus supply seem small fry: KFC is out of chicken. The $23bn (£16.5bn) company that has one job – to sell us fried chicken – is unable to fulfil its culinary duties, citing issues in its outsourced distribution … wings. This has resulted in the temporary closure of more than two-thirds of its branches (that’s 646 of its 900 stores), while outlets that have remained open have struggled to keep up with demand. It’s left many customers feeling peckish.

Related: Most KFCs in UK remain closed because of chicken shortage

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Favicon for BBC News - Business 13:01 Black Panther roars at the box office » Post from BBC News - Business Visit off-site link
Ryan Coogler's superhero film racks up record takings after a phenomenal opening weekend.
Favicon for BBC News - Business 12:56 BP says world's oil consumption will peak in late 2030s » Post from BBC News - Business Visit off-site link
A forecast by suggests global consumption will plateau at around 110 million barrels a day.
Favicon for Finance News - Business news from the UK and world 12:43 Vegan food firm backed by Nigella Lawson ordered to recall 'dairy free' yoghurt that actually contains milk » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 12:40 'Don't call police over KFC crisis' » Post from BBC News - Business Visit off-site link
The fried chicken shortage at KFC is "not a police matter", fast food lovers are warned.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 12:16 UK unemployment rises at fastest rate in almost five years » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Official figures reveal 1.47 million out of work as young people struggle to find jobs

The number of people out of work in Britain rose at the fastest rate in almost five years, official figures showed on Wednesday, fuelled by an increase in unemployment among young people under the age of 24.

After an almost two-year period of continuous declines in unemployment to the lowest levels since the mid 1970s, the number of people out of work rose by 46,000 to 1.47 million in the three months to December, according to the Office for National Statistics. The jobless rate rose to 4.4% against City forecasts for the level to remain unchanged at 4.3%.

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Favicon for Finance News - Business news from the UK and world 11:54 John Worboys: Police failed victims of black cab rapist, Supreme Court rules » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 11:45 Oprah Winfrey donates $500,000 to Florida survivors marching against gun violence   » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 11:18 Gender pay gap: Men still earn more than women at most firms » Post from BBC News - Business Visit off-site link
New figures show 74% of medium and large companies pay men a higher wage rate than women.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 11:17 Who presided over the RBS scandal? | Nils Pratley » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

FCA must find a way to bring to book those who orchestrated a systematic and endemic culture of screwing customers

Choose your own best illustration of the underhand and devious techniques employed by Royal Bank of Scotland’s Global Restructuring Group to gouge small business customers via fees, made-up penalties and punitive interest rates. There are dozens in the regulatory report that – finally – has been put on public display.

Here’s a contender from the infamous “Just Hit Budget” memo: “Be specific: avoid round number fees – £5,300 sounds as if you have thought about it, £5k sounds like you haven’t.”

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Favicon for Finance News - Business news from the UK and world 11:09 Florida Republican's aide sacked after false suggestion shooting survivors are actors » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 10:17 Lloyds hails 'landmark' after return to private sector » Post from BBC News - Business Visit off-site link
Lloyds Banking Group has reported strong full year profits in its first year as a private enterprise.
Favicon for Finance News - Business news from the UK and world 10:16 Trainee mountain rescue dog sent out to find hidden volunteer rescues missing ramblers » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 10:08 Barratt considers shifting production from Germany to UK » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Britain’s biggest housebuilder could make construction blocks domestically as Brexit looms

Britain’s biggest housebuilder Barratt Developments is considering moving production of blocks used in construction from Germany to Britain, an example of steps some businesses are taking to mitigate against any risk from Brexit.

London and Brussels hope to agree a deal this month which will protect free trade, including the movement of goods, between Britain and the European Union until 2020 but many firms are developing contingency plans.

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Favicon for BBC News - Business 09:48 Pro-Brexit Tory MPs set out demands in letter to Theresa May » Post from BBC News - Business Visit off-site link
Tory group urges clean break with the EU - Labour says the PM is too 'weak' to stand up to them.
Favicon for Finance News - Business news from the UK and world 09:22 Never Again Movement: Florida shooting survivors call for tighter gun controls » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 09:14 Front Bench: The hardline Brexiteers have made their demands, but are they a help or a hindrance? Have your say » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:30 Roads to nowhere: how infrastructure built on American inequality » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

From highways carved through thriving ‘ghettoes’ to walls segregating black and white areas, US city development has a long and divisive history

It’s a little after 3pm in Detroit’s 8 Mile neighbourhood, and the cicadas are buzzing loudly in the trees. Children weave down the pavements on bicycles, while a pickup basketball game gets under way in a nearby park. The sky is a deep blue with only a hint of an approaching thunderstorm – in other words, a muggy, typical summer Sunday in Michigan’s largest city.

“8 Mile”, as the locals call it, is far from the much-touted economic “renaissance” taking place in Detroit’s centre. Tax delinquency and debt are still major issues, as they are in most places in the city. Crime and blight exist side by side with carefully trimmed hedgerows and mowed lawns, a patchwork that changes from block to block. In many ways it resembles every other blighted neighbourhood in the city – but with one significant difference. Hidden behind the oak-lined streets is an insidious piece of history that most Detroiters, let alone Americans, don’t even know exists: a half mile-long, 5ft tall concrete barrier that locals simply call “the wall”.

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Favicon for Finance News - Business news from the UK and world 08:25 Save the Children boss quit after admitting to sending ‘unsuitable and thoughtless’ texts to female members of staff » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 08:03 Pictures of the Day: 21 February 2018 » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 07:59 ‘Made safe’ Hotpoint tumble dryer catches fire » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media (image/jpeg)
The manufacturer repaired our machine with the promise there was no further risk

We own a Hotpoint tumble dryer (bought February 2014 for £399) which was subject to the Whirlpool/Hotpoint recall/repair programme. Ours was repaired in 2016 and we believed this ensured there was no further fire risk. But in early February this year – a few seconds after switching it on – it caught fire. The cause was a build-up of fluff and lint on the heating element. We would consider ourselves reasonably diligent regarding cleaning and maintaining the filter, yet it clearly wasn’t sufficient.

I have been liaising with John Lewis, which provided the warranty, to get the device inspected. I have also written to my local MP, asking him to bring this to the attention of the business, energy and industrial strategy committee which took evidence on this matter, and a possible link between cuts to a Trading Standards budget and the agreed course of action for Hotpoint. Most worryingly, Trading Standards and Hotpoint claim the agreed modification makes the appliance safe.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 07:00 'I don't use contactless': the woman whose name is on British banknotes » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

The Bank of England’s chief cashier, Victoria Cleland, on why people still like cash

It is perhaps not entirely surprising to learn that the woman whose signature adorns Bank of England banknotes is a big fan of cash. She does not use contactless payment cards for personal spending – not least because she is yet to trust the technology completely.

Victoria Cleland, the Bank’s chief cashier, says she habitually reaches for notes and coins when she makes small purchases. But she may now be in a minority.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 07:00 Ministers 'close to deal' over Brexit powers with Scotland and Wales » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

UK due to agree to repatriation of powers in areas such as farming, justice and food safety

The UK government believes it is on the brink of a deal to ends months of deadlock with the Scottish and Welsh governments over an alleged “power grab” after Brexit.

Ministers will offer to drop their controversial plans for Whitehall to take control over as many as 111 EU powers that Scottish and Welsh lawmakers insist should be handed over to them.

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Favicon for Finance News - Business news from the UK and world 06:58 M20 motorway remains closed after body found on road as police probe 'unexplained' death » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 06:30 Homebase owner Wesfarmers sees profits down 86.6% » Post from BBC News - Business Visit off-site link
The UK DIY chain is being overhauled and renamed Bunnings by Australian parent firm Wesfarmers.
Favicon for BBC News - Business 02:43 School shootings » Post from BBC News - Business Visit off-site link
Counting and remembering ever school shooting to stop US becoming 'desensitised'.
Favicon for Finance News - Business news from the UK and world 02:38 North Korea canceled planned meeting with US Vice President, Mike Pence  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 02:03 Donald Trump moves to ban bump stocks in wake of  US mass shootings » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 01:27 Russian rub » Post from BBC News - Business Visit off-site link
How a Russian entrepreneur created a popular cosmetics brand based around using extracts from Siberian herbs.
Favicon for BBC News - Business 01:19 AI ripe for exploitation, experts warn » Post from BBC News - Business Visit off-site link
AI could be used by rogue states, criminals and terrorists for malicious purposes in the near future.
Favicon for Finance News - Business news from the UK and world 01:01 Hospitals 'waste more money' after hiring management consultants » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 00:40 Millennials' lack of knowledge of the First World War risks seeing heroics forgotten » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 00:26 Skier found buried up to his neck in snow is 'lucky to be alive' after triggering avalanche in Scotland » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)

News stories from Tuesday 20 February, 2018

Favicon for BBC News - Business 22:44 Walmart shares slide as online sales slow » Post from BBC News - Business Visit off-site link
A slide in US online sales growth for the world's biggest retailer spooks investors.
Favicon for Finance News - Business news from the UK and world 21:00 France considers jailing illegal immigrants for up to five years for fake ID » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:59 Second children's hospital poised to reverse decision and keep Presidents Club funds » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:50 Spanish court forces unwilling father to take on shared custody of teenage children » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 20:44 Top City regulator used tax break scheme » Post from BBC News - Business Visit off-site link
The incoming head of the Financial Conduct Authority had to repay HMRC after tax scheme "error".
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 20:16 Airlines sound alarm over 'blank cheque' for Heathrow third runway » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Bosses from British Airways, Virgin and easyJet urge MPs to secure pledge on cost before vote

The true cost of Heathrow expansion is likely to be “grossly” higher than the £14.3bn the airport has cited, airlines have told MPs, adding that transparency and guarantees should be supplied ahead of a crucial vote.

