Share prices bounce back on report Trump, Xi to meet at G-20
There was no immediate word from Chinese officials in Beijing.
The aim was to find a way out of the impasse over trade that has led both countries to impose penalty tariffs on billions of dollars of each other's exports.
Strong Chinese export data also helped breathe life into share benchmarks that had languished in recent days.
Hong Kong's Hang Seng surged 1.7 percent to 25,694.90. The Shanghai Composite index advanced 0.6 percent to 2,597.14. Shares also rose in Southeast Asia and Taiwan.
The rebound followed another rout on Wall Street where indexes tumbled for a second straight day on worries that rising interest rates and trade tensions could hurt global growth.
A decline in the yield on 10-year Treasurys hit bank stocks, while technology and retail companies stumbled. The benchmark S&P 500 index started the day with gains, but ultimately lost 2.1 percent to 2,728.37, its lowest close in three months and sixth straight loss.
The Dow Jones Industrial Average dropped 2.1 percent to 25,052.83 and the Nasdaq composite gave up 1.3 percent to 7,329.06. The Russell 2000 index of smaller-company stocks fell 1.9 percent to 1,545.38.
Data released on Friday showed that China's trade balance strengthened to $31.7 billion in September from $27.9 billion in the previous month. This surpassed market expectations of $19.7 billion. Year-on-year exports grew, and imports were not far off from what was predicted.
"There's a semblance of sanity returning to the markets, but we are no nearer a significant recovery," Stephen Innes of OANDA said in a commentary.
News reports that U.S. Treasury Secretary Steven Mnuchin was advised against labeling China as a currency manipulator — a status that could trigger penalties — "has eased tension although we are not out of the weeds just yet," he said. The U.S. Treasury will soon release a currency report that some analysts suggest might change the official stance on China's exchange rate policy.
In other trading, U.S. crude oil added 32 cents to $71.29. The contract dropped 3 percent to close at $70.97 in New York. Brent crude, the international standard, rose 41 cents to $80.67. It dropped 3.4 percent to $80.26 in London.
AP Business Writers Marley Jay in New York and Alex Veiga in Los Angeles contributed to this report.
October 12, 2018
Sources: ABC News
uncle George, a machinist who made hypodermic needles to treat soldiers at the front in World War II. </p><p> Uncle George has passed away. But Payne hopes that their shared trade -- and manufacturing in general -- will have a healthy future. </p><p> "I do see a change in the amount of work, and it's almost like the playing field has been leveled a little bit in our favor," Payne told ABC News. "I would have to give some credit to this administration, because if it wasn't for them changing things, we wouldn't have what we have right now." </p><p> Pittsburgh is the home of U.S. Steel, one of the largest steel companies in the country and a historical symbol of American industrial might. It's also the home of North America's largest industrial union, United Steelworkers. </p><p> A strike currently looms for workers at ArcelorMittal and U.S. Steel, which would affect 30,000 workers. Corporate tax cuts may prove beneficial for companies, but workers are still looking at limited pay raises and increasing healthcare costs. </p><p> In this environment, the elections are anyone's guess. There are 10 incumbent Democratic senators running in states Trump won, and unions are monitoring that. </p><p> "What we've been seeing since early last year is that people don't consider Trump on the ballot. They're really treating these midterms as one-offs," said Tim Waters, the national political director for the United Steelworkers Union. </p><p> "Take the Pennsylvania 18th in the special election [for the House of Representatives] -- a district Trump won by 20 points in 2016. He came to the district multiple times asking people to vote against [Democrat] Conor Lamb, a number of his Cabinet members came to Pittsburgh to do the same thing, even family members. They spent a bunch of money, and at the end of the day Conor Lamb won," Waters told ABC News. "And the reason he won is not necessarily because people don't like Trump, because a lot of people support Trump there." </p><p> Despite the deal with Canada and Mexico, the trade war with China shows no sign of letting up. Meanwhile imported steel now costs 25 percent more, in turn raising domestic steel prices, passing costs on to manufacturers. </p><p> Saving 33,000 steel-industry jobs costs the economy 179,000 jobs, a net loss of 146,000, Ryan Young, a fellow in regulatory studies at the Competitive Enterprise Institute, told ABC News. </p><p> "Basically," Young added, "the few are benefiting at the expense of the many." </p><p> In addition, the tariffs have created an oversupply of U.S.