Connect with us

Top Stories

ING’s money management platform Yolt expands to France and Italy

Published

on

ING’s money management platform Yolt expands to France and Italy

ING announced today that it’s expanding its money management platform Yolt to France and Italy. Yolt is ING’s smart money app in the UK that helps users to actively manage their personal finances with a one-stop overview of their accounts with the majority of UK banks and other features. Yolt was launched in the UK in 2017 and has rapidly attracted 300,000 registered users there. Yolt plans to further expand to European countries beyond the UK, France and Italy in the coming years as part of its ambition to build a pan-European money platform.

Frank Jan Risseeuw, CEO of Yolt: “I’m really proud to see the rapid growth of our app in the UK and I’m probably even more excited about the expansion to more countries, as we announced today.

Every day, we are doing our utmost to offer our users the best possible experience and I think that’s what makes the difference in this digital landscape. The fast growth of the number of users shows a digital platform such as Yolt can truly change the banking landscape.”

Benoit Legrand, Chief Innovation Officer of ING Group commented: “This is an important milestone for both ING and Yolt, as this platform is now being taken to multiple countries. Inventing and launching an innovation is one thing, but taking it to the next level is another. It shows we are successful in growing fintechs our own, next to innovating by partnering with more than 150 fintechs. Yolt is truly creating a differentiating experience for its users and on top of that it’s a great example of how ING is executing on its strategy to transform the bank to become the go-to platform for financial needs.”

Top Stories

Facebook ‘refriends’ Australia after changes to media laws

Published

on

Facebook 'refriends' Australia after changes to media laws 1

By Byron Kaye and Colin Packham

CANBERRA (Reuters) – Facebook will restore Australian news pages, ending an unprecedented week-long blackout after wringing concessions from the government over a proposed law that will require tech giants to pay traditional media companies for their content.

Both sides claimed victory in the clash, which has drawn global attention as countries including Canada and Britain consider similar steps to rein in the dominant tech platforms and preserve media diversity.

While some analysts said Facebook had defended its lucrative model of collecting ad money for clicks on news it shows, others said the compromise – which includes a deal on how to resolve disputes – could pay off for the media industry, or at least for publishers with reach and political clout.

“Facebook has scored a big win,” said independent British technology analyst Richard Windsor, adding the concessions it made “virtually guarantee that it will be business as usual from here on.”

Australia and the social media group had been locked in a standoff after the government introduced legislation that challenged Facebook and Alphabet Inc’s Google’s dominance in the news content market.

Facebook blocked Australian users on Feb. 17 from sharing and viewing news content on its popular social media platform, drawing criticism from publishers and the government.

But after talks between Treasurer Josh Frydenberg and Facebook CEO Mark Zuckerberg, a concession deal was struck, with Australian news expected to return to the social media site in coming days.

“Facebook has refriended Australia, and Australian news will be restored to the Facebook platform,” Frydenberg told reporters in Canberra.

Frydenberg said Australia had been a “proxy battle for the world” as other jurisdictions engage with tech companies over a range of issues around news and content.

Australia will offer four amendments, which include a change to the proposed mandatory arbitration mechanism used when the tech giants cannot reach a deal with publishers over fair payment for displaying news content.

‘UNTESTED’

Facebook said it was satisfied with the revisions, which will need to be implemented in legislation currently before the parliament.

“Going forward, the government has clarified we will retain the ability to decide if news appears on Facebook so that we won’t automatically be subject to a forced negotiation,” Facebook Vice President of Global News Partnerships Campbell Brown said in a statement online.

The company would continue to invest in news globally but also “resist efforts by media conglomerates to advance regulatory frameworks that do not take account of the true value exchange between publishers and platforms like Facebook.”

Analysts said while the concessions marked some progress for tech platforms, the government and the media, there remained many uncertainties about how the law would work.

“Retaining unilateral control over which publishers they do cash deals with as well as control over if and how news appears on Facebook surely looks more attractive to Menlo Park than the alternative,” said Rasmus Nielsen, head of the Reuters Institute for the Study of Journalism, referring to Facebook headquarters.

Any deals that Facebook strikes are likely to benefit the bottom line of News Corp and a few other big Australian publishers, added Nielsen, but whether smaller outlets win such deals remains to be seen.

Tama Leaver, professor of internet studies at Australia’s Curtin University, said Facebook’s negotiating tactics had dented its reputation, although it was too early to say how the proposed law would work.

“It’s like a gun that sits in the Treasurer’s desk that hasn’t been used or tested,” said Leaver.