Willie Walsh, chief executive of IAG, British Airways’ parent company and the main operator at Heathrow, said parliament should not trust Heathrow and said he had “zero confidence” that a third runway would be delivered on time and budget.

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Favicon for Finance News - Business news from the UK and world 20:11 Marine Le Pen's hardline niece to address Washington conference alongside Donald Trump » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 20:02 Queen and Anna Wintour in London Fashion Week front row » Post from BBC News - Business Visit off-site link
She sat next to Vogue's Anna Wintour, before presenting an award to designer Richard Quinn.
Favicon for Finance News - Business news from the UK and world 19:42 Turkey 'opens fire on Syrian regime forces' coming to the aid of Kurds in Afrin » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 19:41 Venezuela launches oil cryptocurrency » Post from BBC News - Business Visit off-site link
The "Petro" is intended to help country's crumbling economy evade tough US sanctions.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 19:30 The need for an internet sales tax | Letters » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
Letter from Richard Stallman, president of the Free Software Foundation

Replacement of physical stores with internet sales is bad for people’s rights (Maplin seeks buyer, 20 February), because internet sales track people; they don’t allow privacy-respecting cash.It’s bad for the Treasury because the internet giants such as Amazon avoid taxes, and because jobs disappear. It is bad for society because it means fewer jobs. This suggests solving both problems with a substantial tax on internet sales.
Richard Stallman
President, Free Software Foundation, Cambridge, Massachusetts, USA

• Join the debate – email guardian.letters@theguardian.com

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Favicon for Finance News - Business news from the UK and world 19:27 Former soldier with a grudge against dogwalkers 'murdered' complete stranger, court hears » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 19:06 Undercover police officer took part in release of mink from fur farm after infiltrating animal rights group » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 19:04 FCA's chair-elect admits 'error of judgment' over tax avoidance scheme » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Charles Randell tells MPs he repaid HMRC more than £100,000 after Ingenious investment

The incoming chairman of the Financial Conduct Authority has admitted to an “error of judgment” after investing in a controversial tax avoidance scheme that resulted in him repaying more than £100,000 to the taxman.

Charles Randell, a former City lawyer and government adviser at the time of the financial crisis, told the Treasury select committee that he had failed to see a “warning signal” about Ingenious Film Partners 2 LLP, an investment product that promised members tax reliefs but was subsequently challenged by HM Revenue & Customs.

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Favicon for Finance News - Business news from the UK and world 18:49 North Korea steps up cyber powers with shadowy 'Reaper' hacker group » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 18:48 KFC shortages to continue all week » Post from BBC News - Business Visit off-site link
The chicken chain says some outlets will be closed all week and others will have a reduced menu.
Favicon for Finance News - Business news from the UK and world 18:37 12-year-old girl assaulted for her iPhone as warning issued over children carrying expensive technology » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 18:18 Leading Catalan separatist becomes sixth to flee Spain after independence push » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 18:14 FBI charge British engineer with murdering wife on yacht in Caribbean » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 18:12 Lake District zip wire plans scrapped after wave of opposition » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 18:08 FCA chair-elect admits 'error of judgement' over tax avoidance vehicle – as it happened » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

All the day’s economic and financial news, including the latest healthcheck on Britain’s manufacturing base

Earlier:

5.08pm GMT

And finally, London’s stock market has closed for the day. The FTSE 100 is virtually unchanged, down o.89 of a point at 7246.77.

In New York the Dow is currently in the red. It’s down 108 points or 0.43%.

4.05pm GMT

Here’s our full story into the Treasury Committee’s decision to release the official report into Royal Bank of Scotland’s treatment of small businesses.

Related: MPs publish full unredacted report into RBS small business scandal

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Favicon for BBC News - Business 18:07 Scottish Budget calculator 2018 » Post from BBC News - Business Visit off-site link
Will tax changes in the Autumn and Scottish Budgets leave you better or worse off in 2018/19?
Favicon for Finance News - Business news from the UK and world 18:02 German armed forces 'not equipped' to do the job, rules watchdog » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 17:35 The Queen makes surprise visit to London Fashion Week front row » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 17:31 Qualcomm boosts NXP bid as it resists Broadcom takeover » Post from BBC News - Business Visit off-site link
Qualcomm has made a new, higher offer for Dutch rival NXP Semiconductors.
Favicon for Finance News - Business news from the UK and world 17:22 KFC chicken shortage causes chaos as police tell customers to stop calling over branch closures  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 17:18 'Secret' report into RBS published » Post from BBC News - Business Visit off-site link
MPs release an official report into an RBS unit accused of mistreating smaller businesses.
Favicon for Finance News - Business news from the UK and world 17:07 US gun owners destroy rifles in #OneLess response to Florida school shooting   » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/png)
Favicon for Finance News - Business news from the UK and world 17:01 Charity boss's links to online hate » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 16:28 Dog gets vote on whether Merkel can form new German government » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 16:25 Chinese supermodel's 'lunar new year' message sparks patriotism row » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 16:25 Child tests positive for arsenic after playing with 'magnetic putty' withdrawn from Amazon over fears toy contained dangerously high levels of the poison » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 16:09 KFC was warned about switching UK delivery contractor, union says » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

GMB union says it expressed doubts about DHL’s ability to run operation from single warehouse

The fast food chain KFC was warned it would face delivery problems months ago, it has been claimed, as the company tries to grapple with a worsening chicken supply crisis that has forced most of its outlets to remain closed.

About 420 KFC stores are currently shut after the company switched deliveries to a cheaper service, amid mounting consumer anger. An updated list showed that the number of open outlets rose to 480 by 1pm on Tuesday after dropping to just 254 an hour before. And for a second day KFC gave no indication of when operations would be back to normal.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 16:07 MPs publish full unredacted report into RBS small business scandal » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Treasury committee releases details of ‘widespread inappropriate treatment’ that City watchdog refused to make public

The Treasury committee has published the full unredacted report into Royal Bank of Scotland’s disgraceful” treatment of struggling small businesses that came to it for financial assistance in the wake of the banking crisis.

The influential group of MPs, chaired by Nicky Morgan, released the report after a long-running stand-off with City watchdog the Financial Conduct Authority, which had refused to publish it.

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Favicon for Finance News - Business news from the UK and world 16:00 Robert Mueller charges lawyer with lying in Russia election meddling probe » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 15:38 Olympic hug defies animosity between South Korea and Japan as fans hail 'borderless friendship' » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 15:31 Plastic bans worldwide will dent oil demand growth, says BP » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

But oil giant expects demand for crude to grow and not peak until late 2030s

Bans around the world on single use plastic items such as carrier bags will dent growth in oil demand over the next two decades, according to BP.

However, the UK-headquartered oil and gas firm said it still expects the global hunger for crude to grow for years and not peak until the late 2030s.

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Favicon for BBC News - Business 15:24 Jeremy Corbyn vows to curb City of London's power » Post from BBC News - Business Visit off-site link
The Labour leader also says the government needs stronger powers to prevent "hostile takeovers".
Favicon for Finance News - Business news from the UK and world 15:21 New Zealand state of emergency as remnants of Cyclone Gita hit » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 15:09 Poland broke EU law over logging of ancient forest » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 14:55 Hangzhou and the Alibaba effect » Post from BBC News - Business Visit off-site link
The emergence of a tech behemoth transforms its hometown.
Favicon for BBC News - Business 14:51 Jamie Oliver closes flagship Barbecoa restaurant » Post from BBC News - Business Visit off-site link
The celebrity chef's two steak restaurants go into administration - but he immediately buys one back.
Favicon for Finance News - Business news from the UK and world 14:34 Police make arrest after 12-year-old girl has phone stolen in ‘horrific’ robbery » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 14:26 Students protest outside the White House calling for gun control » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 14:18 Gambling Commission clampdown is welcome but punters need backing | Greg Wood » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
A £6.2m fine for William Hill shows admirable determination to enforce the commission’s objectives, but more should be done for those unfairly restricted by bookies

There was further evidence this morning that the Gambling Commission takes at least some of its objectives seriously, when it issued a £6.2m fine to William Hill for breaches of regulations to prevent money laundering and ensure that “children and other vulnerable people”, such as problem gamblers, are “protected from being harmed or exploited by gambling”.

An investigation found that 10 customers of the firm had been allowed to deposit significant sums of money linked to criminal offences, including one customer who was stealing from their employer to fund a gambling problem and another who was defrauding elderly victims to do the same. Hills made £1.2m from its failure to ensure that its systems and staffing were adequate to respond to repeated alerts with regard to activity on the accounts, which will now be returned to the victims of the crimes where possible.