-made steel. Prices are forecast to fall so much that Credit Suisse downgraded its ratings on most U.S. steel producers on Monday. </p><p> However, at Summit, the mood remains hopeful, even though the company has to pay more for raw materials and pass costs onto clients. </p><p> "Business has been on an upturn for sure," said Gary Romig, Summit president. He credits Trump. </p><p> "You would think it would have a negative impact, and it has not," Romig said. "We have gotten more inquiries from foreign companies" seeking U.S. steel to use for products to sell stateside. </p><p> Payne, his colleague, has seen the downside of economic cycles: He was laid off back in the 1980s. </p><p> "As soon as the [playing] field is fair," he added, "we can survive, and we can keep people working, for all of those people who want to work. I think that Americans are pretty capable of taking very little and turning it into a lot." </p>
sed £822.5million for its launch on the stock market, smashing both the initial £250million and revised £600million targets.</p><p>The record breaking effort for this Friday's flotation has provided a strong sign that star fund manager appeal, and Smith's in particular, is as strong as ever.</p><p>The £822.5million raised by Smithson Investment Trust is a remarkable amount of money taken in isolation, but when you consider that stock markets have been choppy at best recently, it's pretty astonishing.</p><p>Terry Smith's new Smithson Investment Trust has raised a remarkable £822.5million for its upcoming launch on the stock market.</p><p>Terry Smith is not even managing the trust on a day to day basis. He is said to be offering 'support and advice' to the managers Simon Barnard and Will Morgan, but what he has really given them is his name.</p><p>It's notable that the investment trust launch that Smith has knocked down into the number two spot was also a star manager offering - Neil Woodford's £800million Patient Capital float.</p><p>The thing that underpins this is that people are interested in people more than they are interested in numbers. There is an enduring fascination with the fund managers that against the odds manage to trounce the market over long periods.</p><p>Beating the market handily is without a doubt a combination of luck and judgement, and it is very debatable as to the weighting between these two elements.</p><p>Star fund managers are one of the best weapons the City has in getting people to give them their hard earned cash to look after.</p><p>Not many fund managers actually manage it consistently. In some asset classes like US equities, they almost never do.</p><p>But when one does pull it off over a long chunk of time, they tend to be handsomely rewarded both financially during the period of outperformance, and through an afterglow than can persist for the rest of their career.</p><p>Some investment houses deliberately shy away from nurturing any investment 'stars'. With some justification, they see it as more of a business risk than a benefit.</p><p>Once a fund manager becomes a star they are likely to be poached by a rival as happened with former Schroders now Merian Global Investors stock picker Richard Buxton, and many others.</p><p>Or they set up their own shop in the manner of Neil Woodford or Richard Pease with his Crux Asset Management venture for example.</p><p>When either of these two things happens, the fund managers tend to take a large proportion of the client money they had under their watch with them, denting the profitability of their former employer.</p><p>The wild success of Smith's latest venture shows however that in the ever-fiercer battle with cheap passive investment products and with the march of the AI bots starting, a star manager is the best weapon an investment firm can wield.</p><p>The trickiest part is keeping hold of them once they've made their name.</p><p> The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. </p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p>Your comment will be posted to MailOnline as usual.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p> We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.</p><p>Work out how a lump sum or regular monthly savings would grow</p><p>Find the top deals in our independent best-buy tables</p><p>Part of the Daily Mail, The Mail on Sunday & Metro Media Group</p>
t three months despite 'evident uncertainty among UK consumers, and hot weather across Europe'.</p><p>Unilever - the maker of Marmite and Dove soap - reported sales growth of 3.8 per cent in its most recent quarter, below analyst expectations of 4.3 per cent. Today's statement had no mention of the firm's recent embarrassment when it was forced to shelve plans to relocate to Rotterdam. </p><p>Meanwhile, the FTSE 100 didn't move much after the bell, but the pound has taken a slight tumble to just above $1.30.</p><p>Consumer goods giant Unilever said underlying sales growth picked up across all divisions in its third quarter despite hiking prices, but it saw currency woes knock group turnover.