Business
UK bank bosses plan to set up Visa and Mastercard alternative amid Trump fears
Posted on Monday February 16, 2026
Exclusive: First meeting to be held over domestic payments system aimed at reducing reliance on US networksUK bank bosses will hold their first meeting to establish a national alternative to Visa and Mastercard, amid growing fears over Donald Trump’s ability to turn off US-owned payment systems.The meeting, chaired by Barclays’ UK chief executive, Vim Maru, will take place this Thursday and bring together a group of City funders that will front the costs of a new payments company to keep the UK economy running if problems were to occur. Continue reading...
Britons feeling ‘dismal’ about finances amid mounting debts, survey finds
Posted on Monday February 16, 2026
Consumer confidence at its lowest level in two years, as young people in particular face money pressuresBusiness live – latest updatesThe mood among UK households about their finances is “dismal”, according to research which suggested consumer spending remains sluggish and debts are mounting.Consumer confidence in the UK is running at its lowest level in two years, a survey by S&P Global found, as households worry about their debts, their future financial prospects, and their savings. Continue reading...
KPMG partner fined for using artificial intelligence to cheat in AI training test
Posted on Monday February 16, 2026
Firm says person fined A$10,000 is one of over two dozen staff in Australia caught using AI in exams since JulyBusiness live – latest updatesA partner at the consultancy KPMG has been fined for using artificial intelligence to cheat during an internal training course on AI.The unnamed partner was fined A$10,000 (£5,200) for using the technology to cheat, one of a number of staff reportedly using the tactic. Continue reading...
Former Carillion chief fined by FCA for role in misleading investors
Posted on Monday February 16, 2026
Watchdog reduces Richard Howson’s fine to £237,700 after he withdraws challenge to punishmentThe former boss of the construction company Carillion has been fined by the UK’s financial watchdog for his role in misleading investors before its collapse eight years ago.The Financial Conduct Authority (FCA) fined Richard Howson £237,700 after Carillion’s ex-chief executive withdrew his challenge to the regulator’s punishment. Continue reading...
Car dealership tycoon ousted from his Kent company in ‘coup’, high court hears
Posted on Monday February 16, 2026
Peter Waddell is alleged to have made racist and sexist remarks that led to removal as CEO of Big Motoring WorldA multimillionaire used-car salesman was ousted from his £300m company as part of an orchestrated “coup” involving business rivals and private equity investors, the high court has heard.Peter Waddell, 59, claims he was forced out as the chief executive of the Kent-based dealership Big Motoring World by “conspirators” who designed a “plan” to ensure that an investigation into allegations of gross misconduct “reached the conclusion that one or more [sackable events] had occurred”. Continue reading...
TikTok creator ByteDance vows to curb AI video tool after Disney threat
Posted on Monday February 16, 2026
Videos created by new Seedance 2.0 generator go viral, including one of Tom Cruise and Brad Pitt fightingBusiness live – latest updatesByteDance, the Chinese technology company behind TikTok, has said it will restrain its AI video-making tool, after threats of legal action from Disney and a backlash from other media businesses, according to reports.The AI video generator Seedance 2.0, released last week, has spooked Hollywood as users create realistic clips of movie stars and superheroes with just a short text prompt. Continue reading...
Lloyds investigating after using staff’s bank account data in pay talks
Posted on Monday February 16, 2026
CEO Charlie Nunn tells employees that issue ‘created some concern’ but insisted ‘we definitely have listened to it’Business live – latest updatesThe boss of Lloyds Banking Group has told staff that it is investigating a controversial decision to use employee bank account data during pay talks with unions last year.In a town hall meeting open to the bank’s 64,000 staff at the start of February, Charlie Nunn conceded that the move “obviously has created some concern” but tried to assure workers that “we definitely have listened to it”. Continue reading...