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Germany’s Bundesbank has scrapped plans to move back into its headquarters in Frankfurt, despite spending €168m on stripping asbestos from the historic office block. Germany's central bank said Wednesday it was abandoning a project to renovate the headquarters following intense criticism over costs that could spiral into the billions, and would instead move permanently to a new site. Bundesbank chief Joachim Nagel said an analysis had shown that purchasing a new building made more sense than going ahead with the overhaul. The decision was not easy, he said, observing that "many people - active and former colleagues, residents of the city and the country - have a connection to this building."

 

Barron's

France 24

Financial Times

The Hidden Data Security Gap CISOs Can’t Ignore

Red Hat’s recent $100M lesson highlights a critical truth: data security isn’t just about encryption—it’s about protecting data in every state.

Many organisations assume their data is secure because it’s encrypted at rest or in transit. But when data is exposed during processing or analysis, that protection can disappear, leaving a costly vulnerability that many CISOs and CIOs overlook.

This article explores the overlooked security gap that could exist in your own environment. Learn why traditional encryption isn’t enough, how data becomes exposed during use, and what leaders must consider to protect sensitive information across its entire lifecycle.

Read the article

 

Sonia Campbell, a partner at law firm Covington & Burling, writes in the Times on how, with watchdogs becoming increasingly interventionist, UK companies may need to reappraise their material corporate risks, and by extension, their insurance policies. Indeed, the latest iteration of the corporate governance code calls on boards to conduct a review of the effectiveness of a company’s risk management and internal control framework. Campbell observes that "through the actions and sanctions of regulators, including the Financial Reporting Council and the Financial Conduct Authority, companies face greater risk . . . Resultant financial losses may also intensify risks of derivative and professional indemnity claims."

 

The Times

Lloyds Banking Group is investigating a potential technical glitch affecting its mobile app. Customers reported seeing transactions that did not belong to them. The group, which includes Lloyds, Halifax, and Bank of Scotland, acknowledged the issue on social media, stating: "We are currently investigating the issue and it may be the result of a technical glitch." 

 

Financial Times

City AM

Daily Mirror

The Guardian

US Trade Representative (USTR) Jamieson Greer has announced new trade investigations into 16 economies, including the EU, Taiwan, Switzerland, India, Japan and Korea. The probes relate to “structural excess capacity and production in manufacturing sectors.” The investigations under Section 301(b) of the Trade Act of 1974 will determine whether their acts, policies and practices are unreasonable or discriminatory and burden or restrict US commerce. "We need to protect American jobs, and we need to make sure we have fair trade with our trading partners," Greer said. The investigation could result in new tariffs as soon as this summer.

 

Yahoo News

Fibre2Fashion

Financial Times

The UK tax office is considering a tax exemption for over 160,000 British nationals fleeing the conflict in the Gulf. Many may not have been tax residents in the UK, risking tax bills if they stay longer than 183 days. Those affected by "exceptional circumstances" can disregard up to 60 days. Robert Salter from Blick Rothenberg warned of the risk of becoming UK tax residents for those returning. He said: "People need to be very careful about how this will apply to them; nobody knows how long this problem in the Middle East will go on. It’s possible people will be here three to five months or even longer." An HMRC spokesman confirmed existing rules account for such circumstances.

 

The Daily Telegraph

Western banks in the Gulf have mandated remote work for employees following threats from Iran. The Iranian military's spokesman, Ebrahim Zolfaqari, indicated that banks could be targeted after a rocket attack on Bank Sepah in Tehran. Citibank has closed most of its UAE branches, while HSBC has temporarily shut its three branches in Qatar. Other banks, including Goldman Sachs and JP Morgan, have also instructed staff to work from home.

 

The Times

An Iranian-linked hacking group has claimed responsibility for a cyberattack on US-based medical device provider Stryker. The attack, which began shortly after midnight on Wednesday, led to limitations in access to various systems. The company said that "we have no indication of ransomware or malware and believe the incident is contained." Stryker, which employs 56,000 people globally, saw its shares drop by 3.6% following the incident. "This is exactly ⁠the type ⁠of attack we have been ⁠worried about: Iranian proxies using ​destructive cyber attacks like data deletion against US companies to retaliate," said Cynthia Kaiser, senior vice president of cybersecurity firm Halcyon's Ransomware ​Research Center and a former senior FBI ⁠cyber official.

