Financial Times - May 28

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports.

Headlines – UK fraud blight prompts calls for protection for consumers – BBVA-Sabadell to be scrutinized by the Spanish cabinet – UK bioethanol plants face closure following Trump trade deal – IMF gives Rachel Reeves cover to ’refine’ UK fiscal rules – ECB hawk asks for a rate cut pause to September amid trade tensions

Overview - The UK financial sector experienced a record 3,31 million frauds in 2024. This was up 12% from the previous year, according to figures released by industry body UK Finance on Wednesday. Criminals reacted to attempts to combat sophisticated scams with a flurry of high-volume attacks. Economy Minister said that the Spanish government would examine BBVA’s hostile takeover bid for Sabadell. This is a rare move, which could require the bank to agree to additional conditions before their bid can be approved. Industry has warned that the UK's two bioethanol plants could be shut down after the government agreed on eliminating tariffs on ethanol imported from the United States in its new trade agreement with America. In its regular assessment of Britain's economy, the International Monetary Fund increased its growth projection for this year. It also urged Finance Minister Rachel Reeves not to abandon her plans to reduce public borrowing. Robert Holzmann, Austrian Central Bank Governor, said that the European Central Bank's interest rate reductions should be halted until September at least. He warned, "we should keep out powder dry", given the simmering EU/US trade war.

(source: Reuters)