UK reportedly considers deploying drones to the Gulf amid Iran tensions

President Trump ordered US firms to ditch China, but many already…President Trump rattled Wall Street when he demanded U.S. firms move production out of China. But some have already taken steps to do so, and, in earnings calls over the past… Investingread more


President Trump ordered US firms to ditch China, but many already…President Trump rattled Wall Street when he demanded U.S. firms move production out of China. But some have already taken steps to do so, and, in earnings calls over the past… Investingread more
UK reportedly considers deploying drones to the Gulf amid Iran tensions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-02
Keywords: news, cnbc, companies, uk, wall, reportedly, considers, steps, deploying, rattled, iran, gulf, drones, tensions, firms, production, president, trump, china, taken, street, amid


UK reportedly considers deploying drones to the Gulf amid Iran tensions

President Trump ordered US firms to ditch China, but many already…

President Trump rattled Wall Street when he demanded U.S. firms move production out of China. But some have already taken steps to do so, and, in earnings calls over the past…

Investing

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Company: cnbc, Activity: cnbc, Date: 2019-09-02
Keywords: news, cnbc, companies, uk, wall, reportedly, considers, steps, deploying, rattled, iran, gulf, drones, tensions, firms, production, president, trump, china, taken, street, amid


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UK farmers call for import tariffs on agricultural products in no-deal Brexit

Britain’s National Farmers Union wrote to Prime Minister Boris Johnson on Friday calling for import tariffs on eggs, some dairy products, horticultural products and grains if Britain leaves the European Union without a trade deal. British agricultural exports to the EU are expected to face tariffs under a no-deal scenario, but in March the government under then Prime Minister Theresa May announced a plan to eliminate tariffs on many imports, including some dairy products and agricultural product


Britain’s National Farmers Union wrote to Prime Minister Boris Johnson on Friday calling for import tariffs on eggs, some dairy products, horticultural products and grains if Britain leaves the European Union without a trade deal. British agricultural exports to the EU are expected to face tariffs under a no-deal scenario, but in March the government under then Prime Minister Theresa May announced a plan to eliminate tariffs on many imports, including some dairy products and agricultural product
UK farmers call for import tariffs on agricultural products in no-deal Brexit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-30
Keywords: news, cnbc, companies, union, eu, products, farmers, nodeal, agricultural, tariffs, uk, import, farming, imports, tariff, brexit


UK farmers call for import tariffs on agricultural products in no-deal Brexit

Angus MacFadyen and his sons Colin and Allan work with their sheep on Bragleenmore farm Oband, Scotland on February 20, 2018.

Britain’s National Farmers Union wrote to Prime Minister Boris Johnson on Friday calling for import tariffs on eggs, some dairy products, horticultural products and grains if Britain leaves the European Union without a trade deal.

British agricultural exports to the EU are expected to face tariffs under a no-deal scenario, but in March the government under then Prime Minister Theresa May announced a plan to eliminate tariffs on many imports, including some dairy products and agricultural products, to avoid a so-called hard border with Ireland.

“There is no indication that such an arrangement will be reciprocated by the EU and there is nothing in practical terms to stop this trade becoming an open gateway for all EU goods entering the UK duty free,” NFU president Minette Batters said in a statement.

Export tariffs on agricultural goods would most likely lead to a surplus of domestic products on the UK market, she said, while at the same time lower or no tariffs on imports would put further downward pressure on domestic producer prices.

The farming group also asked the government to review its plan not to impose tariffs on the land border with Ireland if it leaves the trading bloc without a deal on Oct. 31.

A no-deal Brexit would be a disaster for British farming and any exit from the EU must be smooth and orderly, she said.

“If we leave without a deal the sudden change in our trading relationship with the EU will have severe impacts on the UK food and farming sectors, not least due to the tariff treatment of both imports and exports,” she said.

Batters said the government should revise its tariff regime to lessen the damage no-deal would inflict on UK farming.

“It is also important that government manages prices for the public in a no-deal scenario – these tariff arrangements will have little impact on retail food prices yet could have a massive impact on the viability of farm businesses,” she said.


