Category: Business News

  • A Genius Former Hacker Explains How to Keep Your Business Safe From Cyber Attacks

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    With an IQ of 197, Walter “Scorpion” O’Brien has the fifth highest intelligence in the world. After hacking into NASA on a lark, O’Brien was offered a job as a government contractor solving for high-level cybersecurity risks. Today, the genius hacker is a multimillionaire who continues his work as founder and CEO of Scorpion Computer Services, employing the brightest minds and best communicators around the globe. Entrepreneur Network partners Scott Duffy and Alan Taylor caught up with O’Brien at Cassell’s Hamburgers in Los Angeles where Chef Christian prepares the mouthwatering B’fast Burger. Tune in for simple tips to minimize cyber threats for your small business.

    Related: Betting Big and Crafting a Winning Elevator Pitch with Dan Fleyshman

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    Entrepreneur Network is a premium video network providing entertainment, education and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth and effectively monetize video and audio content distributed across all digital platforms for the business genre.

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  • Bank of England urged to share Brexit plan details

    Nicky MorganImage copyright
    PA

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    Nicky Morgan was appointed Treasury select committee chairwoman earlier this month

    The Bank of England has been urged to share details of how prepared banks and insurance firms are for Brexit.

    Newly-appointed Treasury select committee chairwoman Nicky Morgan demanded the information, in one of her first moves since taking on the role.

    In a letter to the bank’s Prudential Regulatory Authority, she asked for the key risks of a “no deal” scenario.

    Sam Woods, the head of the body, which regulates banks and insurers, has been asked to reply by 2 August.

    “The cliff edge facing businesses in April 2019 is a cause for concern, particularly in the financial services sector,” Ms Morgan said, commenting on the letter.

    In April, the PRA asked all the firms it regulated for a summary of their contingency plans for the UK’s exit from the EU.

    The firms had until 14 July to respond.

    ‘Grateful for details’

    Ms Morgan wrote in the letter that she “would be grateful for some details on the outcome of this exercise”.

    She said there was no need to disclose “any firm-specific information”, but asked whether all firms had responded to the request.

    Ms Morgan also asked for the PRA’s assessment of how prepared the firms it regulated were for a no deal scenario.

    Commenting on her letter, Ms Morgan added: “I have also asked Mr Woods for his views on the desirability and design of a transitional arrangement with the EU, to provide more time to negotiate and prepare for a new UK-EU economic relationship.

    “Getting these arrangements right will be crucial for ensuring that the City retains its pre-eminence as a global financial centre, and to protect the economy and jobs as the UK leaves the EU.”

    Many businesses have expressed fears over a sudden change in rules once the UK leaves the EU.

    Business lobby groups, including the CBI and the British Chambers of Commerce, have pushed for an interim deal to let them trade in the same way post-Brexit.

    Former education secretary Ms Morgan replaced long-running Treasury select committee chairman Andrew Tyrie earlier this month.

  • How ‘centaur teams’ are speeding up drug discovery

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    Getty Images

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    Prof Hopkins likens scientists working with artificial intelligence as “centaur teams”

    Scientists working in tandem with artificial intelligence (AI) could slash the time it takes to develop new drugs – and, crucially, the cost – say tech companies.

    Developing pharmaceutical drugs is a very expensive and time-consuming business. And as AstraZeneca found out last week, disappointing drug trials can knock millions off your stock market value in a flash.

    So the faster we can identify promising molecules that could be turned into viable drugs, the better.

    This is why pharmaceutical companies, such as GlaxoSmithKline (GSK), Merck, Sanofi and Johnson & Johnson, are now turning to artificial intelligence (AI) to help them.

    Prof Andrew Hopkins is chief executive of Exscientia, an AI-based drug discovery firm that has recently signed a £33m deal with GSK.

    He claims that AI and human beings working together in so-called “centaur teams” can help identify candidate molecules in a quarter of the usual time and at a quarter of the cost.

