Category: Business

Read time : 3 mins

Level : Intermediate

By KEN SWEET AP Business Writer

NEW YORK (AP) — Ally Financial said Wednesday that it is ending overdraft fees entirely on all of its bank products, becoming the first large U.S. bank to end overdraft fees across its entire business.

It’s a major move by Ally, one of the nation’s largest banks, and for the industry, which has been reliant on overdraft fees for decades to boost profits, often at the expense of poorer Americans who can’t afford to pay such fees in the first place.

Critics of the practice often cite what they call the $38 cup of coffee, where a bank customer uses a debit card to buy a coffee, overdrafts, and ends up paying a $35 fee on top of the $3 drink.
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Level : Advanced

By KELVIN CHAN and DAVID McHUGH AP Business Writers

LONDON (AP) — The Group of Seven wealthy democracies agreed Saturday to support a global minimum corporate tax of at least 15% to deter multinational companies from avoiding taxes by stashing profits in low-rate countries.

G-7 finance ministers meeting in London also endorsed proposals to make the world’s biggest companies – including U.S.-based tech giants – pay taxes in countries where they have lots of sales but no physical headquarters.

British Treasury chief Rishi Sunak, the host, said the deal would “reform the global tax system to make it fit for the global digital age and crucially to make sure that it’s fair, so that the right companies pay the right tax in the right places.”
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Read time : 2 mins

Level : Intermediate

NEW YORK (AP) — Looking to draw in the next generation of investors, Fidelity Investments is launching a new type of account for teenagers to save, spend and invest their money.

The account is for 13- to 17-year-olds, and it will allow them to deposit cash, have a debit card and trade stocks and funds. The teens can make their own trades through a simplified experience on Fidelity’s mobile app, with zero account fees or minimum balances, though the youth account requires a parent or guardian to have their own Fidelity account as well.
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Read time : 3 mins

Level : Advanced

By ARITZ PARRA and RENATA BRITO Associated Press

MADRID (AP) — Spain approved a pioneering law Tuesday that gives delivery platforms a mid-August deadline to hire workers currently freelancing for them and that requires transparency of artificial intelligence used to manage workforces.

The royal decree passed by the center-left ruling coalition immediately affects some 30,000 couriers. It comes in the wake of a ruling by Spain’s top court last year and at a time when other countries in Europe and elsewhere are deciding on a labor model for the so-called gig economy, which is often blamed for precarious jobs and low salaries.
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Level : Intermediate

By MIKE FULLER Associated Press

LONDON (AP) — U.K. Foreign Secretary Dominic Raab on Wednesday urged global cooperation to combat cyberattacks by “hostile state actors” and criminal gangs.

Raab also pledged 22 million pounds ($31 million) in support to “vulnerable” countries in Africa and the Indo-Pacific to improve their digital defense capacity.

He said Britain and the West must step up on cybersecurity or face the “multilateral vacuum” being filled by China and Russia.

“We need the combination of resilient defenses but also offensive capabilities, and the global diplomatic clout which comes with being a modern cyberpower,” Raab said in a speech at a National Cyber Security Centre conference in London.

He said the funding would go to national cyber response teams, awareness campaigns and an Interpol operations hub in Africa.
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Level : Advanced

By PAN PYLAS Associated Press

LONDON (AP) — The Scottish National Party won its fourth straight parliamentary election on Saturday and insisted it will push on with another referendum on Scotland’s independence from the U.K. even though it failed by one seat to secure a majority.

Final results of Thursday’s election showed the SNP winning 64 of the 129 seats in the Edinburgh-based Scottish Parliament. The result extends the party’s dominance of Scottish politics since it first won power in 2007.

Other results from Super Thursday’s array of elections across Britain emerged Saturday, including the Labour Party’s victory in the Welsh parliamentary election. Labour’s Sadiq Khan was also reelected mayor of London.

The election with the biggest implications was the Scottish election, as it could pave the way to the break-up of the United Kingdom. The devolved government has an array of powers but many economic and security matters remain within the orbit of the British government in London.
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By ROB HARRIS AP Global Soccer Writer

There will be no goal clips, lineup announcements, banter between clubs or even title celebrations.

Four days of silence across Twitter, Facebook and Instagram by soccer leagues, clubs and players in England began on Friday in a protest against racist abuse that has been adopted more widely.

Such is the anger across the game, it means that if Manchester City clinches the Premier League on Sunday it will not celebrate the title on social media.

WHO IS BOYCOTTING?

There was initially a joint boycott announcement by the English Football Association, English Premier League, English Football League, Women’s Super League, Women’s Championship as well as player, manager and referee bodies, anti-discrimination group Kick It Out, and the Women In Football group. Ahead of the boycott which began at 1400 GMT on Friday through 2259 GMT on Monday, other English sports including cricket, rugby, tennis and horse racing said they would fall silent on social media. FIFA, UEFA and the Premier League’s British broadcasters also said they wouldn’t post online across four days.
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Level : Advanced

By ANDREA RODRÍGUEZ Associated Press

HAVANA (AP) — Raul Castro said he is stepping down as Cuban Communist Party leader, leaving the island without a Castro guiding affairs for the first time in more than six decades and handing control of the party to a younger generation.

The 89-year-old Castro made the announcement in a speech Friday at the opening of the eighth congress of the ruling party, the only one allowed on the island.

“I concluded my task as first secretary … with the satisfaction of having fulfilled (my duty) and confidence in the future of the fatherland,” he said in a typically terse, to-the-point finale that contrasted with the impassioned verbal pyrotechnics of his brother Fidel, who died in 2016.
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Level : Advanced

By ISABEL DEBRE Associated Press

DUBAI, United Arab Emirates (AP) — Middle East economies are recovering from the coronavirus pandemic faster than anticipated, largely due to the acceleration of mass inoculation campaigns and an increase in oil prices. But the International Monetary Fund warned Sunday that an uneven vaccine distribution would derail the region’s rebound, as the prospects of rich and poor countries diverge.
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Read time : 4 mins

Level : Intermediate

By ARITZ PARRA Associated Press

MADRID (AP) — After years of waiting tables, Danae De Vries is one step closer to achieving her lifetime dream of becoming a theater coach.

Ironically, she owes that to the pandemic. It was after last year’s brutal lockdown that shut the Spanish economy down for weeks that the owners of a small restaurant chain in Madrid offered De Vries to cut her weekly work schedule by one day.

Already struggling to make ends meet in a city that has seen rental prices spiral, the 28-year-old was hesitant at first — and then enthusiastic when she was told her wages would remain untouched.
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