Company: cnbc, Activity: cnbc, Date: 2019-08-30
Keywords: news, cnbc, companies, union, eu, products, farmers, nodeal, agricultural, tariffs, uk, import, farming, imports, tariff, brexit


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UK opposition leader Corbyn writes to Queen over parliament suspension

Bashing China could be the Democrats’ ticket to the White HouseThere’s a good chance the same voters who say they don’t like “Trump’s tariffs” will support them if they’re promoted by Warren, Sanders or Biden. But none of the candidates… Politicsread more


Bashing China could be the Democrats’ ticket to the White HouseThere’s a good chance the same voters who say they don’t like “Trump’s tariffs” will support them if they’re promoted by Warren, Sanders or Biden. But none of the candidates… Politicsread more
UK opposition leader Corbyn writes to Queen over parliament suspension Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-28
Keywords: news, cnbc, companies, writes, warren, tariffs, uk, corbyn, trumps, leader, queen, opposition, ticket, theyre, sanders, voters, white, support, suspension, parliament, say


UK opposition leader Corbyn writes to Queen over parliament suspension

Bashing China could be the Democrats’ ticket to the White House

There’s a good chance the same voters who say they don’t like “Trump’s tariffs” will support them if they’re promoted by Warren, Sanders or Biden. But none of the candidates…

Politics

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Company: cnbc, Activity: cnbc, Date: 2019-08-28
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UK government to suspend parliament, making a no-deal Brexit more likely

UK government to suspend parliament, making a no-deal Brexit more likely8 Hours AgoDominic Walsh, policy analyst at thinktank Open Europe discusses the latest developments in the Brexit process.


UK government to suspend parliament, making a no-deal Brexit more likely8 Hours AgoDominic Walsh, policy analyst at thinktank Open Europe discusses the latest developments in the Brexit process.
UK government to suspend parliament, making a no-deal Brexit more likely Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-28
Keywords: news, cnbc, companies, process, making, uk, parliament, thinktank, policy, brexit, likely, suspend, open, walsh, nodeal


UK government to suspend parliament, making a no-deal Brexit more likely

UK government to suspend parliament, making a no-deal Brexit more likely

8 Hours Ago

Dominic Walsh, policy analyst at thinktank Open Europe discusses the latest developments in the Brexit process.


Company: cnbc, Activity: cnbc, Date: 2019-08-28
Keywords: news, cnbc, companies, process, making, uk, parliament, thinktank, policy, brexit, likely, suspend, open, walsh, nodeal


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Stuck between EU leaders and Trump, Boris Johnson could have a very awkward G-7 summit

When some of the world’s most powerful leaders meet in France this weekend for the Group of Seven (G-7) summit, the focus will be on how well (or badly) they get along given a backdrop of widespread disagreements and divergent policies over global trade and geopolitics. Prime Minister Boris Johnson will be in the spotlight as the meeting in Biarritz will be the first he has attended since becoming the U.K.’s leader in July. He will also find himself meeting President Donald Trump, one of the mos


When some of the world’s most powerful leaders meet in France this weekend for the Group of Seven (G-7) summit, the focus will be on how well (or badly) they get along given a backdrop of widespread disagreements and divergent policies over global trade and geopolitics. Prime Minister Boris Johnson will be in the spotlight as the meeting in Biarritz will be the first he has attended since becoming the U.K.’s leader in July. He will also find himself meeting President Donald Trump, one of the mos
Stuck between EU leaders and Trump, Boris Johnson could have a very awkward G-7 summit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: holly ellyatt
Keywords: news, cnbc, companies, eu, boris, trump, uk, stuck, leaders, g7, awkward, brexit, summit, trying, trade, france, europe, johnson


Stuck between EU leaders and Trump, Boris Johnson could have a very awkward G-7 summit

When some of the world’s most powerful leaders meet in France this weekend for the Group of Seven (G-7) summit, the focus will be on how well (or badly) they get along given a backdrop of widespread disagreements and divergent policies over global trade and geopolitics.

Prime Minister Boris Johnson will be in the spotlight as the meeting in Biarritz will be the first he has attended since becoming the U.K.’s leader in July. The summit comes at a delicate and uncertain time for the U.K. as its relationship with its closest neighbor Europe undergoes a seismic shift with Brexit, and it looks to the U.S for closer trade ties.

At the G-7, Johnson will find himself face-to-face with the leaders of France, Germany and Italy who, along with the rest of the other 27-countries in the EU, have essentially told him that the Brexit deal he inherited from his predecessor Theresa May is the only one on offer and cannot be changed.

He will also find himself meeting President Donald Trump, one of the most contentious leaders to represent the U.S. at the G-7 in years, to discuss a potential post-Brexit trade deal.