</p><p>The Marmite-maker said underlying sales grew 3.8% in the three months to September 30, although overall turnover fell 4.8% to 12.5 billion euros after a foreign exchange hit. Of the 3.8% sales growth, 1.4% came from higher prices.</p><p>Chief executive Paul Polman said: "Growth accelerated in the third quarter across all divisions. We were able to increase prices whilst still maintaining good volume growth, which reflects the strength of our brands and quality of our innovation programme."</p><p>Pest control and hygiene giant Rentokil Initial could be forced to sell off the UK arm of recent acquisition Cannon Hygiene after the competition watchdog raised concerns.</p><p>The Competition and Markets Authority (CMA) said provisional findings of its investigation showed the takeover could lead to higher prices and lower quality for some customers. Rentokil and Cannon are two of the top three washroom suppliers in the UK.</p><p>The news came as the FTSE 100 company said it was on track to meet expectations after a string of acquisitions boosted revenue.</p><p>Domino's Pizza has seen UK sales growth more than halve after 'evident uncertainty' among customers and the summer heatwave took its toll.</p><p>The pizza delivery giant said UK like-for-like sales rose 2.2% in the 13 weeks to September 30, following growth of 4.7% in the previous three months.</p><p>Domino's said it remained on track for 2018 profit forecasts, thanks to a more resilient group performance. </p><p>David Wild, chief executive of Domino's Pizza, said: 'Our businesses continue to trade well, despite the evident uncertainty among UK consumers, and hot weather across Europe for much of the quarter.'</p><p>Neil Wilson, chief market analyst for Markets.com, walks us through this morning's movements...</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p>Your comment will be posted to MailOnline as usual.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p> We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.</p><p>Part of the Daily Mail, The Mail on Sunday & Metro Media Group</p>
r an early slide. A Commerce Department report on falling new home starts hit homebuilders and retailers. Technology stocks fell after IBM reported its biggest loss in five and a half years. It sank 7.6 percent. The S&P 500 index fell 0.71 points to 2,809.21. The Dow Jones Industrial Average slumped 0.4 percent to 25,706.68. The Nasdaq composite slid 2.79 points to 7,642.70. The Russell 2000 index of smaller-company stocks skidded 0.5 percent to 1,589.60.</p><p> JAPAN TRADE: Japan recorded a trade surplus for September of 139.6 billion yen ($1.2 billion), but exports fell 1.2 percent from the previous year in the first decline for the world's third largest economy since 2016. A series of natural disasters took a toll, but the lag in exports also reflects uncertainties over trade tensions after President Donald Trump imposed penalty tariffs on billions of dollars' worth of Chinese exports.</p><p> ANALYST'S VIEWPOINT: "Net exports probably remained a drag on GDP growth in the third quarter. It now looks likely that economic activity came to a standstill in Q3," Marcel Thieliant of Capital Economics said in commentary. He added that the nearly 5 percent drop in export volumes shows that external demand has weakened.</p><p> FED TALK: The Federal Reserve's minutes from its meeting in late September, when it raised interest rates for the third time this year showed some participants thought the Fed's key interest rate would eventually need to "become modestly restrictive" to ensure inflation doesn't climb too high. Other officials felt the Fed shouldn't take that step unless there are signs the economy is overheating and inflation is rising quickly.</p><p> ENERGY: The price of U.S. crude oil slipped lost 7 cents to $69.68 per barrel in electronic trading on the New York Mercantile Exchange. It dropped 3 percent to $69.75 a barrel in New York, its first close below $70 a barrel in a month, after the U.S. government said energy stockpiles jumped last week. Brent crude, the international standard, lost 8 cents to $79.97 per barrel. It fell 1.7 percent to $80.05 a barrel in London.</p><p> CURRENCIES: The dollar fell to 112.52 yen from 112.66 yen. The euro fell to $1.1489 from $1.1578.</p><p> AP Markets Writer Marley Jay contributed to this report. He can be reached at http://twitter.com/MarleyJayAP</p>
