Yahoo under pressure over hacking and privacy fears

Yahoo under pressure from EU regulators over hacking and alleged email privacy breachYahoo under pressure from EU regulators over hacking and email privacy

It’s not been a great year for Yahoo. Following news of a large-scale account hack, perpetrated two years ago but only recently announced to the public, the company is now in hot water over its decision to scan clients’ email accounts on behalf of US authorities. European politicians have called on the European Commission (EC) to investigate the incident which could interrupt the progress of the transatlantic data sharing deal agreed earlier this year and is likely to touch a nerve with Europeans who fear mass surveillance by US. Read more…

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Sterling at risk of losing reserve currency status

Post-Brexit shocks to sterling have rocked the currency’s reserve currency statusPost-Brexit shocks to sterling have rocked the currency’s reserve currency status

After Britons voted narrowly to exit the European Union earlier this year, they may not have anticipated the effect on the country’s currency and financial reputation. But with sterling reaching its lowest value in 40 years and the country stripped of its Triple-A credit rating, there are also fears that its prized reserve currency status could be under threat, should it fail to secure continued access to the European single market, according to US ratings agency Standard & Poor. Read more…

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Post Title: US growth picks up in Q3

Figures show better-than-expected growth figures during Q3 of 2016Figures show better-than-expected growth figures during Q3 of 2016

Recent figures from the Commerce Department show that the pace of US growth up-ticked in the third quarter, reaching its highest rate in two years and offering support to forecasts of greater economic stability. The economy grew at a 2.9 percent annualised rate in the third quarter, topping predictions of just 2.6 percent and reflected a spike in exports as well as an increase in federal spending. However, consumption growth dropped back over the same period to half the rate of the previous quarter. Read more…

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Uber drivers win landmark case in UK

Tech firm Uber forced to review employment contractsTech firm Uber forced to review employment contracts

The gig economy in the UK has just been dealt a blow after an employment tribunal ruled that two workers for Uber had the right to be considered as employees and should be paid the national living wage as well as holiday and sick pay. The ride-hailing company had defended the case on the grounds that it was a tech platform and that its drivers were self-employed contractors. The case leaves Uber open to further claims and could pressure other companies to review the way staff are contracted and paid. Read more…

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Hard Brexit could result in British banking crisis

Head of Germany’s central bank warns that UK could lose its status as the financial centre of EuropeUK could lose its status as the financial centre of Europe

Since the UK’s vote to leave the European Union, there’s been no clear indication of how the British government intends to carry out the political and economic split. Article 50 of the Lisbon Treaty must be invoked before Brexit can begin but with the clock ticking on a two-year negotiation timetable as soon as the process is triggered, the prime minister seems reluctant to push the button too soon. Britain sells almost half of its exports via the single market. A ‘soft’ Brexit would minimise the economic impact on the UK but is unlikely to assuage the concerns of those who voted to reduce immigration. Read more…

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Apple hit with tax penalty after EU ruling

Tech giant Apple to pay billions of euro in back taxes after EU rulingTech giant Apple to pay billions of euro in back taxes after EU ruling

Tech leviathan Apple is on the receiving end of Europe’s biggest-ever tax penalty after Brussels handed down a ruling that the company had benefited from what amounted to illegal state aid from Ireland. The judgement follows a lengthy investigation into claims that Dublin gave Apple an uncompetitive advantage in violation of EU law. Apple will be asked to pay billions of euro in back taxes as part of the European Commission’s initiative to combat multinationals’ aggressive tax avoidance strategies. Read more…

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IMF encourages global response to stimulate economic growth

The World Economic Outlook study by the IMF spotlights weaknesses in the global economyStudy by IMF spotlights weaknesses in global economy

The International Monetary Fund (IMF) has warned that free trade is being increasingly seen as something that benefits the wealthy and warn that help is needed for people whose job prospects have been damaged by globalisation. In a statement from the organisation’s half-yearly World Economic Outlook study, it spotlights weaknesses in the global economy as being largely responsible for the stalling of trade growth over the past few years. It also acknowledged that anti-trade feelings could harden further, given the current climate. Read more…

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Wells Fargo in meltdown over unethical conduct

Wells Fargo CEO John G. Stumpf under the spotlight as bank castigated for unethical conductWells Fargo CEO John G. Stumpf grilled over unethical conduct

Last year, the city of Los Angeles sued Wells Fargo for unethical customer conduct, amid allegations that the bank had secretly opened unauthorised accounts on behalf of thousands of customers. The bank has since reached settlements totalling almost $200 million. At a September hearing before the House Financial Services Committee, Wells Fargo CEO John G. Stumpf was grilled over the bank’s transgressions and although he announced a pay forfeit of $41 million in pay and made a promise to drop the bank’s incentive programme, few of his interrogators were impressed. Read more…

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Airbnb’s Samara project targets new buildings

Airbnb is extending its reach into architecture and city planning with its new Samara projectAirbnb extends its reach into architecture and city planning with Samara

Space-sharing disrupter Airbnb has encountered as much opposition as it has inspired budget-conscious travellers across the world. Its business model of owners renting out living spaces – anything from a single room to an entire house – has offered an opportunity for owners and renters alike to benefit. But the San Francisco-based company has drawn criticism from hoteliers who are losing business and from city dwellers who claim that Airbnb is reducing the availability of long-term rentals. Read more…

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Brexit means Brexit – or does it?

The British public voted for Brexit, but when is it going to happen?The British public voted for Brexit, but when is it going to happen?

In June this year, a referendum was held in the UK over whether or not to remain part of the European Union (EU). The shock vote by the British public to leave the European Union caused a dramatic shift in sentiment and left a kingdom that seemed a long way from united. Despite assurances by the then government that wheels would be put in motion to trigger Article 50 of the Lisbon – and continued talk by the new prime minister that ‘Brexit means Brexit’, there’s seems no further clarity on what form Britain’s secession from the EU would take. Read more…

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