Video: Top fintech stories this week – 23 October 2020

The FinTech Futures weekly round-up of the industry’s top stories and developments from across the globe.

This week we cover:


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Royal Mail to hire record number of Christmas temps

33,000 extra workers to help handle surge in parcels from online shopping

Royal Mail is to hire a record 33,000 temporary workers for the Christmas period – two-thirds more than usual – to handle the UK festive parcel frenzy triggered by the surge in online shopping.

Christmas is always the busiest time for the postal service, but this year it is seeking record numbers of temporary recruits to help to sort an even higher flow of packages as high-street closures during the pandemic have forced shoppers online.

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FCA and PRA fine Goldman Sachs £96.6m for 1MDB scandal

UK regulators have fined the London-headquartered, Goldman Sachs International (GSI), £96.6 million for risk management failures in connection with 1Malaysia Development Berhad (1MDB).

The FCA and PRA fines are part of a globally coordinated resolution reached with Goldman Sachs Group (GSG) and its subsidiaries.

The investigation found that GSI breached a number of FCA and PRA principles and rules.

GSI is an indirect wholly owned subsidiary of the GSG. GSI acts as a material booking entity for bond transactions underwritten and purchased by Goldman Sachs outside the USA.

1MDB is a Malaysian state-owned development company that has been at the centre of billion-dollar embezzlement allegations.

GSI underwrote, purchased and arranged three bond transactions for 1MDB in 2012 and 2013 that raised a total of £4.9 billion for 1MDB. The 1MDB transactions were approved by global GSG committees that GSI participated in, and were booked to GSI.

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Only state investment can revive Britain's zombie economy | Phillip Inman

Small firms are borrowing big sums to survive. They must be given the option of a debt-for-equity swap with the Treasury

Britain is sleepwalking into a debt crisis that will undermine its prospects of a sustainable recovery.

It’s not the debts of the government that are at issue; it is the monumental amount of borrowing by the private sector, much of it from the Treasury, that will hang like a dead weight on the shoulders of thousands of businesses, possibly for a decade.

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