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Favicon for Finance News - Business news from the UK and world 14:15 'Snowflake' children are mollycoddled and look down their noses at jobs, warns boarding school head teacher » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 14:14 Murdoch promises to run Sky News for 10 years for Fox takeover deal » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Tycoon makes offers to allay media monopoly fears and ease through 21st Century Fox deal

Rupert Murdoch has doubled the length of time he is willing to keep running Sky News to “at least” 10 years, as 21st Century Fox sweetens its offer to protect the news channel to gain clearance for the £11.7bn takeover of Sky.

The Competition and Markets Authority said last month that Murdoch’s bid raised media plurality concerns because the deal would give his family too much control over UK news media. The Murdoch family trust controls Fox and News Corp, publisher of the Sun and the Times.

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Favicon for BBC News - Business 14:03 Nirav Modi fraud case and India's bank debt crisis » Post from BBC News - Business Visit off-site link
The Nirav Modi loan case is serious, but just a sign of a far deeper malaise in the banking sector.
Favicon for Finance News - Business news from the UK and world 14:02 Ancient Mayan bones uncovered in Mexico at world's largest underwater cave » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 13:36 Supreme court begins hearing plumber's employment case » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Ruling in Pimlico Plumbers case will set precedent for other gig economy disputes such as Uber

The predicament of a plumber who claims he was dismissed because he wanted to go part time is being examined by the supreme court in a test case that could decide employment rights for all of those in the so-called “gig” economy.

Pimlico Plumbers, which has lost at every stage of the legal dispute, has appealed to the UK’s highest court to argue that those it sends out to repair leaking pipes and malfunctioning dishwashers are self-employed and not “workers”.

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Favicon for Finance News - Business news from the UK and world 13:09 US preparing 'bloody nose' cyber attacks on North Korea » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 13:03 Apple rushes out fix to Telugu letter text bomb bug » Post from BBC News - Business Visit off-site link
Messages containing a letter from India's Telugu language caused devices to crash.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 12:46 Brexit 'will not change kind of country Britain is', vows David Davis » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Brexit secretary’s speech plays down bonfire of EU red tape and echoes recent remarks by chancellor

David Davis has insisted that Brexit “will not change the kind of country Britain is” as he sought to reassure a European business audience that future regulations would stay broadly aligned with EU rules.

In a speech that went even further than excerpts had suggested to play down the prospect of slashing red tape after leaving, the UK Brexit secretary also emphasised the extent to which many EU rules had been created with British support and encouragement.

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Favicon for Finance News - Business news from the UK and world 12:38 Manta ray swims through hordes of rubbish in search of food » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 12:12 'Frictionless' EU trade is vital post-Brexit for UK farming to survive » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Farming union president Meurig Raymond takes veiled swipe at Liam Fox’s ‘cheap food policy’ at NFU conference

Trade with the EU after Brexit needs to be “frictionless” if the UK’s food and farming sectors are to survive the transition, the president of the National Farmers Union has said at the opening of the NFU’s conference.

Meurig Raymond, who farms a large acreage of mixed arable and livestock in Wales, said: “We must have frictionless trade with the EU. Everything else, including the final shape of any domestic agricultural policy, is dependent on that.”

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Favicon for Finance News - Business news from the UK and world 11:58 LGBT 'taskforce' in Indonesian city adds to fears of gay rights crackdown » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 11:28 Japanese 'baby factory' dad wins custody of 13 Thai surrogate children » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 11:05 Vodafone pilots new software to thwart rogue drones » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Telecom hopes to track drones too small for radar just as air-traffic control tracks planes

Vodafone is testing technology to track and control drones to let authorities protect aircraft from accidents and terrorist attacks and stop incursions into “no-fly zones” such as prison and hospital airspace.

The trial comes amid mounting concern from the security services that terrorists could use drones adapted to carry small but lethal explosives to attack targets. Drones have been used for criminal purposes, such as smuggling and delivering contraband to prisoners.

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Favicon for BBC News - Business 10:43 HSBC profits jump to $17.2bn on Asia growth » Post from BBC News - Business Visit off-site link
While well-known on the UK High Street, the banking giant makes most of its money outside of Britain.
Favicon for Finance News - Business news from the UK and world 10:34 China wages war on funeral strippers » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 10:29 Mammoth donation: charity shop receives bones dating back five million years » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 10:18 Carillion: Regulator was warned over pensions deficit » Post from BBC News - Business Visit off-site link
The Pensions Regulators was alerted in 2010 and 2013 over the size of Carillion's pensions deficit.
Favicon for BBC News - Business 10:09 Exposed Amazon cloud storage clients get tip-off alerts » Post from BBC News - Business Visit off-site link
US firm's clients told to update their settings and lock down data before it is stolen.
Favicon for BBC News - Business 09:58 William Hill fined £6.2m by Gambling Commission for lax controls » Post from BBC News - Business Visit off-site link
The Gambling Commission says 10 customers were able to deposit money linked to criminal offences.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 09:54 William Hill fined £6.2m by Gambling Commission » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Firm handed big fine over failure to spot problem gambling and prevent money laundering

Betting group William Hill has been fined £6.2m by the gambling industry regulator for failing to protect consumers and prevent money laundering.

The Gambling Commission said that over the two years to August 2016, the company failed to spot obvious signs of problem gambling, and in doing so breached anti-money laundering and social responsibility regulations.

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Favicon for Finance News - Business news from the UK and world 09:30 'At least 100 civilians killed' as Syrian regime forces pound rebel enclave  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 09:23 Children among the dead as 71 killed in Assad regime bombardment of Eastern Ghouta » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 09:22 'Equality won't happen by itself': how Iceland got tough on gender pay gap » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Despite its image as a paradise of fairness, women earn less than men. Now firms who breach equal pay laws face daily fines

On the face of it, Iceland is a good place to be a woman. For nearly a decade, it has been rated the world’s most gender-equal country. It was the first to directly elect a female president, nearly half its MPs and company directors are women, and first-class daycare and parental leave help ensure almost four in five women have jobs.

So it came as a shock for Fríða Rós Valdimarsdóttir to learn, when she was managing a key team of 10 home carers at Reykjavik council a few years ago, that male colleagues in other departments, with far fewer responsibilities than her, were being paid a great deal more.

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Favicon for Finance News - Business news from the UK and world 08:57 Surprise dust storm blankets Queensland town » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/png)
Favicon for Finance News - Business news from the UK and world 08:54 Isis Beatles will be tried, Amber Rudd says as she leaves door open to bringing them back to Britain » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:54 HSBC profits more than double to $17.2bn » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

End of restructuring costs boosts performance but Trump tax writedown misses forecasts



HSBC Holdings’ pre-tax profit for 2017 has more than doubled to $17.2bn (£12.3bn), largely due to the absence of hefty restructuring costs, but the figure still lagged behind expectations as the bank took a writedown to take in US tax changes.

On the chief executive Stuart Gulliver’s last day on the job, Europe’s biggest lender by market capitalisation also announced plans to bolster its capital base by raising up to $7bn in the first half of 2018.

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Favicon for Finance News - Business news from the UK and world 08:46 Boy, 13, killed in £1.2m Ferrari when driver 'misjudged' supercar's power, court hears » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 08:25 Woman, 26, charged with public order offence after note was left on ambulance windscreen mid-emergency » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:19 'Tories' approach to Brexit, if anything, is less clear,' Corbyn to tell business » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Labour leader’s speech a strong hint his party will accept close regulatory alignment with EU

Jeremy Corbyn is to attack the Conservatives’ “lack of clarity” on the future economic relationship with Europe in a speech a day after the Labour leader is said to have faced down lobbying from his own party to take a softer line on Brexit.

Corbyn will tell the conference of manufacturers’ organisation EEF on Tuesday that Labour is “insisting the economy must come first” in the Brexit negotiations, a strong hint that the party would accept close regulatory alignment.

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Favicon for Finance News - Business news from the UK and world 08:03 Pictures of the Day: 20 February 2018 » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:01 Ikea joins Big Clean Switch to offer 100% renewable energy tariff » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Joint venture claims cheaper green power could save UK households £300 a year

Ikea is calling for households to join its latest joint venture – a collective energy switch that promises an exclusive 100% renewable electricity tariff.

The furniture retailer has joined forces with the “Big Clean Switch” campaign to use a collective switch to secure cheaper green power for the households that sign up.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:00 Waitrose customer left ‘horrified’ after sausage label mix-up » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
Shopper thought they were buying beef and it was against their religion to eat pork

My partner bought what he thought were 12 Angus beef sausages from Waitrose just before Christmas but when he opened the packet there were only six. He cooked four which I thought were a bit spicy but ok, and he said he would return the other two as they didn’t match the packet description. When I looked at the receipt it said six pork chorizo sausages and I was horrified as (for religious reasons) I don’t eat pork.

He took what was left – and the receipt – to Waitrose which kept the package (specifying no pork ingredients) and said they would investigate. They offered a replacement, which he declined, and a voucher for £10 or £20 from head office, also refused. Correspondence suggests they are not taking it very seriously. We have been loyal customers for many years and are shocked they are treating this so lightly.