COOLING-OFF PERIOD

The amendments include an additional two-month mediation period before the government-appointed arbitrator intervenes, giving the parties more time to reach a private deal.

It also inserts a rule that an internet company’s existing media deals be taken into account before the rules take effect, a measure that Frydenberg said would encourage internet companies to strike deals with smaller outlets.

The so-called Media Bargaining Code has been designed by the government and competition regulator to address a power imbalance between the social media giants and publishers when negotiating payment for news content used on the tech firms’ sites.

Media companies have argued that they should be compensated for the links that drive audiences, and advertising dollars, to the internet companies’ platforms.

A spokesman for Australian publisher and broadcaster Nine Entertainment Co Ltd welcomed the government’s compromise, which it said moved “Facebook back into the negotiations with Australian media organisations.”

Major television broadcaster and newspaper publisher Seven West Media Ltd said it had signed a letter of intent to strike a content supply deal with Facebook within 60 days.

A representative of News Corp, which has a major presence in Australia’s news industry and last week announced a global licensing deal with Google, was not immediately available for comment.

Frydenberg said Google had welcomed the changes. A Google spokesman declined to comment.

Google also previously threatened to withdraw its search engine from Australia but later struck a series of deals with publishers.

The government will introduce the amendments to Australia’s parliament on Tuesday, Frydenberg said. The country’s two houses of parliament will need to approve the amended proposal before it becomes law.

(Reporting by Colin Packham and Byron Kaye; additional reporting by Renju Jose, Kate Holton and Douglas Busvine; Writing by Jonathan Barrett; Editing by Sam Holmes and Mark Potter)

Continue Reading

Top Stories

Oil rises on positive forecasts, slow U.S. output restart

Published

on

Oil rises on positive forecasts, slow U.S. output restart 2

By Bozorgmehr Sharafedin

LONDON (Reuters) – Oil prices rose on Tuesday, underpinned by the likely easing of COVID-19 lockdowns around the world, positive economic forecasts and lower output as U.S. supplies were slow to return after a deep freeze in Texas shut down crude production.

Brent crude was up 36 cents, or 0.5%, at $65.60 a barrel by 1212 GMT, and U.S. crude rose 39 cents, or 0.6%, to $62.09 a barrel.

Both contracts rose more than $1 earlier in the session.

“Vaccine news is helping oil, as the likely removal of mobility restrictions over the coming months on the back of vaccine rollouts should further boost the oil demand and price recovery,” said UBS oil analyst Giovanni Staunovo.

Commerzbank analyst Eugen Weinberg said optimistic oil price forecasts issued by leading U.S. brokers had also contributed to the latest upswing in prices.

Goldman Sachs expects Brent prices to reach $70 per barrel in the second quarter from the $60 it predicted previously, and $75 in the third quarter from $65 forecast earlier.

Morgan Stanley expects Brent crude to climb to $70 in the third quarter.

“New COVID-19 cases are falling fast globally, mobility statistics are bottoming out and are starting to improve, and in non-OECD countries, refineries are already running as hard as before COVID-19,” Morgan Stanley said in a note.

Bank of America said Brent prices could temporarily spike to $70 per barrel in the second quarter.

Disruptions in Texas caused by last week’s winter storm also supported oil prices. Some U.S. shale producers forecast lower oil output in the first quarter.

Stockpiles of U.S. crude oil and refined products likely declined last week, a preliminary Reuters poll showed on Monday.

A weaker dollar also provided some support to oil as crude prices tend to move inversely to the U.S. currency.

(Reporting by Bozorgmehr Sharafedin in London, additional reporting by Jessica Jaganathan in Singapore; editing by David Evans and John Stonestreet)

Continue Reading

Top Stories

UK-Japan trade deal settled nerves for Japanese firms, Honda executive says

Published

on

UK-Japan trade deal settled nerves for Japanese firms, Honda executive says 3

LONDON (Reuters) – Britain’s trade deal with Japan settled the nerves of a lot of Japanese businesses in the United Kingdom and gives them confidence about their future prospects there, a senior Honda executive said on Tuesday.

Japan, the world’s third-largest economy, has since the 1980s made the United Kingdom its favoured European destination for investment, with the likes of Nissan, Toyota and Honda using the country as a launchpad into Europe.

But Britain’s shock 2016 decision to leave the European Union had prompted Japan to express unusually strong public concerns. Their companies and investors warned that a disorderly exit from the EU would force them to rethink their four-decade bet on Britain.

“We welcome very much the Japanese trade agreement which as a Japanese businesses was very welcomed,” Ian Howells, senior vice president at Honda Motor Europe, told a parliamentary committee.

