Financial news

• TSB battles to fix online banking after days of disruption – business live

  24-04-2018 20:43 via theguardian.com
  Britain’s TSB bank is struggling to get its online banking working, after more than five days of disruption caused by an IT migrationLatest: CEO says fix may come tonightSummary: TSB gripped by tech woesTSB CEO: No-one will be out of pocketBank has taken systems offline, to try to fix problemsSalaries have vanished at Ulster BankMPs demands answers over IT chaos
  How have you been affected?10.44pm BST More unhappy customers are taking to Twitter, as they realise that TSB has failed to meet
  
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• High cost of more delay forced TSB to upgrade before it was ready | Nils Pratley

  24-04-2018 20:03 via theguardian.com
  Using former owner Lloyds’ IT system was proving ruinously expensive for the bankIt will be no consolation to those TSB customers suffering under the botched IT “upgrade” that the bank had originally planned to do the work last November when, one assumes, it would have been even more badly prepared.Its chief executive, Paul Pester, said at the time that the “main reason” for the delay was the approach of a likely rise in interest rates, which indeed materialised. TS
  
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• The Guardian view on the EU customs union: the start of the Brexit crunch | Editorial

  24-04-2018 19:15 via theguardian.com
  Theresa May has promoted the pyrrhic freedoms of a fantasy Brexit for too long. It is time for compromises that protect manufacturing and Northern IrelandIt may not be the crunch, but it is surely the beginning of the crunch. Thursday’s Commons debate on borders and customs regimes after Brexit is a crucial opportunity for MPs to fire a very clear shot across the government’s bows in favour of the softest possible Brexit. The Commons will be debating a motion on Thursday, not a piece
  
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• Ireland expects Apple EU tax appeal to be heard in autumn

  24-04-2018 19:00 via theguardian.com
  Timeframe confirmed for joint challenge against EU ruling for €13bn in disputed taxesThe Irish government will begin collecting €13bn (£11bn) in unpaid taxes from Apple, as it confirmed that its joint appeal with the US technology company against an EU ruling demanding the money be paid would be heard in autumn. Paschal Donohoe, the Irish finance minister, said on Tuesday the money would be recovered in a series of payments starting in the second quarter of 2018, with all funds e
  
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• Demise of Toys R Us and fashion chain East bring more job losses

  24-04-2018 18:43 via theguardian.com
  Toy retailer closes its remaining stores, while House of Fraser’s parent firm mulls sale of stakeThe high street is braced for another wave of job losses as a result of the final demise of Toys R Us and the fashion chain East, and fresh speculation about the future of House of Fraser. The handful of Toys R Us stores that were still trading closed their doors for the final time on Tuesday, ending the US retailer’s three-decade presence in the UK. The toy chain, which had 3,200 staff a
  
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• Metro Bank founder Vernon Hill sees off shareholder revolt

  24-04-2018 17:57 via theguardian.com
  AGM approves re-election as chair despite concern over bank’s payments to wife’s firmThe US founder of Metro Bank has fended off a shareholder revolt despite concerns about the close relationship between the challenger bank and his wife’s architectural business and his use of a £120,000 annual travel allowance.Shareholder Royal London Asset Management had said ahead of Tuesday’s annual meeting that it would vote against Vernon Hill’s re-election as chairman af
  
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• Jeff Bezos v the world: why all companies fear 'death by Amazon'

  24-04-2018 17:32 via theguardian.com
  With its profound knowledge of its customers, Amazon can move into almost any sector – striking fear into the hearts of rivals. And the $740bn company is ‘just getting started’The computer on which this article was written is sitting on a laptop stand that tells you everything you need to know about how Amazon does business. At $19.99 (£14.99) a pop, the laptop stand combines everything customers love about Amazon: utility, price and convenience. It’s also a total a
  
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• Cheesed off: Spain's manchego makers vow to fight EU name ruling

  24-04-2018 17:04 via theguardian.com
  EU says Mexican producers can use manchego name to describe their cheaper, cow’s milk cheeseMakers and lovers of manchego, Spain’s famous sheep’s milk cheese, have vowed to fight an EU decision allowing Mexican producers to carry on using the same name to describe their cheaper, cow’s milk cheese.A battle over ownership of the name had delayed a major trade deal between the EU and Mexico for months, but agreement was finally reached over the weekend in a deal that will al
  
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• BP chief urges Cambridge University to keep fossil fuel investments

  24-04-2018 16:53 via theguardian.com
  Bob Dudley faces criticism for calling for university to ‘come to its senses’ over divestmentBP’s chief executive has come under fire from campaigners after he urged Cambridge University not to drop its fossil fuel investments.Bob Dudley was greeted with laughter when he told an industry conference on Tuesday: “We donate and do lots of research at Cambridge so I hope they come to their senses on this.” Continue reading...
  