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Favicon for BBC News - Business 07:24 Australian tax staff told to report 'long lunch' colleagues » Post from BBC News - Business Visit off-site link
The Australian Taxation Office orders workers to monitor others for inefficient behaviour.
Favicon for Finance News - Business news from the UK and world 07:00 Leveson 2 would be a threat to a free press » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/png)
Favicon for Finance News - Business news from the UK and world 06:55 Oxfam chief executive under investigation over handling of sex abuse claim  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 06:38 Day turns into night as Indonesia's Mount Sinabung spews towering ash cloud in biggest eruption this year » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 06:28 Child sex crime accusations reach record high, says charity » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 06:02 Locals celebrate Chloe Kim's Olympic gold for USA but wonder if she would have made it as a South Korean » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 05:21 Iranian official threatens to flatten Tel Aviv if Israel attacks  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 04:29 Nepal's hipsters snap up trainers that were once worn by Maoist rebels » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 03:09 Teens arrested as copycat threats surge across US in wake of Florida school shooting » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 02:20 'World's most important underwater archaeological site' under threat from pollution » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 02:01 Police officer accused of taking the biscuit is taken to disciplinary hearing » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 01:42 Maplin in talks with potential buyers » Post from BBC News - Business Visit off-site link
The 200-store electronics retailer hopes that a deal might be done as early as this week.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 01:39 Labor's environment group wants party to make clear its stance on Adani mine » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Labor environment action network says ALP needs to take a stand on a project ‘that’s not in the national interest’

Labor’s influential internal environmental lobby group has called on the federal party to clarify its stance on the controversial Adani coalmine, a project it says is not in the national interest.

The national convener of the Labor environment action network, Felicity Wade, told Guardian Australia on Tuesday the party needed to make a decision.

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Favicon for Finance News - Business news from the UK and world 01:27 Honestly, fake news is now an online game - and it will help fight against the spread 'misinformation', say scientists » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 01:22 US manufacturer recalls dog food after execution drug found in tins » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 01:20 Fin tech » Post from BBC News - Business Visit off-site link
Fish farming is big business and producers are adopting new technologies to expand and cut costs.
Favicon for BBC News - Business 01:16 Apprentice levy needs total overhaul, business chief will say » Post from BBC News - Business Visit off-site link
The head of the EEF manufacturers' group will say the flagship employment scheme needs a total revamp.
Favicon for BBC News - Business 01:15 Key gig economy case reaches Supreme Court » Post from BBC News - Business Visit off-site link
Pimlico Plumbers is challenging a ruling that a "self-employed" worker is entitled to basic rights.
Favicon for BBC News - Business 01:14 Debtors facing mental health problems need 'breathing space' » Post from BBC News - Business Visit off-site link
Charities say people with mental health problems should be given "breathing space" to sort out debts.
Favicon for Finance News - Business news from the UK and world 01:13 Grey squirrels may have outlasted red squirrels in Britain due to their superior problem solving powers » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 01:01 'Much work needed' to make digital economy environmentally sustainable » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

MPs cast doubt on whether energy efficiency gains can keep offsetting rising power demand

A cross-party group of MPs has raised doubts over whether the growing energy demand from digital technology and the proliferation of internet-connected gadgets can continue to be offset by energy efficiency improvements.

More efficient smartphones, networking gear and data centres have so far largely staved off increased power demand from the internet and computing – which now accounts for about 6% of global electricity use.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 01:01 Carillion directors ignored pleas to plug pensions gap, letters reveal » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Frank Field says evidence shows that directors were ‘contemptuous of their pensions obligations’

Carillion’s pension scheme trustees began urging the collapsed government contractor’s “contemptuous” directors to provide more money to plug a yawning deficit in 2010 but were repeatedly refused, it has been claimed.

Letters released by MPs conducting an inquiry into Carillion also reveal that trustees asked the Pensions Regulator (TPR) in vain to force the company’s directors to pump more money in.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 01:01 We will prevent hostile takeover bids for UK firms – Jeremy Corbyn » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

A Labour government would seek to stop deals that threaten to ‘destroy our industrial base’

Jeremy Corbyn will promise in a speech that a future Labour government would “intervene to prevent hostile takeovers” like investment firm Melrose’s £7.4bn bid for British manufacturing company GKN.

The Labour leader will tell delegates at the EEF manufacturing conference in London that if the party wins the next election it will “broaden the scope of the public interest test” to allow the government to stop takeovers that threaten to “destroy our industrial base”.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 01:01 Deeper scandal at Carillion was Pension Regulator's inaction » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Regulator had front-row seat but failed to use powers to intervene before firm went bust

Frank Field is right to castigate the directors of Carillion for being “contemptuous” of their obligations to the company’s pensioners. The picture of what happened in the pre-crash years is now reasonably clear: the directors, even as they were raising the dividend to shareholders year after year, made a corporate plea of poverty when talking to the pension trustees. The decision-making and the skewing of priorities were appalling.

The deeper scandal, however, may be the fact that the Pensions Regulator had a front-row seat at the developing debacle and didn’t once deploy its formal powers of intervention. The regulator’s officials attended meetings between the company and the pension trustees but were not shocked into formal action until Carillion went bust, by which time there was no money left.

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Favicon for Finance News - Business news from the UK and world 01:01 Language started 1.5m years earlier than previously thought as scientists say Homo Erectus were first to talk » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 01:01 Children as young as 10 victim of 'upskirt' photography  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 01:01 How a British scientist saved Disney's oldest cartoons from destruction » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 00:30 Walking the dog or pottering in the garden could extend life expectancy  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)

News stories from Monday 19 February, 2018

Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 22:15 Troubled electronics chain Maplin in talks to find buyer » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Firm says it hopes to achieve ‘a solvent sale of the business’ this week

One of the UK’s biggest electronics retailers is racing to find a buyer in an effort to save the business from administration.

Maplin, which was founded in 1972 and has more than 200 stores nationwide, is in talks with several potential buyers and hopes to strike a deal this week.

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Favicon for Finance News - Business news from the UK and world 22:11 Striking university lecturers warned they could be held liable for student failures » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 21:47 Great Ormond Street may reverse decision and keep Presidents Club donations  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 21:44 Possible remains of world’s ‘richest pirate’ Captain Black Sam Bellamy to be compared to English descendant's DNA » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:59 Hero military veteran, 88, declares 'fear is not in my dictionary' as he saves woman from five knife-wielding robbers » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 20:39 Latvian central bank boss released on bail » Post from BBC News - Business Visit off-site link
The Baltic state's anti-corruption agency suspects Ilmars Rimsevics of seeking a €100,000 bribe.
Favicon for BBC News - Business 20:08 Topshop boss denies report he is selling the business » Post from BBC News - Business Visit off-site link
Sir Philip Green says he has never held talks with China's Shandong Ruyi about selling his Arcadia retail empire.
Favicon for BBC News - Business 20:06 Maternity leave: Women on employers' attitudes » Post from BBC News - Business Visit off-site link
As a poll finds "worrying attitudes" among employers, three mums tell the BBC about their experiences.
Favicon for Finance News - Business news from the UK and world 20:00 Bill payers to save hundreds as price comparison sites plan 'auto-switching' revolution  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 19:59 Hat-trick as Pakistan's Imran Khan marries for third time, to his spiritual adviser » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 19:37 British model Chloe Ayling shows Italian police farmhouse where she shared a bed with 'kidnapper', in Milan trial video » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 19:28 Jamie Oliver's Barbecoa restaurants go into administration » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Piccadilly site closes, with loss of 80 jobs, while St Paul’s outlet is bought at last minute by Oliver’s company

Jamie Oliver’s upmarket Barbecoa steakhouses in London have crashed into administration, with 80 staff losing their jobs at the group’s Piccadilly site.

The celebrity chef’s company scrambled together a last-minute deal to save the group’s other outlet – located near St Paul’s Cathedral – with a newly created subsidiary in Oliver’s business empire buying the City diner straight out of administration for an undisclosed sum.

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Favicon for Finance News - Business news from the UK and world 19:21 Polish-Jewish relations at 30-year low, chief rabbi says  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 19:15 Most KFCs in UK remain closed because of chicken shortage » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Fast food chain blames contract with delivery firm DHL, with more than 600 outlets still shut

The fast food chain KFC has been forced to temporarily close most of its UK outlets after problems with a new delivery contract led to a chicken shortage.

A total of 562 KFC outlets remained shut as of Monday evening following a weekend of disruption that peaked on Sunday night at 646 closures.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 19:07 Sir Philip Green denies reports of Arcadia sale » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Green says reports of talks to sell group, which includes Topshop and Miss Selfridge, to Chinese firm are ‘rumour-mongering’

Sir Philip Green has poured cold water on a report that he is in talks to sell his Arcadia retail empire, which includes Topshop and Miss Selfridge, to the Chinese firm Shandong Ruyi.

Green issued the denial as the work and pensions select committee chair, Frank Field, wrote to him demanding assurances that Arcadia’s pension schemes would not be “detached” from the tycoon’s family interests in the event of a sale.

