20717
Lowering homocysteine
QUOTE Homocysteine level in the blood plasma is a risk factor and predictor of Alzheimer’s Disease. Therefore if you scored low in the Cognitive Function Test, it is advisable to follow this up with a homocysteine test. Tests can be obtained via your GP or home testing can be undertaken as below:

In the UK a home-test kit is available from www.yorktest.com

In Eire a home-test kit is available from www.yorktest.ie
3do 
yesterday
Ten richest countries in the world - 2017
Per IMF QUOTE Ireland is the fifth richest country in the world with GDP of $72,630 per person. Spending, investment and construction drove GDP growth in Ireland in 2016, the IMF reports.
isles 
10 days ago
createspace cost/royalty per copy RNG
e8.36 per copy on 180p @ 5"x8" if RRP is set at e14
meta-6P 
11 days ago
Use of Trademark Symbols
QUOTE In written documents – articles, press releases, promotional materials, and the like -- it is only necessary to use a symbol with the first instance of the mark, or with the most prominent placement of the mark. It is a common misconception that each and every instance of the mark should bear a trademark symbol. Overuse creates visual clutter and may detract from the aesthetic appeal of the piece. Provided there is at least one conspicuous use of the TM, SM, or ® on the face of the writing, do not be afraid to eliminate superfluous markings.
nine 
12 days ago
Who is the Trump staffer who penned the New York Times anonymous op-ed?
QUOTE the incredibly leaky Trump administration also has a tic that could rule [Mike "lodestar" Pence] out: some leakers like to borrow other people’s favorite expressions in order to “cover their tracks,” as one told Axios this May. “I usually pay attention to other staffers’ idioms and use that in my background quotes. That throws the scent off me,” he or she said.
stripes 
13 days ago
TSB chief Paul Pester steps down after IT meltdown
MP Nicky Morgan, chair of the UK's Treasury Select Committee said the committee had lost faith in Pester: "Since the IT problems at TSB began, Paul Pester set the tone for TSB's complacent and misleading public communications. The Treasury committee, therefore, concluded that it lost confidence in Dr Pester's position as chief executive of TSB. In this light, it is right that he is stepping down." TSB was extricated from the failing Lloyds Banking Group as part of the UK government's rescue of the bank. Spanish bank Sabadell acquired TSB and planned to replace the legacy infrastructure, which was bodged together from old bits of the TSB, Halifax and Bank of Scotland systems, and rented back to TSB for a year while it managed the migration to Sabadell's system.
3PW  RL 
14 days ago
Denmark: Auditors Warned Danske Bank About Dodgy Clients, Money Laundering
Chief executive Thomas Borgen is toughing it out, but not for long. Long-time business customers are leaving the bank after another money-laundering scandal. Mr Borgen was head of international banking at Danske from 2009 to 2013 while 30 billion euros was passing through the single Estonian branch in one year alone. It seems clear that some people at the bank did know what was going on. "Reporters at [Danish newspaper] Berlingske obtained a letter sent in February 2014 by Danske Bank's internal auditors to two members of the bank's executive board. The letter reportedly states that the Estonian branch of the Danske Bank had acted in clear breach of money-laundering regulations. According to the Danish newspaper, Lars Mørch, the head of business banking, and Robert Endersby, chief risk officer — who has now left the bank — were told that the Estonian branch's staff had failed to identify the true owners of a number of companies whose accounts were channeling large amounts of money." We expect Borgen will be out the door in a matter of weeks.
3PW  RL 
14 days ago
Netherlands: ING reach €675m settlement agreement with prosecutors
A press release on the ING site yesterday announced the bank has reached a "settlement agreement" with Dutch prosecutors on "regulatory issues". This is all intensely political, as Dutch prosecutors clearly don't want to put Dutch banks out of business. But the "settlement agreement" of €675 million is the largest ever imposed on a business by the Dutch public prosecution, which found that "clients were able to use accounts held with ING for criminal activities for many years, virtually undisturbed" from 2010 to 2016. The clients included a Venezuelan lingerie company and a Russian mobile phone operator. The agreement means the alleged criminal charges and culpable money laundering that included breaches of anti-terrorist financing will go away, and no-one will be prosecuted. ING executives will lose their 2018 bonuses. ING said it will be taking robust measures.
3PW  RL 
14 days ago
Prepaid accounts and innovative thinking
We've been following the work of Niti Bhan of the Emerging Futures Market, who writes insightfully about, for instance, the value of prepaid accounts, which is a worthwhile read for bank workers who are trying to figure out financial inclusion and cannot compete with local, ground-up institutions. Michael Kimani's work with Chamapesa touches on the same issues, and moves to the concept of collective rather than individual credit, a radical solution already employed widely in Africa. We've noted separately that there's a rush of new digital banking solutions being offered in wealthy countries to freelancers and the self-employed, who live and work in the often precarious 'gig economy'. Another case of 'first the rest, then the west?'
3PW  RL 
15 days ago
TSB CEO leaving post
"TSB was last month forced to delay a long-planned shift of millions of its Visa debit card holders to Mastercard," notes the FT. "The move was originally set for later this year but has been pushed back to 2020."
