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Pound bounces ahead of Brexit talks – BBC News, BBC News

Pound bounces ahead of Brexit talks – BBC News, BBC News


Pound/Euro

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Live Reporting

By Jill Treanor and Tom Espiner

All times stated are UK

  1. Part- time working ‘by choice’ on the up

    Since June 2014, all UK employees have had the right, by law, to request flexible hours, although carers and parents have had the right to request flexibility to care for dependants since 1996, the Office for National Statistics says .

    (In) , of all people who worked in the public sector, 42% said that they worked flexibly – including flexitime, compressed hours, annualized hours, term-time only working, working on-call and zero hours contracts. (Only) % of private sector workers said that flexible working was part of their agreed working pattern.

  2. Japan ‘would welcome Britain to trade pact’

    Yasutoshi Nishimura

    Copyright: Getty Images

    )

    Japanese Economy Minister Yasutoshi Nishimura has said he expressed support for Britain’s participation into the Trans-Pacific Partnership in a meeting with trade secretary Liz Truss on Friday.

    Mr Nishimura also told reporters he thought free trade is important for the development of the world economy.

  3. Ryanair should take note of protest

    BBC Radio 5 Live

    Wake Up To Money

    Ryanair's group chief executive Michael O'Leary

    Copyright: Getty Images

    Nearly half of Ryanair’s shareholders voted against a pay deal for Michael O’Leary (pictured) that could hand the chief executive € (m) £ 88 m).

    That was at the airline’s annual general meeting on Thursday.

    Mark Burgess, chief investment officer of Columbia Threadneedle Investments, said his firm had voted against the deal and that the level of protest should make the company “sit up and take notice”.

    “The potential award…. is just unnecessarily large and given that Ryanair has some problems with labor relations I can’t image those sort of headlines will help its negotiations with its pilots, “said Mr Burgess.

  4. Conservatives’ more interested in fracking ‘says Labor

    Cuadrilla fracking in Lancashire

    CuadrillaCopyright: Cuadrilla

    Labor has welcomed news that twelve renewable energy projects have won government price guarantees – so-called contracts for difference.

    Rebecca Long Bailey MP, Labor’s Shadow Business and Energy Secretary, said: “This is fantastic news and demonstrates that the UK can continue to lead the world in wind power – with the right level of ambition from government. It is now clear that investing in wind power will not only save the environment, but can bring down bills too.

    “Unfortunately, the Tories seem more interested in pushing dangerous fracking and maintaining our dependence on fossil fuels than the massive investment in renewables we will need to tackle the climate emergency.

    “Labor has set out plans for a seven-fold increase in offshore wind by 2030, creating 120, 000 good, unionized jobs as part of our ‘green industrial revolution’. ”

  5. (Twelve renewable energy projects win price guarantees)

    Wind farm

    Copyright: Getty Images

    Pound/Euro

    The government has announced that twelve renewable energy projects have won so-called contracts for difference, which guarantee energy prices for suppliers.

    The energy generated will be enough to power seven million homes, and the projects, which are mainly offshore wind, are expected to come online “below market prices and without additional subsidy on bills “, the government said.

    Prime Minister Boris Johnson said: “The UK is leading the way in the fight against climate change, and it’s great news that millions more homes will be powered by clean energy at record low prices.

    “Seizing the opportunities of clean energy not only helps to protect our planet, but will also back businesses and boost jobs across the UK. “

  6. Trader loses $ 320 m in ‘unauthorised’ oil trading

    oil

    Copyright: Getty Images

    An employee of Petro- Diamond Singapore, a subsidiary of Japanese firm Mitsubishi, has lost $ 320 m in unauthorised trading, the firm says.

    The employee was hired to handle crude oil trading with China and “was discovered to have been repeatedly engaging in unauthorised derivatives transactions and disguising them to look like hedge transactions since January of this year “, Mitsubishi said.

    “We are now examining the total amount of losses, ”it added, saying the derivative positions had been closed.

    A fall in crude prices from July resulted in “large losses” , and the subsidiary began investigating the employee’s trading in the middle of August.

    The employee has been fired and Petro-Diamond Singapore has filed a complaint with the police.

  7. Investec shares down

    notes and coins

    Copyright: Getty Images

    Shares in Investec are down around 6% after the banking and asset management firm warned its half-year profits would be “slighty” below those of a year ago “given challenging market conditions”.

    The company, which also has a stock market listing in South Africa, said that its UK special ist banking business “is expected to report adjusted operating profit significantly behind the prior period”.

    ” Market variability and persistent uncertainty relating to Brexit and global trade wars, has negatively impacted investment banking fees and trading income. “the company said.

  8. Manufacturers’ concerns

    Today Program

    (BBC Radio 4)

  9. More on those ideas to avoid a hard border, include creating an “all-Ireland” regulatory regime to avert checks at the border.