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• TSB online banking meltdown – the key questions answered

  24-04-2018 14:59 via theguardian.com
  All you need to know, from what went wrong to how to seek compensationAn IT meltdown at TSB is causing chaos for millions of customers.The TSB chief executive, Paul Pester, has apologised, but that may not be enough. Amid reports of people losing out on property purchases or being stranded without money on the continent, senior politicians are now demanding answers.What went wrong? Continue reading...
  
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• Boost for Hammond as budget deficit hits lowest level since 2007

  24-04-2018 12:47 via theguardian.com
  Chancellor may ease austerity as public sector net borrowing falls to £42.6bn for the last financial yearBritain’s budget deficit has dropped to the lowest level since before the financial crisis, laying the ground for Philip Hammond to raise government spending on public services later this year. The Office for National Statistics said public sector net borrowing, excluding the state-owned banks, dropped by £3.5bn to £42.6bn in the last financial year, cutting the budget
  
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• Have you been affected by the TSB online banking failure?

  24-04-2018 11:53 via theguardian.com
  We want to hear from those who have experienced issues with accessing their online TSB accounts
  Millions of TSB customers were locked out of their accounts during an IT “upgrade” leaving some people with unexpected credits and debits on their accounts.TSB said its 1.9 million mobile and internet banking customers were affected during a transfer of banking data involving the switch of 1.3 bn customer records, which was due to be completed by Sunday evening. However on Monday TSB recei
  
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• UK runs without coal power for three days in a row

  24-04-2018 11:12 via theguardian.com
  Demand lower following recent warm weather, making it easier for gas, renewables and nuclear to cover UK’s needsThe UK has been powered without coal for three days in a row, setting a new record and underlining the polluting fuel’s rapid decline.Coal has historically been at the cornerstone of the UK’s electricity mix, but last year saw the first 24-hour period that the the country ran without the fuel since the 19th century. Continue reading...
  
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• Abolish all bank holidays, Corbyn: and let workers choose their time off | Anna Macey

  24-04-2018 10:56 via theguardian.com
  The idea of four more days off sounds great, but will benefit few of us. Enforcing annual leave rights is the way forwardJeremy Corbyn used St George’s Day yesterday to reiterate Labour’s manifesto commitment to create four new bank holidays, corresponding to the four patron saint days across the UK. The Labour leader argues that Britain has fewer public holidays – just eight – than almost all other EU countries. On this he is right: Finland leads the way with 15, and the
  
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• Why shouldn’t I get a cooling-off period over my EE contract?

  24-04-2018 08:00 via theguardian.com
  I regretted signing a new deal in store … but there’s no way backA few weeks ago, I went into an EE shop with the intention of reducing my monthly mobile phone payments, as my contract was nearing the end.However, I was convinced by a good salesperson that getting a new iPhone and sticking with my £50-a-month contract, was the best option. It all moved very fast, and I regretted my decision almost as soon as I’d signed. By the time I’d got back to my office, I had
  
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• Vodafone named UK's worst mobile phone provider by Which?

  24-04-2018 07:01 via theguardian.com
  Mobile operator hits bottom in consumer group’s annual survey for seventh consecutive yearVodafone has been named as the UK’s worst mobile phone provider by the consumer group Which?It is the seventh year running that Vodafone has come bottom of the consumer group’s annual survey of how happy the UK public is with their mobile operator. Utility Warehouse, the energy and communications company, was named as the firm with the happiest mobile customers. Continue reading...
  
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• TSB hit by online banking chaos after IT migration - as it happened

  24-04-2018 01:09 via theguardian.com
  Some TSB customers are unable to access their accounts after the bank moved onto a new technology platform over the weekendSummary: IT problems at TSB tonightFull story: Turmoil at the Savings BankMove away from legacy Lloyds systems hits trouble
  Customers demand answersTSB statement: We’re really sorryParent company: It’s a success! 12.09am BST TSB customers must wait until Tuesday morning to find out if they can get into their online bank accounts. The bank itself seems to have gon
  
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