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Favicon for BBC News - Business 19:04 More arrests in $1.8bn Punjab National Bank scam » Post from BBC News - Business Visit off-site link
Several Punjab National Bank workers have been detained in connection with India's biggest fraud.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 18:53 Stock markets slip as investors remain cautious; more Carillion jobs lost -as it happened » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

All the day’s economic and financial news, as markets lose early gains

5.53pm GMT

After a fairly uneventful morning, European markets took another turn lower as investors turned cautious once more. With no guidance from Wall Street, closed for the President’s Day holiday, shares went into reverse as the day progressed. Connor Campbell, financial analyst at Spreadex, said:

It was hard to ascertain exactly what caused Monday’s late reversal. For the FTSE a copper-led decline in its mining stocks – which have a busy week of reporting ahead of them – certainly contributed, as did Reckitt Benckiser’s post-full year results 5.5% decline. The lack of news from the US likely didn’t help, with investors seemingly craving reassurances that the Dow Jones is willing to continue last week’s recovery before following suit.

Regardless, the fact that the markets have turned negative on a day almost completely devoid of anything interesting news-wise perhaps gives an indication where sentiment currently lies.

The worry is that the US will follow this pattern when it reopens tomorrow, which would accord with the historical norm; another test of the lows, and a possible new low, before the ‘ball held underwater’ springs higher once again, catching everyone off guard.

5.31pm GMT

With Spain’s Luis de Guindos set to become vice president of the European Central Bank, there is a suggestion this could clear the way for Germany’s Jens Weidmann to take over as the head of the ECB. Reuters reports:

Euro zone finance ministers on Monday chose Spanish Economy Minister Luis de Guindos to succeed European Central Bank Vice President Vitor Constancio in May, a move likely to boost the chances of a German becoming head of the ECB next year.

The choice of a Southern European for vice president increases the likelihood that a northerner such as German Bundesbank governor Jens Weidmann could be elected to replace Mario Draghi as head of the ECB in 2019. This could influence the bank’s ultra-loose monetary policy.

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Favicon for BBC News - Business 18:29 Meat supplier Russell Hume falls into administration » Post from BBC News - Business Visit off-site link
The collapse of Derby-based Russell Hume following an FSA investigation will cost almost 270 jobs.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 18:18 ECB's Latvian representative detained in bribery case » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Bank of Latvia governor faces allegations of asking for a bribe from bank accused of doing business with North Korea

The European Central Bank’s reputation is under the spotlight after one of its policymakers was detained over bribery allegation.

Ilmars Rimsevics, who represents Latvia on the ECB general council, was questioned on a charge of demanding a bribe from the country’s third largest bank, which has been caught in a separate money laundering probe.

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Favicon for Finance News - Business news from the UK and world 18:11 Cambridge graduate handed 32-year jail sentence for 'warped and sadistic' campaign of online blackmail » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 18:11 Chicken chaos as KFC closes outlets » Post from BBC News - Business Visit off-site link
Hundreds of the chicken chain's UK outlets are shut following "issues" with new delivery firm DHL.
Favicon for BBC News - Business 18:07 Chicken shortage hits KFC » Post from BBC News - Business Visit off-site link
KFC has closed 562 chicken restaurants after problems with a supplier caused a shortage of chicken.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 18:00 We can't take on any more debt – so what will drive the economy? | Greg Jericho » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

For the RBA, it will be ‘a good outcome’ if debt growth no longer outstrips income growth

Whenever the governor of the Reserve Bank speaks, all ears are pricked for any signs that might indicate where interest rates are headed. On Friday, when Philip Lowe appeared before the House economics committee, he was very careful with his words. The markets barely moved, and yet amid his unsurprising talk on interest rates he made some interesting points about the level of household debt that suggest he desires some quite significant changes in our economy.

Related: Australia's debt levels and housing cost leave it vulnerable, IMF warns

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Favicon for Finance News - Business news from the UK and world 17:49 School scrap PE time because of exam pressure » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 17:32 Russian oligarch and Manafort patron Deripaska to step down from corporate positions » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 17:09 UberEats driver wanted by police after customer shot dead in Atlanta   » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 16:52 London posh-home lettings hit record high » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Houses in prime areas of capital fetching up to £18,000-a-week rent as demand rises

Six- and seven-bedroom houses in Notting Hill and Primrose Hill were among a record number of properties rented out at £5,000-plus a week in London last year.

Upmarket estate agent Knight Frank reported the number of its “super-prime” lettings rose 34% last year to 137, from 102 in 2016. The vast majority of properties are let furnished.

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Favicon for Finance News - Business news from the UK and world 16:27 Police name director's wife killed in suspected botched burglary as they warn residents to remain vigilant » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 16:27 Hero police officer, who cannot swim, dives into freezing water to save drowning man » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 16:24 Pioneering retailer John S Lewis dies – archive, 23 February 1963 » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

The model enabling ownership of the store chain by those working in it was the idea of one of its founder’s sons. On 23 February 1963 the Guardian published this obituary

Mr John Spedan Lewis, founder of the John Lewis Partnership, died on Thursday at his home, Longstock Park, Stockbridge, Hampshire. The elder son of the late John Lewis of Oxford Street, he was 77.

In 1920 Mr Lewis introduced his partnership scheme, the essence of which was that the workers “get the whole profit and the sharing is entirely among themselves.” Partnership benefit, as it was called, was distributed in the form of shares, which could be realised for cash.

Related: John Lewis in party mood as 150th anniversary nears

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 16:23 Meat supplier Russell Hume collapses with loss of up to 300 jobs » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Administration comes weeks after firm halted production due to food standards scare

More than 260 workers have lost their jobs at the meat supplier Russell Hume, which has collapsed into administration just weeks after production was suspended following a food standards scare.

Administrators announced 266 redundancies on Monday from the 302 employees at the company, which has its headquarters in Derby and operates from six production sites in Liverpool, Birmingham, London, Boroughbridge in North Yorkshire, Exeter and Fife.

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Favicon for Finance News - Business news from the UK and world 16:16 Donald Trump ‘supportive’ of improving gun background checks, White House says » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 15:55 Paedophile football coach Barry Bennell is branded 'the devil incarnate' as he is jailed for 30 years  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 15:52 Nurofen owner Reckitt misses profit forecast amid tough trading » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Consumer goods group blames difficulties in developed markets and rising commodity costs

Reckitt Benckiser, the owner of brands including Durex and Nurofen, missed its 2017 profit expectations and said tough trading in developed markets and rising commodity costs were set to continue.

The consumer goods group reported higher sales in the last quarter on Monday, in line with expectations, and forecast an increase for this year as it looks to move on from a turbulent 2017.

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Favicon for Finance News - Business news from the UK and world 15:43 Four Indonesian men arrested over orangutan shot 130 times » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 15:36 Angela Merkel appears to anoint successor with promotion of 'mini-Merkel'  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 15:25 Great Ormond Street may keep Presidents Club donation » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Hospital considers retaining £530,000 it received from scandal-hit charity

Great Ormond Street hospital is reconsidering whether to return £530,000 it collected in donations from the controversial Presidents Club, after the scandal over its event at which hostesses were allegedly sexually harassed.

The London children’s hospital, which had vowed to return all of the money it received from Presidents Club events, said on Monday that it was now reconsidering the decision to ensure it had the maximum funds to support the hospital and its patients.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 15:07 Carillion job losses rise above 1,000 » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Number of redundancies reaches 1,141 with nearly 11,000 more yet to learn their fate

The number of Carillion workers who have lost their jobs as a result of the collapse of the construction giant has topped 1,000.

A further 152 former employees are being made redundant this week, taking the total to 1,141 since the company went into liquidation last month.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 15:00 Revealed: Cash eclipsed as Britain turns to digital payments » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Notes and coins set to fall to just 21% of sales by 2026, raising questions for those who rely on the cash economy

Britain will move beyond “peak cash” this year, according to data gathered by the Guardian that suggests notes and coins are rapidly being supplanted as the favoured payment method, particularly in cities.

Debit cards are set to overtake cash as the most frequently used payment method in the UK later this year, according to UK Finance, which represents leading finance and banking firms.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 15:00 'People just don't carry cash nowadays': how Britons are adapting to cashless world » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

As contactless payments spread, businesses, charities and social groups weigh up their options

As cash becomes less prominent in the UK, a range of businesses, charities and cash-dependent social groups are figuring out ways to adapt.

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Favicon for BBC News - Business 14:42 Cash Isa savings rates begin to tick up » Post from BBC News - Business Visit off-site link
Individual Savings Accounts are slowly offering better returns to savers
Favicon for Finance News - Business news from the UK and world 14:40 Russell Hume goes into administration, blaming the FSA for overreacting to 'fake steak' scandal » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 14:31 UK millennials second worst-hit financially in developed world, says study » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Resolution Foundation says young Britons have suffered biggest reversal in fortunes save for young Greeks

Britain’s millennial generation, born since 1981, have suffered a bigger reversal in financial fortunes than their counterparts in most other developed countries except Greece, according to a new study.

The report by the Resolution Foundation paints a gloomy picture for all young adults across the developed world – apart from the Nordic countries. It highlights how incomes are depressed, jobs scarce and home ownership is slumping for the millennial generation compared with the baby boomers that preceded them.

