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Thousands of car finance payments could be hit by economic downturn, analysts warn

Thousands of drivers would be unable to keep up their car payments in the event of an economic downturn, analysts have warned, prompting concerns about a mis-selling scandal. With nearly 90 per cent of new cars sold using finance deals, the majority of which means the owner effectively leases their vehicle for three or four years instead of buying outright, ... Read More »

Turkey referendum: Erdogan dismisses criticism by monitors

Media captionProtesters march through the Turkish capital calling for a recount Turkey’s President Recep Tayyip Erdogan has rejected criticism by monitors who say the referendum campaign fell short of international standards. “Know your place,” he said, adding that he did not accept the comments. The observers said Mr Erdogan had been favoured by an “unequal” campaign. In the referendum, voters ... Read More »

Bank Reform Architect Puzzled by Effort to Undo It

Former Representative Barney Frank in his driveway in Ogunquit, Me. CreditGreg Miller for The New York Times Barney Frank is puzzled. The former Massachusetts congressman says that President Trump is vowing to roll back financial regulations that even some of the biggest players in the banking industry have quietly come to tolerate. Many Americans — outside the financial industry — ... Read More »

By shifting perceptions, Trump’s already boosting the economy

Perceptions matter. People make decisions, even life-altering decisions, based on what they perceive as likely to happen. To the extent that public policy affects such decisions, the perception of likely policy change can affect behavior even before the change happens. Something like that seems to be happening in America — and around the world. In the two months since President ... Read More »

Tesco is ‘overcharging customers’ by wrongly advertising out of date offers

Tesco customers are being ripped off by out-of-date price offers which do not get applied at the till, an investigation has found. Expired offers were found at 33 of 50 stores visited by the BBC’s Inside Out programme over a period of three-months in the West Midlands, Liverpool and Leeds. The investigation revealed that in some cases, multi-buy deals at ... Read More »

Euro, European bonds unnerved by French politics

The increasingly unpredictable French presidential election race unnerved European financial markets on Tuesday, tipping the euro towards its biggest fall this year and driving investors away from French government bonds. The premium investors demand for buying French 10-year government bonds FR10YT=TWEB over German 10-year bonds DE10YT=TWEB rose to 78 basis points, the highest level since November 2012 before easing back ... Read More »

Gin distiller Sipsmith bought by Beam Suntory

Japanese spirits conglomerate Beam Suntory is to buy the London craft gin distiller Sipsmith. Beam – which also owns the Jim Beam and Maker’s Mark bourbon brands – will pay an undisclosed sum for the company as it aims to cash in on the rising demand for artisan spirits. Sipsmith is one of hundreds of craft distillers to have set ... Read More »

US raises key interest rate by 0.25% on strengthening economy

The US Federal Reserve has raised its benchmark interest rate by 0.25%, only the second increase in a decade. The central bank voted unanimously to raise the key rate to a range of 0.5% to 0.75%, citing a stronger economic growth and rising employment. But the central bank said it expected the economy to need only “gradual” increases in the ... Read More »

Monte dei Paschi races to raise €5bn cash by end of year

Italy’s Monte dei Paschi bank has said it will try to raise €5bn (£4bn; $5.3bn) from investors by year end as it races to avoid a state rescue. In a statement, the world’s oldest bank said it would stick to the recovery plan it outlined on 25 October, which includes issuing new shares. The bank had sought a three-week extension ... Read More »

‘Post-truth’ declared word of the year by Oxford Dictionaries

Oxford Dictionaries has declared “post-truth” as its 2016 international word of the year, reflecting what it called a “highly-charged” political 12 months. It is defined as an adjective relating to circumstances in which objective facts are less influential in shaping public opinion than emotional appeals. Its selection follows June’s Brexit vote and the US presidential election. Oxford Dictionaries’ Casper Grathwohl ... Read More »