 

U.S. News

Estée Lauder has filed a lawsuit against perfumer Jo Malone, her fragrance brand Jo Loves, and Zara’s UK business, alleging breach of contract and trademark infringement over the use of Malone’s name in a perfume collaboration with Zara. Malone sold the Jo Malone brand and name rights to Estée Lauder in 1999, agreeing not to use her name commercially in certain contexts. The dispute centres on Zara perfume packaging that states “A creation by Jo Malone CBE, founder of Jo Loves.” Estée Lauder argues this violates the original agreement and risks misleading consumers, while emphasising its long-term investment in building the Jo Malone London brand.

 

Financial Times

Reuters

Stuart Holloway, a former manager at the Royal Bank of Scotland's Global Restructuring Group, has pleaded guilty to bribery, admitting to taking over £600,000 in bribes from customers between 2012 and 2016. Prosecutors said he threatened clients to extort money, promising leniency in managing their debts. One customer paid £366,100 to avoid losing their business. The case highlights the aggressive practices of the restructuring division, which has faced scrutiny for mistreating thousands of companies. Holloway's sentencing is scheduled for April 22. NatWest, RBS's parent company, condemned his actions as unacceptable.

 

The Times

Deutsche Bank has disclosed in ​an annual report that four of its former employees are seeking ​more than £600m ($800m) in ‌damages in a case involving Italian bank Monte dei Paschi. Germany's largest lender said it "will defend itself against them robustly, including disputing the inflated, unrealistic alleged losses claimed." The plaintiffs ⁠allege that Deutsche Bank harmed their careers. The claims, filed ​in English courts, are "without merit," Deutsche Bank ⁠said.

 

Reuters

Doug Gurr, chair of the UK's Competition and Markets Authority (CMA), has recused himself from decisions regarding Amazon's role in the cloud computing market due to his previous ties with the company. Gurr, who led Amazon's UK division until 2020, said he wanted to avoid any perception of conflict of interest. His decision follows concerns raised by MPs about the integrity of his appointment. Gurr has acknowledged the importance of maintaining integrity in the CMA's operations.

 

The Times

The Dutch gambling regulator, Kansspelautoriteit (KSA), has imposed its largest fines to date on two operators for illegal gambling activities. Novatech, which manages Qbet.com and 55Bet.com, was fined €24.8m, while Fortaprime SRL, which operates several sites including amonbet101.com, received a €1.8m fine. “The high fines reflect the large sums these companies earned from gambling, primarily from Dutch players,” KSA chairman Michel Groothuizen said. “Novatech earned hundreds of millions from its illegal offerings. A fine of €24m sounds impressive, but without the 10 percent cap on global revenue set by Dutch law, the penalty would have exceeded €100m - a figure more in line with the severity of the violations.”

 

NL Times

The UK's Financial Reporting Council (FRC) has launched an investigation into two former accountants of housebuilder Vistry Group regarding their financial reporting for the company's South Division. The inquiry focuses on the forecasting and financial reporting for the financial years 2023 and 2024. Vistry confirmed its cooperation with the investigation. The company faced challenges in 2024, issuing three profit warnings and refraining from dividend payouts. Vistry's margins are expected to narrow in 2026 due to sales incentives amid buyer affordability issues.

 

Bloomberg Tax

Financial Times

Reuters

The Times

Blackstone president Jon Gray has voiced concern over the exodus of entrepreneurs from the UK in the wake of tax hikes and the end of a preferential regime for non-domiciled residents. He told a podcast the issue of job creators leaving the country is "probably the thing that we’re most concerned about now." However, the firm, which has pledged to invest $100bn in the UK over the next decade, remains bullish on the UK due to its legal system, deep talent pool and education sector.

 

Bloomberg

Porsche plans to reduce its workforce following a significant profit decline, primarily due to a €3.9bn writedown on its electric car strategy. New CEO Michael Leiters said: "The streamlining of the company needs to be sharpened and this will lead to further job reductions." The company, which employs around 40,000 people, aims to cut 3,900 jobs by 2030. Deliveries fell 10% to 279,000 cars, with revenue dropping 12% to €32.2bn. Rising competition in China and tariffs in North America have further impacted sales.

 

The Guardian