3PW  RL 
15 days ago
Bank of England set to offer governor extension
As reality starts to sink in that Britain's Brexit will not be a smooth and orderly transition, the Bank of England appears set to offer an extension to governor Mark Carney, who is currently signed up to lead the bank until June 2019. The BBC claims that it's not so much a matter of Carney staying on in order to re-assure the markets, but more a case of finding someone brave enough to take over the reins at the UK's central bank just as the UK is crashing out of the EU, and banks based in the UK are hotfooting it across the channel. Frustrated business leaders from Europe and beyond have long decided that the risk of waiting for some kind of clarity on post-Brexit rules is too great, and many are already putting moving plans into action, especially as risks to supply chains become clear.
3PW  RL 
15 days ago
Abu Dhabi bank mergers in the works
For places such as Abu Dhabi, there's simply no going back to an oil-dominated economy. Instead, the Emirate is pushing ahead with consolidating its banking sector. More than 50 banks, national and international, serve the UAE, which has a population of around nine million people. Last year, Abu Dhabi's First Gulf Bank merged with the National Bank of Abu Dhabi to create the First Abu Dhabi Bank. Now there are rumblings of a three-way merger of Abu Dhabi Commercial Bank, Union National Bank and Al-Hilal Bank.
3PW  RL 
15 days ago
Alibaba turning its focus towards Russia
Another trail on what the company is now calling the 'Digital Silk Road'. Reports today indicate that Alibaba is about to launch a joint venture with Russian internet giant Mail.ru and Russia's sovereign wealth fund Russian Direct Investment Fund. Unlike India, which has welcomed foreign competition, Russia has not ceded commercial space to the US tech giants. "Alibaba has long seen Russia as a key growth market, where major western online retail giants have little or no presence. Although e-commerce lags behind the rest of Europe, hampered by the preponderance of cash transactions, there is great potential." Martial arts fan Vladimir Putin and Tai Chi master Jack Ma appear to have something in common. Speaking in Russia last year, Mr Ma encouraged Russia to pay attention to people under 30, and to realise that the technological revolution would change the dynamic of global power.
3PW  RL 
16 days ago
Line announces own cryptocurrency
Line finally announces its own cryptocurrency, a token to be known as Link. The business plans to issue one billion tokens, and users can earn tokens for completing tasks and helping to incentivise the network. The Japan-based messaging app and home of pop characters Brown Bear and Kony has more than 150 million users across Japan, Indonesia, Taiwan and Thailand. Line is backed by Japanese investor Softbank. US tech site The Verge claims that Line's timing is off, calling its attempt a mixture of "hype and nostalgia". Line, incidentally, acquired its own cryptocurrency exchange, Bitbox, back in June of this year.
3PW  RL 
16 days ago
Japanese telecoms businesses acquiring digital asset infrastructures
Tracking development in Japan's mobile and e-commerce space, Lafferty News notes that Japanese telecoms businesses have been quietly acquiring digital asset infrastructures such as cryptocurrency exchanges. This may be a world currently defined by stickers and tokens, but that doesn't mean it's not serious. Japanese e-commerce business Rakuten is buying cryptocurrency exchange Everybody's Bitcoin in order to stay on trend with developments in online payments. Rakuten said it believes "the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future." It will pay 265 million yen, or $2.4 million, for the business. "In order to provide cryptocurrency payment methods smoothly, we believe it is necessary for us to provide a cryptocurrency exchange function." Earlier reports suggested that Rakuten was planning to launch its own cryptocurrency, and ownership of the exchange could make this easier.
3PW  RL 
16 days ago
CBD
Non-psychotropic cannabis extract QUOTE In addition to that good old “melting into a lawn chair” feeling, CBD’s reported benefits include relief from anxiety, joint pain, post-traumatic stress disorder, menstrual cramps, insomnia, nausea, seizures, bowel inflammation, and plain old moodiness.
zed  health 
17 days ago
Google and Mastercard Cut a Secret Ad Deal to Track Retail Sales
QUOTE Google found the perfect way to link online ads to store purchases: credit card data
3PW  FK 
19 days ago
Google Location tracking might sidestep user opt-out
Last year, Google announced a 'Stores Sales Measurement' programme to link online clicks to offline sales, saying it had access to data covering 70 percent of credit and debit cards. Google then used Google Location Tracking to link clicks on online ads to later visits to physical stores. Today, courtesy of Bloomberg, we know that Mastercard is providing much of that data. According to Bloomberg, "Google paid Mastercard millions of dollars for the data, according to two people who worked on the deal, and the companies discussed sharing a portion of the ad revenue, according to one of the people. The people asked not to be identified discussing private matters." Both companies insist that the data is anonymised. The company said people can opt out of ad tracking using Google's "Web and App Activity" online console. "Inside Google, multiple people raised objections that the service did not have a more obvious way for cardholders to opt out of the tracking, one of the people said." As users, we bear some responsibility for our data and whom we chose to share it with, and over the past several years, many users have switched off Google Location tracking, so although your phone naturally travels with you, it need not broadcast your location to Google at all times. However, last week an investigation by the AP found that Google is tracking your locations whether you like it or not. "An Associated Press investigation found that many Google services on Android devices and iPhones store your location data even if you've used a privacy setting that says it will prevent Google from doing so."
3PW  RL 
19 days ago
India: less black money in the economy than previously thought?
