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Home » Daily Briefing » Morning Briefing 28 June 2016

Morning Briefing 28 June 2016

Morning Briefing

Kroger has become the latest retail operation in the United States to begin legal action against Visa over its insistence that cardholders can still pay with a signature instead of a PIN. The supermarket chain says the cards network has fined it and also threatened to raise fees and cut off its acceptance of debit cards unless it accepts signature payments. Walmart and Home Depot have filed similar lawsuits against Visa recently.

The EU is preparing to relocate its banking regulator, the European Banking Authority (EBA), from London in the wake of Britain's vote to leave the EU. The move is expected to happen "soon", two EU officials told Reuters.

The Financial Reporting Council (FRC) in the UK has said that KPMG will face a full investigation into its HBOS audit prior to the bank's collapse eight years ago. This follows a preliminary FRC inquiry which, although delayed by several months, has just reached its conclusion. "The FRC has commenced an investigation under the accountancy scheme into the conduct of KPMG's audit of HBOS for the year ended December 31, 2007," the FRC said.

The FRC investigation will look at whether KPMG "considered the appropriateness of management's use of the going concern assumption in the preparation of the financial statements", it added.

NAB's Andrew Thorburn: 'We are a fintech company'
Old Mutual to retain 'strategic minority stake' in Nedbank
You may soon do your Citi banking with Amazon's Alexa
Italy eyes €40bn bank rescue as first Brexit domino falls
British government puts sale of RBS, Lloyds stakes on hold after Brexit vote: sources
Banco Santander backs guidance in effort to allay 'Brexit' concerns
Costco bungles switch to Visa, causing more than 1.5M customer service calls
UnionPay HCE mobile QuickPass debuts overseas in South Korea
Chinese bank card UnionPay gains traction in Canada

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