Britain’s biggest banks under pressure to pass on higher interest rates to savers

Unite says their analysis shows banks have made £7bn in extra profit from the rise in borrowing costs

Britain’s biggest banks are under pressure to pass on higher interest rates to savers after figures showing they have made an extra £7bn by refusing to do so, and as they stand to benefit from a tax cut announced by Jeremy Hunt.

On the day the Bank of England is expected to announce a further rise in interest rates, the Unite trade union said banks had already made billions of pounds in extra profit from the dramatic rise in borrowing costs.

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Can you copyright a rhythm? Inside the reggaeton lawsuit that could shake the pop world

Two dembow progenitors are suing superstars including Luis Fonsi and Daddy Yankee – in a case that also names Justin Bieber – claiming that they deserve credit for birthing the genre

With the release of their song Fish Market in 1989, the Jamaican duo Cleveland “Clevie” Browne and Wycliffe “Steely” Johnson inadvertently changed the course of pop music. The track featured the first known example of what would come to be known as a “dembow” rhythm – the percussive, slightly syncopated four-to-the-floor beat that travelled from reggae to become the signature beat of reggaeton, today the world-conquering sound of Latin American pop.

Now, more than 30 years after Fish Market was released, Steely & Clevie Productions is suing three of reggaeton’s most celebrated hitmakers – El Chombo, Luis Fonsi and Daddy Yankee – for what they characterise as unlawful interpolation of Fish Market’s rhythm (or “riddim”), and are seeking the credit – and royalties – they say they deserved from the start.

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Novartis scraps cholesterol drug trial in blow to UK life sciences ambitions

Swiss firm’s withdrawal from Leqvio trial with NHS dents government plans to attract post-Brexit research and investment

The Swiss pharmaceutical firm Novartis has ditched plans for a large clinical trial in the UK, in a further blow to the government’s efforts to make Britain an attractive place for research and investment after Brexit.

The company decided to scrap the Orion-17 trial of its cholesterol-lowering drug Leqvio, involving 40,000 patients in partnership with NHS England.

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Amazon UK staff plan more strikes as they reject pay rise as an ‘insult’

Online retailer has increased minimum hourly pay for warehouse workers by 50p an hour to £11

Amazon workers in the UK are planning further strike action as they dismissed as “an insult” a 50p an hour increase to its minimum hourly pay for warehouse workers to £11.

The company said the pay rise announced on Wednesday, which will be implemented this weekend, meant minimum pay had risen by 10% in the past seven months, putting it ahead of the legal minimum wage for those aged 23 or over, which will be £10.42 an hour from April.

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Rail strikes: RMT votes to accept Network Rail pay offer

Members voted overwhelmingly in favour of the offer, worth 9% over two years, in deal that should bring worst of disruption to end

Members of the RMT union have voted to accept a pay offer from Network Rail.

Thousands of rail workers including signalling staff voted by three to one in favour to accept the offer, a 9% pay increase over two years, in a referendum that closed on Monday.

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Watchdog to block shareholder payouts if UK water companies miss targets

Ofwat says new powers will be used if firms fail to reach performance and environmental goals

The UK water regulator is to use new powers to block companies from shareholder payouts if they fail to hit performance and environmental targets.

Ofwat, which in December heavily criticised some of the country’s biggest suppliers over the size of dividend payments relative to their financial performance, said the new rules would also mean water companies would “maintain a higher level of overall financial health”.

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North Sea oil and gas workers vote to strike amid bumper profits

Series of actions planned this spring as union members call for more pay since firms are ‘raking it’

Oil and gas workers have voted in favour of a series of large-scale North Sea strikes amid bumper profits for fossil fuel firms.

About 1,400 workers across five rig-servicing companies plan to strike between late March and early June as part of a dispute over jobs, pay and conditions – potentially shutting down platforms in the region.

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UK and US shares climb as banks and ministers aim to calm Credit Suisse fears

FTSE 100 rises and European banking shares are up after early jitters over what UBS takeover deal means for bondholders

Stocks climbed on Monday in London and New York after central bankers and politicians sought to soothe jitters triggered by the emergency rescue of Credit Suisse during the weekend.

