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1. International Airlines Group could face fine of 1.5 per cent of worldwide profits for GDPR breach
2. Iranian sanctions landscape continues to evolve
Number of new financial services jobs on the market in London in the second quarter of 2019, down 50 per cent on the previous year, according to the latest figures from Morgan McKinley (CityAM, p2).
British Airways has confirmed to the markets this morning that it understands the Information Commissioner's Office (ICO), the UK's data protection regulator, intends to fine the firm £183 million for ?infringements? of the General Data Protection Regulation (Financial Times, online, £).
Commenting on the fine Alex Cruz, British Airways' chairman and chief executive, said: "We are surprised and disappointed in this initial finding from the ICO. British Airways responded quickly to a criminal act to steal customers' data. We have found no evidence of fraud/fraudulent activity on accounts linked to the theft. We apologise to our customers for any inconvenience this event caused." (BBC News online)
The ICO issued a statement this morning confirming that it found that ?a variety of information was compromised by poor security arrangements at the company, including log in, payment card, and travel booking details as well as name and address information.? (Sky News online)
Meanwhile, UK Finance is warning consumers to stay alert for suspicious automated phone calls pretending to be from their bank or card company, after dozens of reports of these scams over the past week. All consumers are reminded that banks or the police will never contact you asking for your online banking password or for you to transfer money to a new account for fraud reasons. Further advice on steps you can take to avoid this type of scam can be found on the Take Five to Stop Fraud campaign.
Europe is facing increased pressure to join the US in reimposing sanctions on Iran following the country's announcement that it had exceeded the limits for uranium enrichment set out in the 2015 deal. In response to this announcement, Germany called on Iran not to take ?further measures that undermine? the deal (Times, £, p28). Speaking last night, a Foreign Office spokesman said the UK is in ?coordination with other JCPoA participants regarding the next steps?including a joint commission.? (Guardian, p17)
Politico reports that a US official familiar with the issue has said that the US administration hopes that amongst other actions ?Europe imposes some sanctions on Iran to keep it from further violating the deal? and that ?a financial mechanism the Europeans have set up to help Iran obtain non-sanctioned goods succeeds?. Tomorrow UK Finance will be hosting its Sanctions Conference, limited tickets are still available. Further information is available here.
Simon Hills, Director, Prudential Policy, UK Finance, blogs about whether leveraged loans are gearing up to cause the next financial crisis.
The Mail on Sunday (p100) reports on the declining use of cash and the challenges this poses for society following an investigation by the paper into the use of ?micro-branches? that do not manage coins.
City broker Jefferies has warned that political uncertainty is likely to encourage greater shareholder activism with investors more likely to insist that boards consider more mergers and acquisitions (Telegraph, £, B1).
The shadow chancellor John McDonnell MP has said that in government he would restructure the Treasury and establish the National Transformation Fund in the north of England, commenting ?it isn't just relocating the unit, it's relocating the decision-making? (Manchester Evening News, online).
The Times (£, p19) reports on the new ways to use contactless payments as York Minster trials a new collection plate that enables contactless card payments.
The head of Turkey's central bank, Mura Cetinkaya has been removed from his post by President Erdogan. Murat Uysal has been promoted from his role as deputy to be head of the central bank (BBC News online).
Hamish McRae writes in the Mail on Sunday (p96) that we need to change the way we talk about money if we want to improve financial literacy. He notes the comments of deputy Bank of England governor, Ben Broadbent, last week talking about research that shows that ?UK financial literacy - the ability to answer relatively straightforward financial questions - was lower than in other advanced economies?. Mcrae suggests three ways to improve the issue: 'stop being snooty about money'start [teaching about money] in the home? and encourage people to look to the future.?
In the Financial Times (£, p21) Wolfgang Munchau writes that the proposed appointment of Christine Lagarde as the next president of the ECB has the potential to significantly change the way the ECB interacts with other European institutions.
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