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Business

US growth rate revised up to 1.2%

The US economy grew at a faster pace than initially thought in the first three months of the year. The latest official figures indicated the economy expanded at an annual pace of 1.2% in the quarter, up from the previous estimate of 0.7%. Stronger spending from businesses and consumers was ...

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Call to raise retirement age to at least 70

The retirement age should rise to at least 70 in rich countries by 2050 as life expectancy rises above 100, according to a new report. The World Economic Forum said that employees should continue working until 70 in nations such as the UK, US, Japan and Canada. The increase will ...

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Frankie & Benny's owner sees shares jump

Shares in the owner of Frankie & Benny’s restaurants have jumped 10% after it said the rate of decline in its sales had slowed. Restaurant Group, which owns almost 500 restaurants and pubs across the UK, has been trying to turn itself around after profits and sales dived last year. ...

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Gatwick Airport flights depart without luggage

A fault with Gatwick Airport’s baggage system meant flights were leaving without passenger’s luggage. The airport said the problem had now been resolved and it was working with airlines to get luggage to passengers “as soon as possible”. Passengers reported long queues at check-in desks on Friday. Departing flights from ...

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UK shares touch new highs as sterling slips

Two key UK share indexes have both touched record intra-day highs during morning trading. The benchmark FTSE 100 index rose to 7,535.06 – beating the previous record set last week by two points. Meanwhile the FTSE 250 – which is made up of the 250 next-biggest companies listed in the ...

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IFS criticises Labour and Tory plans

Neither the Conservatives nor Labour are being honest with voters about the economic consequences of their policy proposals, an influential think tank has warned. The Institute for Fiscal Studies said the Tories had very few tax or spending commitments in their manifesto. Labour, in contrast, was proposing very big increases ...

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Pension Regulator website 'now fixed'

A computer glitch at The Pensions Regulator – which prevented employers from registering for auto enrolment pensions – has now been fixed, the regulator has said. Some employers were worried about being fined if they did not register before a deadline next week. One business owner told the BBC he ...

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Contactless payment fraud soars to £7m

The amount of money stolen from contactless bank cards and mobile devices has soared, it has emerged. Almost £7m was taken in 2016, compared to £2.8m in 2015, according to Financial Fraud Action UK. In the same period, contactless spending rose from £7.75bn to £25.2bn. A judge recently slammed the ...

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New payday loan regulations come into force

New payday loan regulations come into force on Friday, requiring all online lenders to advertise on at least one price comparison website. The new rules are the result of an investigation by the Competition and Markets Authority (CMA), published in February 2015. Lenders are also required to display “prominently” a ...

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Amazon goes shopping offline

Amazon, in its third decade of business, dominates the world of online shopping. But an actual bricks and mortar Amazon store? That’s still as rare as an A-list celebrity sighting. The company opened its seventh US bookshop in New York on Thursday, drawing a steady stream of selfie-snapping gawkers, tourists ...

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