Financial news

• World Bank warns trade tensions could cause 2008-level crisis

  05-06-2018 22:00 via theguardian.com
  Estimating risk of rising economic nationalism, the kind promoted by Donald Trump, the bank warned of ‘severe consequences’ for trade and growthA worldwide escalation of the trade tensions between the US and its major trading partners would have consequences for global trade equivalent to the 2008 financial crisis, the World Bank has warned. Using conservative estimates to assess the risks to the world economy from rising economic nationalism of the kind promoted by Donald Trump, the
  
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• US Regulators Step Up Scrutiny Into UK Financial Services - Law360

  05-06-2018 20:38
  US Regulators Step Up Scrutiny Into UK Financial Services
  Law360
  Law360, London (June 5, 2018, 7:29 PM BST) -- Data from the Financial Conduct Authority shows strong signs that U.S. watchdogs are ramping up investigations into executives at financial services firms in the U.K., according to law firm Reynolds Porter ...
  
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• The Guardian view on Amazon: not a normal monopoly | Editorial

  05-06-2018 19:07
  Consumers love the convenience of Jeff Bezos’ firm. But the undue focus on this advantage has led to the neglect of the interests of workers, rival entrepreneurs and votersThis week’s decision by the GMB union to bring a legal case against firms delivering for Amazon, the e-commerce giant, throws into sharp relief how much the modern economy has been stretched to benefit a monopolistic form of tech-capitalism. Ostensibly the action is about employment law: it argues that couriers wor
  
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• Theresa May faces dilemma over NHS cash boost, says IFS

  05-06-2018 18:22 via theguardian.com
  PM will have to either raise taxes, slash public spending or break her own spending rulesTheresa May’s plans to mark the 70th anniversary of the founding of the NHS with a big cash boost will force the government to raise taxes, break its own budget rules or slash public spending elsewhere, according to the UK’s leading thinktank on the public finances.Amid growing Westminster speculation that an NHS announcement would be made within the next month, the Institute for Fiscal Studies s
  
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• Visa failure shows the dangers of ditching cash | Letters

  05-06-2018 18:18 via theguardian.com
  Doug Clark says two credit card providers hold the lion’s share of the market, giving them a worrying degree of control over our means of payment, and Mike Peart says he shouldn’t be discriminated against financially for not having a smartphoneOn Friday millions of people across Britain and Europe were unable to pay for goods and services after a crash in Visa’s payment system (Chaos as Visa card network crashes in UK and Europe, 2 June). Countries worldwide are dispensing with
  
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• Tesco bank customers temporarily shut out from online and mobile services

  05-06-2018 16:58
  Bank apologises after 5.6m customers were unable to access online services this morningTesco Bank became the latest banking operation to suffer a technical failure after its 5.6 million customers were temporarily blocked on Tuesday from accessing their accounts online or via mobile phone. Continue reading...
  
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• The ugly truth about unlimited holidays

  05-06-2018 16:54
  A bottomless vacation allowance sounds dreamy – but the companies who offer this perk may have an ulterior motive When you head off for a break this year, spare a thought for workers who have unlimited holidays.Although having an endless allowance of leave may sound like heaven, in reality you would not be likely to spend half the year sipping piña coladas on a remote beach. Continue reading...
  
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• Fifa files criminal complaint against ticket site Viagogo

  05-06-2018 16:11 via theguardian.com
  Football governing body acts as part of crackdown on unauthorised World Cup salesFifa has filed a criminal complaint in Switzerland against the ticket website Viagogo as part of a crackdown on unauthorised World Cup sales.The move by football’s world governing body, shortly after an undercover investigation by the Guardian revealed Viagogo’s involvement in the illegal resale of football tickets in the UK, represents the latest in a line of legal challenges to the company’s busi
  
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• Is Uber's PR offensive a cynical corporate whitewash?

  05-06-2018 15:53
  The taxi app is attempting to turn around its toxic image with a quirky documentary narrated by Dawn French. But has anything actually changed for its drivers?Near the end of April, Uber dropped a “fireside chat” podcast on to its “partner” channel on SoundCloud. It featured representatives of UberENGAGE (the company’s scheme for soliciting feedback from its drivers) doing a little soul-searching about the taxi app’s toxic public image. Back in 2014, the Guard
  
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• PENSION WARNING: Thousands 'at grave risk' of running out money in retirement

  05-06-2018 15:08 via feedproxy.google.com
  HUNDREDS of thousands of pensioners are at ‘grave risk’ of running out of money in retirement as the stampede to cash in pensions early continues.
  
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• Bitcoin price: Ripple CEO thinks DOZENS of banks will be using XRP for THIS reason

  05-06-2018 14:52 via feedproxy.google.com
  BITCOIN and other cryptocurrencies faced a turbulent few months at the start of the year but have picked up in recent weeks – Ripple CEO Brad Garlinghouse believes “dozens” of banks will be using Ripple by the end of 2019.
  