Central banks in the UK and eurozone issued statements aimed at reassuring investors that – unlike the controversial approach taken by the Swiss authorities in the Credit Suisse deal – their jurisdictions would follow a hierarchy in which equity holders would lose out before bond holders.

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UBS agrees takeover of stricken Credit Suisse for $3.25bn

Swiss government forces through takeover at well below market value amid fears of global banking crisis

The Swiss government has forced through the takeover of stricken bank Credit Suisse by rival UBS for almost $3.25bn (£2.65bn) – well below its market value – amid fears that a failure to protect depositors would trigger a new global banking crisis.

After a weekend of frantic talks, the Swiss government and the banking regulator brokered a deal once it became clear a $54bn loan to Credit Suisse from the Swiss central bank had failed to halt the precipitous slide in its share price.

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Doubts grow over number of NHS doctors helped by pension giveaway

New figures reveal only 100 hospital doctors left NHS in 2022 due to voluntary early retirement, despite claims by Jeremy Hunt

The number of hospital doctors that could be helped by Jeremy Hunt’s pensions giveaway has been cast into doubt, after new figures revealed that only 100 of them left the NHS last year due to voluntary early retirement.

Criticism has mounted about the measure announced in the budget, which would scrap the up to 55% tax levied on lifetime pension pots worth just over £1m and raise the annual allowance threshold from £40,000 to £60,000.

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Elizabeth Warren says Fed chair ‘failed’ and calls for inquiry into bank collapse

Progressive Democrat launches offensive on politicians on the left and the right who supported Trump-era deregulation of US banks

Political fall-out in the US from the collapse of Silicon Valley Bank continued on Sunday when leftwing Senator Elizabeth Warren hit the morning talk shows and repeatedly called for an independent investigation into US bank failures and strongly criticised Federal Reserve finance officials.

The progressive Democrat from Massachusetts, who has positioned herself as a consumer protection advocate and trenchant critic of the US banking system, told CBS’s Face the Nation that she did not have faith in San Francisco Federal Reserve president Mary Daly or Fed chairman Jerome Powell.

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UK ambassador to Yemen took part in opening of Jordanian cigarette factory

Michael Aron praised facility part-owned by British American Tobacco at ribbon-cutting event in 2019

A UK ambassador took part in the opening ceremony of a Jordanian cigarette factory part-owned by British American Tobacco (BAT) and praised the new facility in a televised interview, in the latest example of British diplomats breaching strict guidelines against mixing with the tobacco industry overseas.

The envoy stood at the ribbon as it was cut and later appeared in promotional material on the tobacco company’s website, but no record of his presence at the event was kept by the British embassy in Amman because the event was not considered a “formal meeting”.

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Rail strikes to severely disrupt travel in Great Britain this weekend

RMT staff at 14 operators to take action, affecting LNER, Avanti, LNER and Southern among others

Rail travel around Great Britain will be severely disrupted again this weekend after the second 24-hour strike in three days started on Saturday morning.

Thousands of members of the RMT union working as train staff at 14 operators are on strike in the long-running dispute over pay and jobs.

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Credit Suisse shares continue to fall despite efforts to calm nerves

Lifelines handed to Swiss bank and US regional bank First Republic fail to ease investor concerns

Credit Suisse shares came under renewed pressure on Friday, despite fresh attempts by central banks and politicians to calm fears about a crisis in the global banking industry sparked by the collapse of two US banks this week.

Shares in Credit Suisse, Switzerland’s second largest bank, fell 8% on Friday despite securing a £45bn emergency loan from the Swiss National Bank just days earlier to shore up its liquidity after a week of panic.

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Jacqueline Gold’s proudly smutty Ann Summers changed the UK high street

Lingerie and sex toy chain’s boss tapped into the female market by embracing Britain’s peculiar erotic humour

When Jacqueline Gold arrived to shake up Ann Summers, the company had already been in the family for a decade, bought by her father, David, and uncle Ralph Gold. They had made the initial leap from sex shop to what they styled as a “lingerie boutique”; it would be more accurate to say they took it from a shop women never went into to a shop women did go into, while still selling the same sex toys and lucky knickers.

