PlayStation Network Hacked 'By Lizard Squad'

Sony's PlayStation online store appears to have been hacked - with a group calling itself Lizard Squad claiming responsibility.

The company, whose film arm has just been hit by cyberattack, said the problem had lasted only two hours and there was no sign of any data theft.

Gamers trying to access the PlayStation store at around 2am on Monday were met with the message: "Page Not Found! It's not you. It's the internet's fault."

Lizard Squad tweeted: "PSN Login #offline #LizardSquad" and posted a link to a YouTube video mentioning the incident.

By mid-morning PlayStation indicated the problems had been fixed, tweeting: "If you had difficulties signing into PlayStation Network, give it a try now."

A Twitter account called Lizard Squad appeared to claim responsibility

Lizard Squad, which gives its location as Finland, also appeared to take responsibility for downtime on the Xbox Live network last week, tweeting "Xbox Live #offline".

It also forced an American Airlines to divert earlier this year when it warned explosives might be on a flight that included a Sony executive among its passengers.

Hackers calling themselves Guardian of the Peace crippled computer systems at Sony Pictures last week, leaking films on the internet and disclosing information for thousands of employees.

There had been speculation the hack was engineered by North Korea over a Sony movie mocking the country's leader, Kim Jong-Un.

The country has denied responsibility for that attack, which is being investigated by the FBI.

However, an official statement by North Korea's National Defence Commission hailed it as a "righteous deed".

23.34 | 0 komentar | Read More

McDermott Gets Nod For FCA Supervision Role

By Mark Kleinman, City Editor

The executive who has led the City regulator's zealous efforts to punish banks' misdemeanours is to be rewarded with a promotion as part of a wide-ranging restructuring.

Sky News understands that Tracey McDermott, the Financial Conduct Authority's (FCA) head of enforcement, is to be named as the watchdog's new director of supervision on Monday.

Her promotion will form part of an overhaul of a number of the FCA's core functions, aimed at reflecting its expanded responsibilities for overseeing consumer credit providers.

Ms McDermott, who joined the FCA's enforcement division in 2001, is already a member of the organisation's board of directors.

Since assuming her current role, she has pursued regulated firms - including the major banks and payday lenders - with a renewed vigour which commentators agree was conspicuous by its absence before the 2008 banking crisis.

Ms McDermott, who will effectively replace Clive Adamson, the current head of supervision, has been the public face of many of the FCA's recent enforcement actions, including the recent £1.1bn settlement with five banks over control failures in their foreign exchange-trading operations.

FCA staff were being informed about the restructuring, which will include the establishment of a new risk function, on Monday.

Sky News revealed last week that Mr Adamson was planning to step down, just days before the release of a report that will criticise the FCA's handling of an inquiry into the insurance industry.

A newspaper story briefed by the FCA in March wreaked havoc on the share prices of some of the UK's biggest insurers, sparking fury in their boardrooms.

Simon Davis, a partner at the law firm Clifford Chance, was appointed in April to lead an inquiry.

His report will make a series of recommendations relating to the disclosure of market-sensitive information and internal communications at the FCA.

A friend of Mr Adamson insisted that his exit and Mr Davis's forthcoming report were not directly connected.

Mr Adamson, a long-serving regulator who was responsible for overseeing the major UK banks in the period leading up to and during the financial crisis, is understood to have been considering whether to leave for some time.

An insider said on Monday that the entire FCA executive committee was likely to face criticism with five individuals - including Mr Adamson and Zitah McMillan, the communications director - expected to be identified by name.

The FCA declined to comment.

23.34 | 0 komentar | Read More

GoCompare Founder Nets £44m In Esure Deal

The founder of GoCompare is in line for a £44m windfall after the business she started eight years ago was sold to car insurance firm esure.

Hayley Parsons will step down as chief executive of the price comparison site as a result of the £95m deal with esure to buy the half of GoCompare it does not already own.

The sale values the entrepreneur's remaining 23% stake in the business at almost £44m.

She set up Newport-based GoCompare in 2006 after leaving rival Confused.com and focused the website on the levels of cover provided by an insurance product rather than just listing them according to their price.

The GoCompare website was started in 2006

It is well known for its adverts featuring fictitious opera singer Gio Compario.

Ms Parsons said: "I am very proud that a company I started at my kitchen table eight years ago has achieved so much in such a short period of time.

"Today, we are a leading price comparison business in the UK and this is credit to all the wonderful, hard-working people we have in Newport."

Last year, GoCompare reported sales of £110m and pre-tax profits of £25m.

The firm's adverts feature the fictitious opera singer Gio Compario

Ms Parsons spent 14 years with Cardiff-based insurance firm Admiral, where she was instrumental in the launch of Confused.com, the first motor insurance comparison site in the UK.

