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Pressure on Yahoo grows after massive hack attack

Pressure on Yahoo continued to grow after the internet search giant revealed that it was the victim of another huge hacking attack in 2013. The company’s shares closed down more than 6% on Wall Street on fears that a planned sale to Verizon was in doubt. Politicians and regulators called for action after Yahoo disclosed on Wednesday that more than ... Read More »

TUC and businesses urge Theresa May to act on rights of migrants

Leaders say uncertainty over 3.2m EU citizens in UK will inflict ‘serious damage’ on economy British business and the trade union movement have made an unprecedented joint demand to Theresa May to guarantee immediately the rights of European Union migrants to remain in the UK, warning that further uncertainty will inflict serious damage on the British economy. In a strongly ... 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 »

Oil prices jump on new output deal

Oil prices have surged after oil producing countries that are not Opec members agreed to cut output. Brent crude jumped to $57.89 a barrel – the highest since July 2015 – before falling back to $56.55, although that was still a gain of 4.1% on the day. On Saturday, non-Opec countries agreed to cut their output by 558,000 barrels a ... Read More »

Asos bets big on London despite Brexit

Another win for the Brexit brigade? The decision by online retailer Asos to hire 1,500 staff over three years, as part of plans to expand its London head office, will no doubt be portrayed that way by Theresa May’s Government. Following similar announcements by Facebook and Google, both of which plan to increase their UK workforces despite the uncertainty created ... Read More »

Millions of bank customers on raw deals, figures suggest

Millions of people who have basic bank accounts may be paying higher fees than necessary, government figures indicate. Basic bank accounts are designed for people who do not already have a bank account and are ineligible for a standard current account. While eight million people have basic accounts, around half of them are still liable to pay fees for failed ... Read More »

Euro skids, shares hit after Italy votes ‘no’ on reform

The euro fell to a 20-month low on Monday and investors fled riskier assets after Italian Prime Minister Matteo Renzi said he would resign following a stinging defeat on constitutional reform that could destabilize the country’s shaky banking system. Renzi’s defeat deals a body blow to a European Union already reeling under anti-establishment anger that led to the shock exit ... Read More »

Fed’s Tarullo warns against ‘backsliding’ on bank regulations

U.S. banking regulators must defend tough rules governing Wall Street and resist efforts to dilute regulations that might prevent a future financial crisis, Federal Reserve Governor Daniel Tarullo said on Friday. “It is critical that we not forget our still quite recent history,” Tarullo told a meeting of financial market researchers in Washington, referring to the 2008 housing bust that ... Read More »

Bond yields slip on U.S. jobs data, euro steady before Italy vote

Bond yields fell on Friday as solid U.S. jobs data reinforced the view that the Federal Reserve would raise interest rates gradually, while stock and currency markets were cautious ahead of an Italian constitutional reform vote on Sunday. Crude futures rebounded on a weaker dollar, resuming a rise sparked by a cut in oil output agreed this week by the ... Read More »

Gap and Abercrombie & Fitch slump on unhappy holidays

Shares in two of America’s largest clothing retailers plunged on Friday following disappointing third quarter sales and a downbeat forecast for the crucial holiday shopping season. Gap shares sank by 13.1% after a seventh consecutive quarter of falling revenue and warned that fewer people were visiting stores. Abercrombie & Fitch’s stock fell 13.9% on a poor sales and a weak ... Read More »