Financial news

• TSB crisis: Customers get compensation, as IBM experts fly in - as it happened

  26-04-2018 20:49
  Experts from IBM are trying to fix the problems that have dogged TSB’s internet banking service, but it could take several daysFirst compensation paidHMRC will accept reasonable excuses from TSB customersCrisis may last until next weekNewsflash: TSB is waiving overdraft fees to calm angry customers
  Move will cost at least £20mSome customers say they’re still leaving 7.49pm BST Time for a recap:The IT crisis at TSB Bank is heading towards its eighth day, as the company continues
  
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• 'We're on our knees,' says TSB boss as IT crisis drags on

  26-04-2018 20:19 via theguardian.com
  Frustrated customers told they may have to wait until next week before normal service returnsTSB customers have spent their seventh successive day battling to access their accounts as the bank admitted the crisis could run into next week.The bank’s boss, Paul Pester, said TSB will waive £10m in overdraft fees and pay extra interest on current accounts. He has hired a new team of IT experts from IBM who have been told the problems must be fixed by Saturday.Continue reading...
  
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• Will the TSB chief pay the price for its online banking meltdown? | Nils Pratley

  26-04-2018 20:18
  It is clear that the main blame lies with parent Sabadell, but Paul Pester may end up as the fall guyLet’s try to be generous to Paul Pester, TSB’s beleaguered chief executive. His handling of the fallout from the botched IT “upgrade” has been poor – some of his statements and tweets have been nonsensical, others have been factually wrong – but it is already clear that the primary blame for the fiasco itself lies in Spain, at the door of Banco Sabadell, TSB&rs
  
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• Carpetright, Poundworld and Fenwick set to axe jobs

  26-04-2018 20:00
  High street struggles continue, with 33% of retailers reporting falling sales The high street has been rocked by a fresh wave of store closures and job losses as household names including Carpetright, Fenwick and Poundworld announced major restructuring programmes. At a meeting in London on Thursday, Carpetright was able to avoid tipping into administration after landlords backed a company voluntary arrangement (CVA) that will allow it to close 92 stores with the loss of 300 jobs.Continue readin
  
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• npower-SSE merger could lead to higher prices, says regulator

  26-04-2018 19:24 via theguardian.com
  CMA refuses to back energy giants’ tie-up, saying it could result in less competitionThe npower-SSE merger could lead to higher consumer energy bills and warrants further scrutiny, the competition watchdog has said.Sources at the firms, two of the big six energy suppliers, had expected the merger to get the go-ahead from the Competition and Markets Authority. Continue reading...
  
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• Poundworld to close about 100 stores, with 1,500 jobs at risk

  26-04-2018 17:19
  Discount chain is latest high street retailer to struggle after facing rising costsPoundworld is planning to close about 100 stores, putting about 1,500 jobs at risk, in the latest grim news from the high street.The discount retailer is working on a proposal for a company voluntary arrangement (CVA), expected during the first half of May. Continue reading...
  
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• TSB crisis could drag into next week as bank turns to IBM

  26-04-2018 16:54
  Outside help drafted in and HMRC will take circumstances of bank’s customers into account
  • Follow the TSB crisis liveThe IT meltdown at TSB may not be fully fixed until next week, the bank warned on Thursday, as it drafted in experts from IBM to help solve the crisis that has left up to 1.9 million customers locked out of their accounts for almost a week.The chief executive, Paul Pester, said on Thursday he was “truly sorry” for the botched systems upgrade, which has affe
  
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• Is it time to raise interest rates? Experts debate the Brexit watch data

  26-04-2018 14:22
  Two former members of Bank of England’s interest rate-setting committee discuss a potential rise
  • Interest rate rise clouds outlook
  • Brexit economy – April verdictSenior economic adviser at the PwC consultancy and member of the Bank of England’s monetary policy committee from October 2006 to May 2011Continue reading...
  
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• How has the Brexit vote affected the economy? April verdict

  26-04-2018 14:21
  Each month we look at key indicators to see what effect the Brexit process has on growth, prosperity and trade in the UK
  •Interest rate rise clouds outlook
  •Experts debate the data Continue reading...
  
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• Opodo didn’t make my booking – and it won’t give me a refund

  26-04-2018 13:58 via theguardian.com
  We had to buy on-the-spot tickets … for £320 more than the originalsWe used Opodo to buy two airline tickets from Florence to Nice, and received a confirmation email. When we got to the airport, we were told Opodo had not forwarded the booking to the airline, so we had to purchase two new tickets on the spot for £320. I had to keep chasing Opodo for a refund. Weeks later, it says it will not pay. DZ, London Continue reading...
  
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• GAS PRICE WARNING: Npower and SSE merger could INCREASE energy bills, watchdog says

  26-04-2018 08:52 via feedproxy.google.com
  SSE and Npower have been warned by the UK’s competition watchdog over plans to merge the two suppliers in a move that could lead to yet another massive price hike for UK consumers.
  
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• Bitcoin price: Expert says THIS is the dramatic reason why bitcoin could SURGE

  26-04-2018 08:19 via feedproxy.google.com
  BITCOIN price hit a 40-day high on Tuesday as it climbed to over $9,200 – but one cryptocurrency expert said bitcoin could continue to surge by “hundreds of thousands” if it replaces a major reserve currency.
  
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• Some praise our gig economy flexibility. I call it exploitation | Larry Elliott

  26-04-2018 07:00
  For ‘record employment’, read low wages, low productivity, low investment. The idea of happy zero-hours workers is for the birdsGetting on for one million people in Britain wait each day for a text or a phone call to let them know whether an employer has work for them. Twenty years ago few had heard of zero-hour contracts, but the number of workers covered by them has increased more than fourfold since the recession of a decade ago. Related: More than 900,000 UK workers now on zero-h
  
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• TSB crisis: customers count cost of IT meltdown as problems continue - as it happened

  26-04-2018 02:12
  Some customers find that internet banking is restricted - or still not working, despite CEO saying it’s up and runningLatest: TSB admits internet banking is running at 50% capacityHolidaymakers suffer.... as do customers in UKSome firms can’t pay their staffTSB claims services are up and running again...
  ...but users struggle to get onlineHow has TSB’s problems affected you?1.12am BST And finally, here’s our latest news story on the TSB IT crisis: Related: TSB chief force
  
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