Financial news

• Amazon profits drop sharply amid big spending to speed package delivery

  24-10-2019 22:54 via theguardian.com
  Quarterly profits down to $2.1bn from $2.9bn a year earlierUS politicians keen to scrutinize Amazon’s business practicesAmazon’s profits slid 26% in the last quarter as the company poured money into free shipping and its cloud storage business. Related: 'Go back to work': outcry over deaths on Amazon's warehouse floorContinue reading...
  
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• Barclays U-turns over ban on Post Office cash withdrawals

  24-10-2019 20:35
  Bank rethinks decision after MPs criticise move as ‘penny-pinching’ Nils Pratley: unilateral withdrawal was always a PR own goalBarclays has bowed to public pressure and scrapped a decision to stop its customers from withdrawing cash at post offices following a barrage of criticism.The bank’s U-turn came after it emerged that Barclays bosses would be questioned about the decision by a committee of MPs who had labelled it “a petty, penny-pinching move” and were hours
  
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• Barclays deposits a large dose of common sense at the Post Office

  24-10-2019 20:30 via theguardian.com
  Bank’s unilateral exit from Post Office cash withdrawals was always a PR own goalBarclays U-turns on ban on Post Office withdrawals“At Barclays, stakeholder engagement is key to ensure responsible balanced decisions are made,” runs the corporate blurb in the annual report, describing a well-oiled process whereby the bank fulfils its duties as an upstanding corporate citizen by maintaining “an open and frequent dialogue” with outsiders.If only. Sometimes only an old-
  
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• QuickQuid owner on brink of collapse as payday lender complaints surge

  24-10-2019 19:57 via theguardian.com
  CashEuroNet UK close to entering administration in latest blow to high-cost loans industry The UK’s largest payday lender is at risk of entering administration, a year after its rival Wonga collapsed due to a surge in complaints.The US owner of CashEuroNet UK, which operates the QuickQuid and On Stride brands, is considering its options after confirming plans to exit its British operations. Continue reading...
  
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• Watchdog hails success of auto-enrolment pensions

  24-10-2019 17:21
  Ten million more people now saving with big rises in private sector staff, the young and ethnic minoritiesRegulators and financial experts are hailing a rare public policy success after figures on Britain’s “auto-enrolment” scheme revealed 10 million more people are now saving, with record amounts going into pensions.British workers saved £90.4bn into their pension schemes in 2018, according to the Pensions Regulator – £7bn more than the year before. Behind th
  
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• Twitter shares slump as revenues dip and costs rise

  24-10-2019 13:38 via theguardian.com
  Firm reports ‘headwinds’ as near 20% hike in costs and advertising bugs dent profitsTwitter shares slumped on Thursday after the social network reported lower than anticipated revenues and higher costs and said it expected advertising technology bugs to continue to drag on profits.Shares fell by almost 20% in early trading on the New York Stock Exchange to a low of $31.10, the weakest since March. Continue reading...
  
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• 'So you won't take down lies?': Alexandria Ocasio-Cortez challenges Facebook CEO – video

  24-10-2019 08:39 via theguardian.com
  Mark Zuckerberg faced a gruelling examination from the Democratic lawmaker Alexandria Ocasio-Cortez on Wednesday, with questions over the Cambridge Analytica scandal and Facebook’s reluctance to police political advertising.The Facebook CEO declined to disclose when he found out the company was harvesting and selling user data to influence elections. She also asked Zuckerberg about his 'dinner parties with far-right figures' and if at those meetings he addressed the pop
  
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• After identity fraud I can’t stop endless deliveries of phones

  24-10-2019 08:01 via theguardian.com
  My accounts were cancelled and the issue flagged up … except by Carphone WarehouseIn July I discovered I was the victim of identity fraud, and had to deal with several companies to resolve issues. They were all helpful, put fraud-prevention Cifas markers on my credit file and cancelled the accounts. Apart from Carphone Warehouse. Since the ID fraud, I’ve had repeated deliveries to my address of phones I have not ordered. I have reported this multiple times but the phones keep coming
  
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• New guidelines force pension funds to reveal shareholder voting records

  24-10-2019 01:22
  Firms must report actions on environmental and social issues under revamped code Pension funds and asset managers will have to disclose their shareholder voting records on issues including the climate crisis, as part of UK guidelines that will come into force in January.The revamped stewardship code means firms will have to publish annual reports showing they have taken environmental, social and governance (ESG) issues into account when investing and engaging with companies. Continue reading...
  
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