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Carney to head BoE until 2020 - Dotemirates
1 week 1 day

Carney to head BoE until 2020

Mubasher: Bank of England (BoE) Governor Mark Carney, who was due to step down in June next year, extended his term for further seven months. The Canadian economist will stay now until January 2020, the Treasury announced on Tuesday, confirming widespread speculations that the governor would extend his stay. "I'm delighted that the Governor has agreed to stay in his role for a further seven months to support a smooth exit from the European Union [EU] and provide vital stability for our economy," Chancellor Philip Hammond said in a statement. Carney stated last week that he was willing to serve...


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Business News

9 minute 56 second

Plastic straws in California restaurants now must be requested

California restaurants won't be giving patrons straws unless people explicitly ask for them.A law signed Thursday by Gov. Jerry Brown makes California the first state to bar full-service restaurants from automatically giving out single-use plastic straws. It takes effect next year.California restaurants that don't comply will get two warnings before being fined up to $300 per year. The law doesn't apply to fast-food establishments, and it doesn't ban plastic straws outright, like San Francisco and Seattle did earlier this year. But Democratic lawmakers who support the policy call it a small step toward reducing ocean pollution.Brown, who has made environmental...
14 minute 34 second

Wells Fargo layoffs coming: Bank promises to cut 10 percent over 3 years

Wells Fargo plans to cut up to 10 percent of its workforce over the next three years, the bank said, which will result in thousands of job losses at the nation's third-largest bank.Wells Fargo & Co. Chief Executive Tim Sloan made the announcement to employees on Thursday. The bank currently employs roughly 265,000 workers, and plans to cut its headcount through both attrition and layoffs.The San Francisco-based bank has been under multiple clouds of scandal starting in 2015 when it admitted its employees opened millions of fake bank accounts for customers in order to meet unrealistic sales goals. Wells has...
18 minute 31 second

Wall Street hits new record as trade fears get brushed aside

By business reporter Sue Lannin Stocks on Wall Street have reached fresh record highs, bolstered by technology firms and easing concerns about trade.Investors shrugged off the latest round in the trade dispute between the US and China.Earlier this week, President Donald Trump announced the US would impose tariffs of 10 per cent on $US200 billion worth of Chinese imports.China responded in kind, on tens of billions of dollars worth of US imports, but there is relief the new duties are not as high as originally threatened (as much as 25 per cent).However, the Organisation for Economic Cooperation and Development (OECD)...

21 minute 18 second

BrexitTheresa May's Brexit plan 'will not work', says EU President Tusk as deadline looms

Britain and its European Union partners have failed to secure a breakthrough in Brexit talks, largely because of seemingly intractable divisions over the best way to avoid a hard border on the island of Ireland and how to deal with future trade.With Britain's departure from the EU on March 29 next year looming, concerns are growing that a deal on the post-Brexit relationship may not be cobbled together in time to ensure a smooth and orderly British exit.All leaders, including British Prime Minister Theresa May, are desperate to solve the biggest Brexit riddle — how to keep goods moving freely...
25 minute 40 second

Albany wave farm hype falters as Carnegie project misses financial milestone

By Rebecca Turner Concerns are being raised about the viability of what has been billed as Australia's first commercial wave farm after it failed to meet its first funding milestone on time.The Albany wave energy project, off WA's south coast, was a flagship 2017 election commitment by Premier Mark McGowan, who said it would develop the coastal town as a globally recognised renewable energy hub and "create hundreds of jobs".But Mr McGowan told the WA Parliament this week that Carnegie Clean Energy, the Perth-based ASX-listed company which won a $15.75 million contract for the project, had not met any funding...
29 minute 55 second

Financial advice firm was lying to the corporate watchdog, company document implies

By Mario Christodoulou for Background Briefing An internal document detailing the culture inside a billion-dollar financial advice business suggests the firm was lying to regulators, ignoring its investors, and associating with "many undesirables".The two-page note is from Linchpin Capital Group, a company at the centre of an investigation by the Australian Securities and Investments Commission (ASIC) into misappropriation of funds and misleading investors.Last month, Background Briefing revealed certain Linchpin directors, including Peter Daly, were borrowing investors' money due to their personal cash-flow problems, including, on one occasion, for a director's divorce settlement.In response to those claims, Mr Daly said he...