    In Greek mythology, the centaur was half human, half horse – and very powerful and fast as a result. AI is giving scientists such extra powers, Prof Hopkins believes.

    Image copyright
    Getty Images

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    The mythical centaur was fast and powerful – half human, half horse

    Successful drug discovery relies on precise understanding of how a disease affects our biological systems, says Pamela Spence, global life sciences industry leader at consultancy firm EY.

    “Once that is known, scientists then search for molecules that can selectively interact with this ‘target’ and reverse that disruption or slow its impact – a ‘hit’ molecule,” she explains.

    Scientists often talk of a disease as the target and the molecule as a weapon being fired a it.

    But this process of drug discovery – traditionally carried out by small teams of scientists painstakingly testing each potential target and hit molecule in the hope of finding a winner – is an enormously time-consuming approach that also has a very high failure rate.

    So bringing in AI is like having a research assistant who can solve problems by systematic and relentless search at incredible speeds, she says.


    More Technology of Business

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    “What might work – and equally importantly what might not work – can be identified first by the AI supercomputer ‘in silico’,” she says.

    This is the medical term for research carried out by computer, as opposed to “in vitro” – think test tubes – and “in vivo” – testing on animals and humans.

    As carrying out human clinical trials accounts for the vast bulk of drug discovery cost, the sooner we can identify when something isn’t going to work, the less money will be wasted.

    “Then the physical testing can be done on a smaller number of potential new medicines… and a much higher success rate can be achieved,” says Ms Spence.

    Exscientia’s AI algorithm crunches masses of data, from the structure of diseases to the efficacy of existing drugs, from peer-reviewed studies to observations of slides under a microscope.

    Image copyright
    Fisher Studios

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    Prof Andrew Hopkins thinks humans can work more efficiently using artificial intelligence

    And all these possibilities are narrowed down in a process Prof Hopkins likens to natural selection.

    “We’re not trying to rule out the uncertainty – this is messy, dirty data,” he says. “There are very interesting analogies between how human creativity works and evolution.”

    The aim is to come up with small molecules as candidates for up to 10 disease-related targets that can then be put through clinical tests.

    “Every pill you make might cost pence to manufacture, but it’s actually a precision-engineered product,” says Prof Hopkins, who is also chair of medicinal informatics at the UK’s Dundee University.

    “There’s an almost infinite number of other molecules it could have been. You have to make decisions as to what one might be safe and efficacious,” he says. “Most don’t lead to anything.”

    This AI-driven approach also makes it easier to come up with molecules that can have two distinct targets. For example, a cancer drug could also improve the immune system as well as tackle the disease.

    GSK is getting behind the idea and has recently set up a discovery performance unit focused on enhancing drug discovery through the use of “in silico” technology – including AI, machine learning and deep learning.

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    Getty Images

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    AI-designed molecules need to be made and tested in the laboratory

    The drive is being led by John Baldoni, GSK’s head of R&D.

    “We have a number of these deals that we are putting in place; the one with Exscientia is probably the one that’s furthest along, but we have a few others in flow and a few internal projects ourselves,” he says.

    “The cost of discovery from target to launch is roughly $1.7bn [£1.3bn]. The cost of what we’re talking about here, from target to clinic, is about 33% of that, and it takes about five-and-a-half years.

    “Our goal is to reduce that to one year, and reduce the cost commensurate with that.”

    AI is also finding its way into other aspects of the drug discovery process.

    Benevolent AI, for example, uses natural language processing to sift through published literature, such as chemical libraries, medical databases and scientific papers, to draw conclusions about possible new drug candidates.

    Earlier this year, one of its candidates for a drug to treat motor neurone disease – also known as ALS (Amyotrophic Lateral Sclerosis) – was found to prevent the death of motor neurones in cells taken from real patients, and delayed the onset of the disease in animals.

    “We are incredibly encouraged by these findings,” says Benevolent AI founder and chairman Ken Mulvaney.

    Patients should be encouraged, too. AI-based drug discovery promises to bring more effective, cheaper drugs on to the market much more quickly.