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Favicon for BBC News - Business 13:43 Great Ormond Street Hospital may keep scandal charity cash » Post from BBC News - Business Visit off-site link
Great Ormond Street Hospital had said it would return money donated by the Presidents Club charity.
Favicon for BBC News - Business 13:37 Carillion investors were 'fleeing for the hills' » Post from BBC News - Business Visit off-site link
"Those who looked closest ran fastest," says a report by MPs into the collapsed construction giant.
Favicon for BBC News - Business 13:36 Arsenal and Emirates in £200m shirt sponsorship extension » Post from BBC News - Business Visit off-site link
The longest running current Premier League shirt deal will now last for at least 18 years.
Favicon for Finance News - Business news from the UK and world 13:32 Skydive instructor died after risking own life to save student whose parachute failed during jump » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 13:31 China condemns US man for stealing terracotta warrior's thumb after posing for selfie » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 13:25 Justin Trudeau 'snubbed' by Indian PM as he lands in New Delhi » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 12:58 Blenheim Palace apologises for 'embarrassingly awful' Chinese New Year party  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 12:53 Facebook to seek verification by post for election ads » Post from BBC News - Business Visit off-site link
People wishing to take out ads naming political candidates will be sent a verification code in the post.
Favicon for BBC News - Business 12:45 'You've got to make tough decisions, but in partnership' » Post from BBC News - Business Visit off-site link
When Mondelez took over Cadbury's it had to make mass redundancies, but how do you do that without ruining your reputation?
Favicon for Finance News - Business news from the UK and world 12:34 Duchess of Cambridge gives a nod to Time's Up in royal green dress as Baftas stars turn out in black » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 12:34 Syrian regime fighters 'heading to Afrin to join Kurds in fight against Turkish forces' » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 12:28 What not to expect from Philip Hammond Spring statement » Post from BBC News - Business Visit off-site link
There won't be a red box nor any tax nor spending changes in the chancellor's March economic update.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 12:21 Fracking row: Treasury 'showing shambolic conflict of interest' » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Director of Third Energy, which wants to frack in North Yorkshire, is Conservative donor

Campaigners have accused the Treasury of allowing the appearance of a conflict of interest over its examination of an energy company at the forefront of fracking in the UK.

Third Energy’s financial health is being looked at by a Treasury body, the Infrastructure and Projects Authority (IPA), whose findings will inform whether the government gives the firm a green light.

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Favicon for Finance News - Business news from the UK and world 12:01 Hero boy shot five times shielding classmates from Florida school gunman   » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 11:48 PFI firms to get £4.8bn from schools by 2020, study shows » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Calls for windfall tax as figures show PFI firms’ profits will equal 25% of extra £1.3bn funding for schools

Private finance initiative operators will be paid £4.8bn by schools by 2020, generating an estimated £270m of profits directly from taxpayer money, new analysis has revealed.

The study has bolstered calls for a windfall tax on the PFI companies which build and run schools, with the figures also showing that they have cashed £60m in corporation tax cuts.

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Favicon for Finance News - Business news from the UK and world 11:27 Homeless man lionised by Jeremy Corbyn is suspected migrant sex offender » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 11:22 Maldives suspends opposition MPs to hand president majority rule » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 10:50 Donald Trump dares Oprah Winfrey to run for President so he can 'expose and defeat' her  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/png)
Favicon for BBC News - Business 10:48 Reality Check: How does renting a home in the UK compare? » Post from BBC News - Business Visit off-site link
Home ownership among young people has plummeted. What protections do UK tenants have and what responsibilities do they face?
Favicon for Finance News - Business news from the UK and world 10:30 National Portrait Gallery closes to the public for private fashion show of Royal favourite designer » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/png)
Favicon for Finance News - Business news from the UK and world 09:57 'Do you feel lucky, greenie punks?': Australian MP criticised after posing with a gun in 'tongue-in-cheek' threat to environmentalists » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 09:46 'I was made redundant when I was on maternity leave' » Post from BBC News - Business Visit off-site link
Sarah Rees was told she was being made redundant by a large charity after she gave birth to her daughter.
Favicon for Finance News - Business news from the UK and world 09:17 Earthquake shakes southern Mexico for second time in three days  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 09:12 Front Bench: Theresa May is to announce a review into student finance, but can she ever beat Labour on universities? Have your say » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 09:07 Snowdon walker plunges 820ft to death after slipping on ice on Welsh mountain » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 09:04 US and Chinese officials ‘scuffled over nuclear football’ during Trump Beijing visit » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:30 Venezuela's new bitcoin: an ingenious plan or worthless cryptocurrency? » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Some analysts see the ‘petro’ as a desperate move to secure cash amid an economic meltdown brought about by President Nicolás Maduro’s policies


Is Venezuela’s new cryptocurrency an ingenious plan to evade U.S. sanctions? Or will it turn out to be a South American shitcoin?

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Favicon for Finance News - Business news from the UK and world 08:10 Lady Louise Windsor ends up on crutches after fall on family ski trip with Edward and Sophie » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 08:03 Pictures of the Day: 19 February 2018 » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:01 Number of UK restaurants going bust up by a fifth in 2017 » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Chains under pressure from rising costs and competition amid consumer spending squeeze

The number of UK restaurants going bust jumped by a fifth last year as major chains came under pressure from rising costs and competition amid a squeeze on consumer spending.

There were nearly 1,000 insolvencies across the restaurant industry in 2017 compared with 825 the year before, according to law firm Moore Stephens. Casualties included the Handmade Burger Co chain and Liverpool-based Viva Brazil Steakhouse which was later bought out in a rescue deal.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:00 Concern for vulnerable grows as those on lifeline benefit face ‘second mortgage’ » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
Concern for vulnerable grows as those on lifeline benefit face ‘second mortgage’

Last May, James Martin* decided to give up work and look after his mother full time after she was diagnosed with cancer. A few months later, his father suffered a stroke, leaving the 49-year-old as the main carer for both parents. With income support and carer’s allowance, he receives £108 a week, meaning that the chances of paying his mortgage every month is remote. There is some relief, in that he receives the Support for Mortgage Interest (SMI) benefit, a payment which has been in place for the last 70 years to help financially constrained homeowners with their repayments.

From April, however, it will stop and be replaced by a new “second mortgage” scheme where the government offers to loan people the money, which will then be repaid later.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:00 Why was I fined £100 for parking in a ‘free’ Co-op car park? » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
I didn’t know I had to give my car registration, and ended up with a parking charge notice

I called into my local East of England Co-op branch (in Leiston, East Suffolk) in January just before 6pm. It was dark and I parked in the middle – not on the edge –of its car park and saw no signs (though I was later told by staff there were 30!) so I didn’t realise there was a new system. When I went through checkout no one mentioned having to tap the number of your car registration plate into a machine. Considering the parking is free, this is most unusual. The next thing I knew, a PCN (Parking Charge Notice) landed, which had been issued two days later. I filed an appeal online, including a copy of my bank statement showing my purchase of £20.17 at the Co-op, and received confirmation. To date I have heard nothing. To add insult to injury, it said that if the penalty is paid within 14 days the amount is reduced to £60, otherwise it is £100. So much for “free parking”.

RS, Leiston, Suffolk

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:00 Long-haul flights from UK now cheaper than going to Ibiza » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
Weak dollar and rising prices in Spain mean it can be worth going the extra mile to get good value

Flying long haul would barely enter the thinking of many families planning their annual holiday, with the perceived cost ruling out many destinations before the search had even begun. However, this year a series of colliding events, including a weak dollar, greedy Spanish hoteliers and competition for tourists in the Middle East, means it can be cheaper to go to Florida, Dubai or Thailand than to spend a traditional two weeks on the Costa del Sol.

Research from price comparison site TravelSupermarket has shown that some long-haul destinations cost significantly less to fly to and stay in than Spain, where British tourists make up the largest number of foreign visitors every year.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 07:30 Small energy suppliers top uSwitch customer satisfaction survey » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

‘Big six’ companies left behind as Octopus Energy, Bulb and Utility Warehouse take first three places

Two small energy suppliers have left the “big six” trailing when it comes to customer satisfaction, according to the biggest survey of its kind.

The success of Octopus Energy and Bulb sends a message to larger, more established players such as British Gas and Npower that customers will look elsewhere if they do not feel they are being treated properly, said the price comparison and switching service uSwitch.com.

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Favicon for BBC News - Business 07:29 Black Panther: South Korea tops international box office » Post from BBC News - Business Visit off-site link
Key action shots filmed in the port city of Busan contributed to popularity among Korean audience.
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 07:01 Carillion shareholders considered suing after profit warning » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Major investor Kiltearn has sent evidence to committees holding inquiry into contractor’s collapse

A major investment firm that owned 10% of Carillion has told MPs it considered suing the the collapsed government contractor over suspicions that directors knew it was in difficulty earlier than they admitted in public.

Kiltearn Partners says it “considered participation in civil legal action against Carillion with a view to recovering a proportion of its clients’ crystallised losses” following its profits warning last summer.

