Bank of England calls for Chancellor to urgently “rethink” furlough end date

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The Governor of the Bank of England is calling for a review the furlough scheme, amid new coronavirus measures that could be in place for six months.

Boss Andrew Bailey said the government must “stop and rethink” the job retentions scheme, which is due to close on October 31.

Speaking on a webinar hosted by the British Chambers of Commerce, Bailey echoed Sir Keir Starmer’s calls for more targeted support.

“We have moved from a world of generalised employment protections, to specific and focussed areas,” he said.

An estimated 3million workers are still on furlough but the Governor said that higher use of the scheme in sectors such as hospitality, retail and culture most affected by social distancing meant it was sensible to “stop and rethink”.

“Furlough has been successful and I congratulate the chancellor,” Bailey said.

“It would be completely inappropriate of me to do anything to tie the

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U.K. banks must do more to fight dirty money, Bank of England’s Sam Woods says

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Pedestrians wearing face masks pass the Bank of England in London on March 11, 2020.

Matt Dunham/The Associated Press

Britain’s banks must make the fight against dirty money a “top priority” or risk facing more severe fines, Bank of England Deputy Governor Sam Woods said on Tuesday.

Global banks, including UK-based HSBC, Barclays and Standard Chartered, face a fresh scandal about dirty money after a cache of leaked documents showed they transferred more than $2 trillion in suspect funds over nearly two decades.

Woods said it was vital that banks play their part in fighting financial crime as the leaks were a good reminder of how criminals will use the financial system for their own ends.

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“If the banks get this wrong, then costs for them are very severe, as you have seen in recent years the big fines here in the UK and in the

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Bank shares slide on report of rampant money laundering

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Shares of JP Morgan tumbled 4.4%.

The consortium’s investigation found the documents identify more than $2 trillion in transactions between 1999 and 2017 that were flagged by financial institutions’ internal compliance officers as possible money laundering or other criminal activity, and $1.3 trillion of that activity took place at Deutsche Bank. Shares of Deutsche Bank dropped 7.7%.

Deutsche Bank has been under scrutiny for years. The bank, based in Frankfurt, Germany, agreed to pay the state of New York $150 million to settle claims that it broke compliance rules in its dealings with the sex offender Jeffrey Epstein. Epstein killed himself last August in a Manhattan federal jail while awaiting trial on sex trafficking charges.

German newspaper Sueddeutsche Zeitung reported last year that Deutsche Bank gave expensive gifts to senior Chinese officials and hired family members of Chinese elite as it was trying to establish itself as a major player

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Personal Capital

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graphical user interface, application: Personal Capital

© Provided by TechRadar
Personal Capital

Personal Capital is a Fintech business that advises consumers on how best to invest their money and offers a portfolio of products that help to automate the process. Using their supporting app it’s possible to quickly consolidate many different accounts covering everything from investments through to retirement savings. 

Having been around since 2009 the personal finance software is both free and easy to use. It’s essentially a combination of a finance-tracking tool that can help you keep tabs of spending via your bank accounts and credit cards while also incorporating tools for monitoring investments. Handy during the coronavirus pandemic.

Personal Capital gets a further boost from the paid-for financial advisory services that it offers. It’s also possible to use various Personal Capital tools, including a Retirement Readiness Score, Recession Simulator and a Fee Analyzer to complete your financial housekeeping.

Comparable products include Mint, You

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Negative rates haunt Virgin Money, bank investors

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Worsening outlook

The BoE’s August Monetary Report notes if rates turn negative then deposit-taking institutions probably can’t take deposit rates below zero in response as customers would hoard physical cash.

As a result, the profit margins the banks make on the spreads between lending and deposit rates could narrow the most yet in the current rate-cutting cycle.

Virgin Money’s net interest margin in the UK fell 16 basis points over the June quarter to just 1.47 per cent.

Broker Bell Potter cut its valuation on the bank 10 per cent to $1.80, suggesting if UK cash rates go lower then it’ll struggle to reprice its savings rates offered to depositors.

Banks most reliant on retail deposits for funding are the most exposed to negative rates, according to the BoE. Bell Potter reported 79 per cent of Virgin Money’s funding came from retail deposits in the second half of financial 2020.

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LI job growth has slowed as the unemployed await promised $300 aid boost

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Long Island reported anemic job growth last month as jobless residents and New Yorkers across the state waited anxiously for a boost of $300 in weekly unemployment payments to hit their bank accounts in the coming days.