India's central bank published its annual report on Wednesday, suggesting that 99.3 percent of the money withdrawn from circulation had been returned to the bank. This suggests that there was less black money in the economy than previously thought. The demonetisation process is thought to have cost one percent of the economy's GDP; it also caused the loss of 1.5 million jobs. Author Gurchuran Das told the Guardian: "It has helped India move faster towards a digital economy. It will result in India actually skipping the branch phase of banking. But this was not the way to do it. The cost to the people was high, and we lost about a year of economic growth by my estimates. And to solve the jobs problem of India you need to grow at about 8 percent for about 20 years." The demonetisation process inadvertently resulted in the accelerated rise of Paytm, which counts Ant Financial and Softbank among its existing investors. Paytm's latest investor is Warren Buffett, whose Berkshire Hathaway vehicle made its first direct India investment this week.
3PW  RL 
19 days ago
Wonga no longa
Once a sponsor of Newcastle United, payday lender Wonga has collapsed into administration following a rise in historical compensation claims. The company has been in hot water before. "In 2014, the firm introduced a new management team and wrote off £220m worth of debt belonging to 330,000 customers after admitting giving loans to people who could not afford to repay them," reports Sky News. The payday lender to the smartphone generation charged high interest rates to people whose credit did not invite lending from banks, but began to hit the buffers back in 2015 when the UK government capped interest rates on payday loans. Now, the increase in historical claims, where people can claim against Wonga if they were offered more money than they could afford to repay, is driving Wonga out of business.
3PW  RL 
19 days ago
Nigeria: Will MTN manage an IPO this year?
The Central Bank of Nigeria yesterday tweeted that it "slams" fines to Diamond Bank, Stanbic, Stanchart and Citibank for working to move MTN money out of the country in breach of regulations. "Standard Chartered PLC was fined 2.4 billion naira ($7.86 million), Stanbic IBTC Bank PLC 1.8 billion naira, Citibank 1.2 billion naira and Diamond Bank PLC 250 million naira," according to Reuters. The CBN said it had ordered MTN and the banks to repatriate to Nigeria $8.1 million that was sent abroad in contravention of foreign exchange rules. MTN generates a third of its revenues in Nigeria, its biggest market.
3PW  RL 
20 days ago
Stripe's own Stripe of Africa
Now comes Paystack, which [like Flutterwave] is also describing itself as the 'Stripe of Africa' with the added bonus of having Stripe itself as one of its investors as it raised $8 million. "The Paystack founders are highly technical, fanatically customer oriented, and unrelentingly impatient," says Patrick Collison, CEO of Stripe, in a statement. "We're excited to back such people in one of the world's fastest-growing regions."
3PW  RL 
20 days ago
Square all set to add cryptocurrency to POS system
Jack Dorsey's Square POS system is set to add bitcoin and cryptocurrency payments after news emerged that the US Patents office has approved the payments business's system which "allows merchants to accept cryptocurrencies alongside conventional payment methods and cash out in their currency of choice. The San Francisco-based firm first filed for the patent in Sept. 2017." Square POS systems are already in wide use in the US, and the Square app has already enabled payments in bitcoin and other cryptocurrencies. "However," as CCN.com notes, "Square already has tremendous market penetration, so adding cryptocurrency payments to its present POS system would allow millions of merchants to accept bitcoin without having to onboard to another payment processor or manually convert cryptocurrency funds into fiat."
3PW  RL 
20 days ago
Deutsche blames regulators for growth woes
In a bid to restore the status quo of "Too big to fail" banks, Deutsche Bank CEO Christian Sewing claimed yesterday that fragmented European regulation is standing in the way of the emergence of strong European banking champions. He was speaking at a banking conference in Frankfurt organised by German daily Handelsblatt. Mr Sewing indicated that Deutsche Bank could be that champion, saying that he would not stand in the way of the bank's investment and corporate banking division. As a twenty-five-year veteran of Deutsche Bank, Mr Sewing knows that bank's unmatched record of fines (totalling over $10 billion) for charges including tax evasion, sanctions violations, mortgage mis-selling, money laundering, and manipulation of LIBOR rates and commodities prices, among other things. That's where the bank has been caught. The idea that European regulators are holding back Deutsche Bank's grand ambitions is comical. Mr Sewing's stitch in time will not save Deutsche Bank.
3PW  RL 
20 days ago
India: Google making moves in loans sector
Facebook once looked to dominate India, until its Facebook Basics "free internet" service attracted negative sentiment, and a recent controversy over Whatsapp put the business back in a bad light. There was also a sense that Facebook's strategy was driven from Menlo Park rather than India. Google, meanwhile, is powering ahead in India, with its Google Tez app now being renamed as Google Pay. Google is also working to help install free public wifi on trains and in villages. Yesterday, another step as Google announced that its renamed payments service will work with four banks to deliver pre-approved customer loans. @Using the Google Pay app, customers will soon be able to get loans from HDFC Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank. "In the coming weeks, these customers will be able to use Google Pay to take out a customised loan amount from their banks, with minimal paperwork, and once they accept the bank's terms, the money is deposited securely and instantly by their bank, into their bank account," Google's general manager (payments) Caesar Sengupta said," Livemint reports.
