Money

FTSE 100 set for modest gains as shares in Boohoo and JD Sports move on collapse of Sir Philip Green’s Arcadia

The FTSE 100 was set to hold steady today with traders forecasting a modest gain in early trading as the collapse of Arcadia focused minds on the difficult state of the Covid economy. Sir Philip Green’s TopShop to Dorothy Perkins empire collapsed last night after a day of haggling between Sports Direct tycoon Mike Ashley and Arcadia’s advisers, who ended up rejecting his offer of a lifesaving loan. The business will now be broken up, which could...


OECD sees global economy turning the corner on coronavirus crisis

OECD sees global economy turning the corner on coronavirus crisis


European and Asian markets buoyed by COVID-19 vaccine hopes

European and Asian markets are showing a broad base of support for the prospect of a COVID-19 vaccine kickstarting the global economy on Tuesday. Strong Asian data also underpinned the rally, including China’s November Caixin manufacturing PMI beating estimates at 54.9 (vs 53.5 expected), the highest reading in 10 years. Further, Japan’s final manufacturing PMI came in 0.7pts above the flash at 49.0. The European Stoxx 600 index (^STOXX) was up...


Asian manufacturing boom offers hope for swifter global recovery from Covid

Hopes that the world will bounce back from the ravages of coronavirus in the new year have been buoyed by strong growth in output from Asia’s huge manufacturing centres, led by an accelerating post-pandemic boom in China. China’s factory activity expanded at the fastest pace in a decade in November, a closely watched survey showed on Tuesday, in the latest sign that the world’s second-largest economy is recovering to pre-pandemic levels. China’s...


Billionaire brothers warn Caffe Nero after bid rejection

The billionaire brothers who are in the process of buying Asda have warned Caffe Nero that its proposed restructuring will face a legal challenge after the coffee shop chain snubbed their takeover bid.


Arcadia staff rights for redundancy pay and pensions as Top Shop owner collapses

Arcadia, the group that owns Topshop Dorothy Perkins and Burton, has entered administration - this is what it means for workers rights over redundancy, holiday pay and pensions of current and former staff


Manufacturing boosted by Brexit stockpiling, but consumer spending hits sector

The closely-followed IHS Markit / CIPS Purchasing Managers’ Index hit 55.6 in November – anything above 50 is seen as a sector in growth.


Astrazeneca sells cholesterol drug to German firm for $320m

Astrazeneca has announced that it will sell the rights to its blockbuster cholesterol drug to German firm Gruenenthal GmbH for The post Astrazeneca sells cholesterol drug to German firm for $320m appeared first on CityAM.


Can I find all of my deceased's fathers bank accounts in one place?

Do you know of a definitive way to search online banks in one go? Something similar to the 'My Lost Account' search but for an active account.


Winklevoss twins say Bitcoin will soar to $500,000 and surpass gold

LONDON/NEW YORK, Nov 30 (Reuters) - Bitcoin jumped to an all-time high on Monday after a sharp tumble last week checked its 2020 rally.The virtual currency...


Volkswagen faces leadership crisis as CEO demands confidence vote

Volkswagen faces leadership crisis as CEO demands confidence vote


What Arcadia going into administration actually means for retail workers

Arcadia Group, which owns Topshop, Topman, Miss Selfridge, Dorothy Perkins, Evans, Wallis and Burton, has gone into administration. But what does that actually mean for shoppers and, crucially, for the people whose jobs depend on it? When the management of a company can no longer afford to pay their debts, they might hand over its control and assets to administrators who, in Arcadia’s case, are from Deloitte. The administrators will try to stop...


Unicredit shares drop after chief executive steps down

Shares in Unicredit fell nearly eight per cent on the open following the announcement that its chief executive would step The post Unicredit shares drop after chief executive steps down appeared first on CityAM.


Lastminute.com to refund over £7m for holidays cancelled due to COVID-19

Online travel and leisure retailer lastminute.com (0QT0.L) has agreed to pay out over £7m ($9.4m) to customers who have been waiting for refunds for package holidays cancelled due to the coronavirus pandemic, following action from the government. The Competition and Markets Authority (CMA) said it investigated the company after receiving hundreds of complaints that people were not receiving refunds. More than 9,000 customers whose holidays were...


Credit Suisse shifts senior EMEA dealmakers to new client advisory group - memo

Credit Suisse shifts senior EMEA dealmakers to new client advisory group - memo


December is the best time to buy these products

Slashing your monthly credit card bill is surprisingly simple—all you have to know is when everyday items go on sale. Think of the savings! From TVs to sweet treats, here’s a look at what retailers regularly offer deep discounts on in December.


