BRITAIN: Competition and Markets Authority say capping overdraft fees could save bank customers £1bn ov er five years OR UK banks could make more than £1.2bn from such charges in 2016 – So there’s the choice for banks ? – @AceFinanceNews

#AceFinanceNews – May.17: Banks should cap overdraft fees, says competition watchdog_89712181_89712180.jpgBanks should cap monthly unarranged overdraft fees and warn customers if they are about to go overdrawn, the competition watchdog says.

The Competition and Markets Authority says this and other measures could save bank customers £1bn over five years.

The provisional conclusions of the 18-month study into personal and business banking suggest competition is weak in the industry.

But consumer group Which? said the report was a missed opportunity.

Many banks already cap overdraft fees, but the CMA said some do not.
At one end of the scale, Barclays charges a maximum of £35 a month.

At the other end, Halifax charges a maximum of £100.

The average unauthorised overdraft fee – when the bank has not agreed to a customer going overdrawn – is £57.50 a month, according to Moneyfacts.

At that average fee, if someone were to go overdrawn every month they could end up paying £690 a year. Interest is charged daily on top of that, at an average annual rate of 12.85%.

The CMA said that UK banks made £1.2bn from such charges in 2014.

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CHINA: Last years stock market leads to creation of financial super-regulator to improve financial oversight of transactions – @AceFinanceNews

#AceFinanceNews – May.17: China asks Britain for advice on creating financial super-regulator

HONG KONG/BEIJING (Reuters) – China has asked Britain for advice on plans to create a financial super-regulator, as it looks to improve financial oversight following last year’s stock market crash, sources with knowledge of the talks told Reuters.

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NORWAY: Sovereign wealth fund plans to join class action lawsuit to sue #Volkswagen over emissions software scandal – @AceFinanceNews

#AceFinanceNews – May.17: Norway’s wealth fund to sue Volkswagen over emissions scandal

(Reuters) – Norway’s sovereign wealth fund, the world’s largest, said on Sunday it plans to join the class-action lawsuits filed against Volkswagen AG over the German automaker’s emissions scandal.

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MARKETS: HONG KONG: Stocks open up 0.52% following strong lead from Wall Street; Shanghai Composite added 0.09% – RTHK News – @AceFinanceNews

#AceFinanceNews – May.17: Hong Kong stocks open up 0.52% following strong lead from Wall Street

Hong Kong stocks open up 0.52% following strong lead from Wall Street; Shanghai Composite added 0.09% – RTHK News

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MARKETS: ASIA stocks rally on commodity, tech gains; Japan’s Topix up 0.7%, Australia’s ASX 0.3% higher – Bloomberg – @AceFinanceNews

#AceFinanceNews – May.17: Asian stocks rally on commodity, tech gains

Asian stocks rally on commodity, tech gains; Japan’s Topix up 0.7%, Australia’s ASX 0.3% higher – Bloomberg

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JUST IN: Brazilian finance minister Henrique Meirelles announces new economics team, including new head of central bank – Globo – @AceFinanceNews

#AceFinanceNews – May.17: Brazilian finance minister Henrique Meirelles announces new economics team, including new head of central bank – Globo

Brazilian finance minister Henrique Meirelles announces new economics team, including new head of central bank – Globo

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JUST IN: GERMANY: Constitutional Court confirms it has received complaint against ECB monetary policy – Reuters – @AceFinanceNews

#AceFinanceNews – May.17: Germany’s Constitutional Court confirms it has received complaint against European Central Bank’s monetary policy
Germany’s Constitutional Court confirms it has received complaint against European Central Bank’s monetary policy – Reuters

A group of German businessmen and academics are taking the European Central Bank to court over its controversial bond-buying program, their lawyer said Tuesday 

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JUST IN: Viacom rolls out new data product in partnership with American Express to allow advertisers to target consumers across their networks – WSJ – @AceFinanceNews

#AceFinanceNews – May.17: Viacom rolls out new data product in partnership with American Express

Viacom rolls out new data product in partnership with American Express to allow advertisers to target consumers across their networks – Wall Street Journal

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MARKETS: ASIA: Stocks mixed as crude #oil rises; Japan’s benchmark Nikkei 225 edge up 0.9%, Shanghai Composite down 0.5% – AP – @AceFinanceNews

#AceFinanceNews – May.17: Asian stocks mixed as crude oil rises; Japan’s benchmark Nikkei 225 edge up 0.9%, Shanghai Composite down 0.5% – AP
Asian stocks mixed as crude #oil rises; Japan’s benchmark Nikkei 225 edge up 0.9%, Shanghai Composite down 0.5% – AP

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JUST IN: Australian dollar surges after RBA meeting minutes suggest holding off interest rate cuts – Bloomberg – @AceFinanceNews

#AceFinanceNews – May.17: Australian dollar surges after RBA meeting minutes suggest holding off interest rate cuts – Bloomberg

Australian dollar surges after RBA meeting minutes suggest holding off interest rate cuts – Bloomberg

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