3PW  RL 
21 days ago
FT on culture in banking [video]
Gillian Tett has a short film looking at culture in banking. Has it changed since the crisis? The instrumental reggae clip playing over the intro tells you the answer immediately: no. Ms Tett's interviewees, which include Alan Greenspan and Bob Diamond — have a more positive answer. Alan Greenspan chuckles through an interview where he acknowledges that there was a "flaw" in his thinking as the US's chief financial regulator, because he thought human beings were rational economic actors. That's not a flaw: it's a massive hole in the middle of what passed for standard economic theory over the course of Mr Greenspan's reign from 1987 to 2006, when the Fed installed his disciple Ben Bernanke. Ms Tett fails to tackle him on this question. However, the look on her face as she tries to take Bob Diamond seriously is worth watching. The only negative note is expressed by a former whistleblower from the US bank Countrywide, a prime contributor to the misselling of subprime mortgages, who notes that another crisis is completely certain to happen. Ironically, Mr Winston, formerly chief leadership officer at Countrywide, appears to be the only one in the film who saw the 2008 crisis approaching. He was fired. Andrew Bailey, please take note.
3PW  RL 
21 days ago
FCA CEO reflect on 2008 crash, blaming banks not regulators
As we approach the tenth anniversary of the bankruptcy of Lehman Brothers on 15 September 2008, which helped accelerate the crash of the financial system, regulators, banks and reporters are looking back at the disaster and asking if anything changed. Mostly, however, they are looking to write a history that absolves themselves, with a lot of ruminations that "no-one saw it coming", which is errant nonsense. The regulators are first out of the traps to insist that their responsibilities were minimal. In the UK's Mail on Sunday, chief executive of the FCA Andrew Bailey fumes about the lack of accountability for wrongdoing in the aftermath of the crisis. Mr Bailey reserves particular ire for Fred Goodwin, former head of RBS, who Bailey imagines is out on the golf course enjoying his pension. "I met Goodwin a few times. He was openly contemptuous of regulation. He may have been an extreme case but he wasn't unusual. Attitudes are very different today." Mr Bailey told the Mail on Sunday he did not fear a repeat of the crisis, and notes that there was a degree of complacency about regulators prior to the crisis.
3PW  RL 
21 days ago
Ecollege 6150: Print & Digital Media Publication Using Adobe InDesign
6150 -  Print & Digital Media Publication Using Adobe InDesign
2do 
22 days ago
UK payday lender Wonga close to collapse
QUOTE following a surge of customer compensation claims in recent weeks that could cause it to call in administrators
3PW  RL 
22 days ago
Germany: Deutsche and Commerzbank to merge soon?
According to the FT, "banking cognoscenti" in Germany expect Deutsche Bank and Commerzbank to merge. Analysts argue that Germany's retail banking sector, largely driven by community-style banks known as Sparkassen, is ultra-competitive: Commerzbank and Deutsche Bank are lumbering giants with outsized political influence. Deutsche Bank is still in the process of integrating Postbank, which it failed to offload last year. Commerzbank's IT infrastructure has benefited from external investments such as Poland's mBank, but still, memories are short when it comes to IT merger problems. (TSB, anyone?) Fee-hungry investment banks and advisors are pushing hard for a fast merger of the German giants, but as one insider told the FT in a moment of frankness, "Lumping together two sick men doesn't create a healthy one".
3PW  RL 
22 days ago
Africa: fintechs and banks would crave chama data
Why is the digitisation of Chama groups so valuable for fintechs, telcos and banks, asks Michael Kimani of Chamapesa. "More interestingly, why is it such a tough nut to crack?" Mr Kimani defines Chama groups as self-organising savings societies such as Paare in Chad, Asusu in Nigeria or Chilemba in Zambia. These social societies existed long before the internet, but Whatsapp and Messenger have revolutionised intra-group communications, and new financial technologies are opening more doors. Much African capital is tied up in these chamas, but fintechs and banks would dearly love to get access to chama data. Kimani notes that over 80 percent of Africa's commuters are transported daily by "an army of self organized groups of matatu drivers and owners in chamas, cooperatives and saccos," and "Ninety percent of the trade in Africa's capital cities is managed by biashara trade groups that continue to survive despite the rigid rules and clamp downs by city council officials." Cryptocurrencies arise from the same principle of decentralisation and self-organisation. "Chamas, saccos are the real world communities that have proven this form of organisation. Without chamas, there would be no mobile telephony at this scale in Africa. There would be no dealers and street resellers. There would be no MPesa."
3PW  RL 
22 days ago
UK: Starling making main bank account progress
Investors and analysts are poring over some interesting numbers in Starling Bank's annual report, released yesterday. By November 2017, the bank had acquired 43,000 customers, and made a pre-tax loss of £11.6 million in the year to that date. Since that date, however, the bank has acquired an additional 160,000 customers and now stands at around 210,000. Low-profile hedge fund manager Harald McPike, who owns more than 50 percent of the bank, is reportedly ready to join the next round of investment, which will seek to raise an additional £80 million. CEO Anne Boden seems genuinely committed to broadening the diversity of the bank's staff, with staff numbers now over 200. As the FT reports, average balances stand at £480, suggesting that many account holders use Starling as their primary bank. "That puts it behind Monzo, the rival bank founded by former Starling chief technology officer Tom Blomfield, in raw user numbers. However, Starling appeared to be making better progress with the challenge of encouraging customers to use the digital upstarts as their main bank account. Average account balances at the end of November stood at around £420, compared to less than £150 per account at Monzo."