Business minister hints at possible investigation into Arcadia collapse

Sir Philip Green and executives at Arcadia could face a possible investigation into the collapse of the TopShop-owner. Arcadia collapsed into administration on Monday night, putting 13,000 jobs at risk and creating uncertainty for pensioners. Management blamed the COVID-19 crises for the company’s demise. Government ministers suggested executives could be at fault and hinted at a possible investigation into the company’s collapse. READ MORE:...


Unemployment falls in Germany despite partial coronavirus shutdown

The unadjusted jobless rate declined to 5.9% last month.


25 ways to save cash this Christmas - from scrapping sprouts to shopping hacks

EXCLUSIVE: Finance blogger Lynn Beattie, who is better known as Mrs Mummypenny, has shared her helpful tips and trips on how to save money for Christmas 2020


Bitcoin price - LIVE: Cryptocurrency value hits all-time high, now worth more than JPMorgan Chase

Bitcoin has experienced a remarkable price resurgence in recent months, rising to a record all-time high after more than two years of plummeting prices. The latest rally of the notoriously volatile cryptocurrency comes amid a flurry of institutional investment news, which has taken btc close to the peak it reached in December 2017 of $20,052 (£15,025). Other major cryptocurrencies – including Ethereum (ether), Ripple (XRP) and bitcoin cash – are...


Claiming universal credit when you have savings: Six tips to protect your funds AND eligibility for this vital benefit

Many people are being forced to seek universal credit for the first time due to the Covid-19 crisis, and those who have savings may see their entitlement to the benefit reduced. Kay Ingram of LEBC explains.


Flat-pack tiny homes that go up in no time

Looking for a flat-pack tiny house design you can assemble in double time? These prefab tiny homes could make all your dwelling dreams come true...


Oil price swings as OPEC divisions deepen

Divisions within the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have been laid to bear after hours of talks on Monday about oil production broke down. Despite the tensions, oil prices modestly gained ground and subsequently lost momentum during trading on Tuesday. The benchmark Brent price (BZ=F) swung in trading on Tuesday, up around 0.9% to $48.14 (£35.40) per barrel at 9:10am in London. WTI crude also gained 0.7%...


stamp duty holiday and vaccine confidence sees prices rise at fastest rate for six years

House prices are surging at their fastest rate for almost six years in a “Rishi rally” as buyers scramble to cash in on the Government’s stamp duty holiday. The average cost of a home in the UK rose 6.5 per cent in the year to November an acceleration from the 5.8 per cent annual increase recorded in October, according to latest figures from leading mortgage lender Nationwide. Prices have not risen faster since January 2015. The average cost of...


Bitcoin and other cryptocurrencies: the ins and outs


Lloyds chief António Horta-Osório to chair Credit Suisse

The outgoing boss of Lloyds Banking Group is taking over as chairman at Credit Suisse, where he will be left to deal with the fallout of the Swiss lender’s spying scandal. Credit Suisse announced on Tuesday that it had chosen António Horta-Osório to replace chairman Urs Rohner, who promised to step down earlier this year after the bank ousted ex-chief executive Tidjane Thiam after the corporate espionage row. The 56-year-old Portuguese banker,...


OECD downgrades UK economic outlook ahead of Brexit deadline

The OECD has downgraded its outlook for the UK economy amid surging coronavirus cases and has warned of a “serious” The post OECD downgrades UK economic outlook ahead of Brexit deadline appeared first on CityAM.


WTW: Arcadia’s reign ends, Boohoo boosted by high street shake up and UK banks lead FTSE gains

Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and around the world. Arcadia’s reign ends Once one of the UK high street’s most celebrated names in fashion, Arcadia has been placed into administration, a form of bankruptcy. Deloitte confirmed in a statement late on Monday that they had been appointed as administrators for the retail group owned by billionaire Sir Philip Green. The company...


EU stockpiles UK factory goods as firms brace for Brexit disruption

UK factory growth accelerated in November, with EU firms increasingly stockpiling British goods amid fears of Brexit disruption. A majority of manufacturers in a leading industry survey report busier trade over the past month, with the pace of expansion accelerating compared to October. Analysts had expected growth rates to remain unchanged month-to-month. Purchasing managers’ index (PMI) data published on Tuesday showed production at almost a...


What are your rights if a retailer goes into administration?

From getting a refund to gift cards, know your rights if a retailer goes into administration.


