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Pound jumps on Bank of England Governor’s rate rise hint

Pound jumps on Bank of England Governor’s rate rise hint

Image copyright Getty Images The pound jumped nearly 1% after the governor of the Bank of England suggested that interest rates could rise if business investment grows. Sterling rose to $1.2936 against the dollar after Mark Carney said that “some removal of monetary stimulus is likely to become necessary”. He said a change would depend […]

Tesco to axe 1,200 head office jobs

Tesco to axe 1,200 head office jobs

Image copyright Getty Images Tesco plans to cut 1,200 jobs at its head office as part of a major cost-cutting drive. The UK’s biggest supermarket told staff on Wednesday morning about the cull, which amounts to a quarter of its workforce in Welwyn Garden City and Hatfield. Tesco is implementing a turnaround plan that aims […]

Tax software blamed for cyber-attack spread

Tax software blamed for cyber-attack spread

Image copyright Microsoft Image caption Microsoft has published some of the ransomware code A global cyber-attack that affected companies around the world may have started via corrupted updates on a piece of accountancy software. Fingers are increasingly pointing to a piece of Ukrainian tax-filing software, MEDoc, as the source of the infection, although the company […]

Watchdog cracks down on £7tn investment industry charges

Watchdog cracks down on £7tn investment industry charges

Image copyright Reuters Investors must be quoted an “all-in fee” to make charges more transparent in a shake-up of the investment sector, the City regulator has confirmed. The Financial Conduct Authority (FCA) said that the asset management sector held the savings of millions of people. Yet despite “sustained, high profits” for these firms, there was […]

Air India cleared for privatisation by Delhi

Air India cleared for privatisation by Delhi

Image copyright Getty Images India’s cabinet has approved plans to privatise Air India. The debt-laden airline has been struggling to become profitable amid growing competition from low-cost rivals. Finance minister Arun Jaitley said the government had given an “in-principle” approval for the stake sale. India will form a committee to decide on the details, including […]

Sir Philip sold BHS to dodge pension cost, says regulator

Sir Philip sold BHS to dodge pension cost, says regulator

Image copyright PA Image caption Sir Philip Green gives evidence to the Business, Innovation and Skills Committee and Work and Pensions Committee on the collapse of BHS. The controversial businessman Sir Philip Green sold the BHS business to dodge responsibility for its insolvent pension schemes if the firm should go bust, says the Pensions Regulator. […]

Mobiles ‘fast replacing’ bank branch visits

Mobiles ‘fast replacing’ bank branch visits

Image copyright Getty Images Image caption The traditional image of bank branches is a little like this scene from the 1970s Typical consumers will visit a bank branch four times a year by 2022, turning instead to their mobile phones for services, according to forecasts. At present, people visit seven times a year on average, […]

Global ransomware attack causes chaos

Global ransomware attack causes chaos

Image copyright Screenshot Image caption Many reports suggest that screens around the world are getting this message, indicating a ransomware attack is to blame. Companies across the globe are reporting that they have been struck by a major ransomware cyber-attack. British advertising agency WPP is among those to say its IT systems have been disrupted […]

Britain’s best and worst shopping districts ranked

Britain’s best and worst shopping districts ranked

Image copyright Harper Dennis Hobbs Image caption Shields Road, Byker, is Britain’s least vibrant shopping district, according to new rankings Shields Road in Byker, Newcastle-upon-Tyne is the least attractive location to open a shop, according to a list ranking Britain’s retail centres. Property advisors, Harper Dennis Hobbs judged 1,000 shopping districts on how well the […]

Savers face ‘never-ending battle’

Savers face ‘never-ending battle’

Image copyright PA Nine out of 10 easy access savings accounts pay interest of less than 1% – exposing a “fundamental flaw” in the market, Moneyfacts has said. The financial information service said that there was a lack of competition among the biggest banks, which account for 70% of the market. The cost of living […]

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