3PW  RL 
22 days ago
Kenyan Banks Seek Regulatory Approval to Use Blockchain Tech
QUOTE Kenya is the country where the cryptocurrency debate will play out faster than anywhere else. After all, Kenyans came up with the idea later adopted and formalised as MPesa: sending value by phone. But Kenya's early move may prevent it from innovating with cryptocurrencies. According to Bloomberg, Kenyan banks are seeking approval to use blockchain technologies for payments and to create credit-scoring models to rate borrowers. "While there may be benefits in using blockchain-based technology, there is a great risk should it fail or be misused by unscrupulous individuals, the central bank said in a report." The Central Bank continues to insist, in the face of empirical evidence, that cryptocurrencies are "associated with anonymity, and commonly used by criminals". Once again, it will have to be the ordinary people of Kenya that educate their officials.
3PW  RL 
23 days ago
India: central bank faces bad-loan menace
Investors, the Economic Times of India wrote earlier in 2018, had become resigned to hearing lies from Indian banks about asset quality, and have been waiting on the central bank to audit banks and come up with some real numbers. Now that is happening to some degree, even though the relatively new bankruptcy process is causing problems, with only a few deals squeaking through. "It's a good thing that the RBI has stuck to its guns," writes Bloomberg. "Only by forcing banks to stop telling lies about their asset quality can the regulator finally get on top of a $200 billion bad-loan menace that keeps growing every quarter." However, the lending requirements of businesses such as Reliance means that banks are financing industrial champions intricately tied in to the country's development policies
3PW  RL 
23 days ago
UK: loosening lending standards
Amid general talk in the UK and Ireland that the cycle of high house prices and banks chasing volume is about to repeat itself, the Financial Times reports that Britain's banks and building societies are "loosening lending standards and cutting fees to maintain growth". Some banks and building societies are now extending 95 percent mortgages and extending the term to 35 years. The dearth of new housing construction has fuelled the problem, as have the new ringfencing regulations forcing banks to separate retail and investment banking: "analysts at UBS estimated that the changes left HSBC's domestic business with around £60bn that could not be used by the rest of the group, encouraging it to expand its mortgage business and putting more pressure on competitors."
3PW  RL 
23 days ago
Germany's Banks Tapped by Churches to Put Billions to Work
Protestant and Catholic churches are now trying to figure out how to make a return on their vast holdings in a low-interest environment. Political scientist and church expert Carsten Frerk put together some figures: "On the basis of my own plausible estimates, the two churches, including their business enterprises, have an asset value of around 345 billion euros," he said. Berenberg banker Martina Erlwein agreed. "The total wealth of the churches is estimated at a middle three-digit billion figure," she said. The churches, which traditionally invested in the Eurozone, are now looking further afield for returns.
3PW  RL 
5 weeks ago
Will the Blockchain Economy be powered by something totally different?
When someone asks you about blockchain, reply by saying that you're now more interested in Tangle and Dag, aka Directed Acyclic Graphs. Tangle is the technology underpinning IOTA, and as Bernard Lunn writes in a recap of the new blockchain killers, the elevator pitch for IOTA is crypto + Internet of Things. Lunn's summary of 2018 in the blockchain and cryptocurrency world harks back to his examination in late 2017 of alternative digital asset platforms and is well worth a read.
3PW  RL 
5 weeks ago
Three Women have now made it to Chief Economist at Big Banks
women now holding the chief economist job at Citigroup, SocGen and HSBC. But big changes are unlikely to arrive anytime soon unless institutions such as the Bank of England can drive change. The Bank's Monetary Policy Committee has eight men and one woman, prompting a UK parliamentary committee overseeing finance to call for change. "So concerned is the committee about the lack of diversity at the BOE that it's taking matters into its own hands, threatening not to approve future appointments to the central bank's policy boards unless there's sufficient progress," write Lucy Meakin and Jeanna Smialek in this Bloomberg report.
3PW  RL 
5 weeks ago
Goodbye Legacy. Hello Intelligent Engineering
Are legacy systems and mainframes synonymous? Not necessarily. Here's James McLeod writing about mainframes, which are very much still in existence, and running most of the applications that render day-to-day banking possible.
3PW  RL 
5 weeks ago
Barclays: Activist investor Bramson lays down marker
John McFarlane's not uncontroversial tenure as chairman at Barclays is set to come to a close in 2019 as Edward Bramson's Sherborne business looks to make changes at the bank that may make life difficult for chief executive Jes Staley. "Giving details of his approach to Barclays for the first time, Mr Bramson's Guernsey-based Sherborne investment vehicle also said in a public filing that it was discussing capital, earnings and costs with the bank in which it owns a 5.4 per cent interest," writes the FT. Chief executive Staley is thought to favour the investment and corporate bank, which Bramson wants to shrink.