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Favicon for Finance News - Business news from the UK and world 07:01 The best photos in the world: Societies of Photographers 2017 Awards, the finalists » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 06:31 Trump India 'dinner and chat' property offer criticised » Post from BBC News - Business Visit off-site link
A newspaper advertisement offers property buyers conversation and a meal with Donald Trump Jr.
Favicon for Finance News - Business news from the UK and world 06:17 Protesters invade Baftas red carpet to declare: Time's up Theresa » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 06:02 Bill Shorten says there's a 'role for coal' and Adani mine just 'another project' » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Labor leader’s comments come during visit to Queensland and follow CFMEU’s warning that ALP’s blocking of Carmichael mine would open divisive debate

Bill Shorten has declared there is a role for coal in Australia, and characterised the controversial Adani coalmine as just “another project” as he digs in for several days visiting marginal coastal electorates in Queensland, trumpeting local infrastructure commitments.

The positive public signal from the Labor leader on the future of coal followed a warning last week by the CFMEU’s national president, Tony Maher, that any move by Labor to block Adani’s controversial Carmichael coalmine would expose Labor politically in Queensland, and open a divisive debate within the ALP about the future of coalmines in Australia.

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Favicon for Finance News - Business news from the UK and world 05:24 Former North Korean cheerleader describes orders to penetrate 'heart of the enemy'  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 04:08 New 50p Beatrix Potter coins released by the Royal Mint » Post from BBC News - Business Visit off-site link
The designs will include the characters Peter Rabbit, Flopsy Bunny and Mrs Tittlemouse.
Favicon for Finance News - Business news from the UK and world 03:50 Airbnb promises crack down 'pop-up brothels' in its rental properties » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 01:26 Oxfam censors names of sacked Haiti staff as it releases 2011 report into the scandal » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 01:26 Survivors of Florida school shooting plan march on Washington to demand gun control » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 01:19 Beauty boss » Post from BBC News - Business Visit off-site link
Grit and determination, as well as snakes and dragons, helped Maria Hatzistefanis become a business success.
Favicon for Finance News - Business news from the UK and world 01:01 Revealed: Why two glasses of wine and 15 minutes of exercise a day is the key to a long life » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/png)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 01:01 Average price of newly marketed home rises above £300,000 again » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Rightmove reports busiest ever month and optimistic pricing but property is taking longer to sell

The average price of a UK property coming on to the market has risen by more than £2,400 in a month to just over £300,000 amid evidence of “record” levels of house-hunting activity, according to Rightmove.

The website, which tracks 90% of the UK property market, said the national average asking price for a home had increased by 0.8% during the past month, following the 0.7% rise it reported in mid-January.

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Favicon for Finance News - Business news from the UK and world 01:01 Fat Britain: average person eats 50% more calories than they realise » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 00:18 Couple looking after Florida shooting suspect say they had no idea there was a 'monster living under our roof' » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)

News stories from Sunday 18 February, 2018

Favicon for Finance News - Business news from the UK and world 22:28 Killer on the loose recaptured after absconding from prison » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 22:21 Ambulance crew receive angry note on vehicle because they left it in a residential parking space on 999 call out » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:06 Smart meters could leave British homes vulnerable to cyber attacks, experts have warned » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:04 Five killed in attack on church in Russia's Dagestan » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 19:42 Driving through flooded roads 'risks lives', yet 3,000 rescued every year » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 19:16 New leader of French conservatives blames Macron for scandal that brought down his predecessor » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 18:18 Philip Green considers selling Arcadia to Chinese textiles giant » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

Shandong Ruyi looks over books of retail group, thought likely to fetch half its £1bn valuation

Sir Philip Green is considering a sale of his Topshop-to-Burton empire Arcadia as a Chinese textiles giant reportedly looks over its books.

Green is thought to be seeking an exit from the Arcadia group as his ageing, poor-performing brands including Dorothy Perkins, Wallis and Evans come under attack from fast-expanding online players such as Boohoo and Missguided.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 17:54 Gambling tycoon builds $100m bitcoin-funded Antiguan resort » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

‘His excellency’ Calvin Ayre says project will be entirely funded from digital currency profits

Calvin Ayre, a gambling and bitcoin multi-millionaire who was once on the run from the US authorities, is building a $100m five-star resort on Antigua funded by profits from digital currencies.

Canadian-born Ayre, who has been appointed Antigua and Barbuda’s special economic envoy, said he had begun work on the upmarket tourist resort on Antigua’s Valley Church beach.

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Favicon for Finance News - Business news from the UK and world 17:20 Ten hikers missing after Swiss avalanche » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/png)
Favicon for BBC News - Business 16:44 Deadline to return old paper £10 notes fast approaching » Post from BBC News - Business Visit off-site link
At least £2.1bn worth of old £10 notes need to be spent or exchanged before they cease to be legal tender.
Favicon for Finance News - Business news from the UK and world 16:21 Teenager and grandfather died on level crossing on the way to football match » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 15:58 Jamie Oliver in talks to sell Barbecoa restaurants » Post from BBC News - Business Visit off-site link
Jamie Oliver group engages real estate experts to evaluate the value of two of his restaurants.
Favicon for Finance News - Business news from the UK and world 15:54 Year of the Dog: Lunar New Year kicks off, in pictures » Post from Finance News - Business news from the UK and world Visit off-site link
Favicon for Finance News - Business news from the UK and world 15:01 SPD 'has no plan' if members reject Merkel coalition deal » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 14:51 Government rules out granting medical cannabis licence to boy, 6, with 'death sentence' epilepsy condition  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 14:45 Latvian central bank boss detained by anti-corruption force » Post from BBC News - Business Visit off-site link
Ilmars Rimsevics has been detained after the anti-corruption agency raided his home and office.
Favicon for Finance News - Business news from the UK and world 14:36 Saudi reform continues as women given freedom to open businesses » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 14:28 'Trump is here. Are you invited?': Trump Jr in week-long visit to luxury brand's biggest foreign market » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 14:04 UK-EU trade deal will not be agreed before Brexit day, EU negotiator warns » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 13:59 'Do not test Israel's resolve', Netanyahu warns Iran » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 13:16 Unbalanced Britain needs more devolution to manage Brexit » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

With woeful productivity in parts of the north and Wales, local authorities must decide how to spend replacement EU cash

Throughout the 1980s, a war raged between Westminster and the rest of the country that has had lasting effects. Fearing councils under the control of Michael Foot’s Labour opposition, Margaret Thatcher stripped power from town halls in a sweeping political land grab that still marks Britain today.

During the 1970s and much of the 1980s, London’s economy had more in common with the rest of the country than today, and even grew at a slower pace than many other regions. But the big bang deregulation of financial services in 1986 under Nigel Lawson, then chancellor, helped London’s economy to boom — aided by fat profits from investment banks in the City. At the same time, the north’s industrial base came under attack from Thatcher’s reforms, leading the country’s manufacturing’s share of national income to fall from a quarter to just over a 10th today.

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Favicon for Finance News - Business news from the UK and world 12:30 Emma Watson donates £1 million to anti-sexual harassment campaign » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 12:03 Killer on the loose after going missing from open prison » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 10:49 Church spires to be installed with 4G antennas to help obliterate blackspots » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 10:43 Fire at sacred Tibetan Buddhist temple sparks suspicion about censorship » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 10:41 Rent-a-church spire plan to boost mobile phone coverage » Post from BBC News - Business Visit off-site link
The government invites churches to let their spires be rented to improve the UK's mobile coverage.
Favicon for Finance News - Business news from the UK and world 09:53 All 66 on board plane that crashed in Iranian mountains 'believed dead' » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/png)
Favicon for Finance News - Business news from the UK and world 09:38 Brendan Cox: Husband of murdered MP quits charities after sexual assault allegations  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 08:03 Pictures of the Day: 18 February 2018 » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 08:00 Sky netted a sweet Premier League deal but the TV rights bubble isn’t over » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
The value of TV packages may have plateaued in the UK but footie bosses aren’t worried, with the game’s appeal growing globally and the likes of Amazon on the sidelines

On the face of it, the outcome of the latest battle for Premier League TV rights appears to be business as usual. Sky has taken the lion’s share of the best matches, extending its stranglehold on the biggest prize in British sports broadcasting to at least three decades, with BT slotting into second place.

But with Amazon in the running for at least one of the two remaining rights packages, Rupert Murdoch poised to take full control of Sky and then sell it to Disney, and BT calling time on its big spending on sports rights, it is a seminal moment.

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Favicon for Finance News - Business news from the UK and world 08:00 NHS brings in three month minimum waiting times despite warnings patients will suffer  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 07:59 RBS looks to be in the money – but looming fine may put paid to that » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
The bank’s reporting a profit for the first time in 10 years but its troubles aren’t over – and it’s not the only one in difficulty

This week should be a landmark for Royal Bank of Scotland. The publication of its annual results on Friday should mark the first time since the financial crisis that the taxpayer-backed bank has reported a profit for shareholders.

RBS’s dire run started in 2008, when it racked up a loss of £24.1bn – the biggest in UK corporate history. The bank almost collapsed that year under the weight of more than £8bn of bad debts and £16bn of write-offs from its disastrous takeover of ABN Amro.