he EU on 29 March 2018</p><p>With so much uncertainty surrounding what Brexit will look like, there are already reports that buyers and sellers are delaying making decisions until after that date, when hopefully there will be more clarity.</p><p>However, not everyone is able to wait until late spring next year to start the process of moving home. </p><p>Some need, or want, to move sooner than that but the question is whether you have enough time to market and sell your home, and buy another one, if everything slows down in the run-up to Brexit. </p><p>With Christmas only a few weeks away, a time when people are notoriously distracted by the festivities, is there time to move before Brexit?</p><p>Many people return from their summer holidays with a strong motivation to move before Christmas.</p><p>There are always buyers looking, and with a lot of sellers leaving it until the more traditionally busy spring season to market their home, there is less competition for those purchasers if you are selling now. </p><p>Putting your home up for sale in the autumn could be a shrewd move to achieving a good price for your property.</p><p>So what of Brexit? The market loves certainty and just around the corner is a big question mark. </p><p>Nobody knows what Brexit will look like and the impact it will have on the housing market. </p><p>What we do know is that at the moment the market is relatively steady. </p><p>Prices are holding up, with a steady stream of buyers and sellers in the market place.</p><p>The property market thrives on confidence and the truth is that there isn't much around at the moment. </p><p>But trying to time the market is a fool's game. We have seen over the years that it is impossible to know when the time is right to take the plunge. </p><p>After Brexit, property prices could continue to rise in parts of the country and even if we crash out with no deal, this may have no impact on house prices.</p><p>The right time to buy is when it is right for you, advises Yopa's Matt Burrows</p><p>Even if prices were to fall, history shows us that the property market tends to bounce back fairly quickly. </p><p>It has witnessed boom and bust over the past 30 years but we are not building enough homes so there will always be demand for housing for our growing population.</p><p>The right time to buy is when it is right for you. </p><p>Property should be viewed as a long-term investment so even if there is short-term volatility in prices, it will work itself out over the longer term. </p><p>If you have your deposit, can afford the mortgage and have found a property you wish to buy at the right price, then it is probably the right time to buy.</p><p>At a push, there is still time to get the conveyancing done on a relatively straightforward transaction and be in before the festive period. </p><p>Here are the last four stories from our Property Clinic:</p><p>- Which would add more value to my home: wooden decking in the garden, or a stone patio?</p><p>- How long do I need to own a property as my home before letting it to avoid extra stamp duty?</p><p>Even if you can't meet the Christmas deadline, there are motivated buyers and sellers who still want to get their house purchase out of the way and settled before Brexit.</p><p>This assumes that properties continue to sell at the current rate, new homes come onto the market to replace the number sold and withdrawn. </p><p>These numbers suggest that selling is perhaps harder than estate agents might suggest although there is still a market. </p><p>Last month 100,000 homes sold which whilst less than the boom times is exactly the long-term monthly average.</p><p>The housing market always slows in the winter - bad weather, shorter days and the fact that money is tighter in the run up to Christmas means people are less enthusiastic about making what for most is their biggest purchase. </p><p>New Year is often busy but estate agents tend to get busier in the Spring.</p><p>Uncertainty in the first three months of next year however will slow the market as buyers and sellers try to work out what the impact of our formal divorce from Europe on 29th March. </p><p>Supply will still be driven by the three D's - Death, Debt and Divorce will continue to supply the market but it's not clear why buyers will have to move unless they get a discount to reflect the risk they think they may be taking.</p><p>Prices will therefore slip but they are not expected to plummet. Stability may not return until this time next year but life goes and eventually people will move on. </p><p>In the meantime sellers need to listen to their agent to ensure that their home sells. </p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p>Your comment will be posted to MailOnline as usual.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p> We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.</p><p>Part of the Daily Mail, The Mail on Sunday & Metro Media Group</p>
ck in recent years - could it soon be curtains for physical money? </p><p>How would you react if a shop you used regularly stopped taking cash? Would you shrug your shoulders and use a card, or be irritated that someone else had decided how you should pay?</p><p>This might be something you've already experienced. Over the past 20 years we've been prodded to pay our bills by direct debit and use contactless cards for public transport.</p><p>We now use contactless cards to pay for one in seven of all transactions and even the Church of England now accept donations by contactless in many churches.</p><p>Last year, debit card payments overtook cash as the main way we pay for things, according to banking trade body UK Finance.</p><p>And yet, the reality is that while more of us prefer to use cards, phones or even our watches, cash will be needed for decades to come.