3PW  RL 
5 weeks ago
Facebook Reportedly Asks Banks To Share Data
QUOTE such as checking account balances and card transactions, the Wall Street Journal reported....Facebook has reportedly discussed finding a way for users to check their account balances, as well as sending them fraud alerts. The social media platform doesn’t plan to share the information with other parties or use the data to target ads to its users. “We don’t use purchase data from banks or credit card companies for ads,” Elisabeth Diana, head of global corporate communications for Facebook, told the WSJ. “We also don’t have special relationships, partnerships, or contracts with banks or credit card companies to use their customers’ purchase data for ads.”
3PW  FK  4LN 
5 weeks ago
China's P2P Implodes In Financial District
Did Chinese retail investors ever have it so good? There is a huge selection of financial offers for retail investors but authorities are now attempting to cool the tempo as regulated and unregulated peer-to-peer lenders show signs of trouble. Authorities closed down parts of the financial district in Beijing earlier this week after retail borrowers showed up to protest against the clampdown on P2P lenders. "The shuttering of the peer-to-peer networks is being blamed on a combination of regulatory failures, fraud and the declining debt going to weak borrowers and questionable banks," according to PYMNTS.com. Ben Shenglin, dean of the Academy of Internet Finance at Zhejiang University in Hangzhou, told the Financial Times that a "fair share of the recent P2P thunderstorm comes from lawless people operating under the guise of internet finance to commit fraud". The move can be seen as part of broader efforts by Chinese authorities to calm non-bank financial markets, and to exert greater control over financial technology businesses including its international champions Tencent and Alibaba.
3PW  RL 
5 weeks ago
UK: Ola to challenge Uber in ride-hailing market
Indian ridesharing app Ola is poised to enter the UK market via Wales, before moving to take Manchester, according to news from the BBC. The crafty move by Ola means it will initially avoid London and test the streets in parts of the UK that Londoners have never even heard of. Japanese investment vehicle Softbank has close to a 30 percent share in Ola, which will offer users to find a black taxi as well as Ola drivers. Softbank is also the biggest investor in Uber, taking a major share earlier this year as part of a restructuring of Uber management. Softbank's colossal investment in ridesharing companies means it can dictate strategy. (It's thought to be behind Uber's exit from China in exchange for a stake in Didi Chuxing, which is also part-owned by Softbank). Uber and Ola already compete fiercely in India, although Uber pulled out of operating in South East Asia earlier this year. Softbank is a major backer of the world's leading taxi-hailing apps, with investments in Chinese giant Didi and Grab, although it has not invested in Uber's chief US rival on its home soil, Lyft. However, keen observers note Softbank's ambitions in payments: Grab has transformed itself from a ridesharing business into a platform that includes payments and lending.
3PW  RL 
5 weeks ago
Global Financial Innovation Network in works per FCA
National regulators are looking to spread the concept of a regulatory-lite regime to market-test fintech operators so that businesses can trial services across several markets. The idea is to encourage cross-market collaboration and sharing of ideas. The participants in the programme include, Abu Dhabi Global Markets; Autorité des marchés financiers (Québec); Australian Securities & Investments Commission; Central Bank of Bahrain; United States Bureau of Consumer Financial Protection; Dubai Financial Services Authority; Financial Conduct Authority; Guernsey Financial Services Commission; Hong Kong Monetary Authority; Monetary Authority of Singapore; Ontario Securities Commission; and Consultative Group to Assist the Poor (CGAP). These bodies are launching a Global Financial Innovation Network and are calling for input before 14 October.
3PW  RL 
5 weeks ago
Regulators club together to form global ‘fintech sandbox’
QUOTE 11 other regulators, including [CFPB], the Monetary Authority of Singapore and the Hong Kong Monetary Authority. The objective is to go beyond the concept of the sandbox and for regulators to share policy ideas and make sure they are up-do-date with developments in areas such as artificial intelligence, Big Data and blockchain, the technology that underpins crypto assets.
3PW  FK  999 
6 weeks ago
New Discover CEO starts in Q4
David Nelms will step down from his CEO role in October this year, when current chief operating officer and Discover president Roger Hochschild will take over the chief executive role. Both Mr Nelms and Mr Hochschild joined Discover in 1998, since when they have helped build the company, guiding it through a public offering in 2007, and surviving the financial crisis. Mr Nelms is expected to retire from the business in 2019.
3PW  RL 
6 weeks ago
Dubai to Hong Kong, follow the money (laundering)
QUOTE Glittering skyscrapers, runaway real estate markets and back stories as sleepy fishing villages turned international finance centres aren’t the only things linking the two cities
3PW  RL 
6 weeks ago
Facebook Shares Rise on Optimism for Banking Relationships
It's been an unhappy year for Facebook, between trust and reputational damage and billions being wiped off its value, but the company continues to make inroads into banking partnerships. We wrote recently that Absa became the first company to integrate WhatsApp for payments, and the company has also continued to push Messenger as a banking channel. Banks named as Facebook partners — including JPMorgan Chase, Wells Fargo, Citigroup and US Bancorp have been tripping over themselves to emphasise that data-sharing is not part of this arrangement: "Wells Fargo is 'not actively engaging in data-sharing conversations with Facebook,' spokeswoman Hilary O'Byrne said in an emailed statement," writes Bloomberg. "We haven't shared any customer information or data with Facebook or any other technology platform," Dana Ripley, a spokesman for US Bancorp, said in an emailed statement. 'Protecting our customers' privacy and personal information is our highest priority.'"
