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Have the 'too big to fail' banks really met their Waterloo? | | Business I The Guardian

theguardian.com Richard Partington Historians have recorded turning points for time immemorial. The crossing of the Rubicon by Caesar, the Boston Tea Party for the United States, Britain’s triumph at Waterloo and decline after Suez. For the chroniclers of capitalism, the collapse of Lehman Brothers a decade ago this week stands as the major tipping point in modern financial history. The talk in the City will be of the days before Lehman and those after. A new economic era dawned for Britain and much of the wealthy world when the American investment bank became the biggest company to file for bankruptcy on 15 September 2008 with more than $600bn (£464bn) in assets – about $2,000 for every man woman and child in the US at the time. It triggered the largest economic shock since the Great Depression and is known now as the Great Recession . UK real GDP fell sharply in 2009 and did not return to its pre-crisis level until 2013. Business i

Markets nervous amid new US-China tariffs and Trump's troubles - business live | Markets nervous amid new US-China tariffs and Trump's troubles - business live | Business I The Guardian

theguardian.com Nick Fletcher 6m ago 12:18 The dollar has rallied for the first time in six trading sessions, following the US Federal Reserve’s minutes which suggested further rate rises this year despite Donald Trump’s displeasure. News of the new round of trade tariffs from the US and China also helped the greenback, given its status as a haven in uncertainty. So the dollar added 0.07% against a basket of currencies, while the pound dipped 0.15% to $1.2890. Sterling is also being affected by continued Brexit uncertainties, as the UK government spells out some of the consequences of leaving the EU without a deal . 52m ago 11:32 Sainsbury/Asda deal to be investigated by UK competitions watchdog The proposed merger between supermarket chains Sainsbury and Asda will be investigated by the UK’s competition and markets authority. The CMA said it will begin a detailed assessment into how any deal

Pound falls after Bank of England governor's 'no-deal' Brexit warning - business live | Business I The Guardian

theguardian.com Pound falls after Bank of England governor's 'no-deal' Brexit warning - business live | Business Graeme Wearden 9m ago 09:40 UK service sector growth falls Newsflash! Britain’s service sector stumbled last month, with growth hitting a three-month low -- and Brexit is getting some of the blame. Service sector bosses report that new orders grew at a slower rate last month, with business activity growth also weakening. This puled down the Markit Service PMI (which measures activity) to 53.5 in July, from 55.1 in June. Some companies blamed “delayed decision-making and greater risk aversion among clients” due to Britain’s exit from the EU. UK service sector PMI Photograph: Markit Tim Moore , Associate Director at IHS Markit , says the service sector fell back into the “slow lane” last month. While it’s difficult to quantify the precise impact of the recent heat wave on over

Ryanair boss gives up bonus after 2017 flight cancellation crisis | Business I The Guardian

theguardian.com Ryanair boss gives up bonus after 2017 flight cancellation crisis | Business Ryanair boss Michael O’Leary waived his hefty yearly bonus for 2017-2018 following the flight cancellations crisis that gripped the Irish carrier last year. In the low-fares airline’s annual report released on Monday, Europe’s largest low-cost carrier said that despite record profits in the financial year 2017-2018, chief executive O’Leary decided not to take the bonus he was entitled to. The bonus can be worth as much as a year’s salary – about €1m for O’Leary. In the previous financial year, his bonus was €950,000. Over the last financial O’Leary was paid €1.06m and was given €1.25m worth of shares in the airline. The company said O’Leary waived his bonus due to the pilot scheduling mix-up in September 2017 that resulted in a serious labour dispute and some 20,000 flight cancellations. The crisis led to a u-turn at Ryanair which

UK car sales fall, as Jaguar Land Rover issues hard Brexit warning - business live | Business

theguardian.com UK car sales fall, as Jaguar Land Rover issues hard Brexit warning - business live | Business Richard Partington 23m ago 13:30 Cable: JLR aren't bluffing Former business minister and Liberal Democrat leader Vince Cable has weighed in on Jaguar Land Rover . He says JLR isn’t messing about and urges the Conservatives to treat business with more respect. “When I was in government I worked very closely with Jaguar Land Rover. It took some considerable effort to get JLR committed to the UK. “I got to know Ralf Speth well enough to know that he’s not bluffing when he says JLR’s position is a hard Brexit would make the company’s position in the UK untenable. “The Conservatives should listen. But there’s no evidence that they are willing to treat major employers with anything other than complete contempt.” Jim Pickard of the FT has heard that Speth is feeling more and more “distressed” about the impact Brexit wi