Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

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Facebook starts initiating its UK political ad rules

Facebook starts initiating its UK political ad rules

The new rules were supposed to take effect in November but were delayed when journalists and researchers exposed flaws in the new system

Any party that now places political ads on Facebook must now verify their identity and location and proof of who is paying for the advertisement. The changes were made following the Cambridge Analytica scandal.

Political advertisements that now relate to candidates, elections, referenda and political causes are all affected by the new rules. People who buy the ads must provide their identity by submitting ID, which will be verified by a third party.

They must also demonstrate they have a UK address by responding to a code sent by post. Political ads will also be kept in a public record for several years.

“Enforcement on these ads will never be perfect, but we’ll continue to work on improving our systems and technology to prevent abuse,” said the company in a statement.

The new rules were delayed after news site Business Insider was able to buy an advert declared as “Paid for by Cambridge Analytica”. Facebook stated that it had since made improvements to its checks. It will now review what people type in the “paid for” box, and will limit how many times people can edit the declaration.

Facebook was forced to act following controversy about ads it displayed during the 2016 US presidential election campaign and the UK’s EU referendum. In the United States, thousands of ads were bought by Russian groups trying to sow discord.

Facebook was under pressure to make sure the same thing did not happen in the run-up to November’s mid-term elections.

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