TSB faces double probe from MPs and watchdog
TSB’s computer failure that caused 1.9m
people to lose access to online banking services is being
investigated by the financial regulator. The Financial Conduct
Authority says TSB’s chief executive, Paul Pester, had given an
“optimistic view” of services. Pester is due before MPs today for
further questioning over the lender’s IT meltdown and the ongoing
chaos.
Cambridge Analytica chief ‘withdrew $8m before scandal’
Former Cambridge Analytica boss Alexander Nix
allegedly withdrew more than $8m from the scandal-hit data firm
shortly before it collapsed. Investors are up in arms over the
withdrawal, which the Financial Times says came shortly after Nix
learned the press was reporting on allegations about his company’s
role in a vast leak of Facebook user data in March. Nix refused to
comment.
Heinz sparks row with Salad Cream rebrand plan
Heinz says it is considering changing the
name of Salad Cream to Sandwich Cream. The company said it is
considering the rebrand after research found that only 14% of
consumers use it on salads. Instead, it is popularly used in
sandwiches as an alternative to mayonnaise. Some punters have
threatened to boycott Heinz if they go through with what Sky News
describes as “saucy sabotage”.
World Bank says trade war could cause 2008 crisis
Trade tensions between the US and major
trading could have “severe consequences” equivalent to the 2008
financial crisis, says the World Bank. The Washington-based group
said a rise in the use of import tariffs worldwide would trigger a
decline in global trade amounting to 9%. The lead author of the
bank’s report, said: “Anything that puts sand in the wheels of
global trade is a risk to global growth.”
Government clears two bids for Sky
Ministers have paved the way for a bidding
war for Sky, after clearing two rival bids from 21st Century Fox
and Comcast. The decision came after a thorough investigation by
the Competition and Markets Authority on both bids, assessing
whether they posed a risk to media plurality or broadcasting
standards. Sky was launched in 1989 by Rupert Murdoch and has 22.5m
customers in Europe.
Quote of the day… When being not terrible isn’t enough
“The range isn’t terrible but it’s a very competitive market and
being not terrible is not good enough.” Stephen Springham,
head of retail insights at Knight Frank, says Debenhams hasn’t kept
up with the times.
THE NUMBERS… AT 0704 GMT
FTSE 100: down -0.70 to 7,686.80
Dow Jones: down -0.06 to 24,799.98
Dax: up +0.13 to 12,787.13
Cac 40: down -0.22 to 5,460.95
Nikkei: up +0.40 to 22,629.91
Hang Seng: up +0.51 to 31,253.34
US dollar: buys €0.8529 and £0.7457
Sterling: buys $1.3407 and €1.1435
Oil: $76.00 up +0.62
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