The real Cambridge Analytica scandal is how much data we freely give away March 22, 2018 It will come as a surprise to many users of social media, not just Facebook but more broadly, just how much personal data we throw into the internet ether. Every click entered, every advertisement followed, every connection made, is monitored and tells someone something about us. There are two central allegations against Facebook and Cambridge [...]
Costs of Heathrow’s third runway could outweigh benefits by £2.2bn, says thinktank March 22, 2018 The costs of Heathrow’s controversial third runway could outweigh the economic benefits by at least £2.2bn, according to a thinktank. The New Economics Foundation warns that the third runway may no longer be “financially viable” and that the best-case scenario may only deliver £3.3bn of benefits, a significant scaledown from the Independent Airports Commission’s projection [...]
Shadow MPC: The Bank of England should hold interest rates amid hesitantly positive economic data March 22, 2018 Interest rates are widely expected to be kept at their current 0.5 per cent level today, as the Bank of England (BoE)’s monetary policy committee (MPC) meets to deliver its verdict. In the second MPC rate review of this year, due to be announced at midday, the BoE’s policy makers are likely to credit only [...]
Facebook’s Mark Zuckerberg breaks his silence on Cambridge Analytica: “We made mistakes” March 21, 2018 Mark Zuckerberg has broken his silence over Facebook’s data scandal with Cambridge Analytica, saying the company “made mistakes”. The social media giant’s boss had been notably absent since allegations were made that data firm Cambridge Analytica mined millions of Facebook users’ personal data over the weekend. Today, in a Facebook post, Zuckerberg said: We have [...]
The US Federal Reserve has raised interest rates and signalled two more hikes this year March 21, 2018 The US Federal Reserve has raised its benchmark interest rate by a quarter of a percentage point and signalled two more hikes in 2018 as it pointed to a strengthening US economy. The Fed raised rates to a range of 1.5 per cent to 1.75 per cent, as was widely expected, and newly appointed chairman [...]
US and EU launch trade talks over Trump’s steel and aluminium tariffs March 21, 2018 The US and EU have agreed to launch discussions on issues of trade, including on President Donald Trump’s steel and aluminium tariffs, officials have said. EU trade commissioner Cecilia Malmstrom met US secretary of commerce Wilbur Ross yesterday as the bloc scrambles to secure an exemption from Trump’s planned tariffs on metals imports. In a [...]
Tesla share price rises as stockholders approve Elon Musk’s $2.6bn compensation plan March 21, 2018 Tesla shareholders have approved a proposal to award chief executive Elon Musk with stock options valued at $2.6bn (£1.8bn) at a special meeting today. The windfall does not include a salary or cash bonus, so it relies on a rise in the company’s market value over the next decade. Shares in the company rose 3.42 [...]
New Look’s creditors approve deal to reduce rents and close stores March 21, 2018 New Look’s creditors this afternoon approved a deal to reduce rents and close 60 stores, likely leading to hundreds of job losses at the retailer. The fashion chain has secured a company voluntary agreement (CVA) with landlords, and said up to 980 staff will be made redundant in a raft of store closures. The CVA [...]
London’s financial system needs to be better prepared ahead of Brexit March 21, 2018 The UK’s biggest challenge for our negotiations as we leave the European Union is to ensure that our economy is intact and properly prepared for the future. The City of London has an important role to play in helping to create a sustainable economy and the Brexit decision certainly presents some serious challenges. A solution [...]
PMQs: Theresa May insists no government links to Cambridge Analytica as she calls allegations “very concerning” March 21, 2018 The Prime Minister has defended the government against claims it has links with Cambridge Analytica, the company at the centre of a storm over its use of data in the 2016 US Presidential elections. Ian Blackford, SNP’s leader in Westminster, grilled Theresa May over her connection with the firm, which is battling against accusations it [...]