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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Sony fined $2.2 million for misleading Playstation advertising

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The company finds itself in hot water after a regulatory commission accuses the firm of intentionally misleading customers

Sony received some bad news this week as a European regulatory body issued the company a huge fine for misleading customers. The regulatory and competition authority, AGCOM, accused Sony of being unclear with its terminology and marketing materials regarding PlayStation Plus subscription service.

The service – which you need to subscribe to if you want to play online – lacked proper communication to players, according to AGCOM. 

The company is now pressuring Sony to make it abundantly clear that a purchase of the service is necessary if you want to play online, and has asked it to add clear information to its physical games releases in the future.

The fine, originally reported by ANSA, is pretty negative on the publisher. 

AGCOM stated Sony intentionally mislead customers:

“In order to a relevant element of the characteristics of the products, concerning the need to have to underwrite a paid subscription to use the console and video games in multiplayer online mode.”

The $2.2mn hit is not a huge deal for Sony, but it is hoped that the fine will convince it to publish clearer messaging about the PS Plus service in the future.

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