Showing posts from July, 2016

Brexit will destroy the economy

Britain just got its first concrete sign that Brexit will destroy the economyWill Martin
Britain just got its first concrete sign that the British exit from the European Union, or Brexit, will crush the nation's economy after a grim set of PMI data released by Markit on Friday morning showed a "dramatic deterioration" in the economy since the UK voted to leave the EU.
Markit's flash PMI readings for the UK's economy showed that composite output fell to its lowest level since March 2009, during the tail end of the global financial crisis.
Here is the scoreboard:
Services PMI — 47.4, down from 52.3 in June and at an 87-month low. The figure was well below the 49.2 forecast.Manufacturing PMI — 49.1, a 44-month low, and well below the expected 50 reading.Composite PMI — 47.7, a drop from 52.4 in June, and at an 87-month low. The PMI, or purchasing managers index, figures from Markit are given as a number between 0 and 100.
Anything above 50 signals growth, whi…

MasterCard is being sued for £19 billion

MasterCard is being sued for £19 billion over processing fees20 Jul 16 | Author | MasterCard is bracing itself for a £19 billion class-action filed for imposing allegedly illegal processing fees that were passed onto shoppers between 1992 and 2008.
Walter Merricks, a lawyer and former chief ombudsman at the Financial Ombudsman Service, is bringing the class action that alleges MasterCard charged excessive interchange fees when shoppers paid with their credit or debit cards over the 16-year period.
“The prices of everything we all bought from 1992 to 2008 were higher than they should have been as a result of the unlawful conduct of MasterCard,” Merricks said.
“My aim is to get the redress to which U.K. consumers are entitled and to ensure that MasterCard cannot hold on to the illegal profits,” he added.

The UK’s biggest ever claim If the claim, the UK’s biggest, is successful, it would mean 40 million British consumers (under the Consumer Rights Act 2015, any consumer who …

iPhones can now be used to withdraw cash from 70,000 ATMs in the US

iPhones can now be used to withdraw cash from 70,000 ATMs in the US 19 Jul 16 | Author  Plastic cards are no longer needed for ATM cash withdrawals as FIS has partnered with Payments Alliance International (PAI), America’s largest, privately-held provider of ATM processing and maintenance services, to bring mobile cash withdrawal to 70,000 ATM locations. Customers will therefore no longer have to worry about the risks of card skimmings, instead being able to withdraw cash using the Touch ID on iPhones. FIS says the mobile banking app, called FIS Cardless Cash, “acts as a remote control for the ATM”. Customers using the app can complete their withdrawals in 10 seconds and get an electronic receipt on their smartphone. “Adding retail ATM locations to our Cardless Cash ecosystem brings the best in convenient access to customers,” said Douglas Brown, SVP and GM of FIS Mobile. “We want to make mobile-centric access to cash a ubiquitous experience.” No announcement has been ma…

Alibaba will let consumers shop via virtual reality

Alibaba will let consumers shop the world’s stores via virtual realityBY FRANK TONGSenior editor, China Chinese e-commerce giant Alibaba plans to open a demonstration shop this month and could roll out the technology broadly by the end of the year. Alibaba Group Holding Ltd is working on introducing virtual reality technology, or simply VR, into online shopping. The ecommerce giant’s 400 million customers will soon be able to buy products from stores all over the world, by wearing a VR helmet or glasses designed to simulate being in a physical store.
Alibaba says it plans to launch a demonstration VR store by the end of this month and could launch a large-scale rollout by the end of this year.
At a press briefing in Shanghai last week, an Alibaba representative wearing a Vive VR helmet from HTC Corp. of Taiwan showed how a shopper could take a tour of a three-dimensional digital store. The demonstration showed a robotic store associate talking to the visitor and recommending new produ…

Google Fiber Introduces 3 Plans

Google Fiber Introduces 3 Plans for Small Businesses By  Google Fiber is launching three new plans geared toward small businesses. The plans replace Fiber’s Early Access model with the ability to pick upload and download speeds ranging from 100Mbps to 1,000Mbps. The plans will be available to all small businesses, as long as they are located in a city where Fiber is available. “In 2014, we launched our Early Access program to bring faster speeds to businesses in our Fiber cities. Since then, we’ve been inspired by what these businesses have been able to do. From a media company that now conducts virtual jam sessions to a coffee house that livestreams their community events, we’ve seen many unlock new possibilities with a speedy, reliable connection,” Google Fiber product manager John Shriver-Blake said in a blog post. “At the same time, we know that businesses come in different shapes and sizes. They have varying needs and would like the flexibility to choose a plan tha…

Four former Barclays bankers were sentenced

Four former Barclays (BARC.L) bankers were sentenced to between 33 months and six-and-a-half years in jail by a London judge on Thursday for conspiring to rig global benchmark interest rates. "What this case has shown is the absence of integrity that ought to characterize banking," said Leonard. The sentences come four years after Barclays became the first of 11 powerful banks and brokerages to be slapped with a hefty fine for their role in the rate fixing scandal, sparking a political backlash that forced out former CEO Bob Diamond, an overhaul of Libor rules and the criminal inquiry. The men had faced sentences of up to 10 years after they were each charged with one count of conspiracy to defraud by plotting to rig Libor (London interbank offered rate), a benchmark for rates on around $450 trillion of financial contracts and loans, between June 2005 and September 2007. The sentences fall short of the original 14-year jail term handed last August to Tom Hayes, a mildly aut…

Apple Stock Has an Earnings Problem

Apple Stock Has an Earnings Problem: By Richard Saintvilus

Shares of Apple, Inc. (AAPL), which are down more than 24% over the past year, have been under pressure for most of 2016, punished for a variety of reasons, including falling iPhone sales. Add in the company's perceived inability to innovate and the share price has little room to expand. But these are only part of the problem. The Disconnect Between Apple and Wall Street
Will Power, senior research analyst at Robert W. Baird & Co. has another theory. Despite the constant doom and gloom associated with the Cupertino-based tech giant, the analyst doesn't believe that Wall Street's bearishness is fully reflected in Apple's earnings estimates. On Friday, Power noted that Apple's earnings estimates must come down before the stock can move sustainably higher. (See also: Apple Stock Declines After Insiders Sell Shares.) ​ "It's tough for stocks to work until you get them sufficiently reset to where you…

Breaches at Businesses

Careless Employees Cause Data Breaches at BusinessesBy Nathan Eddy Sales departments pose the greatest risk to information assets, both structured (69 percent) and unstructured data (58 percent), the report found.
Nearly three quarters (72 percent) of organizations are not confident in their ability to manage and control employee access to confidential documents and files, according to a Fasoo-sponsored survey of 637 U.S. IT security practitioners, which was conducted by the Ponemon Institute.According to the report, the primary cause of data breaches experienced by companies was the careless employee (56 percent) followed by the lost or stolen device (37 percent).Sales departments pose the greatest risk to information assets, both structured (69 percent) and unstructured data (58 percent).A whopping 83 percent of organizations struggle with determining the appropriate level of confidentiality documents and files should possess.
Determination is based on data type, policies or data u…