‘Finances are getting tighter’: US car repossessions surge as more Americans default on auto loans

Alarm bells are ringing on Wall Street. The recent collapses of Tricolor, a used car seller and sub-prime auto lender, and First Brands, an auto parts supplier, have put the finance industry on edge, almost two decades after problems in the sub-prime mortgage lending market set the stage for the global financial crisis.“When you see one cockroach, there are probably more,” Jamie Dimon, the JPMorgan Chase CEO, ominously cautioned analysts this week, after the US’s largest bank disclosed a $170m charge tied to Tricolor’s bankruptcy. “Everyone should be forewarned on this one.”As the car lending market shows signs of strain, business around repossessions is booming

Ferrari cuts number of cars it sends to UK after non-dom tax status scrapped

Ferrari has cut the number of cars it sells in the UK as wealthy individuals relocate overseas after tax changes and the abolition of non-dom status.The Italian luxury carmaker reportedly began limiting the number of vehicles it exported to the UK about six months ago, in an attempt to stop a decline in their residual value.Benedetto Vigna, the chief executive of the carmaker, said that Ferrari had seen a “stabilisation” in sales after its decision to reduce the number of vehicles it allocated to the UK.“Some people are getting out of that country for tax reasons,” he told the Financial Times, adding that taxes were not the only reason for the fall in residual values. “There are many different factors

Banks need stricter controls to prevent romance fraud, says City regulator

The City regulator has called on banks and payment firms to bring in stricter controls protecting customers from romance fraud after a study showed a number of missed “red flags” that led to people losing huge sums of money.The review by the Financial Conduct Authority (FCA) highlighted one case where someone lost £428,000, another where a customer made 403 payments totalling £72,000 to a fraudster and a case where someone wanted money to transfer cryptocurrency to their “partner” in Iraq.Romance scams, where criminals try to build emotional connections with victims before defrauding them, have been growing in scale and complexity in recent years.Figures from the City of London police put the loss from romance fraud at £106m last year, although the FCA says the real figure is much higher as many people do not report the crime owing to feelings of shame and stigma.The FCA review of six banks and payment firms looked at how they detect and prevent romance fraud and found large disparities in how victims of fraud were treated

Launch of veteran card will be used to test UK government’s digital ID scheme

Former military personnel will be used to test and refine the government’s divisive digital ID scheme from Friday, when ministers make a smartphone-based veteran card available to 1.8 million people.The proof of service, which in its current physical version gives access to charities, retail discounts and certain public services, will be the first of a series of official credentials the government wants to let people carry in a government app.Digital driving licences will be in development by the end of this year and by the end of 2027, digital versions of every government-issued credential – including disclosure and barring checks – will be offered for voluntary use, officials said. Keir Starmer wants to make carrying a digital ID mandatory for anyone wanting or needing to prove their right to work in the UK by the end of this parliament

York and Toulouse complete 14-team Super League as London Broncos miss out

York Knights and Toulouse Olympique have won the three-way battle to snare the final two places in next season’s expanded Super League, with the newly invigorated London Broncos missing the cut.As Championship Grand Final winners, Toulouse occupied 13th place in the list of club gradings announced on Thursday, while York, as regular season winners, were rewarded for securing 14th. Nonetheless, with on-field performance only one criterion in the decision, made by a panel chaired by the Rugby Football League nonexecutive director Lord Caine, the Broncos will be disappointed to have lost out.The 14-team lineup is now complete, with the former champions Bradford having already secured a return to the Super League for the first time in more than a decade in 2026 when it was announced they had jumped to 10th place in the IMG club gradings announced on Thursday.Bradford replace Salford in next season’s top flight, with the top 12 clubs in the gradings automatically guaranteed Super League status

Most athletes have chosen to ‘shut up and dribble’ over Gaza | Nathan Kalman-Lamb and Derek Silva

“I will not just shut up and dribble… I get to sit up here and talk about what’s really important.” So proclaimed LeBron James in 2018 when confronted with the question of whether athletes have the right to speak about the political and social justice questions of their time.Yet since 7 October 2023, elite athletes in North America have had startlingly little to say about what most human rights groups in the world, the International Association of Genocide Scholars, and the United Nations have characterized as Israel’s genocide in Gaza (a situation currently in flux due to a mutually agreed upon ceasefire and prisoner exchange).To be sure, there have been some exceptions, including the righteously incandescent commentary of the WNBA’s Natasha Cloud, the organizing of Athletes for Ceasefire, Olympic medalist Moh Ahmed’s decision to sign a letter opposing Israel’s involvement in Davis Cup tennis, some oblique references from the NBA’s Kyrie Irving and Jaylen Brown, a symbolic gesture from NFLer Azeez Al-Shaair, and the recent decision of Canadian cyclist Derek Gee to end a contract with an Israeli-affiliated team.In fact, the most significant moment in North American sport may not come from an athlete at all, but, rather, a courageous dancer at the Super Bowl half-time show in 2024