In sum, the U.K. finds itself in a tricky position — at the same time that it is trying to court EU leaders before a October 31 deadline for Brexit, it is trying to woo Trump — not the most popular person in Europe right now.

Trump has signaled that Europe could be the next target when it comes to what he sees as unfair global trade practices against the U.S. In May, he accused the EU of treating the U.S. “worse than China” and he has threatened its car industry with a 25% tariff.

So low are expectations of any substantial agreements between the leaders of the U.S., U.K., Canada, France, Germany, Italy and Japan that the French President Emmanuel Macron, hosting the event, has said there will be no final communique on shared commitments that might have been arrived at the summit.


Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: holly ellyatt
Keywords: news, cnbc, companies, eu, boris, trump, uk, stuck, leaders, g7, awkward, brexit, summit, trying, trade, france, europe, johnson


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A quick US trade deal won’t help Britain avoid Brexit damage, economists say

A possible trade deal with the U.S. will do little to mitigate the impact of Britain leaving the EU without a deal in place, economists have told CNBC. In the event of a no-deal Brexit, the U.K. would lose this tariff-free access and would have to trade under World Trade Organization (WTO) rules. In order to avoid this, the U.K. government is trying to replicate many of the EU’s existing trade deals with other territories. It will, however, also need to renegotiate a trade deal with the EU in or


A possible trade deal with the U.S. will do little to mitigate the impact of Britain leaving the EU without a deal in place, economists have told CNBC. In the event of a no-deal Brexit, the U.K. would lose this tariff-free access and would have to trade under World Trade Organization (WTO) rules. In order to avoid this, the U.K. government is trying to replicate many of the EU’s existing trade deals with other territories. It will, however, also need to renegotiate a trade deal with the EU in or
A quick US trade deal won’t help Britain avoid Brexit damage, economists say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: elliot smith
Keywords: news, cnbc, companies, damage, uk, deal, deals, help, say, brexit, economists, britain, eu, quick, trade, imports, pickering, political, wont, offset, told


A quick US trade deal won't help Britain avoid Brexit damage, economists say

A possible trade deal with the U.S. will do little to mitigate the impact of Britain leaving the EU without a deal in place, economists have told CNBC. Both the U.K. and U.S. governments have expressed a desire to forge a partial deal on trade as soon as possible after Britain’s anticipated departure from the EU on October 31. On a recent visit to London, U.S. national security advisor John Bolton said the U.S. would enthusiastically support a no-deal Brexit should Prime Minister Boris Johnson pursue it, adding that Washington would be ready to work fast on a free trade agreement. However, such an accord faces significant political hurdles on both sides of the Atlantic, while also falling short of the economic reprieve Britain will need to offset the loss of its existing trade arrangements with the EU, economists have argued. Limited impact In 2018, the EU accounted for 46% of all U.K. exports, 54% of all imports, and seven of the U.K.’s 10 largest export markets and sources of imports were from the other 27 EU nations, according to a House of Commons briefing paper published last week. The U.S. accounted for 19% of U.K. exports and 11% of imports, while Germany as a standalone partner represented 9% of exports and 12% of imports. Kallum Pickering, senior economist at Berenberg, told CNBC that given the larger impact on GDP from the quantity of trade with the EU in comparison with the U.S., it is “hard to see how leaving the EU could be offset with a trade deal with the U.S.” “You could add a further layer in the fact that the U.K.’s trade agreement with the EU is free in all senses of the word, on investment, on immigration, on goods and in most services, including finance, whereas the U.K. would presumably be striking with the U.S. a trade deal that covers goods and only partial agreements in services, with very little on immigration,” Pickering said. “So the major things that the U.K. benefits from — attracting lots of FDI (foreign direct investment) from Europe, a high inflow of EU workers boosting the labor force — would not be offset by a trade deal with the U.S,” he added.