    • Follow Technology of Business editor Matthew Wall on Twitter and Facebook

  • Flipkart-Snapdeal mega-deal collapses – BBC News

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    A deal between India’s two biggest e-commerce businesses has collapsed.

    Market leader Flipkart offered $850m (£648m) for rival Snapdeal earlier this month, and the sale had been expected to go through.

    But Snapdeal said it had now decided to pursue “an independent path” and was ending talks.

    With Amazon aggressively getting into the Indian market, it was widely thought only one of the two big local players would survive.

    While discussions had been going on for months, it is thought Snapdeal’s co-founders, Kunal Bahl and Rohit Bansal, had been opposed to the idea of selling out to their arch-rival.

    Softbank, one of Snapdeal’s main investors, said it respected the decision, saying that “supporting entrepreneurs and their vision and aspirations” was at the heart of its investment philosophy.


    Analysis: Sameer Hashmi, India business reporter, Mumbai

    This was tipped to be a blockbuster deal, had it gone through.

    Apart from the founders, who were against the deal right from the start, the Snapdeal board was hesitant to accept some of the terms and conditions put forward by Flipkart.

    And then last week, Snapdeal sold its mobile payments business for $60m, which gave it financial ammunition to bat off the sale for now.

    The company now plans to curtail operations and restructure its business to stay afloat. But it still faces a huge task going ahead.

    Even though India is one of the fastest growing markets for e-commerce, online retailers have been struggling to make profits.

    Due to tough competition, e-commerce firms have been offering massive discounts to attract customers – making it difficult for them to make money.

    Amazon, too, has been using its deep pockets to pursue an aggressive strategy in India, which is piling more pressure on Indian firms.

    And that’s why many analysts believe that Flipkart and Snapdeal will have to come together at some stage to take on Amazon in this market.


    India is the among the world’s fastest growing e-commerce markets, driven by the rise of affordable smartphones as well as the sheer volume of people getting internet access.

    According to a report by Kleiner Perkins Caufield Byers, the number of internet users in India has climbed by 40% over the past year to about 355 million.

    The same report suggested Amazon India would become the dominant firm in the market because of its investment in the country.

  • France and Italy in row over shipyard

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    Getty Images

    The French and Italian governments remain at odds over the ownership of France’s biggest shipyard.

    Last week, the French government nationalised the STX France shipyard at Saint-Nazaire on the Atlantic coast to prevent a majority stake being taken by an Italian company.

    The French government said it was seeking to defend France’s strategic interests by retaining a 50% stake.

    The French finance minister will resume talks on the deal in Rome on Tuesday.

    The shipyard is the only one in France big enough to build aircraft carriers, and it also builds other large warships and cruise ships. The world’s biggest cruise ship, Harmony of the Seas, was built there.

    It was put up for sale after its biggest shareholder, the South Korean conglomerate STX, collapsed last year. The French government owned the remainder of the shares in the shipyard.

    Italian shipbuilder Fincantieri and another Italian investor subsequently reached an agreement to buy a majority stake in the shipyard.

    ‘Best conditions’

    However, last week Finance Minister Bruno Le Maire announced that France had exercised a “pre-emption” right to buy back the stake from the Italians.

    He said the reason was to protect France’s strategic interests in matters of naval construction.

    France proposed a 50-50 ownership deal with Italian state-owned Fincantieri, but the company rejected the idea.

    However, Mr Le Maire said the proposition, which would allow France’s strategic interests to be preserved, remained on the table.

    He said he would travel to Rome on Tuesday to discuss it with Italian government ministers.

    In a statement, Mr Le Maire said the decision to nationalise the Saint-Nazaire shipyard was only temporary. However, the move gave France time to negotiate the “best conditions possible” for the participation of Fincantieri in the shipyard, he added.

    Italy has hit back against the French decision to prevent Fincantieri taking a majority stake. In a joint statement, Economy Minister Pier Carlo Padoan and Industry Minister Carlo Calenda said: “Nationalism and protectionism are not an acceptable basis for establishing relations between two great European countries.

