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Millions of UK drivers who were mis-sold motor finance agreements should receive compensation this year averaging around £829 per person, under plans by the City regulator. The Financial Conduct Authority (FCA) has set out its proposal for a redress scheme, costing lenders a total of £9.1bn, which will see fewer loan agreements eligible for compensation. The £9.1bn scheme is a significant reduction from earlier estimates of £11bn. Some 12.1m motor finance deals will meet the new criteria, down from initial estimates of 14.2m. The Finance and Leasing Association (FLA), which represents the car finance industry, said the scheme was too broad. "We have always been clear that where consumers suffered loss, redress must be paid," said FLA chief executive Shanika Amarasekara. "But any redress scheme for a market of this size must accurately identify and compensate only those customers who genuinely suffered loss."

 

Financial Times

BBC News

City AM

London Evening Standard

The Guardian

Italy’s competition authority has launched investigations into LVMH-owned Sephora and Benefit Cosmetics over concerns they may have engaged in unfair marketing practices by promoting adult cosmetic products to children and adolescents. Regulators are examining the use of young social media influencers and whether key safety information was omitted or presented misleadingly, amid concerns that encouraging intensive skincare routines among minors could pose health risks.

 

Financial Times

Reuters

Apple Distribution International (ADI) has been fined £390,000 by the UK government for breaching sanctions against Russia. The fine follows payments exceeding £635,000 made to the Russian streaming service Okko, which is linked to a sanctioned entity. The Office of Financial Sanctions Implementation (OFSI) stated that ADI had breached financial sanctions legislation. An Apple spokesperson noted that the company reported the payments after discovering their affiliation with a sanctioned entity.

 

Financial Times

The Guardian

Nearly 600 jobs are at risk at KPMG’s audit business while its advisory arm will slash about 120 roles as low attrition rates hamper cost-cutting efforts amid tough market conditions. "Current market conditions mean our attrition rates are very low within certain parts of our audit population, which is why we are proposing to right size those areas," a spokesperson for KPMG UK said. "This isn’t a decision we take lightly."

 

Bloomberg

Financial Times

More French households will benefit from energy aid this year after the government identified additional eligible recipients. Almost 700,000 extra households will receive checks for an average of €153 ($176), bringing the total number of beneficiaries to around 3.8 million at a cost of €600m for the state, French Prime Minister Sebastien Lecornu said. Bloomberg notes the government in France is under pressure to do more to support businesses and households facing a sharp increase in fuel costs amid conflict in Iran.

 

Bloomberg

Germany’s biggest chemical companies are hiking prices as they struggle with surging energy prices owing to the war in Iran, threatening to accelerate the deindustrialisation of Europe’s largest economy.

 

Financial Times

Lufthansa Group has reached a collective bargaining agreement for ​more than 20,000 ground staff ‌in Germany. The carrier said the 26-month pay deal with the Verdi union - which represents around a fifth of its entire workforce - would see workers in Germany receive a 4.65% rise in two stages from 1 January 2026. Executive board member Michael Niggemann, who is responsible for human resources and legal affairs, said the agreement with Verdi was a “good compromise” without any strikes. “This agreement sends a clear message in times of geopolitical crises and their resulting impact on the global economy: We are a responsible employer for our employees. Furthermore, the long-term nature of the agreement guarantees reliability,” added Niggemann. “After challenging negotiations, we succeeded in reaching a good compromise together at the negotiating table – without industrial action and without burdens – to our customers or additional economic disruptions.”

 

Lufthansa Group

Reuters

Société Générale is offloading backup sites in locations including France and the UK after deciding that investment bankers can work from home if its main facilities are out of action.

 

Financial Times

Asset manager Blackstone has invested $250m in the United Arab Emirates-based payments and data intelligence technology platform Advanced Digital Gaming Technology. “We ​see significant opportunity ​to deploy capital ⁠at scale in the UAE to build companies that can grow both domestically and internationally, despite near-term ​headwinds," said Blackstone President and Chief Operating Officer Jon ​Gray.

 

Reuters

Nestlé has reported that 12 tonnes of KitKat bars, equivalent to 413,793 units, have been stolen during transit from Italy to Poland. The company warned the products could enter unofficial markets but said they can be traced via batch codes, as it highlighted growing and increasingly sophisticated cargo theft across Europe.

 

Los Angeles Times

Americans were among the protestors in Amsterdam's Museumplein against US President Donald Trump during the third "No Tyrants" rally on Saturday. Organiser Hayley Hughes from Indivisible Netherlands highlighted Trump's breaches of international law, particularly regarding the war in Iran, and attendees expressed their concerns about the impact of Trump's policies on global relations. Brooklynite Marian Vitale voiced her frustration, saying: "I feel like I can’t even go visit [my family] at this point." The protest also aimed to encourage Americans abroad to register to vote ahead of the midterm elections.

 

DutchNews.nl