</p><p>Many consumers want the option to use cash, more vulnerable people rely on it, and as a country it's the fallback if parts of the complex IT networks that support digital payments fail.</p><p>Natalie Ceeney: Many consumers want the option to use cash</p><p>However, we simply can't take our cash infrastructure for granted. </p><p>As fewer consumers use cash, the economics supporting the provision of a cash infrastructure are under threat.</p><p>The entire UK cash infrastructure costs around £5billion each year. </p><p>That includes: the printing of new notes, the running of cash machines and the distribution networks that supply ATMs and retailers with cash.</p><p>This is an infrastructure largely run by commercial companies and it's funded largely through fees per cash transaction paid by retailers and banks (not directly by consumer) – i.e. every time we withdraw money from an ATM, or each time a business deposits cash at its bank – the provider of the infrastructure gets paid.</p><p>Twenty years ago, when around three out of four of all payments were made using notes and coins, the high cost of storing and moving cash around made sense.</p><p>All parts of the economy relied on cash payments, so paying for the security vans that moved the money to banks or topped up ATMs was shared across a massive base of transactions.</p><p>In 2017, this volume has more than halved to just one in three of all payments, and it's forecast to halve again in ten years to just one in six.</p><p>This is Money interviewed chief cashier of the Bank of England, Victoria Cleland, last year.</p><p>At the time, we asked about the potential for new polymer £50 notes, after £5 and £10 versions were released - and £20 notes soon to come.</p><p>This week, it has been revealed there will be a new plastic £50 note, indicating that the Bank sees a future in physical cash and the £50 note.</p><p>Fewer transactions means less income for the commercial providers running this infrastructure. </p><p>But at the same time, costs are largely fixed and don't fall away as cash usage drops.</p><p>So basic economics tells us that either retailers and banks need to pay a lot more for using cash, or providers of the infrastructure need to radically cut their costs.</p><p>For retailers, as fewer customers pay in cash - particularly in towns and cities, and where there are fewer bank branches - the process of cashing in or collecting notes and coins at their bank becomes increasingly expensive.</p><p>There will come a point (and there are many examples already) when the easiest thing for a retailer to do is to stop accepting cash. </p><p>When only a small fraction of customers pays in cash, it's worth risking losing them to save on the costs of handling cash.</p><p>Just as many retailers refuse to accept cheques or £50 notes, there is nothing to stop them from not taking cash at all. </p><p>Legal tender is a concept based on paying a debt. It does not prevent a shop from rejecting a payment in cash.</p><p>PrayPal: The Church of England now accepts contactless donations </p><p>For companies providing cash machines, they will simply look to close them in areas with low transaction volumes.</p><p>Unfortunately, these are often in rural areas where there is no bank branch, leaving communities with no other means of accessing cash.</p><p>This is not a theory. There is no single point of regulatory oversight that controls the way this infrastructure is managed.</p><p>The distribution networks are run by commercial organisations who will make decisions based on their own commercial interests. </p><p>In some parts of the cash infrastructure, there are only one or two companies playing a critical role.</p><p>If they decide it's no longer commercially viable to undertake that activity, then cash in circulation could simply stop.</p><p>Sweden is a case study to observe closely. It is the poster child of a 'cashless society', with only 15 per cent of Sweden's payments currently made using cash.</p><p>Sweden's central bank forecasts the country could be cashless within a decade; others suggest it may be much sooner. </p><p>Contactless: Now, one in seven transactions is via contactless technology</p><p>Here, shops and transport accept payments through cards or via an app and only a small number of banks handle cash.</p><p>The issue is not just that cash is difficult to get, but that even if you have it, it can be difficult to spend. </p><p>If you're someone who can't or won't use digital payment – for many reasons – you can be left excluded from many parts of society.</p><p>This should raise many questions for regulators and policymakers in the UK. </p><p>First, how robust is the digital system when we have seen multiple IT failures in recent months alone that restrict access to online banking and card payments? Is cash actually an essential part of our UK infrastructure?</p><p>In the last few weeks, since writing a column about Britain going cashless, I spotted the annual 'cash is filthy and full of germs' story that gets picked up by the press.