    “To work on joint projects you need reciprocal trust and respect.”

  • Kids Company ex-directors facing bans

    Camila BatmanghelidjhImage copyright
    Getty Images

    Business Secretary Greg Clark is to bring proceedings against former directors of the collapsed charity Kids Company charity to have them banned from company directorships.

    The Insolvency Service names former chief executive Camila Batmanghelidjh, Alan Yentob and seven others.

    Kids Company – which provided support to deprived and vulnerable children – closed down in August 2015 following allegations of mismanagement.

    The bans would be for up to six years.

    The list of nine directors includes Mr Yentob, who was creative director at the BBC at the time of the charity’s collapse.

    The proceedings name all nine former directors; Sunetra Devi Atkinson, Erica Jane Bolton, Richard Gordonn Handover, Vincent Gerald O’Brien, Francesca Mary Robinson, Jane Tyler, Andrew Webster and Alan Yentob,” said the Insolvency Service statement.

    “The former chief executive Camila Batmanghelidjh was not formally a director at the time the charity collapsed. However, the proceedings will allege that she acted as a de facto director and should therefore also be disqualified from running or controlling other companies.”

    “We can confirm that the Insolvency Service has written to the former directors of Keeping Kids Company informing them that the Business Secretary intends to bring proceedings to have them disqualified from running or controlling companies for periods of between two-and-a-half and six years.

    “As this matter will now be tested in the Court, it is not appropriate to comment further.”

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    Getty Images

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    Former Prime Minister David Cameron supported Kids Company

    Founded in 1996 in south London, Kids Company employed more than 600 people, with high-profile supporters including former Prime Minister David Cameron.

    The charity relied heavily on public money. In its last set of published accounts, for 2013, the government provided £4m, about one-fifth of its annual £20m funding.

    When it closed in August 2015, the charity said its finances had become stretched because of the number of children “pouring” through its doors for help. But donors had been steadily withdrawing support, alarmed by stories of alleged mismanagement.

    Earlier that summer, the charity had said it wanted to restructure and had sought new funds from the government and donors.

    But it closed, with ministers saying they wanted to recover a £3m grant they had given to the charity a week before.


    Kids Company troubles timeline

    June 2015: Local authorities in London are warned the charity is having financial difficulties

    29 June: Ministers Oliver Letwin and Matthew Hancock approve a £3m government grant despite concerns being raised

    2 July: It emerges the charity has been told it will not get more public funding unless its chief executive, Ms Batmanghelidjh, is replaced

    3 July: Ms Batmanghelidjh announces she is to step down, but denies the charity has been mismanaged

    31 July: The BBC learns an investigation into allegations involving Kids Company has been launched by the Metropolitan Police

    4 August: Sources tell BBC Newsnight the charity is to close and the Cabinet Office is to try to reclaim the £3m

    5 August: The charity confirms it has closed

    6 August: Former staff allege it failed in its handling of allegations of serious incidents, including sexual assaults

    7 August: David Cameron says the closure is “sad” but defends the £3m grant

    14 October: Documents suggest the problems at Kids Company were raised with trustees as early as 2002

    15 October: Ms Batmanghelidjh and chairman Alan Yentob give evidence to MPs and again deny the charity was badly run

    3 December: Mr Yentob resigns as the BBC’s creative director in the wake of controversy over his role at Kids Company

    28 January 2016: The Met Police investigation into allegations of abuse is closed

    24 April 2017: The Insolvency Service reported to have written to lawyers acting for Kids Company’s former board members to warn them that it is minded to pursue disqualification proceedings against them

    31 July 2017: The Insolvency Service announces it plans to bring proceedings against former directors of the collapsed charity


  • Discovery to buy Scripps in $14.6bn deal

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    Getty Images

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    Discovery channels include Animal Planet and Eurosport

    Discovery Communications, owner of the Discovery Channel and Animal Planet, is buying Scripps Networks for $14.6bn (£11.1bn) in a deal that combines two major US television companies.