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Favicon for Finance News - Business news from the UK and world 07:24 Oxfam was warned a decade ago about the crisis in sex abuse among world's aid workers » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 07:00 British actresses demand end to sexual harassment ahead of the Baftas  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 06:06 Florida shooting: Donald Trump blames FBI's Russia probe for failure to spot suspect's warning signs » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 04:58 Almost 20 years after Columbine, a new generation of students in US have had enough » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for BBC News - Business 03:52 MPs want Brexit fund for UK farmers » Post from BBC News - Business Visit off-site link
The Environment, Food and Rural Affairs Committee has criticised the lack of clarity for farmers post-Brexit
Favicon for Finance News - Business news from the UK and world 01:57 Conditions in British prisons 'worst in a generation' » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 01:03 You’ve heard about the north-south divide. How about the west-east one? | Will Hutton » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
Geographical inequalities are the result of historical legacies and a fractured economy

Place has always been destiny in Britain, but never more so than in 2018. Pity the child born in Weymouth, Corby or Carlisle, locked into poor schools, a lacklustre economy and few decent jobs; if he or she had been lucky enough to be born in Tower Hamlets, Hackney or Westminster, their life chances might have been transformed. Where you are born in Britain, and England in particular, is becoming ever more a treacherous geographical lottery.

Nor is the divide any more just the well-known one between north and south. So relatively strong are the performances of Bristol and Manchester, with Liverpool hard on their heels, that overlaid on the old north-south split is the beginnings of a new one – an east-west divide. Parts of the north-west such as Trafford and North Cheshire are strong economic and social performers, while the towns along the M4 and Bristol itself are doing pretty well.

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Favicon for Finance News - Business news from the UK and world 01:01 Housing complaints overhaul targets rogue landlords  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 01:01 Government urges councils to waive road closure charges for Prince Harry and Meghan Markle's wedding » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)

News stories from Saturday 17 February, 2018

Favicon for Finance News - Business news from the UK and world 22:52 13 dead after helicopter crash at Mexico earthquake site » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 22:30 Train companies claim uncomfortable 'ironing board' seats are due to strict Government regulations » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 22:30 Calls for inquiry over financial abuse of vulnerable care home residents as figures show 13,000 have been affected  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 22:25 Tracy Brabin calls for self-employed to be able to share parental pay » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
Former actress wins cross-party support for her bill to give ‘gig’ workers the same rights as staff

Actors, performers and workers of the gig economy unite! An increasing number of Britons are living the precarious, job-to-job existence already familiar to performers.

In response to this widespread change to patterns of employment, Tracy Brabin, the actress-turned-Labour MP, is to introduce a bill on Wednesday to bring in shared parental pay for people living the kind of insecure working life she used to lead.

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Favicon for Finance News - Business news from the UK and world 22:00 X-rays reveal secret side to Picasso's blue period masterpiece » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 22:00 World's first human-sheep hybrids pave way for diabetes cure and mass organ transplants » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 21:00 City trader sues business partner for £1m over supercar fleet deal that broke down » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:54 Gary Oldman did not sleep or eat to keep Winston Churchill transformation in place, make-up designer reveals » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:40 Florida shooter left chilling trail of anti-Semitic, racist, homophobic messages in Instagram group chat  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:38 Rugby player Damian Browne completes solo row across Atlantic Ocean  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 20:16 Labour 'bullying' row as MP says she is 'ashamed' to witness treatment of female policy chief  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 20:00 Turnbull’s attack on Emma Alberici’s tax-cut analysis doesn’t add up | Greg Jericho » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

There’s a bit of smoke and mirrors involved when companies say tax concessions are needed to increase wages

The battle over company tax cuts is hotting up and the response by the government and the business sector to analysis by ABC’s Emma Alberici – on the impact of such tax cuts and evidence that one in five of the largest corporations in Australia paid no tax over the past three years – shows how worried they are that they are losing the fight.

On the same day Alberici’s article was published, the prime minister referred to it during question time as “one of the most confused and poorly researched articles I’ve seen on this topic on the ABC’s website”. Meanwhile, the Qantas chief executive, Alan Joyce, argued in the Australian that there were good reasons why the airline hadn’t paid tax in the past and that whether it did or not was irrelevant when it came to the issue of arguing for a lower tax rate.

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Favicon for Finance News - Business news from the UK and world 19:30 Fathers take more days off work to care for sick children than mothers, survey of parents shows  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 18:45 Polish PM draws ire with claim of Jewish Holocaust 'perpetrators' » Post from Finance News - Business news from the UK and world Visit off-site link
Favicon for Finance News - Business news from the UK and world 18:19 Boy and grandfather killed after train hits their car at a level crossing  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 18:00 Labour is dreaming if it believes Britain wants socialism » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
The government might be in disarray but anxious over-50s, keen to protect their wealth and savings, have still got its back

At this stage of the Brexit talks there seem to be few barriers to the Tory party dominating the outcome. It’s not the string of opinion polls showing Theresa May either ahead, neck and neck or only marginally behind Labour, all of which are stunningly positive survey results for a government in such disarray.

Nor is it the way Boris Johnson and Anna Soubry slug it out with passion and alternative visions of Brexit, while Labour MPs merely lament the referendum result, stymied by a leadership that has so far preferred to play tactical games rather than put forward its preferred post-Brexit relationships.

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Favicon for Finance News - Business news from the UK and world 17:11 Opera classics threatened by #MeToo movement, says top tenor » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 17:00 Apocalypse now for Britain’s retailers as low wages and the web cause ruin » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
Big-name stores are teetering on the brink. Without radical action to bring back shoppers, UK high streets will be wrecked

“Who’d be a retailer now?” That was the comment from City economist Jeremy Cook when the latest set of grim retail sales data was released by the Office for National Statistics last Friday. “The average Brit,” he added, “has spent the past few years living by the mantra ‘When the going gets tough, the tough go shopping.’”

After a grim December, many had been hoping for a bounceback, but the figures showed that consumers were not as hardy as they once were, said Cook, and the retail sector was facing a long-term, continuing slowdown.

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Favicon for Finance News - Business news from the UK and world 16:52 Largest earthquake for a decade hits Wales and west of England  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 16:13 The AR-15 assault rifle: everything you need to know » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 16:00 Scientists create first human-sheep hybrid paving way for diabetes cure and mass organ transplants » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 14:47 British Isil fighter who plotted UK attack reportedly killed in secret targeted RAF mission » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 14:43 UK savings rates rise, but still lose out to cost of living » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

We pick short-term accounts and Isas that sould give you a return nearer the inflation rate

Interest rates on savings accounts are finally starting to creep upwards, but savers are still losing more to inflation than they are earning from interest, according to Moneyfacts.

The financial data analysts said this week that rates across the savings market have risen for 13 consecutive months, and are continuing to outweigh cuts.

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Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 14:43 Self-employed? Here’s how to get a mortgage » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media
A third of people think lenders are biased against them, but there are ways to win them over

The number of people who are self-employed has increased dramatically since 20001, jumping from 3.3 million to 4.8 million. Do their precarious earnings mean they can’t get mortgages? Will they be treated as second-class citizens by the lenders? Sadly that will be the case for many, especially those in the low-paid “gig economy”. But don’t give up all hope: those who have more dependable earnings, and, crucially, good records of their income, can still land a decent deal.

Firstly, let’s demolish the myth that there is a category of loans called the “self-employed” mortgage. People who work for themselves are able to get the same rates as everyone else; the problem is, they have more complex incomes and must be able to prove their earnings.

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Favicon for Finance News - Business news from the UK and world 14:33 More than 50 firefighters tackle large blaze in London's West End » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 14:25 Mounting fury as holidaymakers have to pay to access Pyrenees  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 13:54 Accusations of Moscow troll campaign to sway US election are 'blabber', says Russian foreign minister » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 13:42 Florida shooting suspect Nikolas Cruz was member of school’s rifle team and described as a ‘very good shot’  » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 13:14 Oxfam sex scandal is 'tip of the iceberg', Haitian president claims » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 13:06 Parents call for public execution as serial killer paedophile sentenced to to death in Pakistan » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Finance News - Business news from the UK and world 12:12 Chichester Cathedral launches fundraising appeal to restore medieval roof, in pictures » Post from Finance News - Business news from the UK and world Visit off-site link View media (image/jpeg)
Favicon for Latest financial, market & economic news and analysis | guardian.co.uk 11:09 Not so fresh: why Jamie Oliver’s restaurants lost their bite » Post from Latest financial, market & economic news and analysis | guardian.co.uk Visit off-site link View media

The chef’s chains are facing a crisis on the high street. Where did it all go wrong?

Jools Oliver, wife of the celebrity chef Jamie Oliver, set social media abuzz in December when she posted pictures of the couple’s £9m home. The seven-bedroom, Grade II-listed property in London’s rarefied Hampstead was as sumptuous as might be expected for a chef who has built a £150m fortune from a business spanning books, TV, endorsements and restaurants.

But as Jools’s followers admired the fruits of Oliver’s success, he was battling to save Jamie’s Italian, the centrepiece of his restaurant division. In December, Oliver pumped £3m of his own money into the business, and in January the chain said it would close 12 of its 37 UK branches, as part of a rescue deal with its creditors to keep trading.

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