In August, Long Island was still down 152,200 jobs from a year earlier, the state Labor Department reported Thursday, with a gain of 7,500 nonfarm jobs on a month-to-month basis. The monthly gain is well below the 17,800 jobs gained in July, and the pace of growth has slowed since the 78,000 new jobs reported in June.

“The overall pace of job growth on Long Island slowed,” said Shital Patel, labor market analyst in the Labor Department’s Hicksville office. “The large gains in jobs in May, June, and July reflect the phased reopening of the economy.”

Patel said that the slower job growth in August is likely due to businesses relying on smaller

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Personal Capital Honors National Financial Planning Month Through New Strategic Partnerships and “Financial Heroes” Campaign

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The company announced strategic partnerships with 2x Pro Basketball All-Star Baron Davis and CEO of travel experiences company Peek.com, Ruzwana Bashir. The pair will be the new faces of the integrated campaign which will include print and online advertising, content and virtual events.

“To partner with Davis and Bashir was an easy decision,” said Porter Gale, Chief Marketing Officer at Personal Capital. “Money continues to be a taboo subject, and through the platforms of Davis and Bashir, and their passion for raising awareness around financial literacy, we can spark a conversation that encourages more people to find financial empowerment.”

After a 17-year career as a professional basketball player, Davis is now on a path defined by entrepreneurship, investing, philanthropy, and activism. The founder of several companies, including Sports Lifestyle in Culture (SLIC), The Black Santa Company, Business Inside the Game (BIG) and No Label, Davis will use his

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AIA Singapore to create up to 500 job opportunities to help tackle unemployment amid COVID-19

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SINGAPORE: Insurance provider AIA Singapore has pledged to create up to 500 job opportunities for fresh graduates and mid-career job seekers to help cushion the blow of rising unemployment amid COVID-19.

Successful candidates will undergo an initial 10-month training programme, leading to three certifications in finance and investment.

Financial support of between S$2,000 and S$5,000 per month will be provided during the programme, with a bonus awarded upon completion of certain training modules.

“At a time when so many are impacted by retrenchment or are struggling to find jobs, it is vital that we support Singaporeans and permanent residents by creating sustainable and long-term career opportunities,” said Ms Wong Sze Keed, CEO of AIA Singapore in a media release on Monday (Sep 21).

“The AIA Financial Career Scheme 2020 equips individuals with the skills and necessary financial knowledge to pursue a new career path in the financial services

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Travel insurance firm plans major Windsor expansion, adding hundreds of jobs

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A travel insurance firm born and raised in Windsor is planning a workforce-doubling expansion that would add 300 jobs and serve as a guiding light for diversifying the local economy.



a sign on the side of a building: Travel insurance firm Active Care Management is eyeing this industrial building at 3355 Munich Court in Windsor's Twin Oaks Business Park, shown Tuesday, Oct. 6, 2020, for a major expansion and possible doubling of its local workforce.

© Provided by Windsor Star
Travel insurance firm Active Care Management is eyeing this industrial building at 3355 Munich Court in Windsor’s Twin Oaks Business Park, shown Tuesday, Oct. 6, 2020, for a major expansion and possible doubling of its local workforce.

Active Care Management is currently located on Wheelton Drive, but steady growth and the recent landing of new business has spurred it to find a bigger location. It will be leasing a vacant manufacturing facility on nearby Munich Court and embarking on a $13-million renovation to convert it to office space.

“We’re now taking a bigger footprint and excited to do so,” said ACM president David Rivelis, who was one of the founders of the original firm, CanAm

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How to be safe with Bitcoin

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When you start to understand Bitcoin, you might be using sites such as CryptoSoft to trade them. Even in Finland, the number of people who are using Bitcoin is starting to grow, and this means that we need to become more aware of how to be safe with them.

Here’s my guide on how to be safe with Bitcoin.

Avoid the Dark Web

Avoid the dark web and the deep web. At these kinds of places, people are far more likely to be selling things that they legally aren’t allowed to be selling. This can include all kinds of horrors, from drugs to dangerous animals, to weapons, and even real human slaves.

It’s a nasty world and one that you need to be avoided at all costs.

If you get caught with these things, you could end up behind bars, potentially for the rest of your life. A good … Read More