    Scripps’ channels include the Food Network and Travel Channel. The two companies are estimated to have 20% of ad-supported TV viewership in the US

    The two said the deal would enable them to compete better with online options.

    Firms such as Amazon and Netflix are increasing competition in the sector.

    Discovery and Scripps are also grappling with changing models of distribution, as cable companies respond to falling subscriber numbers with their own online platforms and less expensive packages with fewer channels.

    “We believe that by coming together with Scripps, we will create a stronger, more flexible and more dynamic media company with a global content engine that can be fully optimised and monetised across our combined networks, products and services in every country around the world,” said Discovery chief executive David Zaslav.

    The offer values Scripps stock at $90 per share, 34% higher than the price when reports of the deal first circulated earlier this month. The $14.6bn deal includes Discovery’s assumption of $2.7bn in Scripps debt.

    The companies said they expect to make $350m in savings through the combination, which is subject to regulatory review. The deal is expected to be completed by early 2018.

    Long-term prospects

    Discovery’s channels also include Science, Turbo/Velocity and Eurosport. The company, which has its headquarters near Washington, DC, employed about 7,000 people at the end of 2016.

    Scripps, based in Tennessee, owns international ventures such as UKTV, a commercial joint venture with BBC Worldwide and TVN, a premiere multi-platform provider of entertainment, lifestyle and news content in Poland.

    Reports of a possible merger started circulating earlier this month, pushing up share values of both companies.

    Scripps shares held steady after the firms announced the deal on Monday, rising 0.7% in opening trade. Shares of Discovery, which also reported quarterly earnings, fell nearly 7%.

    Analysts at research firm Moffett Nathanson said the deal could lead to some benefits, but was unlikely to change the long-term challenges faced by the two firms.

    “While there will likely be ample cost synergies, international revenue opportunities and improved relative scale, we don’t think this merger will fundamentally alter the long-term prospects of these companies.”

  • Arsenal owner Kroenke’s hunting TV app sparks protests

    Two hunters by dead lionImage copyright
    MOTV

    It’s a typical example of the kind of footage that has prompted furious reactions from animal lovers.

    As two Americans shouldering their guns make their way through the African bush, the emphasis is on relishing the risk and talking up the danger.

    “It’s not a game. These are big powerful cats. They wouldn’t think anything of taking out a human.”

    Scenes like these, plus rather tamer bird-shooting and fishing footage, can now be seen in the UK via a new app.

    US billionaire Stan Kroenke, owner of Arsenal football club, is taking his online hunting channel, MOTV, to an international audience.

    The app will soon be marketed in English-speaking countries around the world including Australia, New Zealand and South Africa.

    But Arsenal fans and animal welfare groups are outraged, with some calling for a boycott of the football club.

    Finally, after “days and days of boredom”, the Americans do track down and kill one of the “big five”.

    “You gotta get over here!” They slap shoulders and congratulate themselves on a “quick, clean, humane” shot.

    “We have us an African lion.”

    Other videos on the site are more upsetting with animals that have been shot with bows and arrows limping for some time before they die.

    Huntin’, shootin’, fishin’

    Big game hunting is a small, though eye-catching proportion of MOTV’s content.

    In the US, where the app launched last year, the majority of the films are of white tail hunting and other typical North American quarries.

    The aim is to localise content to appeal to national audiences, said Simon Barr, speaking for Outdoor Sportsman Group, the company behind the app.

    Image copyright
    MOTV

    Image caption

    Less dramatic content focuses on fishing

    “There will be fishing, shooting, hunting that’s relevant to the UK, so deer-stalking in Scotland, for example.

    “There’ll be some pheasant-shooting on there. There’ll be salmon fishing, fishing on the coasts.”

    The platform also hosts cookery shows to show how to prepare wild game meat, with plans to work with UK-based chefs in the pipeline.