The impact of Jacqueline Gold, who has died aged 62, went far beyond the shops themselves or even the operation. The irony is that British culture in the 80s was hardly a stranger to images of women in their underwear, but these images were pretty well always used to sell random things to men. The notion of erotic imagery and shop frontage aimed at women was quite novel, and freighted with innuendo – this is one sense in which I can just about allow that Britain is exceptional, the peculiar humour it derives from sex: that Carry-On, seaside postcard, slightly mirthless and dutiful performance, where anyone revealing a sexual identity is considered to make themselves ridiculous, becoming the butt of some inexpressible joke. It was not cost-free, therefore, for women to go browsing in Ann Summers, and Gold attacked this from two directions.

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Silicon Valley Bank’s parent company files for bankruptcy

SVB Financial Group files for chapter 11 protection but failed Silicon Valley Bank, now under FDIC control, is not part of it

Silicon Valley Bank’s parent company filed for bankruptcy protection on Friday, a week after the tech lender was taken over by federal regulators following a 36-hour surge of depositor withdrawals that triggered the worst bank collapse since the financial crisis.

SVB Financial Group filed for chapter 11 protection on Friday in New York bankruptcy court where administrators will set about selling off assets to meet creditors claims.

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Four arrested after climate protesters occupy Dominic Perrottet’s office – as it happened

Six teenagers and a dozen adults occupied NSW premier’s office, protesting approval of new coal and gas projects. This blog is now closed

We’ve got some more information on the news the Albanese government is set to spend $1.3bn buying 220 Tomahawk cruise missiles.

The deputy prime minister, Richard Marles, said Australia would be working closely with the US to get more missile capability.

Making sure we have longer-range strike missiles is a really important capability for the country. It enables us to be able to reach out beyond our shores further and that’s ultimately how we are able to keep Australia safe.

The cruise missiles are a critical part of that, as are the submarines that launch them.

Our banking system is really well capitalised. It’s well regulated. We’re well placed in Australia to withstand some of the vulnerability in banking systems.

Whether it’s Silicon Valley banks, and the steps taken by the Americans, or credit Swiss, and the loans provided by the central bank, we’re monitoring it closely.

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US banks launch $30bn rescue of First Republic to stem spiraling crisis

Bank of America, Goldman Sachs, JP Morgan agree to prop up troubled bank after its shares tumbled amid wider turmoil

Wall Street’s giants moved to end the US’s spiraling banking crisis on Thursday by agreeing to prop up troubled First Republic, a mid-sized bank whose shares have been pummeled amid a wider banking turmoil.

Bank of America, Goldman Sachs, JP Morgan and others will deposit $30bn in First Republic, which has seen customers yank their money following the collapse of Silicon Valley Bank (SVB) and fears that First Republic could be next.

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ECB raises eurozone interest rate despite banking sector fears

Concerns half-point could set off domino effect across financial industry knocked by Credit Suisse crisis

The European Central Bank has raised interest rates across the eurozone by 0.5 percentage points, despite fears that higher borrowing costs could set off a domino effect across a banking sector already reeling from a collapse in confidence in Switzerland’s second largest lender, Credit Suisse.

Officials at the ECB, the central bank covering the 19-member euro bloc, said inflation was likely to remain high “for too long”, forcing it to continue with its planned run of rate increases.

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NHS workers expected to be offered one-off payments worth up to 6% as part of revised pay offer – UK politics live

Health secretary expected to announce a formal pay offer to key unions later today

Sinn Féin’s US fundraising arm has caused a row by calling for a referendum on Irish unity in adverts in the New York Times, Washington Post and other US publications.

The half-page ads were paid for by Friends of Sinn Féin and ran on Wednesday urging support for unity referendums in Northern Ireland and the Republic of Ireland. “It is time to agree on a date,” it said. “Let the people have their say.”

They’re ads from Irish American organisations whose view on reunification is well known and held for a very long time and they take out ads every year. So, the focus now needs to be on getting back to work [at Stormont].

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