“On the point around confidence, that certainly amongst my peers in Japanese companies was very much welcomed, and probably settled a lot of nerves in terms of their trading prospects in the UK going forward.”

Britain and Japan formally signed a trade agreement in October, marking Britain’s first big post-Brexit deal on trade. It has also made a formal request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), of which Japan is also a member.

(Reporting by Kate Holton)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

Oil holds near year-long highs as COVID lockdowns seen easing 4 Oil holds near year-long highs as COVID lockdowns seen easing 5
Investing3 hours ago

Oil holds near year-long highs as COVID lockdowns seen easing

By Bozorgmehr Sharafedin LONDON (Reuters) – Oil prices were steady on Tuesday, trading close to more than year-long highs on...

gbaf1news gbaf1news
Technology3 hours ago

Thomson Reuters to stress AI, machine learning in a post-pandemic world

By Kenneth Li and Nick Zieminski NEW YORK (Reuters) – Thomson Reuters Corp will streamline technology, close offices and rely...

Dollar mixed after Powell, pound hits three-year high 6 Dollar mixed after Powell, pound hits three-year high 7
Trading3 hours ago

Dollar mixed after Powell, pound hits three-year high

By Kate Duguid NEW YORK (Reuters) – The dollar reversed earlier gains on Tuesday morning after a dovish speech from...

Tesla shares in the red for 2021 as bitcoin selloff weighs 8 Tesla shares in the red for 2021 as bitcoin selloff weighs 9
Investing3 hours ago

Tesla shares in the red for 2021 as bitcoin selloff weighs

By Julien Ponthus LONDON (Reuters) – Shares in Tesla were set to plunge into the red for the year on...

Facebook 'refriends' Australia after changes to media laws 10 Facebook 'refriends' Australia after changes to media laws 11
Top Stories4 hours ago

Facebook ‘refriends’ Australia after changes to media laws

By Byron Kaye and Colin Packham CANBERRA (Reuters) – Facebook will restore Australian news pages, ending an unprecedented week-long blackout...

How cloud technology can help you keep on top of your business finances How cloud technology can help you keep on top of your business finances
Business4 hours ago

Calabrio charts record year-on-year UK growth as demand for cloud technology soars during lockdown

Digital transformation acceleration drives cloud contact centre adoption of Calabrio workforce engagement management technology Calabrio, the workforce engagement management (WEM)...

Gastric Electric Stimulators Market Size Worth US$ 188.4 Mn by 2026 – Future Market Insights 12 Gastric Electric Stimulators Market Size Worth US$ 188.4 Mn by 2026 – Future Market Insights 13
Research Reports7 hours ago

Gastric Electric Stimulators Market Size Worth US$ 188.4 Mn by 2026 – Future Market Insights

The worldwide uptake of gastric electric stimulators is anticipated to witness hefty demand in 2019, representing a rigorous 6.6% y-o-y...

High Preference for Combination Tattoo Removal Lasers, Patients Seek Economic Price & Limited Sessions 14 High Preference for Combination Tattoo Removal Lasers, Patients Seek Economic Price & Limited Sessions 15
Research Reports7 hours ago

High Preference for Combination Tattoo Removal Lasers, Patients Seek Economic Price & Limited Sessions

According to the latest research by Future Market Insights (FMI), the tattoo removal lasers market closed in on US$ 179 million in...

Global Demand for Weight Loss & Obesity Management Receiving Strong Impetus from Spectacular Expansion of Medical Tourism Sector across Asia 16 Global Demand for Weight Loss & Obesity Management Receiving Strong Impetus from Spectacular Expansion of Medical Tourism Sector across Asia 17
Research Reports7 hours ago

Global Demand for Weight Loss & Obesity Management Receiving Strong Impetus from Spectacular Expansion of Medical Tourism Sector across Asia

The growth of weight loss and obesity management market is attributed to the rising epidemic of obesity across the globe....

FMI’s Study on Benign Prostatic Hyperplasia Prostate Treatment Market: Least Invasive Alternatives in Trend 18 FMI’s Study on Benign Prostatic Hyperplasia Prostate Treatment Market: Least Invasive Alternatives in Trend 19
Research Reports7 hours ago

FMI’s Study on Benign Prostatic Hyperplasia Prostate Treatment Market: Least Invasive Alternatives in Trend

The approximately US$ 25 Bn market for benign prostatic hyperplasia prostate treatment is likely to expand at 4.6% CAGR during...

Newsletters with Secrets & Analysis. Subscribe Now