In 2012, she was awarded an OBE and she has also won many business awards.

Esure has owned 50% of GoCompare since 2010, when it exercised an option taken out in 2007 to buy a stake in the business.

As well as Ms Parsons, other selling shareholders in the deal include GoCompare's employee benefit trust and current and former directors and staff.

23.34 | 0 komentar | Read More

Interest Rates Rise: Will You Feel The Impact?

The Bank of England has signalled that thousands of households will have to cut back as they struggle to keep up with mortgage payments when interest rates start rising.

The bank estimates that 37% of households will either need to work more or spend less if interest rates rise by 2%, with those in their 20s, 30s and 40s hardest hit.

However, if incomes rise by 10% then only 4% of households will need to take action. But in recent years salaries have failed to increase as much as the cost of living.  

Here are three scenarios showing the impact of rising rates on different households and their mortgages.

:: Mr Taylor lives alone on an income of £26,000, with £83,000 outstanding on his mortgage.  He is paying a mortgage rate of 2.5%, which equates to monthly payments of £369 - 17% of his income.

Looking forward to 2019 and an interest rate of 4%, his monthly payments will be £434.

As long as his salary goes up too - to more than £30,000 - he will still be paying 17% of his income

:: The Smith family live together on a slightly higher combined household income of £43,000. Their outstanding mortgage is £150,000. At a rate of just under 2.5% it costs them £667 per month - almost 19% of their income.

By 2019, with a rate of almost 4%, they will face monthly payments of £785.

As long as they are earning more than £50,000 by then it will still be 19% of their income.

:: The Jones family's household income is £100,000 per year. Their mortgage is £400,000, which currently costs them just under £1,800 a month - 21% of their income.

Five years from now they will face monthly payments of nearly £2,100.

As long as their salaries go up to nearly £118,000, the proportion of their income they pay will remain around the same at 21%. 

Higher earning families like these face the biggest rises.

The Bank of England's projections show a rise in rates from the current record low of 0.5% to 2.5% would raise the number of households struggling to pay their mortgages from 360,000 to 660,000 if wages stay the same.

The bank considers households where more than 40% of income is spent on mortgage repayments as vulnerable since they are at more risk of falling into arrears.

However, if rate rises are accompanied by a 10% rise in incomes the number of vulnerable households will only rise to 480,000.  

While the interest rate has been at 0.5% for over five years, looking back over 20 years much higher rates were not unusual. The mean interest rate since 1994 is 3.9%.

Bank governor Mark Carney has warned that an increase is on the way but the scale is likely to be gradual.

23.34 | 0 komentar | Read More

M&S Hit By Pre-Christmas Online Delivery Delays

By Sam Washington, Business Presenter

Marks and Spencer has been forced to delay online deliveries after its distribution centre could not keep up with orders.

The high street giant was caught out by Black Friday - an American post-Thanksgiving shopping spree tradition rapidly gaining popularity in the UK. 

The share price has fallen 3% as investors fear overall sales will be affected.

Chief executive Marc Bolland remains upbeat despite problems

M&S saw a lift in orders throughout a four-day day period of discounting which began on 28 November to coincide with Black Friday.

Shoppers who have recently bought Christmas presents through the M&S website now face a nervous wait to see if they will arrive in time.

Social media is alight with complaints from customers after it emerged shoppers have been prevented from making in-store click-and-collect orders for the next day, while standard deliveries to home addresses - normally taking three to five days - are taking up to 10 days.

The firm was also temporarily forced to withdraw next-day delivery to homes, although this has now been reinstated.

The store has said it is reviewing its delivery options every hour, adding: "Our customers will always be our top priority."

The hiccup will be embarrassing for the firm, which has stated online sales are the central plank in the strategy to turn around nearly a decade of shrinking market share in the clothing business.

The pre-Christmas shopping rush is a key period for retailers, not least M&S which reported a 2.9% fall in like-for-like sales in the six months to the end of September last month.

The retailer has spent £1bn on improving its IT and distribution systems.

It hoped to be able to process one million items a day by the end of this year through its 900,000 square feet of distribution centre in Castle Donington.

The launch of the new website in April this year has also suffered problems with many shoppers complaining about its layout, and having to re-register their details.

M&S is trying to overhaul its clothing range under the helm of John Dixon, head of non-food operations, and Belinda Earl, the new style director.

Despite the problems facing the retailer, M&S chief executive Marc Bolland remains upbeat, insisting "things are now coming together" for the firm, highlighting a growing online business and enhanced profit margins.

Complaints from customers about the garments has fallen 20% this year according to M&S.

