Loan

Watchdog says legal challenges from Consumer Voice and three lenders ‘create fresh uncertainty for millions of consumers’Business live – latest updatesThe UK financial watchdog is facing four legal challenges against its £9.1bn compensation scheme for victims of the motor finance scandal.The Financial Conduct Authority (FCA) said that it will defend the scheme “robustly” as the “fastest, simplest route for consumers and the most efficient way for firms to put things right”. Continue reading...

MPs call for investigation into Essar Energy, owner of Stanlow refinery, which shifted loans from ‘Putin’s piggy bank’ VTB to MauritiusDays after the first wave of Russian tanks surged over the border into Ukraine in March 2022, dockers at a port in northern England took a stand.Appalled by Vladimir Putin’s brutality, workers at Ellesmere Port in Cheshire vowed never to unload any Russian oil destined for the nearby Stanlow refinery, a major hub for UK fuel supplies. Continue reading...

Leaders will discuss how to respond to surging energy prices amid the war in the Middle EastEurope live – latest updatesEU leaders have welcomed the end of diplomatic deadlock over a long-awaited €90bn (£78bn) loan for Ukraine, after the bloc finalised the agreement along with a 20th package of sanctions against Russia.After weeks of delay, the EU signed off on the loan on Thursday, in time for summit talks in Cyprus that are scheduled to begin in the evening and will include talks over a dinner with the Ukrainian leader, Volodymyr Zelenskyy. Continue reading...

Move comes after Hungary and Slovakia dropped opposition following reopening of the Druzhba oil pipelineEU leaders are set to meet in Cyprus this evening to discuss the latest on the Middle East and the next EU budget, starting in 2028.But it looks like they will have a bit of a detour – and a reason to celebrate, too – as the long-awaited €90bn loan for Ukraine and the 20th package of sanctions against Russia are on course to be unblocked after four months of delays caused by Hungary’s Viktor Orbán. Continue reading...

Agreement for urgently needed loan reached after Ukraine resumed pumping Russian oil to Hungary and SlovakiaEurope live – latest updatesEU member states have reached agreement on unblocking an urgently needed €90bn (£78bn) loan for Kyiv and a new package of sanctions against Moscow after Ukraine resumed pumping Russian oil to Hungary and Slovakia, prompting Budapest to lift its veto.Cyprus, which holds the bloc’s rotating presidency, said member states’ ambassadors had agreed to launch “written procedures” for the final approval of the loan and the sanctions package, with formal sign-off on both due by Thursday afternoon. Continue reading...

Member states meet this morning to discuss loan after longstanding disagreement between Kyiv and outgoing Hungarian PM Viktor OrbánAfter four months of very public disagreements between Ukraine and Hungary, today could be the day when the EU finally signs off (for the second time) on the critical €90bn loan for Kyiv.Ukraine’s president Volodymyr Zelenskyy confirmed yesterday that the Druzhba pipeline, carrying Russian oil imports to Hungary and Slovakia, has been repaired and is ready to be used again. EU’s top diplomat, Kaja Kallas, said yesterday she expected “a positive decision” within the next 24 hours. Continue reading...

Filings suggest manufacturers’ lending arms have massively underestimated bill from FCA’s £9.1bn redress schemeCarmakers are under pressure to drum up £3bn to cover payouts for motor finance scandal victims after failing to adequately prepare for a UK-wide compensation scheme that is due to begin this summer.Company filings show the lending arms of big vehicle manufacturers including Ford, BMW, Stellantis and Volkswagen may have massively underestimated the final costs of the financial regulator’s £9.1bn redress scheme. Continue reading...