Banking Troubles - Business Outrank

Today, thousands of UK customers faced online banking troubles as several banks faced internet and mobile services issues. The problems affected Lloyds and its Halifax and Bank of Scotland divisions, as well as Nationwide, First Direct, and TSB, which left users unable to access their accounts. By the end of the day, only TSB remained affected, and five of the affected services had been restored. Customers weren’t very happy about the disruptions, some were worried about the effects of delayed transactions and payments. Meanwhile, stock markets turned turbulent owing to escalating trade war fears. Overnight, markets in the Asia-Pacific region were heavy losses, which eroded investor confidence. However, the UK’s FTSE 100 remained resilient and gained 0.6%. Analysts think that Britain might not face new US tariffs and could actually get a better trade deal with Washington. Investors are worried about tariffs on imports from China, Canada, and Mexico. However, a recent rise in imports suggests that businesses may be stocking up on goods in the event of possible trade restrictions. One reason January's US trade deficit widened is that companies were rushing to secure raw materials, components, and finished products before tariff hikes took effect. The news wasn’t all bad, though; the US PCE inflation index declined slightly, which should be welcomed by financial markets. However, the UK’s banking woes show that the world is increasingly dependent on digital banking and the problems that can occur when digital channels are disrupted.

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