But while shoppers may have less cause to gripe, investors are expressing their displeasure over the recent news of delivery delays.

The share price has fallen by more than 3% to 481p. This sell off comes despite a recovery from the low of 380p in October.

23.34 | 0 komentar | Read More

Wonga Braces For FCA Cap With Lower-Cost Loan

By Mark Kleinman, City Editor

Britain's biggest payday lender has begun secret trials of lower-cost loans just weeks before a deadline set by the City regulator to comply with a new crackdown on the industry.

Sky News has learnt that Wonga has in the last fortnight started offering finance to a number of randomly selected customers who are offered substantially better terms than other borrowers.

The move is designed to ensure that Wonga's systems are able to adhere to the Financial Conduct Authority's new rulebook when it comes into effect on New Year's Day.

Under the FCA's rules, payday loans will have interest capped at 0.8% per day, meaning that a customer borrowing £100 will accrue a maximum level of interest of 80p per 24 hours.

Fixed default fees will be restricted to £15, while there will be an overall cost cap of 100% of the initial loan, the regulator said last month.

A Wonga spokesman declined to disclose details of the new cap-compliant product, but one insider said that it was likely to be the subject of an announcement and national launch ahead of the January deadline.

"The product makes it clear to customers what they will pay in total in pounds and pence but there is no final date yet for its launch because it is still being trialled," the source said.

Last week, Mr Lender, another short-term credit provider, announced that it was introducing the new terms to ensure compliance with the FCA's demands several weeks ahead of schedule.

The City watchdog believes that the introduction of a cap on the cost of payday loans will force most existing operators out of business, which has prompted some concerns that desperate consumers will be forced to seek even less palatable alternatives to borrow money.

The payday lending sector has accused regulators and politicians of demonising it, but executives admit that a series of scandals has made rehabilitating its image all but impossible.

Wonga has been fined for sending fake legal letters to customers in arrears, seen advertisements banned by a watchdog and written off £220m in loans after talks with the FCA about its business practices.

The company, which is owned by a consortium of prominent investors in technology groups, has overhauled its top management team this year, bringing in Andy Haste, the former boss of insurer RSA in an attempt to restore credibility.

The FCA, which intends to review the price cap in 2017, has also announced new rules for regulating payday loan intermediaries which include preventing them from charging fees and from requesting customers' payment details.

23.34 | 0 komentar | Read More

'Speed Up Benefits Payments' To End Hunger

Benefits should be paid faster and a living wage introduced in an effort to eliminate hunger in the UK by 2020, says a report by a cross-party group of MPs and church leaders.

They also recommend that more leftover food is donated to food banks and call for an end to what they say are rip-off phone and energy charges that penalise poorer households.  

On Sunday, the Archbishop of Canterbury Justin Welby said that hunger "stalks large parts" of the country, with a surge in the number of families relying on food banks.

Mr Welby revealed how he had been left more shocked by the plight of Britain's hunger-stricken poor than suffering in parts of Africa.

The Feeding Britain report found that since the establishment of the Trussell Trust network in 2004 numbers of emergency food assistance providers have grown to at least 1,500, including 800 food banks - around half of them operated by the Trust.

Video: Is Food Bank Use 'Political'?

Citing evidence that its 420 food banks alone provided help to 913,138 people in 2013/14 - up from 128,697 in 2011/12 - the report said it was "clear that demand for emergency food assistance is increasing, and sometimes increasing dramatically".

The inquiry team said that their "anger knows no bounds" at the destruction - sometimes with state subsidies - of 4.3 million tonnes of edible food deemed "surplus" by the UK food industry each year, just 2% of which is diverted to charities to feed the hungry.

Many people turn to food banks to avoid hunger during "unimaginable" waits for benefit claims to be processed, while others are forced to ask for help after being left without an income for weeks or months because of benefit sanctions, said the report.

Video: Food Banks Help One Million Britons

And the support networks of family and community which would once have stepped in to provide help for those facing hunger appear to have "diminished", leaving individuals "isolated and exposed" at times of financial crisis.

The inquiry's co-chair, Anglican Bishop of Truro Tim Thornton, said: "We heard stories and gained first-hand experience that led us to the conclusion that the rise in the use of food banks does indicate a deeper problem in our society - the 'glue' that used to be there is no longer there in many instances."

A Cabinet Office spokesman said: "This report is a serious contribution to an important debate, with many good ideas, and recognising that the reasons behind demands for emergency food assistance are complex and frequently overlapping.

Video: Red Cross To Help Britain's Hungry

"As a country we have enough food to go around, and we agree that it is wrong that anyone should go hungry at the same time as surplus food is going to waste."

