Facebook’s Libra cryptocurrency ‘poses risks to global banking’ | Technology

Facebook’s plan to operate its own digital currency poses risks to the international banking system that should trigger a speedy response from global policymakers, according to the organisation that represents the world’s central banks. Although the move of big tech firms such as Facebook, Amazon and Alibaba into financial services could speed up transactions and […]

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Bank of Scotland fined £45m over huge Reading fraud – business live | Business

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. America’s decision to blacklist China’s Huawei five weeks ago is having a clear damaging effect on the global tech industry. So warns Cardiff-based chipmaker IQE in a profits warning this morning. IQE has slashed its sales […]

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Deutsche Bank plans radical overhaul with €50bn hived off to ‘bad bank’ – reports | Business

Deutsche Bank has drawn up plans for a radical restructuring which will involve the creation of a “bad bank” to hold tens of billions of euros of toxic assets and a round of severe cuts to its investment banking operations, according to reports. The bad bank would house or sell assets valued at up to […]

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We do not know who is to blame for GRG debacle or if FCA could stop a repeat | Nils Pratley | Business

The suspense is over. A full six years after Royal Bank of Scotland was accused of gouging thousands of distressed small-business customers, we can finally read the Financial Conduct Authority’s definitive account of a shameful chapter for UK banking. Or, since we all already knew the FCA’s independent investigator had found “systematic and widespread” misconduct […]

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Reserve Bank interest rates: RBA cuts rates to historic low of 1.25% – live | Australia news

5.27am BST05:27 The US dollar has continued to slip amid all that talk about a possible Fed rate cut. With the Aussie dollar downside all-but totally priced in ahead of the RBA move, that could even mean a mini rally in the Aussie today. Greg McKenna, strategist at McKenna Macro, told Reuters earlier that a […]

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Criminals learning how to commit card fraud from dark web | Money

Card fraud is evolving, with amateur fraudsters able to “enrol” in online “classes” where they can learn how to use stolen card details to buy smaller-value items. That’s the claim from a UK tech firm, which says a new breed of opportunistic fraudster is learning how to commit crime via online tutorials and guides available […]

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Banking code to protect victims tricked into transferring money to fraudsters

Banking code to protect victims tricked into transferring money to fraudsters

Blameless scam victims who are tricked into transferring money directly to a fraudster should find they are better protected under a new voluntary industry code that comes into force from Tuesday. According to consumer group Which?, £674 is typically lost every minute to this “devastating” crime – with victims having faced a “gruelling battle” to get […]

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Who are the villains of the British Steel crisis? | Nils Pratley | Business

Choose your villain in the British Steel crisis. The government has dithered for years about the future of steelmaking in the UK and has stumbled from one crisis to another. Or blame the unresolved Brexit pantomime in Westminster. Or point to the company’s private equity owner, Greybull Capital, whose past calamities include Monarch Airlines and […]

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Deutsche Bank staff saw suspicious Trump and Kushner activity – report | Business

Several financial moves by legal entities controlled by Donald Trump and Jared Kushner between 2016 and 2017 triggered suspicious activity alerts inside Deutsche Bank, a major lender to the Trump family, according to a report in the New York Times. The newspaper said it had been in touch with five existing or former Deutsche Bank […]

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Metro Bank cuts ties with design firm owned by founder’s wife | Business

Metro Bank has severed links with the architecture firm owned by the wife of its chairman amid criticism over £25m worth of payments made by the lender to the business. The move came as the challenger bank, which clinched a £375m fundraising this week, seeks to improve its corporate reputation after a major accounting error. […]

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