Retail company Arcadia goes into administration - these are the high street chains in jeopardy


What to do if you are feeling anxious about money in the run-up to Christmas

Here are 7 tips to help you feel less overwhelmed.


Missed opportunities that cost billions

These people and companies blew the business opportunity of a lifetime.


Deutsche Bank to cut one in three jobs at retail banking hubs - document

Deutsche Bank to cut one in three jobs at retail banking hubs - document


Amazon workers are fighting for their rights. This holiday season, think of them

In the early hours of 27 November – as shoppers around the world woke up to a frenzy of Black Friday bargains – workers at Amazon’s fulfillment center in Poznań, Poland, went on strike. Since March, CEO Jeff Bezos has seen his personal wealth soar: in a single day this July, Bezos made more than $10bn, the largest jump in individual wealth in human history. Meanwhile, Amazon workers have been forced to work long hours in precarious conditions at...


Exclusive: LG Chem to double China battery capacity to meet Tesla demand - sources

Exclusive: LG Chem to double China battery capacity to meet Tesla demand - sources


UK's Topps Tiles posts loss, sees more pain on virus hit

UK's Topps Tiles posts loss, sees more pain on virus hit


We need to pay heating and electricity bills for our office despite fewer workers coming in this winter - is there a way to save money?

We currently have about a third of our staff in the office on any given day but still have to heat and light the premises the same amount as before. How can we save money on our energy bills?


'Big shoes to fill': UniCredit shares tumble as CEO Mustier quits

'Big shoes to fill': UniCredit shares tumble as CEO Mustier quits


Debenhams to be liquidated in hammer blow for UK retail sector

Debenhams to be liquidated in hammer blow for UK retail sector


Pound in focus as UK minister says fishing ‘matters hugely’ in Brexit deadlock

A UK minister has warned the EU that Britain will not be “tied to their way of doing things,” as the deadlock continues in Brexit trade talks. But the pound edged higher on Tuesday, amid more positive noises from Ireland’s prime minister and a weakening dollar ahead of a public appearance by US Federal Reserve chair Jerome Powell. Taoiseach Micheal Martin said he was “hopeful” an agreement could be reached by the end of the week. Only 30 days...


UK food bank trust says half of users repaying universal credit debts

It is now more common for people using food banks to be in debt to the government than to family and friends or payday loan companies, the Trussell Trust has said. The UK’s biggest food bank network said half of all households visiting food banks struggled to afford essential goods such as food and clothes because they were repaying universal credit debts. The organisation said monthly deductions taken from claimants’ payments – in most cases to...


UK PMIs: Manufacturing beats forecasts to rise for sixth month in a row

UK manufacturing activity increased for the sixth straight month in November as factories brushed off the impact of the second The post UK PMIs: Manufacturing beats forecasts to rise for sixth month in a row appeared first on CityAM.


Debenhams is set to close, putting 12,000 jobs at risk

The department store went into administration in April.


How to claim the self-employed grant: Who can apply for 3rd SEISS payment of up to £7,500 from HMRC today

The third round of coronavirus support from the Government is worth up to £7,500


Glencore takes over Orsted's LNG supply contracts following acquisition

Glencore takes over Orsted's LNG supply contracts following acquisition


Last of the big spenders? How Covid prompted a new frugality

One of the many changes lockdown has wrought in me is that I’ve grown to dislike spending money. Previously, I was pretty free with it.


European regulator to decide Dec. 29 on 1st virus vaccine

BERLIN (AP) — The European Medicines Agency will convene a meeting on Dec. 29 to decide if there is enough data about the safety and efficacy of the COVID-19 vaccine developed by Pfizer and BioNTech for it to be approved, the regulator said Tuesday. The agency also said Tuesday it could decide as early as Jan. 12 whether to approve a rival COVID-19 vaccine developed by Moderna Inc. The German pharmaceutical company BioNTech and its U.S. partner...


Millennial Money: Be effective with your generosity in 2020

If you’re fortunate enough to be able to donate money this year, plenty of causes need your attention. In a year like 2020, choosing where to direct your dollars is like picking your favorite child. Should your money go toward nonprofits providing basic needs, organizations fighting for social justice or a campaign to help local small businesses stay afloat? If you prefer donating your time, how do you give back when volunteer events are limited...


BUSINESS LIVE: Debenhams to be wound down; Arcadia goes bust; Pets at Home makes £100m asset sale

Sir Philip Green's Arcadia retail empire has fallen into administration with 13,000 jobs and hundreds of stores at risk.