    Higher standards

    Stan Kroenke, the sports and entertainment billionaire who controls Arsenal Football Club, owns the company behind the new web channel, a small part of his huge Colorado-based sporting empire, Kroenke Sports & Entertainment.

    But the channel, which is available as a paid-for subscription, has met with a critical reaction following its UK launch, as animal rights charities oppose what they say is a “cruel” pastime and question whether people will want to watch.

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    MOTV

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    Most of the films are of North American hunts

    Mr Barr said objections were misplaced given that hunting videos were already widely available on the internet already and that MOTV would promote higher standards.

    “It’s guaranteed any hunting that’s on there will have be done in an ethical, fair-chase way and it will have been done legally,” he said.

    ‘Own goal’

    But animal welfare group the League Against Cruel Sports is sceptical.

    “We think Mr Kroenke is out of touch with the way most people are thinking,” said Chris Pitt, deputy director of policy campaigns and communications.

    “We’re not in the old days when hunters went out to bag an elephant and put its head on the wall.

    “So for someone in a position like Mr Kroenke to launch a channel that’s so out of touch with what people want is an own goal to say the least.

    “The reality of trophy hunting is that a lot, if not most, of these animals will not be killed cleanly, they will suffer long painful deaths – and so on the welfare argument alone, hunting like this should be banned.”

    Conservation funding

    Some of the contributors to the channel promote themselves as conservationists, tapping into a highly contentious debate around whether it is ethical and effective to raise money to protect wildlife by charging high fees for trophy hunting.

    “Hunting adds very good dollars into conservation and it is an absolute driver for keeping some of these endangered species alive and that’s very, very important,” said Mr Barr.

    The wildlife charity WWF said it accepted trophy hunting “in a very limited number of contexts where it is culturally appropriate, legal and effectively regulated. It must also demonstrate clear conservation and community benefits.”

    Chris Pitt of the League Against Cruel Sports rejects the argument that it raises significant amounts of money for conservation.

    “That’s what they’ve been saying for years, but more and more studies show that’s not actually what’s happening,” he said.

  • FTSE 100 bolstered by shares in utilities

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    Shares in utility firms Severn Trent and United Utilities were the top risers on the FTSE 100 after RBC lifted its rating on both firms to “outperform”.

    Severn Trent climbed 4.09% while Severn Trent gained 2.98%.

    The benchmark FTSE 100 index closed flat at 7,372.00, edging up by just 3.63 points.

    HSBC lost some of its earlier gains but still ended the day 1.8% higher, following a rise in half year profits.

    The bank reported a 5% increase in profits to $10.2bn (£7.8bn) and announced a share buyback of up to $2bn.

    Cigarette companies remained under pressure following Friday’s news that the US Food and Drug Administration was considering cutting the level of nicotine in cigarettes.

    Shares in Imperial Brands ended the day 5.9% lower and British American Tobacco dropped 4.97%, making them the two worst performers on the index.

    On the currency markets, the pound gained 0.43% against the dollar to $1.3191 and edged down by 0.15% against the euro to 1.1163 euros.

  • In debt with cancer: Is your bank listening?

    Tracy JamesonImage copyright
    Macmillan

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    Tracy Jameson was diagnosed with ovarian cancer last year

    Some cancer sufferers who phone the Macmillan support line want to talk about death, and the process of dying.

    But for 25 times as many patients, it’s not their health they want to discuss.

    It’s their finances.

    Macmillan’s research shows that most cancer sufferers are nearly £7,000 a year worse off because of the disease.

    Many go overdrawn, or into debt. Some have even become homeless.

    Banks meanwhile are being accused of doing very little to help such patients in their hour of need.

    But now Lloyds Banking Group has decided to act. This week it begin offering some practical financial help.

    ‘I used up my braveness’

    Tracy Jameson was forced to give up her job as an assistant head teacher in Oxford, after she was diagnosed with ovarian cancer last year.

    After six months of sick leave, she went on to half pay.