3PW  RL 
6 weeks ago
SE Asia: UOB setto launch digital bank
United Overseas Bank (UOB) is set to launch a digital bank across Singapore, Indonesia, Malaysia, Thailand and Vietnam — and it plans to accumulate some three to five million customers within five years. The initiative is the bank's attempt to "deepen engagement with our customers", according to Wee Ee Cheong, UOB's chief executive, as the lender attempts to expand across South-east Asia. The bank will be developed by its in-house digital technology development team, and it will also leverage its partnerships with fintech firms.
3PW  RL 
6 weeks ago
Zopa funding round may launch a bank
Peer-to-peer lender Zopa has secured an additional £44m ($57m) (paywall) in a funding round: it is thought that the new finance will help boost its plans to ultimately launch a bank. The firm applied for a banking licence back in 2016 and, earlier this year, it restructured its board of management in anticipation of approval. "This further injection of capital takes us a step closer to [offering a wider choice of products] and we are delighted that our investors have supported us on this journey", Jaidev Janardana, Zopa chief executive, told the Financial Times.
3PW  RL 
6 weeks ago
Ulster Bank reports higher operating profit for H1
operating profit of €100m ($116m) for the first half of the year — an impressive improvement on the €12m reported for the same period in 2017. The good performance was due to reduced operating costs as well as a "net impairment release of €30m".
3PW  TM 
6 weeks ago
Societe Generale profit up 9.3%, beating forecast
experienced great business in its overseas operations as its second-quarter profits rose year on year from €1.06bn ($1.22bn) to €1.16bn.
3PW  TM 
6 weeks ago
SocGen's profits rise, French retail bank weakness hits shares
outlook for SocGen's retail banking performance is not great for 2018, with revenues expected to be down almost two percent by the end of the financial year.
3PW  TM 
6 weeks ago
UK: The secret history of the banking crisis
Honing in on manner in which the Federal Reserve became the global backstop, ready to print unlimited amounts of dollars. "The Fed had ensured that the crisis in global banking did not become a crisis of the dollar. It had signalled that global banks could rely on access to dollar liquidity in virtually unlimited amounts, even in the most extreme circumstances. The central banks had, in other words, staged their Bretton Woods 2.0. But they had omitted to invite the cameras or the public, or indeed to explain what they were doing," writes Adam Tooze. He goes on to touch on the broader implications for the current angst over concentration in the accounting and professional services sector: "The new central bank network created since 2008 is of a piece with the new networks for stress testing and regulating the world's systemically important banks. The international economy they regulate is not one made up of a jigsaw puzzle of national economies, each with its gross national product and national trade flows. Instead they oversee, regulate and act on the interlocking, transnational matrix of bank balance sheets."
3PW  RL 
6 weeks ago
How Nairobi’s Matatus Defied the Will of Kenya’s Cashless Policy Makers
For visitors to Nairobi, the local private bus networks are one of the gaudier faces of the city, covered in wild artwork and blaring music, but in fact it's a well-oiled system, and ownership of the different busses often rests with informal or formal savings societies. It's a thriving sector, but when "innovators" decided that transport was the way to accelerate cashless payments for the busses, they failed for reasons that are well worth understanding for anyone who wants to do business in Africa. Michael Kimani writes: "I am still puzzled by innovators, policy makers, eager tech entrepreneurs, social impact entrepreneurs, academics, foreign researchers, NGOs, development agencies, and journalists who think they can just walk into the informal sector with an already thriving ecosystem of actors and just insist that everyone adopt their solution."
3PW  RL 
6 weeks ago
UK fintechs aren't eating the banks' lunch just yet
QUOTE US tech giants moving into the payments sector...somewhat perversely...could end up being the biggest beneficiaries of PSD2.
3PW  FK  999 
6 weeks ago
Jamie Dimon worried as market deals with something it’s never seen
QUOTE when asked...what the single biggest risk to the economy is, Dimon had two answers.

[1] U.S. trade dispute with China, if it escalates into a full-blown war, would erase much of the progress the Trump administration has made, he said.

[2] unwinding of unprecedented efforts by central banks around the world a decade after the 2008 financial crisis. Dubbed "quantitative easing," the Federal Reserve and other central banks purchased trillions of dollars of government bonds and other securities to help nurse the economy back to health. They are now starting to reverse course. Dimon told CNBC that he is concerned about what happens when that support is pulled back.

"I don't want to scare the public, but we've never had QE," Dimon said. "We've never had the reversal. Regulations are different. Monetary transmission is different. Governments have borrowed too much debt, and people can panic when things change."

Dimon, 62, has also previously warned of the possibility that the Fed will have to hike interest rates faster than expected, slamming the brakes on growth. The recurring theme: policymakers are in uncharted waters.
3PW  FK  999 
6 weeks ago
US: Kroger Unit Bans Visa Card Payments
QUOTE made due to Visa's interchange rates.
