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

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

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

REDWOOD SHORES, Calif., Sept. 29, 2020 /PRNewswire/ — Personal Capital, an Empower Company, a remote-first, industry-leading digital wealth manager, unveiled today it’s “Financial Heroes” campaign in an effort to promote financial literacy and financial empowerment. The campaign will coincide with National Financial Planning Month in October to bring awareness to the importance of having a solid financial plan and access to resources, especially in times of crisis. 

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

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Bank shares slide on report of rampant money laundering

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



graphical user interface, application: Personal Capital


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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

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

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

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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Axway works with National Oilwell Varco to innovate and ensure critical business services are online 24/7

Integration of AMPLIFY™ API Management and Microsoft Azure enhances customer experience in a hybrid world

Axway (Euronext: AXW.PA) announced it is integrating with Microsoft Azure to provide an open API platform that helps National Oilwell Varco (NOV) deliver reliable and secure business services around the clock.

NOV is a leader in the design, manufacture, and sale of equipment and components used in the energy industry. In line with its commitment to pursuing purposeful innovation and fostering a service-first culture, NOV worked with a team from Axway to integrate AMPLIFY API Management in a hybrid-cloud configuration deployed for high availability.

“Our APIs are an integral part of our digital transformation strategy, and we wanted a trusted partner that would meet our long-term operational needs,” explains Manoj Kona, Director, IT at NOV. “We narrowed down a list of more than 45 different vendors to a shortlist of just three industry leaders. Of

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5 directions WWE could go with Otis’ Money in the Bank briefcase

The current situation surrounding the men’s Money in the Bank briefcase is weird, to say the least. Otis, primarily a comic character, won it in the cinematic Money in the Bank Ladder Match on the roof of WWE Headquarters. However, WWE has not done much to elevate him towards a serious role.

In fact, Otis is doing even more comedy work and has been using his briefcase as a lunchbox. He, along with Tucker, has been feuding with The Miz and John Morrison lately. The two heels have tried to steal the briefcase, but Otis has outsmarted them so far.

There are several ways this storyline, and Otis as Mr. Money in the Bank, could play out. He has been successful at maintaining the physical Money in the Bank contract, but things could change soon. WWE will need to be creative with the briefcase right now, with the world title

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