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UK banks are grappling with a significant rise in fraud cases, particularly involving unauthorised transactions and authorised push payment (APP) scams. Despite a slight decrease in total losses, the number of reported fraud cases has surged. New regulations mandate banks to reimburse victims up to £85,000 within five days, enhancing consumer protection.
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The UK government plans to implement new 'guardrails' for infrastructure spending, allowing for increased borrowing to fund major projects. This initiative aims to prevent past financial missteps and enhance public investment efficiency ahead of the upcoming Budget on October 30, 2024.
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HSBC's new CEO, Georges Elhedery, has unveiled a significant restructuring plan, dividing the bank into four key units and establishing geographical divisions to enhance efficiency and navigate geopolitical tensions. The changes will take effect on January 1, 2025, and include the appointment of Pam Kaur as the first female CFO.
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Starting October 7, UK banks will be required to reimburse customers up to £85,000 for losses from fraud, following a significant rise in authorised push payment scams. This new cap replaces a previously proposed limit of £415,000, aiming to provide consistent support for victims while addressing industry concerns.
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As Pinduoduo leads China's e-commerce sector, deflationary pressures mount amid a slowing economy. Consumers are spending less, prompting government intervention. Meanwhile, PayPal expands its services for Chinese merchants despite geopolitical challenges. The landscape is shifting as online retailers adapt to new regulations and market demands.
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The UK Treasury is in discussions to hold a UK-China Economic and Financial Dialogue in January 2025, marking the first such meeting since 2019. This comes amid ongoing tensions regarding trade and geopolitical relations, particularly concerning electric vehicle tariffs and China's investments in the UK.
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Japan's Prime Minister Ishiba proposes an Asian NATO to enhance regional security amid rising tensions with North Korea and China. However, skepticism from allies, including the US and India, highlights the challenges of establishing mutual defense obligations in Asia. The proposal is seen as a long-term vision rather than an immediate plan.
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Labour's government is ramping up efforts to attract private investment in infrastructure and green energy, with significant commitments from major firms ahead of an international investment summit. Prime Minister Keir Starmer aims to showcase the UK as a prime destination for investment, focusing on clean energy and regional development.
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TD Bank has pleaded guilty to multiple charges related to its anti-money laundering practices, agreeing to a $3 billion fine and an asset cap. The bank's failures allowed significant illicit transactions, including those linked to drug cartels, to occur over several years, marking a historic moment as TD becomes the largest bank to admit such violations in the U.S.
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China's economy grew by 4.6% in Q3 2024, marking its slowest growth in six quarters. Despite this, retail sales and industrial output showed signs of recovery. Analysts remain cautious about the sustainability of this growth amid ongoing challenges in the property sector.