3PW  SN  4LN 
6 weeks ago
Global business helps BNP Paribas weather investment bank weakness
BNP Paribas beat analysts' expectations with net profits reaching 2.39 billion euros ($2.78bn) for the second quarter compared to the previous quarter's 1.57 billion euros. Strong performance of BNP's international financial services business helped offset domestic weakness and a slump in its fixed income trading. Its group revenue increased by 2.5 percent year-on-year to 11.21 billion euros and BNP Paribas chief executive Jean-Laurent Bonnafe attributed this to economic growth in Europe.
3PW  FK  4LN 
6 weeks ago
Standard Chartered has reported a jump in profits, but costs rise
Standard Chartered, enjoyed higher revenues for the first six months of the year, reaching $7.7 billion, a six percent rise compared to the same period last year. The bank's underlying profit before tax reached $2.4 billion, up 23 percent year-on-year. However, operating expenses increased by seven percent to $5.1 billion, which the bank attributed to cash investments of $660 million.
3PW  FK  4LN 
6 weeks ago
StanChart profit jumps 34 pct as restructuring pays off
QUOTE Pretax profit for StanChart, which focuses on Asia, Africa and the Middle East, rose to $2.35 billion in the first half of the year, from $1.75 billion in the same period last year, the lender said in a regulatory filing on Tuesday.
3PW  FK  4LN 
7 weeks ago
Huawei Passes Apple in Smartphone Share for the First Time
QUOTE Chinese company trailed only Samsung in the second quarter. China’s brands are steadily eroding Apple-Samsung’s dominance
3PW  RL 
7 weeks ago
FCA statement on RBS/GRG [PDF]
The UK Financial Conduct Authority is unable to discipline the Royal Bank of Scotland over the "widespread and systematic" mistreatment of small and medium enterprise customers by the bank's global restructuring group (GRG) between 2008 and 2013. Andrew Bailey, the FCA's chief executive, said: "I appreciate that many GRG customers will be frustrated by this decision, but we have explored all the options available to us before arriving at this conclusion... The fact that we can't take action in no way condones the behaviour of RBS. We expect high standards from the firms we regulate and RBS fell well short in its treatment of GRG customers." GRG was outside the jurisdiction of the FCA and it said it cannot apply new powers retrospectively. The chair of the Treasury select committee, Nicky Morgan, said this case "demonstrates the need for a change in how lending for SMEs is regulated".
3PW  RL 
7 weeks ago
Africa: online explo$ion looms
QUOTE transactions made via the internet or a mobile phone are expected to grow from$200m at the moment to $3bn by 2020
3PW  RL 
7 weeks ago
5 takeaways from Treasury fintech report: National charter, breaches and more | American Banker
QUOTE: The report makes more than 80 recommendations to regulators and Congress largely encouraging financial innovation within a regulated space. Treasury went so far as to endorse a much-discussed national fintech charter developed by the Office of the Comptroller of the Currency, just hours before the OCC announced it would begin accepting charter applications."
3PW  4LN  CD 
7 weeks ago
Slaugher road straightening
N59 Westport To Mulranny - Google Maps
isles 
7 weeks ago
Australia: Bankers release new code of conduct in response to repeated scandals, adding 'stronger commitment to ethical behaviour''
QUOTE key changes the new code introduces include:
- A commitment to look after vulnerable customers
- Limiting the hard-sell of add-on products such as credit insurance
- Greater protection for co-guarantors of loans
- Improved assistance for customers in financial difficulty
- Enhanced dispute resolution
3PW  FK  4LN 
7 weeks ago
Visa offers Latin American banks rewards built on open tech initiative
QUOTE Visa Loyalty Solutions platform provides Visa LAC member banks with a ready-built digital points redemption scheme that they can white-label to their cardholders.
3PW  FK  4LN 
7 weeks ago
Amex defends FX policies after report fee hikes left undisclosed
QUOTE Wall Street Journal said the practice had been going on for more than a decade and affected mostly small and midsize businesses. The FX International Payments business accounts for less than half of one percentage point of overall revenue
3PW  SN 
7 weeks ago
US: Chase links mobile payment app with Samsung Pay
The development expands Chase Pay's presence because, unlike some of the other mobile wallets, Chase's service has until now relied on QR codes for brick-and-mortar transactions (which is one of the main reasons it never quite took off in the US). By linking with Samsung Pay, Chase Pay users will now be able to pay for things in store using NFC (near-field communication) technology and MST (magnetic secure transmission), meaning Chase should realistically see a surge in frequency of use across the board.
3PW  TM 
7 weeks ago
Apple Pay Predicted to Account for Half of Mobile Wallet Users by 2020
TM: seems obvious that Apple will not be that dominant
3PW  TM 
7 weeks ago
Deutsche Bank moves euro clearing from London to Frankfurt
QUOTE Germany’s biggest bank said its decision would not affect jobs because it would simply involve pushing a different button to route clearing to Eurex, the clearing division of the German exchange Deutsche Börse. However, the change, confirmed by a spokesman and first reported by the Financial Times, will be seen as a victory in Deutsche Börse’s campaign to grab a larger slice of the euro clearing market.
3PW  RL 
7 weeks ago
Widespread bank card payment disruptions in Finland | Yle Uutiset | yle.fi
QUOTE: Several chains of banks in Finland reported problems with their bank cards on Sunday, saying that the cards were not working as they should at payment terminals in shops. Problems with several banking firms' online banking services have also been observed.
3PW  CD 
7 weeks ago
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