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Labour party to cut ties with Co-operative bank

The Labour party is looking to end its long-standing relationship with the troubled Co-operative Bank, which stretches back to 1920.

The Labour party wants to cut its ties with the Co-operative bank
The Labour party wants to cut its ties with the Co-operative bank Credit: Rui Vieira/PA Wire/Press Association Images

Labour's general secretary Iain McNicol is understood to want to move a £1.2 million loan from the Co-op to the trade union-controlled Unity Trust Bank and current accounts are also likely to be shifted, according to PA.

Read: Co-op faces radical overhaul after record losses

The move comes after a tumultuous period for the bank, which has seen record losses and the resignation of chairman Paul Flowers, who is now facing drug possession charges.

Labour said the change of loan provider was for "commercial reasons", but the controversy gripping the Co-op over the past year is thought to have strained relations.

Read: Ailing Co-Op 'committed to reform'

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Rise of automation 'will hit low income workers hardest'

People on low incomes will be the hardest hit by the introduction of automation in the workplace in the next few decades, exclusive research for ITV's Tonight programme has found.

According to the research, people earning under £20,000 pounds a year are five times more likely to find that a machine will be capable of doing their job by 2030 than those that earn £100,000 a year.

Tonight: Man versus Machine airs on ITV at 7.30pm tonight (24 April).

Exclusive: Machines 'could do a third of British jobs by 2030'

Barclays making 'material moves in right direction'

Barclays bank is making "material moves in the right direction" despite criticism over its decision to raise the bonus pool and cut jobs, according to a financial expert.

Richard Buxton, one of the City's top fund managers, who oversees billions of pounds at Old Mutual Global Investors told Sky News this week that he was supportive of the chief executive.

Our focus is on the progress being made to improve returns, notably within the investment bank.

We are confident that much more will be achieved here, which will feed through to lower costs and lower compensation over time, albeit in an uneven fashion.

I'm confident that after further work on costs this year, the three-year average 2012-2014 numbers will show material moves in the right direction.

The bank knows it has to improve the staff-to-shareholder reward ratio - but this is a multi-year journey.

– Richard Buxton

Bank bosses to face shareholder fury

Angry shareholders will face Barclays bosses at the bank's annual general meeting, where they are likely to express their fury over high bonuses.

Read: Barclays unveils new chairman

Barclays
Barclays is still trying to recover trust after the libor fixing scandal. Credit: PA

Read: New Bank of England warning over bankers' bonuses

Barclays defied calls for restraint on banking bonuses by increasing the pool by 10% to £2.38 billion despite profits falling by a third and plans to cut thousands of jobs.

The meeting comes after Business Secretary Vince Cable wrote top 100 top businesses, warning them high executive pay would be a "dereliction of duty" and damage public trust.

The bank's pay policy has also been criticised by the Institute of Directors, which complained that the bonus pool for 2013 was nearly three times the £859 million paid out in dividends to shareholders.

Barclays has already announced the appointment of a new director, Crawford Gillies, to chair its remuneration committee. He will succeed Sir John Sunderland at a date to be set.

Read: Hundreds more jobs set to go to at Barclays

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Machines 'could do a third of British jobs by 2030'

A Barclays machine.
Barclays is one business increasingly investing in machines. Credit: Tonight/ITV

Machines will be capable of doing more than a third of Britons' jobs by 2030, exclusive research for ITV's Tonight predicts.

The study by the University of Oxford looked at 702 different categories of occupation and found that 36% of the UK workforce are in jobs where there is a high risk that a machine could be capable of doing their work by that time.

The programme, which airs at 7.30pm on ITV, sees a range of experts predicting that technological changes in the coming decades will be at a pace not seen since the industrial revolution of the 19th century.

Facebook reports surging revenue and profit

Facebook.
Facebook saw a 21% increase in daily active users on the previous year. Credit: Dave Thompson/PA Wire

Social network giant Facebook has reported an increase in revenue and profit despite recent acquisitions, the company's quarterly figures show tonight.

According to figures released by the social network, which was founded in 2004, revenue was up by more than 70% compared to the same quarter of 2013.

The technology firm reported revenue of $2.5 billion (£1.4bn), compared with $1.46 billion (£834m) in the same quarter last year.

The social network also recorded a profit of $642 million (£383m), as well as an increase in the number of daily active users of the service, up 21% on 2013 at more than 800 million.

Primark set to open first US store

Primark is to open stores in the United States for the first time as it looks to replicate the success behind a 26 percent jump in profits in the last six months.

The retail chain, which has 269 stores across Europe, expects its first US shop will begin trading in Boston, Massachusetts, towards the end of next year.

Primark's profits have soared in the past six months. Credit: PA

The US has been a notoriously tricky market for UK retailers to crack, with Tesco and Marks & Spencer among those to experience failure.

Primark's new store in Boston will be in the Burnham Building in the heart of the city.

More: Primark profits up 26% in last six months

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