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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Goldman Sachs invests in HSBC-backed fintech app

Goldman- Sachs- invests-GBO

Goldman Sachs is among the many investors in the $20 million fundraising for financial technology firm Bud, said the two companies on Monday, the latest in a series of investments by big global banks seeking to partner with fintechs

Bud, which is already backed by HSBC, is one of a number of upstart firms taking advantage of Britain’s new Open Banking rules to try and help users manage their finances better by combining data from multiple banks and service providers.

Recognising the threat posed by nimbler fintechs, big banks are investing in such companies in an effort to pair their respective strengths.

Fintech companies like Bud have moved quickly to try to capitalise on the new rules which are designed to promote competition and make it easier for users to see all their financial products in one place. But traditional banks still have many more customers.

Other investors in the latest round of fundraising by Bud include Australia’s ANZ , South Africa’s Investec and Spain’s Banco Sabadell .

Bud stated that it would use the $20mn investment to help to double its staff numbers from the current 62, and to expand into newer markets.

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