The EU has around 40 trade deals covering over 70 countries, meaning the U.K. currently has access to those markets, such as Canada, without having to pay import tariffs on most goods. In the event of a no-deal Brexit, the U.K. would lose this tariff-free access and would have to trade under World Trade Organization (WTO) rules. In order to avoid this, the U.K. government is trying to replicate many of the EU’s existing trade deals with other territories. If Brexit does happen on October 31, the U.K. will be free to sign trade deals with countries which do not have existing agreements with the EU, such as the U.S. Britain has rolled over 13 trade deals so far, most recently with South Korea. Others have included partners with whom trade is historically negligible, such as Central America, Norway and Iceland, Israel and the Pacific Islands. It will, however, also need to renegotiate a trade deal with the EU in order to ensure continued tariff-free access to the world’s largest free-trading bloc. While acknowledging that a trade deal with the U.S. would be advantageous in general terms, Pickering argued that the benefit of an immediate U.S. trade deal upon leaving the EU, in the case of a hard exit, “provides only a limited offset, and that’s being generous.”

Other analysts were similarly skeptical about the practical aspects of a potential deal. Steen Jakobsen, chief economist at Saxo Bank, dismissed the suggestions as “political noise” when speaking to CNBC’s “Squawk Box Europe” on Tuesday, citing the seven-year negotiation to establish the landmark EU-Canada deal as an example of the complexity of the process. Altaf Kassam, EMEA head of investment strategy and research at State Street Global Advisors, pointed to the White House’s recent handling of trade negotiations as an ominous sign for any prospective trade deal. “Boris Johnson and Donald Trump have some kind of rapport, and that’s a good thing, but if you see the way the U.S.-China trade negotiations have gone, it’s never going to be a slam dunk for the U.K. This is going to drag on,” he told CNBC earlier this week. Political wall The politics of the deal have emerged front and center of late. Senate Minority Leader Chuck Schumer on Monday vowed to oppose any post-Brexit trade deal with the U.K. that would risk Northern Ireland’s peaceful status quo by reinstalling a hard southern border with the Republic of Ireland, which will remain part of the EU. U.K. leader Johnson has made eradicating the Irish “backstop” the key non-negotiable in his attempt to return to the table with European leaders. The “backstop” is seen as a way to keep the porous border between the Republic of Ireland and Northern Ireland (which is a part of the U.K.) open in the event that the U.K. and EU fail to agree a future trade deal at the end of a 21-month transition period. Its unpopularity with pro-Brexit lawmakers stems from its requirement that the U.K. remains in a single customs territory with the EU for an indefinite amount of time.


Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: elliot smith
Keywords: news, cnbc, companies, damage, uk, deal, deals, help, say, brexit, economists, britain, eu, quick, trade, imports, pickering, political, wont, offset, told


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Sterling rises as Germany’s Merkel comments on possible Brexit solution

Sterling hit a three-week high against the dollar Thursday after German Chancellor Angela Merkel said a solution to the Irish “backstop” is possible before the October 31 Brexit deadline. “I said that what one can achieve in three or two years can also be achieved in 30 days. Better said, one must say that one can also achieve it by October 31,” Merkel told a news conference in the Hague. Her comments build on a speech Wednesday alongside U.K. Prime Minister Boris Johnson when she suggested that


Sterling hit a three-week high against the dollar Thursday after German Chancellor Angela Merkel said a solution to the Irish “backstop” is possible before the October 31 Brexit deadline. “I said that what one can achieve in three or two years can also be achieved in 30 days. Better said, one must say that one can also achieve it by October 31,” Merkel told a news conference in the Hague. Her comments build on a speech Wednesday alongside U.K. Prime Minister Boris Johnson when she suggested that
Sterling rises as Germany’s Merkel comments on possible Brexit solution Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: matt clinch spriha srivastava, matt clinch, spriha srivastava
Keywords: news, cnbc, companies, solution, ireland, merkel, germanys, irish, brexit, johnson, days, comments, 31, sterling, rises, uk, possible, 30, told, leave


Sterling rises as Germany's Merkel comments on possible Brexit solution

Sterling hit a three-week high against the dollar Thursday after German Chancellor Angela Merkel said a solution to the Irish “backstop” is possible before the October 31 Brexit deadline.

“I said that what one can achieve in three or two years can also be achieved in 30 days. Better said, one must say that one can also achieve it by October 31,” Merkel told a news conference in the Hague.

Her comments build on a speech Wednesday alongside U.K. Prime Minister Boris Johnson when she suggested that both sides could find a solution to the Irish backstop in the next 30 days. This was seen as signal that she was willing to compromise with Johnson and the extended deadline from her comments on Thursday gave sterling a boost.

“It is not about 30 days. The 30 days were meant as an example to highlight the fact that we need to achieve it in a short time because Britain had said they want to leave the European Union on October 31,” she added, according to a translation for Reuters.

