Bank of England delays cyber stress test as it focuses on Brexit December 5, 2018 The Bank of England (BoE) will delay work on a cyber stress test for banks as it focuses on Brexit preparations, according to minutes published today. The BoE’s financial policy committee (FPC) said it will put off a scheme to test how banks react to cyber attacks, which was due to launch early next year. [...]
Boohoo countdown promotions broke advertising rules, says ASA December 5, 2018 Online fashion retailer Boohoo misled customers by using a fake countdown clock, according to the Advertising Standards Agency (ASA). The advertising watchdog said Boohoo broke its rules by using false time limits, putting customers under unnecessary pressure to make purchases. Boohoo’s promotions used a countdown clock offering shoppers discounts if they bought items before a deadline. But an [...]
Watchdog to launch in-depth probe into Paypal’s iZettle takeover December 5, 2018 The UK’s competition watchdog plans to launch an in-depth investigation into PayPal’s takeover of iZettle amid fears it could drive up prices for customers. The Competition and Markets Authority (CMA) said it is concerned the deal could negatively impact future competition for mobile payment services, which it said could result in higher prices or lower quality service [...]
Podcast platform Acast secures $33m funding amid rise in on-demand listening December 5, 2018 Podcast startup Acast has secured $33m (£25.9m) in Series C funding as it cashes in on the surging popularity of on-demand listening. Acast, which helps podcast makers distribute and monetise their content, said the funding will be put towards growth as the platform looks to expand internationally. “This has been the biggest year in our [...]
Dow Jones takes a tumble amid trade truce doubts and recession fears December 4, 2018 US stocks fell sharply today amid uncertainty over the country’s trade war truce with China. The Dow Jones tumbled more than 800 points as initial enthusiasm about the trade ceasefire between President Trump and President Xi began to wane. On Monday the Dow saw large gains after Trump agreed to delay a rise in tariffs [...]
Nigel Farage quits Ukip over anti-Muslim policies and link with Tommy Robinson December 4, 2018 Nigel Farage has dramatically quit Ukip in protest at the party’s anti-Muslim policies under leader Gerard Batten. The former Ukip leader slammed the appointment of far-right activist Tommy Robinson as an adviser and the party’s “fixation” with Islam. Writing in the Daily Telegraph, Farage said he was leaving Ukip “with a heavy heart” due to [...]
Brexit mess makes Britain ‘hot heads’ of Europe, says City’s policy boss December 4, 2018 Britain’s mishandling of Brexit has made it the new “hot heads” of Europe and damaged its financial services industry, according the the City of London’s policy boss. Catherine McGuinness said the uncertainty surrounding Brexit has damaged the country’s reputation and will take time to rebuild. “We do travel the world quite extensively and I do [...]
UK foreign investment hits record high as investors shun Brexit fears December 4, 2018 Investment into the UK from foreign companies rose to the highest level ever recorded last year as investors shrug off Brexit worries. The value of the UK’s foreign direct investment (FDI) stocks in 2017 was £1,336.5bn, a rise of £149.2bn since 2016, according to figures published by the Office for National Statistics (ONS). The total, [...]
Pound falls after government loses contempt vote December 4, 2018 Sterling fell today after Theresa May's government was found in contempt of parliament for failing to publish Brexit legal papers. The pound had climbed back from fresh lows earlier in the day after the European Court of Justice (ECJ) suggested the UK could change its mind about Brexit by unilaterally withdrawing Article 50. But the [...]
Ghosn faces fresh arrest as Nissan fails to find new chairman December 4, 2018 Former Nissan chairman Carlos Ghosn faces arrest on a fresh charge of understating his income in a move that could keep him in detention for the rest of the year. Tokyo prosecutors plan to issue a new warrant for Ghosn on suspicion of underreporting roughly ¥4bn (£27.7m) of his salary over the last three years, [...]
