Financial news

• Banks have only themselves to blame for PPI reckoning

  09-09-2019 20:14 via theguardian.com
  Some bankers may have thought that PPI products were justified, but it was a scamWhat a suitably embarrassing end to Lloyds Banking Group’s misadventure in mis-selling PPI, or payment protection insurance. For the umpteenth time, the bank’s estimate of the cleanup bill has collided with reality and come up short.A rush of claims by punters, ahead of the August deadline, has forced a £1.2bn-£1.8bn increase in Lloyds’ provisions, taking the total to roughly £22b
  
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• PPI claims: Lloyds and Barclays face billions of pounds in extra charges

  09-09-2019 19:42
  Banks underestimated number of last-minute complaints they would receive before deadlineLloyds Banking Group and Barclays have warned they will take billions of pounds in extra charges to cover a last-minute surge in claims relating to mis-sold payment protection insurance (PPI).The lenders said they underestimated the number of complaints they would receive in the run-up to the 29 August deadline and will increase provisions following a spike in claims before the cut-off. Lloyds expects to take
  
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• British Airways cancels virtually all flights on day one of pilot strike

  09-09-2019 19:01 via theguardian.com
  More walkouts planned over pay dispute, with no resolution in sightThe start of a 48-hour walkout by British Airways pilots forced the national carrier to cancel virtually all flights on Monday, with no sign of a resolution ahead of more planned strikes.Heathrow Terminal 5, BA’s main operating hub, was almost deserted, when it would normally be bustling with passengers. BA carries about 145,000 passengers on an average day. Continue reading...
  
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• China’s war on Facebook: Beijing launches cryptocurrency to take on social media giant

  09-09-2019 18:36 via feedproxy.google.com
  THE Chinese government will launch its own cryptocurrency to rival Facebook’s looming Libra coin. A senior banking official told Chinese media that officials are still planning to launch a state-run cryptocurrency similar to the social media network’s Libra.
  
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• Pound euro exchange rate: GBP/EUR rises as July’s UK growth figure tames Brexit recession

  09-09-2019 18:25 via feedproxy.google.com
  The pound euro exchange rate rose by 0.5 percent today, with the pairing trading around €1.119 after July’s UK growth figure beat expectations and rose from 0 percent to 0.3 percent, a notable improvement on June’s stagnation. The result provided uplift for the GBP/EUR exchange rate as improving growth tempered Brexit recession fears.
  
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• Free-From and vegan ENJOY! brings taste of the healthier life for choc fans

  09-09-2019 12:00 via feedproxy.google.com
  CHOCOLATE brand Enjoy!, which makes its Free From, lower sugar and vegan confectionery from scratch in the UK, launches in 300 Holland & Barrett stores this month amid rising demand for healthy eating treats.
  
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• Family reconnected after car crashed phone line

  09-09-2019 12:00 via feedproxy.google.com
  WHEN a car crash in their road cut off their phone line, a family were properly poleaxed. 
  
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• KLM must stop this unfair ticket cancellation tactic

  09-09-2019 08:00
  Sometimes it’s cheaper to buy a return airline ticket than a single ... but it can prove costlyI arrived at the airport in Billund, Denmark for a KLM flight to Cape Town, only to find that my ticket had been cancelled and my seat sold on to someone else.I had booked a return flight because it was actually cheaper, planning to only use the return leg. However, representatives at the airline told me that flights are automatically cancelled if you miss the first leg. I was forced to buy a tic
  
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• I'm in a five-year mortgage deal – what if I decide to move?

  09-09-2019 08:00
  I’m unsure what the process would be with remortgaging if we’re in a fixed-rate termQ I am hoping you can offer some advice regarding my situation. I am currently four years into a five-year fixed-rate mortgage with an interest rate of 3.5% and an early repayment charge of £6,000. We currently owe £115,000 and our house is worth around £210,000 to £220,000.I am keen to remortgage next year but at the same time, or shortly after, I am hoping to sell this house
  
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• Bedtime browsing trend fuels night-time shopping at John Lewis

  09-09-2019 07:01 via theguardian.com
  Chain says duvet covers are most popular item, with flights and holidays the most common credit card purchaseBedtime browsing by sleepless Brits in the middle of the night has resulted in a 23% increase in nocturnal spending over the last year alone, according to John Lewis.The department store chain said that online shopping between midnight and 6am now accounts for around one in 15 purchases that use its credit card. Continue reading...
  
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