FirstFT: UK regulators attack “insufficient” efforts to deal with Covid loan fraud


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British government Measures to prevent fraud According to the parliamentary spending watchdog, its Covid-19 rebound loan program for small businesses is “not enough” and it needs to do more to recover the stolen estimated 5 billion pounds.

In a report today, the National Audit Office emphasized the Ministry of Commerce, Energy, and Industrial Strategy’s concerns about the use of the program by organized crime and increased the risk that smaller fraudsters could get away with it.

The rebound plan was launched in May 2020 to provide bank loan guarantees of up to £50,000 to support businesses during the coronavirus pandemic. It aims to provide loans as quickly as possible, with limited verification and no credit check by the lender.

About a quarter of British companies filed applications, but official estimates indicate that of the 47 billion pounds paid, nearly 5 billion pounds may be lost due to fraud.

Thank you for reading FirstFT Europe/Africa.This is the rest of the news today-Jennifer

1. OPEC + insist on increasing oil supply OPEC’s de facto leader Saudi Arabia has agreed Increasing Although oil prices have fallen by nearly 20% in the past week, monthly crude oil production will still fall after the Biden administration launched a charm offensive.

2. Nagel prepares to take charge of the Bundesbank Joachim Nagel, a senior executive at the Bank for International Settlements, has entered a leading position Governor of the BundesbankAccording to a person with direct knowledge of the matter, this is one of the first major appointments of the incoming coalition government.

3. Didi Chuxing delists from New York China’s ride-hailing group, which has been hit by Beijing’s regulatory authorities against technology companies, said it will Delisting from the New York Stock Exchange And listed in Hong Kong, to accelerate the decoupling of China and the US capital market.

4. The Chairman of Credit Suisse pledges to reform bankers’ pay António Horta-Osório vowed at the Financial Times Global Banking Summit Overhaul wage policy A series of crises angered investors and caused the bank’s stock price to plummet. The group will work to design a cultural shift that will make employees more responsible for risk management decisions.

5. Real Madrid and Barcelona try to block the €2 billion La Liga deal The two most successful clubs in Spain, and Athletic Bilbao, have launched Late obstruction A cash injection of 2 billion euros from the private equity group CVC, they claim to have an economic advantage.

The two largest clubs in La Liga are still committed to establishing an independent Super League with elite teams across Europe ©Enric Fontcuberta/EPA/Shutterstock

Coronavirus Digest

  • Global stock market experienced Volatile trading As investors and governments scrambled to deal with the Omicron coronavirus variant.

  • Joe Biden Announce Free quick test It will be launched in the United States to help contain the spread of Omicron, which is the day after the first case of this variant is confirmed in the United States.

  • this Federal Reserve Emergency loan facility may be set up Dangerous precedent An outgoing senior official warned that this would increase the pressure to fund various government projects.

  • Omicron variants and masses Increased reinfection exist South Africa Compared with the previous wave.

  • Tools needed Sequence genome Yes Concentrated in richer countries, Hindering global efforts to track mutations in the coronavirus.

The days to come

Turkish inflation Projected annual inflation rate Cross the 20% thresholdA Reuters poll showed that this will be the highest interest rate since November 2018, when Turkey was in a currency crisis.

Northern Ireland Agreement Talks Lord David Frost, Secretary of State for Brexit, and Maros Sefcovic, European Commissioner for Brexit, will continue negotiation Regarding whether to trigger Article 16, the safeguard clause that suspends inspection of goods shipped from other parts of the UK to Northern Ireland.

Economic data The purchasing manager index data is Expired For the Eurozone, France, Germany, Italy, the United Kingdom and the United States, non-agricultural employment expected It shows that 550,000 jobs were created last month, while the unemployment rate dropped to 4.5%.

UK listing rules take effect The reform aims to make The city is more attractive Start with fast-growing technology and biotechnology companies.

Gambia presidential election The country will hold The first presidential election Tomorrow, because of the overthrow of the long-time dictator Yahya Jameh.

What are we still reading

A cold winter awaits the poorer British With rising prices and the government’s decision to end the general credit growth of £20 a week, Londoners are falling into poverty. “For many people whose lives are already difficult, Things get harder,” said retired CNN anchor Todd Benjamin (Todd Benjamin), who is on the board of the social enterprise City Harvest.

Erdogan strengthens control of the Turkish economy The resignation of Finance Minister Lutfi Elvan is not a surprise to analysts.But he was replaced by a loyal supporter of Recep Tayyip Erdogan, highlighting the degree of control now over the country’s $795 billion economy In one’s hands.

The problem of disappearing cash Claer Barrett (Claer Barrett) is to give children access to money and payment as soon as possible, but she is worried about The invisibility of digital transactions“Do the children realize that the actual money was spent, or do they think this’magic card’ makes everything possible?” she asked.

Is Apple the latest emoji stock? This week’s puzzling activity in the iPhone maker’s stock has led strategists to point out The explosive growth of options trading, Which is a sign of this year’s “memetic stocks” boom, and is now associated with one of the most valuable companies in the world.

The line chart of the number of Apple stock call option contracts (m) traded daily shows a surge in Apple options trading

FT/McKinsey Book of the Year Nicole Perlroth Thought-provoking investigation Enter the cyber weapons arms race, That’s how they told me the end of the world, Was named the best business book of 2021 by the Financial Times and McKinsey. “I hope this award will promote [CEOs] Read this book and pay attention,” said Roula Khalaf, editor of the Financial Times, who serves as the chairman of the judges.

Thank you to everyone who participated in our vote yesterday. 48% of the interviewees believed that negotiators could not revive the Iran nuclear deal.

travel

Pandemic leads to cancellation in Germany The 500-year-old Rothenburg Christmas Market For the second year in a row. But the residents of the town are determined to maintain the festive atmosphere.

Rothenburg, Germany

The Tourist Office said: “Nothing in the world, even the fourth resurgence of the Covid-19 virus, cannot erase the Christmas spirit that prevails 365 days a year in Rothenburg ob der Tauber,” said the Tourist Office © Matthew Cook

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