Global money transfers surged 60 per cent over the last decade to £538bn in the past year August 8, 2022 Global money transfers reached $653bn (£538bn) in the past year, a rise of 60 per cent over the last 10 years as economic trouble hits countries. Research by remittance provider ACE Money Transfer said the rise began as the world recovered from 2008’s global financial crisis in 2011-2012, with remittances important in aiding developing countries [...]
Letter: FCA starts a race against time August 8, 2022 [Re: FCA reveals major consumer regulation shake-up but delays deadlines after industry protest, July 27] The three-month extension for financial services firms to implement the FCA’s new Consumer Duty requirements is something of a double-edged sword. While extra time has been welcomed by the industry, it may have overshadowed a more pressing part of the [...]
Distributor passes on £280m in higher energy prices to cover market carnage August 8, 2022 UK Power Networks has passed on hundreds of millions of pounds in higher prices to energy users to cover the cost of supplier failure.
Apple asks Taiwan suppliers to label products as ‘Made in China’ August 8, 2022 Apple yesterday asked Taiwan-based suppliers to use the ‘made in China’ label, as the firm reportedly wants products to comply with Bejing rule in a bid to avoid disruption from Chinese customs inspections. According to Nikkei, the company wants manufacturers on the island to label components bound for China as made in “Chinese Taipei” or [...]
US-China Taiwan tensions could choke off chip supply, Intel exec warns August 7, 2022 Hostilities between the US and China over Taiwan could choke off the global supply of electronics like mobile phones, the European chief of chipmaker Intel has warned.
JetBlue unveils EU plans as it forecasts quarterly profits August 7, 2022 US low-cost airline JetBlue is planning to further its expansion into the “old continent” as it expects to post a profit this quarter. The carrier made the headlines last week when it reported a loss of $188m in the second quarter of the year due to fuel costs going up by around 30 per cent. [...]
Workers give Amazon until Wednesday to present improved offer after Tilbury strike August 7, 2022 Workers have given Amazon until Wednesday to present an improved pay offer after staff walked out last week over salaries, City A.M. understands. Around 450 workers at the Tilbury warehouse went on strike on Wednesday night and Thursday after Amazon responded to demands for a pay increase with a 35p per hour raise. Members of [...]
Steaming US jobs market raises risk of another jumbo Fed rate hike August 7, 2022 The US jobs market is still steaming despite the world’s biggest economy wobbling under the weight of soaring inflation and higher interest rates, figures published last week showed. America added 528,000 jobs in July, pushing the unemployment rate down to 3.5 per cent, below pre Covid-19 levels, according to data from the US Labor Department. [...]
Boost financial education to nurture young investors, says London Stock Exchange boss August 7, 2022 The boss of the London Stock Exchange has called for better financial education in schools to prevent a generation of young investors being shut out of capital markets.
Musk urged to build Tesla factory in Teeside August 7, 2022 World's richest man Elon Musk has been urged to construct a Tesla plant in North East England by Tees Valley Mayor Ben Houchen.
