Trouble at the top as Barclays oust boss

Barclays Chief Executive ousted in boardroom falling outBarclays Chief Exec ousted in boardroom falling out

British bank Barclays has announced that boss Antony Jenkins has been ousted from his job by a disgruntled board just three years after he was promoted to the job in the wake of the Libor scandal. Jenkins is being replaced for now by chairman John McFarland following unrest over the board’s desire for bigger cost cuts and more focus on the investment bank’s performance. Read more…

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Solar flight crosses Pacific

Solar Impulse touches down in Hawaii after five-day flightSuccess on historic round-the-world trip

Pilot Andre Borschberg landed his solar-powered plane on Hawaii’s Oahu Island to complete a remarkable 118-hour non-stop flight across Pacific Ocean. The record-breaking journey concluded the eighth stage of a 13-leg trip around the world, clocking up 5,000 miles in just five days without any fuel – a record for a plane run only on solar power. Read more…

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China stock market in freefall

$3tn wiped off value of Chinese shares$3tn wiped of the value of shares

The Shanghai composite index has plummeted by 6% as panic selling continues to wipe trillions of dollars off the value of Chinese-listed companies. Despite the government’s efforts to stem the tide by relaxing borrowing rules and cutting fees, shares have dropped to less than a third of their June peak. Read more…

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Where did the Greek bailout money go?

where did Greek bailout money go?Greek crisis showing cracks in Eurozone

With tensions high in Europe as it faces its biggest crisis since the union, questions are being asked about the viability of giving the green light a third bailout for the Greek economy. But what happened to the hundreds of billions of Euros of financial assistance delivered in the wake of the global crisis of 2008? Read more…

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Tesla announces ‘Powerwall’ domestic energy solution

Tesla announces the development of a rechargeable battery for domestic use

A sustainable home energy solution?

If homeowners could supply all the power they needed from a set of rechargeable batteries, it could transform the domestic energy market for good. Elon Musk, founder of electric car company Tesla, has just thrown his hat into the ring with the launch of a suite of low-cost solar batteries designed to capture and store energy for use in the home, claiming that the technology will help change ‘the entire energy infrastructure of the world’. Read more…

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Hound of Hounslow arrested

 Hound of Hounslow arrested for helping to cause 2010 flash crashThe Hound of Hounslow

In a drama worthy of a movie script, a solo British trader has been arrested for his part in allegedly triggering a multi-billion-dollar US stock market crash from his parent’s west London house. Navinder Singh Sarao, alias ‘the Hound of Hounslow’ is currently being held at the request of US authorities investigating his involvement in the 2010 ‘flash crash’ which sent shockwaves through in the world’s biggest stock market. But how did it happen and why is the Department of Justice so keen to make an example of Sarao? Read more…

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Fed resists early interest rate rise

Low interest rates continue as the Federal Reserve eyes sustained economic recoveryRate rise ruled out

Speculation over an early rise in US interest rates has been quashed following a spring statement from the Federal Reserve. The Fed has indicated that significantly stronger economic performance would have to be demonstrated before it could agree an increase in borrowing costs, in the wake of news that growth has stalled in the first quarter of 2015. Pundits are now betting on rates staying low well into autumn, so what’s dragging the figures down? Read more…

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Barclays sets aside £800m for forex penalties

Barclays profits hit by forex and PPI penalties

British bank faces fresh fines

Barclays has had to carve another £800m off the bank’s bottom line to pay its share of the international forex rigging scandal and to settle further compensation claims for mis-selling payment protection insurance to customers. The bank’s penalties will total around £2bn from regulators in the UK and US charged with investigating the manipulation of the £3.5tn-a-day forex markets. Read more…

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Are you being stalked by Facebook?

Facebook accused of breaches to EU law

Paranoid – me?

Get the feeling that someone’s dogging your footsteps, even on the internet? Well it might not be a case of paranoia after all. While we’re familiar with the concept of browser cookies silently monitoring our preferences and storing them up for future visits, we’re probably not so keen if they’re following our every move.

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Is Greece on track for a Eurozone exit?

Greek crisis reaches turning point as bailout talks stallDon’t mention the war

German Chancellor, Angela Merkel didn’t become the most powerful leader in Europe by being a pushover. Merkel’s government is dominating European politics at the moment, so you might wonder what response Greek Prime Minister, Alex Tsipras, was expecting to his demands for Nazi war reparations at their meeting this week. One can only imagine that Frau Merkel delivered a frosty ‘Nein’, before going on to say that ‘in the view of the German government, the issue of reparations is politically and legally closed.’

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