The Finanser’s Week: 23rd May – 29th May 2011

 This week's main stories are ...

Industries are gradually being reinvented. Some were reinvented in the first generation internet, such as music. Second generation internet is redefining more, from entertainment to news media to financial services. Does this mean that banking will follow music, movies and books ...

New media versus the law

I’ve written about the end of privacy before, but now the big news in the UK is that privacy is a joke. There is no such thing. For example, we had a court of law here that could implement superinjunctions...

If only Europe was Chinese

I’m in Moscow today at a forum on cards and payments. The morning was quite interesting and challenging as there is dual language – English and Russian - but translation services never quite translate correctly. For example, as I told...

Mobile contactless finally in my hand

Just got home from travels and found a leaflet on my doormat. Usually such leaflets get thrown in the bin, but the strapline “start a whole new movement” in orange intrigued me. I wonder what this is about I thought,... 

 And the main headlines this week include ...

Major U.S. Banks Form P2P Payments Joint Venture - Payments News
Bank of America, JPMorgan Chase, and Wells Fargo have announced that they have formed a new P2P payments joint venture. Customers of the three banks will be able to move funds directly from their existing checking accounts using an e-mail address or mobile number – instead of providing checking account

Britons 'penalised by protectionism of foreign banks' - The Telegraph
Britons are falling victim to foreign banks that have begun acting in a "protectionist" way after state bail-outs, a study published by the Bank of England has revealed.

RBS and Lloyds may face credit-ratings cut - The Independent
The tougher regulatory backdrop in the UK could trigger a ratings cut for up to 14 financial institutions, including the Royal Bank of Scotland and its part-nationalised peer, Lloyds, the credit ratings agency Moody's warned yesterday.

Virgin Money in talks to raise £2bn for Lloyds and Northern Rock bids - The Telegraph
Virgin Money has begun to raise the £2bn in funds that it needs to make a serious bid for the packages of branches being put up for sale by Lloyds Banking Group and Northern Rock.

Square’s Disruptive New iPad Payments Service Will Replace Cash Registers - Techcrunch
Mobile payments startup Square is announcing big numbers today—500,000 Square card readers shipped, 1 million Square transactions in May, and the startup is now processing $3 million in mobile payments per day. Clearly the company is on a roll in terms of traction and usage . And CEO Jack Dorsey

Credit card pitfall - BBC
How card lenders can trip up in court when chasing debtors

100th UK branch for Handelsbanken - The Independent
Handelsbanken will launch its 100th British branch today. The Swedish community bank says the branch, in the West Yorkshire spa town of Ilkley, will open in the next few weeks when local staff have been recruited.

Hedge fund boss accused of spying on employees - The Telegraph
One of the world's richest women, Elena Ambrosiadou, is accused of a surveillance campaign on her own staff.

Make.Money.Slow : The Bitcoin Experiment - Techcrunch
Bitcoin . Oh, man, where to begin. Its Hype-O-Meter got cranked to 11 this week, and breathless histrionics are everywhere. Death and Taxes called this new currency " a seismic event "; Adam Cohen says it's nothing but a giant scam ; Jason Calacanis calls it " the most dangerous

Peer accuses banks of pocketing ISA tax relief - The Independent
A Tory backbench peer will today accuse the high-street banks of "taking advantage of people" by withholding tax relief on cash ISAs. Baroness Stowell of Beeston will call on the Treasury to get tough on the financial institutions that she says are short-changing savers.