TSYS glitch outage hit RBS, Nationwide and Tesco

RBS, Nationwide and Tesco have been hit by an information technology failure at US payments company TSYS that left customers left unable to pay their credit card bills or access their accounts. The disruption highlight a challenging time for banks which are under pressure to improve their resilience to IT problems but often rely on…

Metro Bank loses £2bn

Metro Bank said it would seek a new chairman to replace its co-founder Vernon Hill as it revealed that it customers had pulled £2bn in the first half after a misreporting scandal. Mr Hill, a brash American who was in the year above Donald Trump at Wharton Business School in the US, said Metro Bank’s…

Global Watchdogs wants closer scrutiny of Facebook on Libra

Facebook’s dreams of launching a  new virtual currency have hit the buffers  as two more financial regulators including International Financial Stability Board and the UK’s Financial Conduct Authority said yesterday they were paying close attention to the social media company’s plans. The regulators would not allow the world’s largest social network to launch its planned…

Strengthening and empowering local communities

Rajan a former governor of Reserve Bank of India, is an expert of world of economics, economic policymaking and public debate. In his latest book he argues that the balance between the market economy and the state has been disrupted. The solution is to empower a third pillar: the local community. He also recommends reforms…

Facebook to launch “Libra” digital coin for 2.4billion online users

Facebook to launch digital coin for 2.4billion online users Facebook said it would launch its own digital coin next year, allowing it 2.4 billion users to make payments over the network. Facebook will allow users to change dollars, pounds and other international currencies into crytocurrency called Libra. Facebook says the coins can then be used…

Help to. Buy significant market risk

Help to Buy was introduced by David Cameron’s coalition government in 2013, with the aim of helping more people to get on the property ladder, instead  63 per cent of people using the Government’s Help to Buy scheme could have purchased their properties without it, and 19  per cent were not first time buyers. According…

Bitcoin billionaires

Bitcoin Billionaires is a tale of Winklevoss twins and their outrageous venture into the chaotic world of cryptocurrency bitcoin exploring the techno-ideological experiments and financial manias. Ben Mezrich, the New York Times bestselling author of the Accidental Billionaires and Bringing Down the House comes his latest Bitcoin Billionaires.  Harvard educated identical twins Cameron and Tyler…

Metro Bank plans to sell over £1bn worth of loans

Metro Bank plans to sell over £1bn worth of loans amid misreporting scandal that caused its share price to plummet and force it into a rights issue. At the start of the year, regulators discovered  that Metro had misclassified the risk of hundreds of millions of pounds of commercial property and buy-to-let  loans. Reclassifying  the…

Tencent and Alibaba granted “milestone” licences

Tencent and Alibaba, China’s biggest technology groups  have been granted milestone licences  by the Hong Kong Monetary Authority to  launch digital banks in Hong Kong threatening traditional HSBC and Standard Chartered banks.  Xiaomi the world’s fourth largest smartpone maker and Ping An the world’s largest insurer,  also was included in what city’s banking regulator’s  called …