    To date, the idea appears to be aimed at food and agriculture.

    Stephen Kelly, chief executive of Manufacturing Northern Ireland, a trade body representing manufacturers in Northern Ireland, told BBC Radio 4’s Today Program that he was a “little

    “The UK is still to define what it’s future economic model is. Until it defines that it can’t define what it’s economic partnership should be with the EU so it can’t solve the Northern Ireland border, “he said.

    Which is why the backstop is need, he said, and what is now being suggested is a “good start”. But food represents a third of all trade that passes through the border and the engineering sector is bigger.

    Without an agreement, what happens on 1 November? “It’s pretty dire. What’s forecast is that 7% of private sector jobs would be lost, largely concentrated in the manufacturing sector.”

  10. ‘Deal with one of the three borders’

    Today Program

    BBC Radio 4

cows

Copyright: Getty Images

More from Declan Billington, chief executive of Northern Ireland’s largest animal feed processor Thompsons, and an ad visor to the government on the backstop alternatives, on the Irish backstop.

He told BBC Radio 4’s Today about the extra food checks that could be required if Northern Ireland becomes a “third country”.

At the moment, 18, 000 health certificates are generated. “We will need 1.9 certificates. For every vet that is writing a certificate today we will 100 vets writing certificates. That’s the first challenge “.

The second is the righ t to inspect food which requires 24 hours notice, which need to go through inspect posts, which could push up costs and cause delays.

But, he said, the ideas being floated would “deal with one of the three borders”.

“Even Northern Ireland businesses serving the south east of England with fresh product will end up having to freeze their product to minus 16 degrees and require veterinary certificates to travel through Ireland … to the south east of England which the only effective, logistical route.

There are still concerns, though, about issues such as smuggling and when the UK negotiates new trade deals there will be variations in tax.

“It’s been estimated … high value cuts of meat, they could be as much as four or six thousand pounds a pallet diff erence “.

Pound/Euro

  • Three borders

    Today Program

    BBC Radio 4

    pic

    Copyright: Getty Images

    Pound/EuroThe Irish backstop has been the sticking point to a deal for the UK to leave the EU. But Jean Claude Juncker has indicated that he’s prepared to scrap the controversial plan if the UK has a viable alternative – which has helped the pound gain ground against the dollar.

    The idea said to be circulating around Westminster and Brussels is one of creating an “all-Ireland” regulatory regime for agriculture and food, with a mix of technology and trusted trader schemes to avert checks at the border.

    Declan Billington, chief executive of Northern Ireland’s largest animal feed processor Thompsons, is an advisor to the government on the backstop alternatives, and told BBC Radio 4’s Today about the situation.

    “If we want to think about the border we should about think about three borders.There is a customs declaration which all about complex paper work to determine the taxation.There is also tax border and for every food product a food s

    “So the focus is on one of those three issues, food safety, and we if talk about about food safety we’re part of a single market so goods flow freely across the border from town to town just as they do anywhere else in England. When we leave become a third country, “he said.

    And that raises stringent requirements, he said.

  • Thomas Cook: What do customers need to know?

    Thomas Cook

    (PA Media)Copyright: PA Media

    If you are on a package holiday you are covered by the Air Travel Organiser’s License scheme (ATOL).

    The scheme will pay for your accommodation abroad, although you may have to move to

    ATOL will also pay to have you brought home if the airline is no longer operating.

    If you have holiday booked in the future you will also be refunded by the scheme.

    If you have booked a flight-only deal you will need to apply to your travel insurance company or credit card and debit card provider to seek a refund.

    When Monarch Airlines collapsed in 2017, the government organized to bring home all the stranded passengers, whether they were covered by ATOL or not.

  • ‘Reasonable prospects’ of Thomas Cook deal

    shares

    (BBC)Copyright: BBC

    A more on Thomas Cook, which is in danger of going into administration this weekend if the company cannot secure £ 200 m in extra funding in order to secure its future.

    Thomas Cook’s banks, including Royal Bank of Scotland and Lloyds, are insisting the cash-strapped travel firm must come up with the new contingency funds, in case it needs extra finance to draw on during the winter months.

    If Thomas Cook collapsed, it would leave 150, 000 British holidaymakers stranded and require the Civil Aviation Authority to repatriate them at an estimated cost of £ 600 m.

    Sources close to the talks insisted that there were still ‘reasonable prospects’ of a deal, but that the coming 24 hours were crucial to the travel group’s survival.

    Its shares, which have already been pummelled (the chart is for the last five years, are now worth even less, slumping 24% to 3. 42 p, giving the company a stock market value of around £ 50 m.

  • Japan stocks gain

    Japan’s Nikkei 225 index added 0.2% to close at 22, 079. 09. For the week, the index gained 0.4%.

