Latest in Britain's car finance industry is in crisis – with banks bracing for billions in payouts
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Britain's car finance industry is in crisis – with banks bracing for billions in payouts
The crisis has prompted comparisons to Britain's PPI scandal, which was estimated to have cost banks more than £50 billion ($63.8 billion).Business - CNBC - 12 hours ago -
Motorists who bought cars on finance could share in billions
The car finance industry is setting aside billions to pay for potential claims after a test case.Top stories - BBC News - 2 days ago -
Banks warn UK Treasury of risk of sector turmoil after car finance ruling
Lenders meet government officials and regulators over fallout from court judgment on ‘secret’ auto loan commissionsBusiness - Financial Times - October 29 -
Israeli minister says ‘certain progress’ on Lebanon ceasefire talks but Hezbollah says it has not been involved – Middle East crisis live
New foreign minister says diplomatic efforts are taking place through US mediation but Hezbollah says it has not seen any proposal. Lebanon ’s National News Agency reports Israeli planes carried ...World - The Guardian - 3 days ago -
Car buyer payouts over loan scandal could be delayed
Regulators want to give more time to car dealers potentially facing a deluge of mis-selling claims.Top stories - BBC News - Yesterday -
Is China cannibalising the EU car industry?
Troubles at VW point to growing doubts about future of Europe-wide sector as imports of cheap EVs rise. For decades Germany has enjoyed a reputation as Europe’s car capital, with slogans such as ...World - The Guardian - October 20 -
UK Budget: What to Know Before Labour’s Announcement
The new Labour Party government said it had inherited a challenging financial position and warned of tax increases and spending cuts when it reveals its budget this week.Top stories - The New York Times - October 28 -
Person in bear costume faked attacks on cars for insurance payout, officials say
Four people have been charged with insurance fraud for claiming that their cars were trashed by a bear — which was actually someone in a bear costume, officials said Wednesday.Top stories - NBC News - 20 hours ago -
Britain desperately needs a proper industrial strategy
Collaboration between business and government is central to achieving that goalWorld - Financial Times - 11 hours ago -
The water industry is in crisis. Can it be fixed?
Simon Jack asks what reform of the troubled sector could mean for customers and their bills.Top stories - BBC News - October 25 -
British banks face an expensive motor finance crash
Giving dealers incentives to increase loan interest rates for car buyers could be ruinous for lendersWorld - Financial Times - 6 days ago -
Santander delays full UK results as it weighs impact of car finance ruling
Profits drop in British business as one of Spanish bank’s biggest markets emerges as a trouble spotBusiness - Financial Times - October 29 -
FCA to give car finance sector more time to handle surging complaints
UK financial regulator launches consultation after landmark Court of Appeal rulingWorld - Financial Times - Yesterday -
Why Europe’s car crisis is mostly made in China
The once-lucrative market is now highly competitive and more Chinese EVs are being exported, compounding slower sales at homeWorld - Financial Times - October 29 -
Israel strikes banks across Lebanon to hit Hezbollah's finances
ZOUK MOSBEH, Lebanon — The Israeli military hit bank branches across Lebanon overnight to target Hezbollah’s finances, expanding its offensive in an assault that sparked panic as the U.S. launched ...Top stories - NBC News - October 21 -
Trump takes lead over Harris on US economy in final FT poll
FT-Michigan Ross survey shows most Americans think they will be better off if Republican winsBusiness - Financial Times - October 24 -
Financing the Fight Against Global Warming Falls to Multilateral Banks
These financial institutions are complex, and vital to funding efforts to slow climate change. Here’s how they work.Business - Inc. - 3 days ago -
From cars to planes: global manufacturers brace for Trump’s tariffs
Executives across multiple industries expect supply chain upheavalBusiness - Financial Times - 6 days ago -
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Kroger Finalizes $1.37 Billion Opioid Crisis Settlement
Kroger finalized a $1.37 billion settlement in connection with the grocery chain’s role in the U.S. opioid crisis, Nevada Attorney General Aaron Ford said.Business - The Wall Street Journal - November 4 -
‘It’s desperation’: Ireland’s restaurant industry facing crisis with daily closures
Rise in VAT, inflation and people working from home has led small business owners to demand government support. Blazing Salads, Dillingers, Assassination Custard and Brasserie Sixty Six in Dublin, ...World - The Guardian - October 20 -
Inside the Massive Crime Industry That’s Hacking Billion-Dollar Companies
When you download a piece of pirated software, you might also be getting a piece of infostealer malware, and entering a highly complex hacking ecosystem that’s fueling some of the biggest breaches ...Tech - Wired - November 4 -
Hertz booked a $1 billion charge as the value of its cars dropped
Hertz’s stock slips, but bounces sharply off earlier lows, as $1 billion write-off of car values reflects acceleration of fleet rotation.Business - MarketWatch - 2 days ago -
Swiss bank UBS smashes third-quarter expectations with $1.4 billion in profit
Swiss banking titan UBS on Wednesday posted a large profit beat, after completing its first wave of client migrations following its integration of collapsed domestic rival Credit Suisse.Business - CNBC - October 30 -
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China to boost financing for approved housing projects to $560 billion to counter property slump
China has announced it will expand the amount of financing available for housing projects on a “white list” to 4 trillion yuan ($562 billion), seeking to reverse a slump in the property industryWorld - ABC News - October 17 -
Small Business Administration-Backed Financing Rose to $56 Billion in Fiscal Year 2024
Smaller loans made up for much of the additional funding.Business - Inc. - 6 days ago -
Germany’s car industry is losing its famous Vorsprung – and it can’t all be blamed on Trump and tariffs | Konstantin Richter
It was once the envy of the world – but now its arrogance and failure to change or take risks lie at the root of its decline. About 50 years ago, a man named Hans Bauer who worked in marketing for ...World - The Guardian - 15 hours ago -
Bangladesh’s leader says ‘no place’ for Sheikh Hasina’s ‘fascist’ party
Muhammad Yunus says will not seek exiled leader’s extradition from India before domestic tribunal’s verdictWorld - Financial Times - October 30 -
Hospitals in firing line of forgotten war
Sudan’s brutal civil war is taking a devastating toll on the country’s health facilitiesWorld - Financial Times - October 30 -
Why EU defence and security policy will stay in the hands of capitals
Also in this newsletter: wading into France’s budget messWorld - Financial Times - October 30 -
Rivian-Volkswagen joint venture deal rises to up to $5.8 billion, VW cars expected as early as 2027
The companies said the deal is now up to $5.8 billion, with the first VW models to use Rivian's software and electrical architecture arriving as early as 2027.Business - CNBC - Yesterday