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• MPs demand answers over 'catastrophic' Visa card payment problem

  05-06-2018 14:06 via theguardian.com
  Committee wants to discuss compensation and what firm is doing to prevent a repeatA cross-party group of MPs is demanding answers from Visa after a system crash on Friday left millions of people unable to pay for goods and services in the UK and across Europe.Nicky Morgan, the chairwoman of the Treasury select committee, has written to Charlotte Hogg, the chief executive for Europe at Visa, about her personal handling of the failure and to find out what went wrong on 1 June. Continue reading...
  
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• If Chris Grayling can’t sort out the railways, what’s the point of him? | Gaby Hinsliff

  05-06-2018 13:29
  The chaos-surveying transport secretary is a symbol of everything that’s hamstringing this governmentWe are sorry to announce that Chris Grayling has not been cancelled. This service will continue running for some time yet, regardless of disruption to your journey, although the government does apologise for any inconvenience caused.That was roughly the substance of the transport secretary’s statement to parliament on the mushrooming rail crisis – which, if nothing else, helped
  
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• Pound US dollar exchange rate: GBP rallies as UK service sector activity beats expectation

  05-06-2018 13:02 via feedproxy.google.com
  THE pound stormed ahead to $1.1338 against the US dollar on Tuesday morning. It was supported by a better-than-expected UK service sector PMI and yesterday’s below-forecast US factory order figures.
  
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• UK Minister Vows Financial Services to Remain 'National Priority' After Brexit - Insurance Journal

  05-06-2018 12:37
  UK Minister Vows Financial Services to Remain 'National Priority' After Brexit
  Insurance Journal
  Financial services will remain a “guiding light” for Britain's economy after Brexit and there is no intention to “rip up the rulebook” to compete better as a top financial center, a government minister said on Tuesday. “My priority is to ensure that ...en meer »
  
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• Pound euro exchange rate: GBP rallies as Eurozone slowdown continues

  05-06-2018 12:07 via feedproxy.google.com
  THE pound euro exchange rate is currently at around €1.143, up by around 0.5 per cent from this morning’s starting levels. The pound is making some headway against the euro this morning as markets welcome the publication of the UK’s latest services PMI.
  
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• Bitcoin price FALLS: BTC dies for the 300th time- what does it mean? Will it keep falling?

  05-06-2018 11:32 via feedproxy.google.com
  BITCOIN has suffered its 300th ‘death’ as the cryptocurrency plummeted in value after claims it has an ‘achilles heel’ in mining operations. Does this mean Bitcoin is doomed to fail and will BTC keep falling?
  
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• How have you been affected by the Northern and Thameslink train chaos?

  05-06-2018 10:21 via theguardian.com
  Passenger groups and unions have been critical of changes they say could mean working lives are severely impacted
  Hundreds of trains have been cancelled and many more delayed in disruption that has affected passengers in northern and south-east England the past two weeks. Commuters have been hit by altered or reduced services as part of the biggest change to timetables in living memory.Why is this rail timetable change significant?
  New timetables are published every year but normally with minor
  
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• Drivers hit by biggest petrol price rise for 18 years

  05-06-2018 10:07
  Cost at the pump soared by a ‘hellish’ 6p a litre in May, says the RACThe price of petrol at the pump rocketed by a “hellish” 6p a litre in May – the biggest monthly rise for 18 years, the RAC has said.Unleaded shot up from 123.43p to 129.41p a litre, taking the cost of filling up a 55-litre family car to £71.18, an increase of £3.29, data from RAC Fuel Watch shows. Continue reading...
  
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• Fraudsters ran up a £16,000 bill – but they still get sent more credit cards

  05-06-2018 09:50
  I’ve contacted Action Fraud and the banks, but they don’t seem to be able to stop itI have been the victim of identity theft and card fraud over several months now. I have had a bank account opened in my name and four credit cards issued, two of which have been maxed out and run up more than £16,000.I have reported events as they happen to Action Fraud and dealt with the banks directly to stop the accounts.Continue reading...
  
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• Pension news: Fury at call to ditch triple-lock pension so wealthy can help to meet costs

  05-06-2018 03:12 via feedproxy.google.com
  PENSIONERS should sacrifice their “triple lock” pension rises so the money can be diverted towards Britain’s crisis-hit care system, according to a think-tank.
  
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• Water bosses' £58m pay over last five years a 'national scandal'

  05-06-2018 01:01 via theguardian.com
  GMB chief launches campaign to return England’s nine water firms to national ownershipThe bosses of England’s privatised water companies have been criticised for banking £58m in pay and benefits over the last five years while customers have been faced with above-inflation rises in their water bills.The GMB union said the chief executives of England’s nine water and sewage companies were “fat cats” earning “staggering sums” from the management of a
  
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