Business

Sterling rallies after May announces Cabinet backs deal

[ad_1] Image copyright Getty Images The pound has rallied after the Prime Minister announced she had the backing of the Cabinet for her Brexit withdrawal plan.It followed a volatile day's trading while the outcome of Teresa May's five hour meeting with Cabinet colleagues remained unclear.The pound reached $1.30 following the announcement, having fallen to $1.28 in the mid afternoon.Against the euro the pound recovered to €1.15 after dipping to €1.14.Market
Business

Ex-UBS trader Kweku Adoboli being deported

[ad_1] Image caption Kweku Adoboli has not lived in Ghana since he was four Kweku Adoboli, the former UBS trader convicted of fraud, will be deported to Ghana on Wednesday, campaigners have said.His MP, Hannah Bardell, said he would be flown out of Heathrow in the early evening after being detained on Monday night. She said Adoboli, aged 38 and who has lived for 26 years in the UK, was
Business

May hints at U-turn over fixed-odds betting terminals

[ad_1] Media playback is unsupported on your device Media captionWhat are fixed-odds betting terminals? Theresa May is facing the possibility of having to make a U-turn over fixed odds betting terminals (FOBTs).More than 70 MPs have called on the government to cut the largest wager on FOBTs from £100 to £2 in April, as originally planned, and not October.Chancellor Philip Hammond had said the date had been decided after discussions
Business

House of Fraser to shut another four stores

[ad_1] Image copyright PA House of Fraser (HoF) is closing four more stores, all based in major shopping centres. The department store chain, bought out of administration in August by Mike Ashley's Sports Direct, will shut its Lakeside, Metrocentre, Norwich and Nottingham outlets in the New Year.Mr Ashley said the landlord, Intu Properties, had been unwilling to reduce rents for the ailing shops. He added that there had been "multiple
Business

SSE admits ‘some uncertainty’ over merger with Npower

[ad_1] Image copyright PA Image caption Perth-based SSE has revealed it has been hit by widened losses for its household gas and electricity supplier Energy firm SSE has admitted there is "some uncertainty" that its merger with rival Npower will go ahead.The announcement comes after the companies delayed the tie-up due to the incoming energy bill price cap of £1,137 a year for "typical usage".It means suppliers will have to
Business

German economy contracts in third quarter on weak trade

[ad_1] Image copyright Reuters Germany's economy contracted in the third quarter of the year, dented by weaker exports, figures have shown. Europe's largest economy shrank by 0.2% between July and September, as global trade disputes had a knock-on effect for Europe's largest economy.It was the economy's first quarter-on-quarter fall since 2015.Compared with the same quarter of the previous year, the economy grew by 1.1% from July to September, said the
Business

Japan GDP: Natural disasters hit economic growth

[ad_1] Image copyright Getty Images Japan's economy shrank in the third quarter as natural disasters hit spending and disrupted exports. The economy contracted by an annualised 1.2% between July and September, preliminary figures showed. A devastating earthquake and typhoon were among the disasters to hit Japan this year, and prompted the bigger than expected contraction. The slowdown also comes as the US and China fight a trade war which risks
Business

The wedding brides without a dress

[ad_1] Image copyright Vicky Morgan Image caption Vicky Morgan had paid £1,400 of the £2,000 price tag "Disgusted and desperately disappointed," is how Vicky Morgan sums up her feelings about bridal chain Berketex Bride's collapse.Its Leicester shop was the only wedding shop she'd been to after she fell in love with the first dress she tried on. She had already paid off £1,400 of the £2,000 price tag for the
Business

University ‘not for people like us’

[ad_1] Image copyright Getty Images Image caption Is social mobility through education getting easier or more difficult for today's young people? Going to university was not on the cards for "people like us", says a US academic who next month will receive a major education prize.Growing up in a poor family in California, Professor Larry Hedges thought university was something that was out of reach for people from his background.In
Business

The people with more stuff than they have room for

[ad_1] Image copyright SSA UK The high cost of housing has helped to create a boom in self-storage with many people now renting self-storage units long term because their home is too small."It's a bit of a rip-off really," laughs Angela Andrew, talking about the £120 she pays a month for a self-storage unit in east London.In the unit, which is packed to the roof with boxes and bags, she