</p><p>Allegedly, the cash and coins we carry are covered by up to 19 types of bug and potentially deadly bacteria, 'experts' say.</p><p>Banknotes, coins, purses, pockets and wallets are mostly contaminated by bugs associated with people failing to wash their hands properly after going to the toilet, researchers at London Metropolitan University showed.</p><p>We've been using physical cash for centuries. Bacteria is everywhere. Let's get a grip and treat these stories with a pinch of salt. </p><p>And critically, do we want to leave people behind? </p><p>There are around 2.2million people who are almost entirely dependent on cash to live their lives.</p><p>These are vulnerable groups such as elderly people, the disabled and people in debt or with low incomes, or those who live in rural communities where digital payments simply don't work.</p><p>Improving our national infrastructure with better broadband and innovative banking solutions will help include some. But for many, this is not an answer - cash is vital.</p><p>There isn't yet an easy alternative for the elderly person living alone who has a neighbour help with occasional shopping – giving over a £20 note limits their risk to £20, whereas handing over a card risks losing all of their savings.</p><p>Nor is there yet a digital alternative for the domestic violence victim who survives by squirrelling away cash from their partner who controls everything they spend online.</p><p>Or, for someone living on the breadline, of making sure that they cannot go overspent – after all, with cash, you either have it or you don't.</p><p>As our society shifts 'digital', is it acceptable that people who depend on cash should have their choice of shops limited? To be excluded from certain activities? To pay more for what they buy? Or lose their independence because their ways of coping simply don't work in a digital economy? </p><p>I don't think that's a society that many of us would want.</p><p>In fifteen years, changes to the payments landscape mean that we will pay for things tomorrow in very different ways than we do today.</p><p>This change needs to be managed properly, not just by encouraging innovation which enables more people to participate in the digital economy, but also by planning for a viable cash infrastructure which means people aren't left behind.</p><p>We can be creative in how this is done, and it's going to require us to bring together banks, government, the post office, charities and regulators to work together on solutions.</p><p>Without this happening, a cashless future, and its negative consequences, could happen sooner than we think. </p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p>Your comment will be posted to MailOnline as usual.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p> We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.</p><p>Part of the Daily Mail, The Mail on Sunday & Metro Media Group</p>
000 for leaving tenants with faulty electrics, no fire alarms and no glass in their windows.</p><p>Following a complaint from a tenant, a environmental health officer inspected the property in Islington to find eight unrelated occupants sharing kitchen and bathroom facilities - against regulations. </p><p>There were also multiple broken items, including a bedroom window with no glass, no working fire detection system or fire blanket in the kitchen, and a cracked electrical plug socket in the living room. </p><p>The property contained dodgy electrics, no fire alarms and window panes without any glass </p><p>The landlord, Mr Kuppusami Selvarajan, of Abbotswood Gardens, Ilford, was found guilty at Highbury Corner Magistrates Court and sentenced to pay an £8,500 fine.</p><p>The property managing agent, S3A Management, was ordered to pay a fine of £7,650. </p><p>The defendants were also ordered to pay the council's legal costs of £5,773, bringing the total fines and costs to £21,923.</p><p>Councillor Diarmaid Ward said: 'Everyone has the right to safe, genuinely affordable housing and Islington will not tolerate dodgy operators taking advantage of people's desperate need for a home.</p><p>'It's unacceptable for landlords to rake in rent from vulnerable people living in rundown, unsafe spaces and where we find unacceptable conditions we will act to protect tenants.'</p><p>It's not the first time a rogue landlord has been caught operating in the borough.Just last month two men were charged after 35 people were found living in a single semi-detached house, with up to five or six people sleeping in the same rooms.</p><p>The converted semi had no fire alarm system and fire hazards including dangerous electrics</p><p>35 people were crammed into one house, with up to six people sleeping in the same rooms</p><p>The building had no fire alarm, new room partitions that were not fire resistant, and fire risks including dangerous electrics. There were also broken windows. Occupants did not have tenancy agreements and paid rent in cash.