Sterling jumped past $1.22 to trade 0.75% higher for the session by 2:00 p.m. London time. Meanwhile, London’s FTSE fell, trading 0.5% lower. Sterling is down more than 5% since the start of the year and down more than 14% since the U.K. voted to leave the European Union in 2016.

The Irish backstop — the most controversial part of the existing Brexit deal — is to do with maintaining a seamless border on the island of Ireland. It’s seen as a way to keep the porous border between the Republic of Ireland and Northern Ireland (which is a part of the U.K.) open in the event that the U.K. and EU fail to agree a future trade deal at the end of a 21-month transition period.

Its unpopularity with pro-Brexit lawmakers stems from its requirement that the U.K. remains in a single customs territory with the EU for an indefinite amount of time.

New U.K. leader Johnson is fighting hard to drop this part from the Withdrawal Agreement and has warned his EU counterparts that Britain could leave without a deal in place if nothing is agreed before the October 31 deadline. Sterling has slipped in recent months on the prospect of this no-deal scenario.

Stephen Gallo, a forex strategist at BMO Capital Markets, told CNBC that currency traders have been betting heavily against the pound recently and Merkel’s comments hint at an attempt to compromise.

“Is Brussels about to ‘blink’? GBP shorts are not waiting around to find out,” he told CNBC via email. In the medium term, he says the picture hasn’t changed, however.

“We still think the odds of a WTO Brexit are elevated, and in any case, there could well be a snap election in the U.K. before October 31st. We would still be selling rallies in GBPUSD,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: matt clinch spriha srivastava, matt clinch, spriha srivastava
Keywords: news, cnbc, companies, solution, ireland, merkel, germanys, irish, brexit, johnson, days, comments, 31, sterling, rises, uk, possible, 30, told, leave


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Huge deals from the likes of Amazon help UK tech start-ups score record foreign investment

British technology start-ups have attracted more foreign investment since the start of the year than they did throughout all of 2018, according to fresh figures published Wednesday. U.S. and Asian venture capital investors poured $3.7 billion into U.K. tech companies in the first seven months of 2019, research from industry group Tech Nation and data firm Dealroom showed. Last year, U.K. start-ups raised $2.9 billion from American and Asian investors. Including domestic sources of cash, $6.7 bil


British technology start-ups have attracted more foreign investment since the start of the year than they did throughout all of 2018, according to fresh figures published Wednesday. U.S. and Asian venture capital investors poured $3.7 billion into U.K. tech companies in the first seven months of 2019, research from industry group Tech Nation and data firm Dealroom showed. Last year, U.K. start-ups raised $2.9 billion from American and Asian investors. Including domestic sources of cash, $6.7 bil
Huge deals from the likes of Amazon help UK tech start-ups score record foreign investment Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: ryan browne
Keywords: news, cnbc, companies, investment, asian, record, foreign, score, likes, help, million, startups, uk, venture, funding, tech, start, huge, billion, nation


Huge deals from the likes of Amazon help UK tech start-ups score record foreign investment

British technology start-ups have attracted more foreign investment since the start of the year than they did throughout all of 2018, according to fresh figures published Wednesday.

U.S. and Asian venture capital investors poured $3.7 billion into U.K. tech companies in the first seven months of 2019, research from industry group Tech Nation and data firm Dealroom showed. Last year, U.K. start-ups raised $2.9 billion from American and Asian investors.

The eye-watering sum was boosted by nine-figure deals from capital-rich companies like Amazon and SoftBank. In May, Amazon led a $575 million funding round for Deliveroo — although that was hit with a warning from the U.K. competition regulator — while SoftBank’s notable U.K. investments include $800 million for Greensill and $390 million for OakNorth.

Including domestic sources of cash, $6.7 billion has been invested into private British tech firms overall in 2019, Tech Nation said, adding that figure could rise to a record $11 billion by the end of the year. The organization said U.S. corporate venture capital funding for U.K. start-ups has risen by 3% in the last six years, while Asian corporate funding is up 20%.

“It’s evidence for us that there’s growing interest for emerging technologies that are gaining a lot of traction in the U.K. from foreign investors,” George Windsor, Tech Nation’s head of insights, told CNBC in a phone interview. “This shows us the U.K. is continuing to perform strongly on the global stage, and for us this is just the start.”


