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Daily Briefing

Wednesday 28th November @ 3:46pm

NAB chairman Ken Henry has a very, very short memory. Asked by counsel at the royal banking commission to reflect on "serious misconduct" around the world by financial institutions, and specifically manipulation of interbank interest rates and foreign exchange", Mr Henry failed to recall that his own bank admitted just such misconduct only last year: "So far as I know, nobody has yet established that there has been...MORE

Monday 26th November @ 12:43pm

The UK and the EU this weekend signed off on the Withdrawal Agreement for the UK, and a political declaration, leaving leaders in various states of sorrow. European Commission President Jean-Claude Juncker said it was a "sad" day. "EU leaders gave their formal backing to the Brexit deal at a special summit in Brussels on Sunday, after more than a year and a half of painstaking negotiations. But they were adamant that there was https://www.thegu...MORE

Friday 23rd November @ 9:51am

11" draggable="false"/>Costa Coffee has teamed with Barclaycard for the entertaining idea of turning a re-usable coffee cup into a contactless payment device. "Available in all Costa Coffee stores later this month, the Clever Cup costs £14.99, with a £1 donation from every sale going to the Costa Foundation. The cup has a silicon base with a contactless chip that can be detached for ease of...MORE

Thursday 22nd November @ 9:33am

Last year, observing the progress of Amazon and Amazon Pay as the e-commerce giant strengthened its run of brick and mortar acquisitions, we wondered how long before the digital wallet also made the leap out of the digital and into the physical. Reports this week suggest that is about to happen, with unnamed sources floating the story in the Wall Street Journal that Amazon...MORE

Wednesday 21st November @ 10:17am

Does success beget success for whistleblowers? Can one honest person take down an entire organisation? Yes — and there's a new trend following that too, which is class action or group action lawsuits being taken against banks. Today the Danske Bank whistleblower Howard Wilkinson will address the European Parliament, as solicitors Danish N√©meth Sigetty prepare to take a group action lawsuit funded by US...MORE

Tuesday 20th November @ 9:53am

Most London-based banks decided long ago to switch locations ahead of Brexit developments, deeming waiting for political clarity an ask too far. Daniele Nouy, the chief supervisor for banks at the ECB told Bloomberg that 25 banks with their European headquarters in London headquarters are finishing or have finished their applications for EU subsidiaries. "The number rises to 37 when you include investment firms which are related to banks but don't fall under the ECB's...MORE

Monday 19th November @ 9:50am

The Global Legal Chronicle reports this morning that Tencent is investing a further $90 million in Brazilian fintech Nubank. "This brings the total amount of funding raised to $420 million over seven funding rounds since Nubank's launch in 2013. Tencent is one of the world's biggest companies by market capitalisation and operates digital services including mobile games...MORE

Friday 16th November @ 10:24am

The Irish stock market saw a 3.3 percent drop yesterday as the realisation finally struck in Ireland that a no-deal Brexit is now the most likely option following a slew of resignations from Theresa May's ministerial colleagues. The Irish government will now be preparing in earnest for a no-deal Brexit. The tone yesterday was set by the resignation of Dominic Raab, the UK's Brexit secretary, who quit within 24 hours of UK-EU agreement on a text to put forward to...MORE

Thursday 15th November @ 10:59am

The UK Brexit Secretary Dominic Raab has resigned this morning, the day after the UK and Europe agreed on a text for the Withdrawal Agreement. The Withdrawal Agreement specifies that the whole of the UK will remain inside a customs union until both sides can agree on a date that the UK will also withdraw from the customs union itself. The Democratic Unionist Party and the Scottish National Party will vote against the deal, as will the Labour party, who will join several...MORE

Wednesday 14th November @ 11:13am

It's the end of the beginning of the Brexit process today as UK prime minister Theresa May seeks to herd her unruly Conservative colleagues into the pen to approve the Withdrawal Agreement. The text has not been publicly released, but press reports suggest that it is a classic fudge, calling for an all-UK customs union with some special but not-really-special treatment for Northern Ireland. The DUP does not want special treatment for Northern Ireland, considering that a...MORE

Tuesday 13th November @ 9:16am

How many incidents make a trend? This week Lafferty News noted two insurance conglomerates piling in to bitcoin and blockchain businesses. While China has had its insurance woes, with the collapse of Anbang, Ping An is emerging as a giant fintech. Not unlike Alibaba, Ping An is invested in blockchain, AI and data science. "'Fintech is expensive to develop. Not all banks can afford to do it,'...MORE

Monday 12th November @ 9:54am

American Express will be the first international card scheme to gain a settlement and clearing licence in China. "The card scheme has formed a joint-venture with China's LianLian to build a network business that will enable charges on American Express branded cards to be cleared and settled domestically by the joint-venture," according to Finextra...MORE

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