    As a single mother, her finances were stretched to the limit, and she used up all her £2,500 overdraft.

    “I was having to take unexpected transport; suddenly none of my clothes fitted. Everything was literally falling off me because I had lost so much weight,” she told the BBC.

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    Lloyds Bank

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    Tracy Jameson appears in a television advert, promoting the new service

    On occasions, money matters took a back seat.

    “I found that I used all of my braveness to face the cancer treatment. If I needed to buy cat food, I needed to buy cat food. If I needed to buy cordial, because that’s what I felt like, then I bought it.”

    Loan holidays

    Lloyds already has what it calls its “Moments of Truth” team, which helps customers suffering from a bereavement or other personal issues.

    Members of the team have now been trained by Macmillan Cancer Support to deal with cancer patients as well.

    By the end of the year there will be 100 such staff, based in call centres in Newport, Leeds and Dunfermline.

    They have the power to refund charges and fees on current accounts, give budgetary help to customers, and organise repayment holidays on loans and mortgages.

    Those banking with Halifax or Bank of Scotland are also eligible.

    “We can give them a two-month holiday break on loan payments; mortgage payments similarly,” says Lee Jones, who runs the bank’s team in South Wales.

    “We can look at what works for the customer.”

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    Customers of Halifax and Bank of Scotland can also access the service

    In Tracy’s case they offered her a mortgage holiday, and refunded all banking charges for six months. They also used her in a television advertisement to promote the service.

    Tracy’s view of banks has changed as a result: “Banks are your financial partners; they are not your adversary.”


    How to contact Lloyds cancer support team

    • Go into a branch and ask staff to contact the cancer support team
    • Call the team directly on 0800 015 0016 between 9am and 5pm on weekdays
    • Call Macmillan Support on 0808 808 0000 and ask them to refer you

    The move by Lloyds follows an example set by the much smaller Nationwide Building Society two years ago.

    Since then it has dealt with nearly 2,000 cancer patients or their carers.

    Many face extra expenses because of travelling to hospital, or having to give up work.

    Like Lloyds, it can refund charges, and offer payment holidays.

    “With cancer we are often looking at short-term measures, to try and get people through a particular period of treatment,” says Mandy Griffin, director of membership at Nationwide.

    “It could be they’re having chemotherapy; it could be they are unable to work for a period; so a payment holiday is ideal in those circumstances.”


    Top Tips

    • Make a list of income and outgoings to help you budget (see calculator at end of article)
    • If working, ask your employer when your sick pay will end
    • If you are not well enough you can get a friend or partner to call the bank for you – as account holder you will have to authorise this with your bank first
    • Check your benefits entitlement (see links at end of article)
    • You may be eligible for grants, especially with energy and housing – Macmillan provides small grants to those with minimal savings

    Image copyright
    Getty Images

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    The move by Lloyds follows an example set by the much smaller Nationwide Building Society two years ago

    ‘One in two’

    While Macmillan has welcomed the move by Lloyds and Nationwide, it believes there has not been enough progress in the banking industry as a whole.

    It is asking the regulator, the Financial Conduct Authority (FCA), to impose a “duty of care” on the banks, to force them to do more.

    “I’d like to see the whole banking sector take a look at the work we’re doing with Lloyds and Nationwide, and actually see the difference that it is making, day in and day out, to vulnerable customers,” says Dr Fran Woodard, an executive director at Macmillan.

    So will other banks follow suit?

    UK Finance, which represents the High Street banks, said its members were keen to respond to individuals’ circumstances and needs “sympathetically and positively”.

    However, no other bank has announced plans for anything similar.

    But given that Lloyds has some 25 million customers, it is a challenge that rivals may not want to ignore.

    After all, one in two people born since 1960 is likely to get cancer at some time in their lives.

    A year on from her diagnosis, Tracy is doing OK, but will not be able to return to teaching.

    “While you weren’t looking, cancer has bulldozed the rest of your life,” she says.


    This story has been updated, in the light of further information

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