  • (London open)

    LSE

    )Copyright: Getty Images

    The FTSE 100 is starting the day around 40 points lower at 7, 356.

    Rolls-Royce is the biggest faller, down around 2%, after announcing further delays with i TS Trent Engines.

    Banks are among the gainers, up 1.5%, including Royal Bank of Scotland, which has just confirmed Alison Rose will be its new chief executive.

    The FTSE 250 is around 13 points higher at 20, (*****************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************.

  • Ross McEwan’s pay deal

    RBS

    Copyright: Getty Images

    Royal Bank of Scotland, which owns NatWest, has also announced the terms under which Ross McEwan will leave.

    He is going to Australia to run National Australia Bank. RBS has concluded he is a “good leaver” and that means that long-term share awards granted in previous years will pay out in years to come – depending on performance.

    But if all the performance criteria are reached, and based on last night’s share price, they could be worth around £ 7.8m.

  • Why does the US have a short-term funding problem?

    Today Program (BBC Radio 4)

    US dollars

    Copyright: Getty Images

    Emergency plumbing is always a somewhat ominous sign. And that, in a financial sense, is what the US central bank has had to do this week – pump in cash to flush out a blockage in the system caused by a shortage of short terms funding available for banks.

    It’s had to intervene in what’s called the repo – or repurchase market – and is promising to do so again today. The last time the Federal Reserve had to do this was during the financial crisis in 2008.

    Jane Foley, head of FX strategy at Rabobank told Today: “It’s the very important plumbing of the liquidity system. Generally with plumbing systems, we don’t want to pay a lot of attention to it. “

    She said it wasn’t completely clear why there was a sudden shortage of liquidity, but it could be to do with the fact that in the last week the Treasury sold a lot of debt, which “sucks” liquidity out of the system.

    “It’s also around a time where tax payments have to be pay again at some stage, which takes more liquidity out of the system, “she added.

    “But generally, since the global financial crisis, banks have had more regulation, they have to hold more cash with perhaps again more availability of cash in the system and the central bank is also thinking of selling some of these bonds that it has bought as a consequence of quantitative easing and that too has been sucking liquidity out of the system. “

  • Pound on the up

    Chief Economist at Investec, London tweets

  • Rose ‘huge honor’

    Alison Rose

    Copyright: TOM PARKES / RBS

    Here’s what Alison Rose -who has been linked to the RBS job for months – has to say.

    “It is a huge honor to have been appointed as the new chief executive of RBS and I am looking forward to getting started. As one of the oldest and most important financial institutions in the UK, we have a key role to play in supporting the economy and championing the potential that exists across the country, “she said.

    “Maintaining the safety and soundness of this bank will continue to underpin everything we do, as will our commitment to our customers and to delivering steady returns for our shareholders. “

    Her salary will be £ 1.1m, with a fixed share allowance of the same amount and benefits of £ 26, 250. She will get pension of 10% of her salary.

    Her predecessor Ross McEwan had a £ 1m salary.

    She will get 10% of her salary for a pension, and bonus in shares worth, depending on performance, 175% of salary.

    “Remuneration for Alison has been set at a level that reflect the fact that the current CEO’s salary has been unchanged since his appointment in 2013, “the bank said.

    Pound/Euro

  • (Eve calls off talks

    sleeping person

    Getty ImagesCopyright: Getty Images

    )

    Eve Sleeps says merger talks with SimbaSleep – announced last month – have ended. “The board of eve has decided that now is not the right time to pursue the potential merger and that it is more appropriate to focus on the eve ‘rebuild plan’,” the company said.

    “The board will continue to seek further acquisitive growth opportunities, in addition to its focus on driving organic growth, in order to support its focus on a path to profitability, “it said.

    Trading will resume in its shares at 08: 00 when the market opens.

  • Sports Direct ‘wider implications’ of JD deal

    sports direct

    Getty ImagesCopyright : Getty Images

    On Thursday, the Competition and Markets Authority put JD Sports on notice thatits planned takeover of Footasylumfaced an investigation – known as phase 2 – and warned the deal could result in “a worse shopping experience for customers”.

    Sports Direct has told the stock market that it could have wider implications.

    “Although the full text of the CMA’s decisio n is not yet public, Sports Direct’s board has received legal advice that the issues identified by the CMA in its announcement regarding brand relationships specifically, are likely to be a key focus of any phase 2 investigation, but are also likely to have wider market implications beyond this transaction, as they appear to highlight the power of the ‘must-have’ brands and potential market-wide practices aimed at controlling the supply and, ultimately, the pricing of their products.

    “Sports Direct has consistently aimed to provide the widest range of products at attractive prices and will continue to work constructively with all of Sports Direct’s third party suppliers to enhance its product offering for the benefit of its consumers. “

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