
-
Japan's Nikkei leads big losses in Asian markets as gold hits record
-
Rescue hopes fading three days after deadly Myanmar quake
-
'Basketbrawl' as seven ejected in Pistons-Wolves clash
-
Four men loom large in Microsoft history
-
Computer pioneer Microsoft turns 50 in the age of AI
-
Trump calls out both Putin and Zelensky over ceasefire talks
-
Kim Hyo-joo tops Vu in playoff to win LPGA Ford Championship
-
Economy and especially Trump: Canadians' thoughts on campaigns
-
Liberal PM Carney takes lead four weeks before Canada vote
-
SpaceX to launch private astronauts on first crewed polar orbit
-
Australia open door for Kerr's return as Matildas captain
-
The Premier League's unlikely pretenders to Champions League riches
-
Mitchell magic as Cavs down Clippers to bag 60th win
-
Caps' Ovechkin scores 890th goal, five shy of Gretzky's NHL record
-
Storied but sickly, historic W.House magnolia to come down
-
Lee holds off Scheffler to clinch maiden PGA win at Houston Open
-
Musk money overshadows Wisconsin court vote
-
Napoli beat Milan to stay on heels of Serie A leaders Inter
-
Bagnaia ends Marc Marquez run with 'fantastic' USA MotoGP success
-
Bagnaia wins USA MotoGP after Marc Marquez crash
-
Starc, Rana shine as Delhi and Rajasthan register IPL wins
-
Aftershocks rattle Myanmar as rescuers search for survivors
-
Dortmund beat Mainz to keep Champions League hopes alive
-
Rana, Hasaranga help Rajasthan to first season win in IPL
-
Inter six points clear in Serie A after squeezing past Udinese
-
What we know about Syria's new government
-
Dortmund beat Mainz to keep European hopes alive
-
Marmoush fires Man City into FA Cup semis after Haaland limps off
-
'Working Man' tops N.America box office as 'Snow White' ticket sales melt
-
Ajax down rivals PSV and close in on Eredivisie title
-
Trump says 'very angry' with Putin over Ukraine
-
Barca restore Liga lead in Girona romp
-
Pedersen joins elite company with third Gent-Wevelgem win
-
Trump says 'very angry' with Putin over Ukraine: NBC
-
Mads Pedersen claims Gent-Wevelgem for third time
-
Rashford double fires Villa into FA Cup semis
-
Convalescing pope says illness is universal as misses another Angelus
-
Starc bags five as Delhi beat Hyderabad in IPL
-
European orbital rocket crashes after launch
-
Chacarra claims Indian Open for first DP World Tour win
-
Sudan paramilitary chief admits withdrawal from capital
-
Argentina win first Hong Kong Sevens to mark new era at $3.85bn stadium
-
Netanyahu offers Hamas leaders Gaza exit but demands group disarm
-
Prince Harry charity rift blows up as chair makes fresh allegations
-
Arsenal appoint Berta as sporting director
-
Roglic claims Tour of Catalonia triumph with solo stage seven win
-
Myanmar junta accused of air strike even after quake
-
RB Leipzig fire coach Rose with top-four in doubt
-
RSF paramilitary chief admits forces withdrew from Sudan capital
-
Ito injury adds to Bayern's defensive woes

The UK car loan scandal that could cost banks billions
Banks may have to pay out tens of billions of pounds if the British Supreme Court upholds a judgment ruling controversial car loans are unlawful, in a case beginning in April.
These loans incentivised car dealers to offer higher interest rates in return for a higher commission, without sufficiently informing borrowers.
Consumer association Which! estimated that millions of drivers would become eligible for compensation if the UK's highest judicial authority sides with borrowers.
The government, however, sought to intervene in the case amid concerns over the economic fallout.
"Such a substantial sum could limit banks' ability and willingness to lend and provide credit at a time when the economic outlook remains uncertain," said AJ Bell investment director Russ Mould.
"This may be why the government is seeking to intervene," he added.
Marcus Johnson is one of the claimants whose case is under consideration by the Supreme Court.
He took out a loan in 2017 when he bought a Suzuki Swift from a car dealer in Cardiff, Wales for £6,500 ($8,400) -- unaware that interest paid on the loan would fund a commission of over £1,600.
The Court of Appeal in October ruled in favour of Johnson, ordering South African lender FirstRand Bank to refund the commission plus interest -- sparking panic across the finance sector.
Now, the Supreme Court will hear his case on April 1, along with another similar case against FirstRand and one against British bank Close Brothers.
If the court sides with borrowers after the three-day hearing, it will set a precedent for similar cases across the country, potentially triggering billions in compensation.
"In each of these three linked appeals, the claimants were financially unsophisticated consumers on relatively low incomes," the Supreme Court said in its case summary.
It has rejected the government's attempt to intervene.
- £44 billion -
In preparation for the ruling, British banks have set aside considerable sums, including Lloyds Bank, which has earmarked nearly £1.2 billion.
Which! estimated it could cost banks up to £16 billion, while other analysts expect the sums to be higher, with those at HSBC suggesting it could hit £44 billion.
That "would put it on a similar scale to the payment protection insurance (PPI) scandal, where the major UK high street lenders reportedly paid out some £45 billion to £50 billion between them," said Mould.
The Financial Conduct Authority banned undisclosed commissions in 2021 and launched a separate investigation into the practice early last year.
The financial watchdog plans to wait for the Supreme Court ruling before deciding whether to start a programme for automatic compensation.
"Even if the Supreme Court upholds the Court of Appeal judgement, it could act to limit and reduce any compensation payments, and that could well represent the best-case scenario for the lenders," Mould added.
P.M.Smith--AMWN