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: ryan browne
Keywords: news, cnbc, companies, investment, asian, record, foreign, score, likes, help, million, startups, uk, venture, funding, tech, start, huge, billion, nation


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The risk of a no-deal Brexit is not negligible, says DBS

The risk of a no-deal Brexit is not negligible, says DBS4 Hours AgoPhilip Wee of DBS says the British pound could move toward a $1.15 to $1.20 range. He also says the political hurdles to a no-deal Brexit are “not small,” but acknowledges this is the first time the U.K. prime minister is a hardliner.


The risk of a no-deal Brexit is not negligible, says DBS4 Hours AgoPhilip Wee of DBS says the British pound could move toward a $1.15 to $1.20 range. He also says the political hurdles to a no-deal Brexit are “not small,” but acknowledges this is the first time the U.K. prime minister is a hardliner.
The risk of a no-deal Brexit is not negligible, says DBS Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14
Keywords: news, cnbc, companies, wee, negligible, brexit, uk, political, dbs, small, prime, risk, pound, range, nodeal


The risk of a no-deal Brexit is not negligible, says DBS

The risk of a no-deal Brexit is not negligible, says DBS

4 Hours Ago

Philip Wee of DBS says the British pound could move toward a $1.15 to $1.20 range. He also says the political hurdles to a no-deal Brexit are “not small,” but acknowledges this is the first time the U.K. prime minister is a hardliner.


Company: cnbc, Activity: cnbc, Date: 2019-08-14
Keywords: news, cnbc, companies, wee, negligible, brexit, uk, political, dbs, small, prime, risk, pound, range, nodeal


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UK lender trials voice banking with Google Home

NatWest is trialing voice banking in the U.K. using the Google Assistant via Google Home smart speakers or a smartphone. The system will have to be set up using a customer’s online banking PIN and password, NatWest added. The person making the payment, as well as the recipient, must also use Paym, a mobile payment system offered by 15 banks and building societies. In the U.K., 48% of adults used a mobile banking system in 2018, according to a recent report from U.K. Finance. The U.K. Payment Mar


NatWest is trialing voice banking in the U.K. using the Google Assistant via Google Home smart speakers or a smartphone. The system will have to be set up using a customer’s online banking PIN and password, NatWest added. The person making the payment, as well as the recipient, must also use Paym, a mobile payment system offered by 15 banks and building societies. In the U.K., 48% of adults used a mobile banking system in 2018, according to a recent report from U.K. Finance. The U.K. Payment Mar
UK lender trials voice banking with Google Home Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: anmar frangoul
Keywords: news, cnbc, companies, banking, trials, customers, bank, google, mobile, need, system, voice, uk, lender, using, payment


UK lender trials voice banking with Google Home

NatWest is trialing voice banking in the U.K. using the Google Assistant via Google Home smart speakers or a smartphone.

The three-month pilot will involve 500 customers, according to the bank, which is a member of the RBS Group. They will be able to ask questions about their account balance and recent transactions and will receive a verbal response, with information also appearing on a smartphone screen.

The system will have to be set up using a customer’s online banking PIN and password, NatWest added. They will also need to give a “partial voice PIN” in order to get access to it.

“We are exploring voice banking for the first time and think it could mark the beginning of a major change to how customers manage their finances in the same way mobile banking made a huge impact,” Kristen Bennie, NatWest’s head of Open Experience, said in a statement Monday.

“This technology will make it easier for people to bank with us and could bring particular benefits to those who have a disability, as voice banking eliminates the need for customers to use a screen or keyboard,” Bennie added.

Slowly but surely, innovative technologies that use the voice as a means of carrying out transactions are being introduced to the banking sector.

In 2018, for instance, First Direct — which is a division of HSBC U.K. Bank — launched a service which enabled its customers to make payments with their voice using Apple’s virtual assistant Siri.

In order to authenticate the payment, users need to confirm their identity using Apple’s Face ID or Touch ID. The person making the payment, as well as the recipient, must also use Paym, a mobile payment system offered by 15 banks and building societies.

The banking sector as a whole is experiencing a host of changes driven by technology. In the U.K., 48% of adults used a mobile banking system in 2018, according to a recent report from U.K. Finance.

The U.K. Payment Market report also found that 2 billion bank payments were made using mobile or online banking in 2018, compared to 1.6 billion in 2017.


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: anmar frangoul
Keywords: news, cnbc, companies, banking, trials, customers, bank, google, mobile, need, system, voice, uk, lender, using, payment


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