23.34 | 0 komentar | Read More

Borrowers Could Handle Rate Rise, Says BoE

Home borrowers could handle rate rises, according to the Bank of England.

Gradual increases would not have "unusually large effects" on household spending, it said.

The bank does warn a rate rise to 2.5% would see the number of families struggling to pay their mortgages rise to 660,000 if wages stay the same.

But the Governor, Mark Carney, has repeatedly stated that when rate rises come they will be gradual and over time.

The Bank of England said: "Overall, the evidence does not suggest gradual increases in interest rates from their current historically low levels would have unusually large effects on household spending."

Yet in research, the Resolution Foundation think-tank finds that 2.2 million working households in Britain with below-median incomes are spending a third or more of their disposable income on housing, leaving an average of just £135 left over each week for other necessities.

And MPs have warned that some borrowers will have overstretched themselves when taking advantage of the interest rate, which has been at a historic low of 0.5% since 2009.

Treasury select committee chairman Andrew Tyrie said: "Interest rates have been so low for so long now that some might conclude this is the new normal. They shouldn't."

Older people are in line to benefit from any increase as they are more likely to be savers.

23.34 | 0 komentar | Read More

BP Speeds Up Job Cuts As Oil Prices Drop

BP has said the falling price of oil means it is speeding up job cuts in the UK and abroad.

The company, which has around 15,000 employees in the UK and about 84,000 worldwide, has been undergoing a major rationalisation since the Deepwater Horizon disaster in the Gulf of Mexico in 2010.

BP has been shedding a chunk of its business since the 2010 disaster

But the fall in crude prices - down almost 40% since the summer - had added "more focus to the simplification", according to a spokesman.

However, the London-based oil giant was not "setting a number" in terms of how many jobs would be lost or where.

Since the 2010 disaster, BP has been shedding around £25.6bn ($40bn) of the business.

BP spokesman Robert Wine said: "We have sold about a third of the business but we are still set up for being that bigger company that we used to be."

He said the job losses would be in the "head office and back office, not the frontline operations".

Parts of the business in line to be slimmed down include the legal, procurement and HR departments.

Mr Wine said the job cuts would make the business more efficient, but they had not been caused by the fall in oil prices.

He said: "It's certainly added more focus to the simplification that is going ahead but it certainly hasn't been triggered by that.

"It's added to the importance of getting the simplification right."

He said more details of the company's strategy were likely to be discussed at an analysts meeting in London on Wednesday.

BP's third quarter replacement cost profits, reported in October, were £1.5bn ($2.4bn), down from £2bn ($3.2bn) in the same period last year.

23.34 | 0 komentar | Read More

Crackdown On Nuisance Calls 'Plague' Urged

Company bosses should be held accountable for nuisance calls made to customers, according to a Government task force.

The expert panel said more than a billion unwanted calls are estimated to be made every year and are causing considerable distress to some people.

Complaints to the Information Commissioner's Office (ICO) reached 18,594 for live calls and 22,072 for automated messages between April and June.

Most related to accident claims, payday loans and debt management.

Businesses must prioritise the issue at board level and ministers should review the ICO's powers to hold executives to account if their firm breaks the rules, updating the law if needed, said the Nuisance Calls Task Force.

Video: Action Urged On Nuisance Calls

Which? executive director Richard Lloyd, who headed the panel, said: "(Consumers) are often confused or misled by requests for consent to being contacted, so today we set out recommendations to introduce tougher rules and more action from businesses, the regulators and the Government.

"Only through concerted and co-ordinated action will we put people back in control of their data and help bring this modern day menace to an end."

High numbers of calls and text messages are still being sent in breach of the existing legislation, according to the report.

It said consumers often do not realise they have given permission to receive messages and called for them to be able to easily withdraw consent.

Companies should ensure any sales leads they buy have been fairly and legally obtained and records of what consent has been obtained, as well as how and when, must be kept.

Culture minister Ed Vaizey said: "For too long nuisance calls have plagued consumers, often at very inconvenient times of the day and in some cases leaving vulnerable people like the elderly too scared to answer the phone.

"That's why we're determined to tackle this scourge through the first ever nuisance calls action plan.

"We've already made progress including making it easier for Ofcom to share information with the ICO about companies breaking the rules, and we're currently looking at lowering or removing the legal threshold before firms could be hit with fines of up to £500,000."

Justice minister Simon Hughes said: "We have already increased the level of fines available to punish rogue companies.

"We now want to make it easier for the Information Commissioner to take action against these companies which break the law.

"Those responsible should be held to account, and we will review how they are made to answer for any wrongdoing."

23.34 | 0 komentar | Read More