</p><p>Neighbours had contacted the police and landlord Arun Bajaj about anti-social behaviour at the house a number of times in 2016, finally contacting Islington Council 'after the disturbances became so frequent and extreme we were fearful for the safety of our family'.</p><p>Earlier this year, a separate property company in the borough was ordered to pay £304,458 after converting a single dwelling into five flats without planning permission.</p><p>An HMO stands for a house in multiple occupation. It is any property let to five or more tenants who come from two or more different households and at the moment, licensing only applies where the property is three or more storeys. </p><p>Examples would be typical student housing and properties let to young professionals in city centres. HMOs are increasingly common as a buy-to-let investment for a few reasons.</p><p>Because the property is let to a number of different tenants, if one tenant falls behind on their rent, the landlord is usually still able to cover their mortgage payments from the rental income from the other tenants. </p><p>Letting to multiple tenants on different tenancy agreements also means that landlords can generate higher rental incomes. </p><p>More and more local councils are currently introducing selective and additional licensing schemes, which can require all landlords in a given area to obtain a licence or face criminal charges. </p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p>Your comment will be posted to MailOnline as usual.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p> We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.</p><p>How much tax would you have to pay on a home or buy-to-let?</p><p>*Transactions under £40,000 do not require a tax return to be filed with HMRC and are not subject to the higher rates</p><p>Part of the Daily Mail, The Mail on Sunday & Metro Media Group</p>
r an early slide. A Commerce Department report on falling new home starts hit homebuilders and retailers. Technology stocks fell after IBM reported its biggest loss in five and a half years. It sank 7.6 percent. The S&P 500 index fell 0.71 points to 2,809.21. The Dow Jones Industrial Average slumped 0.4 percent to 25,706.68. The Nasdaq composite slid 2.79 points to 7,642.70. The Russell 2000 index of smaller-company stocks skidded 0.5 percent to 1,589.60.</p><p> JAPAN TRADE: Japan recorded a trade surplus for September of 139.6 billion yen ($1.2 billion), but exports fell 1.2 percent from the previous year in the first decline for the world's third largest economy since 2016. A series of natural disasters took a toll, but the lag in exports also reflects uncertainties over trade tensions after President Donald Trump imposed penalty tariffs on billions of dollars' worth of Chinese exports.</p><p> FED TALK: The Federal Reserve's minutes from its meeting in late September, when it raised interest rates for the third time this year showed some participants thought the Fed's key interest rate would eventually need to "become modestly restrictive" to ensure inflation doesn't climb too high. Other officials felt the Fed shouldn't take that step unless there are signs the economy is overheating and inflation is rising quickly.</p><p> ENERGY: The price of U.S. crude oil slipped 7 cents to $69.78 per barrel in electronic trading on the New York Mercantile Exchange. It dropped 3 percent to $69.75 a barrel in New York, its first close below $70 a barrel in a month, after the U.S. government said energy stockpiles jumped last week. Brent crude, the international standard, lost 8 cents to $79.97 per barrel. It fell 1.7 percent to $80.05 a barrel in London.</p><p> CURRENCIES: The dollar fell to 112.52 yen from 112.66 yen. The euro fell to $1.1507 from $1.1578.</p><p> AP Markets Writer Marley Jay contributed to this report. He can be reached at http://twitter.com/MarleyJayAP</p>
sion.</p><p>Ebay filed a lawsuit against Amazon Wednesday, saying the online retail giant used eBay’s messaging system to steal its sellers.</p><p>In the lawsuit, eBay said Amazon representatives signed up for eBay accounts and messaged sellers to get them to sell their goods on Amazon.com, which eBay said violated its user agreement.</p><p>According to the complaint, Amazon representatives spelled out their email addresses and asked eBay sellers to talk on the phone in order to evade detection.</p><p>Ebay called it an “orchestrated, coordinated, worldwide campaign” to “illegally lure eBay sellers to sell on Amazon.”</p><p>Seattle-based Amazon declined to comment on the lawsuit.</p><p>Both eBay and Amazon rely on independent sellers to boost their revenue, but it’s become a big part of Amazon’s growth: Last year, for the first time, more than half the items sold on Amazon were from third-party sellers.</p><p>Ebay, based in San Jose, California, said it wants Amazon to stop misusing its messaging platform and to pay it an unspecified amount.</p><p> News Corp. is a network of leading companies in the world of diversified media, news, and information services. </p>