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Showing posts with the label BBC News | Business (February 4

Osborne backs break-up of banks that fail to reform: BBC News | Business (February 4, 2013)..)

Osborne backs break-up of banks that fail to reform The UK's big banks will be broken up if they fail to follow new rules to ring-fence risky investment operations from High Street outlets, Chancellor George Osborne has announced. He has said taxpayers are angry at banks' behaviour and will never again be expected to bail them out. His speech comes on the same day the government introduces its Banking Reform Bill in Parliament. Customers will also be able to switch bank accounts to a rival within a week. Mr Osborne also said the banking system was not working for its customers, particularly small businesses and individuals. He pointed to the fact that large banking transactions could be done instantly, whereas small businesses could wait days for money to pass through the system. Mr Osborne had previously warned against "unpicking the consensus" over structural reform of the sector. But the chancellor appears now to have accepted a major recomme

BBC News | Business (February 4, 2013).: Google boss labels China 'IT menace'

    4 February 2013 Last updated at 01:28 GMT Google boss labels China 'IT menace' Google Chairman Eric Schmidt uses a new book to call China an Internet menace that backs cyber-crime for economic and political gain, reports say. Google settles French news dispute Wall Street Journal 'also hacked' Google user data requests rise again Iraqi mobile firm raises $1.3bn The Iraqi mobile phone operator Asiacell raises $1.3bn (£828m) on the Iraq stock market, doubling the value of the companies listed there. Barclays finance chief to step down The finance director of Barclays, Chris Lucas, and its group general counsel Mark Harding are retiring from the company, it announces.