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New fed chief weighs US rate increase

Image copyright AFP/Getty Image caption Federal Reserve Chair Jerome “Jay” Powell The new head of the US central bank is presiding over a two-day meeting in Washington that is widely expected to lead to higher interest rates. The Federal Reserve is expected to raise a benchmark rate by 0.25% to …

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New Look seeks approval for plan to cut stores and rents

Image copyright Getty Images On Thursday New Look will open a brand new flagship store at the eastern end of London’s Oxford Street. The irony will not be lost on staff of 60 other New Look stores, including two existing Oxford Street outlets, that are facing imminent closure. New Look, …

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WhatsApp co-founder says it is time to delete Facebook

Image copyright AFP “It is time. #deletefacebook.” After reports of Cambridge Analytica using Facebook’s user information came to light, people across social media have begun to urge others to either #DeleteFacebook or #BoycottFacebook in response. One surprising voice has joined this movement – WhatsApp co-founder Brian Acton. Mr Acton left …

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Technology giants face European 'digital tax' slug

Image copyright Getty Images Big technology firms face paying more tax under plans announced by the European Commission. It said companies with significant online revenues should pay a 3% tax on turnover for various online services, bringing in an estimated €5bn. The proposal would affect firms such as Facebook and …

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Moss Bros plunges on profit warning

Image copyright Moss Bros Shares in Moss Bros plunged on Wednesday after the suit hire firm warned on profits. The retailer said the bottom line for the current financial year would be “materially lower” than expected. Shares fell by as much as a third before recovering to be 20% lower …

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Household squeeze shows signs of easing as wages rise

Image copyright Getty Images Wages grew by 2.6% in the three months to January while the rate of unemployment fell, according to new data. The Office for National Statistics said that earnings increased compared with a 2.5% rise in the previous period. It adds to evidence that the squeeze on …

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From Cape Town to Cairo

Image copyright AFP Image caption Africa is hoping to create a free trade area stretching across the continent The European Union and its free trade agreement took decades to establish. Africa is now hoping it can achieve the same in a fraction of the time. But with Nigeria pulling out, …

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Photobox ad showing boy sitting on dog cleared after complaints

Image copyright Photobox Adverts for the photo printing site Photobox have been cleared by a watchdog after it received 212 complaints. Viewers had expressed concern that the three ads, featuring scenes of a family barbeque with parents photographing a boy sitting on a Great Dane, could be harmful to the …

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Carpetright seeks to close stores in rescue plan

Image copyright PA Carpetright is looking to close stores as part of a turnaround plan. The retailer said it is considering a company voluntary arrangement (CVA) that would let it shut unprofitable shops and slash rents. Carpetright may also raise up to £60m from investors to boost its finances, sending …

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GKN brands Melrose management as 'novice'

Image copyright GKN GKN has called Melrose a “novice” and “high-risk” as it continues to battle a hostile takeover attempt by the firm. The UK engineering firm also accused the turnaround company of making “misleading” claims about its strategy and pension scheme. It comes after GKN rejected what Melrose said …

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