amex global business travel government of canada

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American Express GBT fills senior sales role for Canada

Post date: Jan 9 2020

Date: Jan 9 2020

By: Travelweek Group

TORONTO — American Express Global Business Travel (GBT) has welcomed Chris Lewis to the role of Head of Sales and New Business Development for Canada.

With extensive experience in the corporate travel industry, Lewis will be responsible for leading the GBT Canada sales team, developing new business opportunities and creating customized corporate travel solutions for customers. He will report directly to Patrick Doyle, Vice President & General Manager for GBT in Canada.

Prior to his new role, Lewis spent 24 years at Hogg Robinson Group (HRG) where he last served as Director of Strategic Account Management. HRG was acquired by GBT in July 2018.

Said Doyle: “GBT seeks out extraordinary talent with a passion for serving as strategic and trusted advisors to our clients and colleagues alike. As such, I am proud to welcome Chris to the team. A well-regarded sales executive, he brings demonstrated business travel industry experience to the team.”

Tags: Amex GBT, Lead Story, New Hire

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American express global business travel reports strong q2 2024 financial results and raises 2024 free cash flow guidance.

NEW YORK, August 06, 2024 --( BUSINESS WIRE )--American Express Global Business Travel, which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) ("Amex GBT" or the "Company"), a leading B2B software and services company for travel, expense, and meetings & events, today announced financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Highlights

Delivered Strong Financial Results

Revenue grew 6% year over year to $625 million.

Adjusted EBITDA grew 20% year over year to $127 million.

Strong Free Cash Flow generation of $49 million, representing growth of 148% year over year.

Controlled Costs & Drove Operating Leverage

2% Adjusted Operating Expense growth versus 6% revenue growth.

Operating leverage drove Adjusted EBITDA margin expansion of 240bps year over year.

Raised Free Cash Flow Guidance

Raised full-year 2024 Free Cash Flow Guidance to >$130 million (up from >$100 million).

Reiterated full-year 2024 revenue and Adjusted EBITDA guidance.

Lowered Interest Costs and Extended Debt Maturities

Lowered leverage ratio to 2.0x from 2.2x in the first quarter and 3.5x a year ago 1 .

July refinancing significantly lowers interest costs, extends maturities on all debt until 2031 and increases liquidity.

Continued Share Gains on a Strong Foundation

LTM Total New Wins Value of $3.3 billion, including $2.0 billion from SME.

97% LTM customer retention rate.

Paul Abbott, Amex GBT’s Chief Executive Officer, stated: "In the second quarter, we delivered strong Adjusted EBITDA growth, significant margin expansion and accelerated Free Cash Flow, and with our recent debt refinancing, we significantly lowered interest costs. We have a solid foundation with increasingly strong customer retention, and we continue to gain share while controlling costs. This puts us well on track to deliver against our full-year revenue and Adjusted EBITDA guidance and raise our full-year Free Cash Flow guidance."

Second Quarter 2024 Financial Summary

Second Quarter 2024 Financial Highlights (Changes compared to prior year period unless otherwise noted)

Revenue of $625 million increased $33 million, or 6%. Within this, Travel Revenue increased $27 million, or 6%, primarily due to 4% Transaction Growth and 5% TTV growth. Product and Professional Services Revenue increased $6 million, or 5%, primarily due to increased management fees and increased consulting and other professional services revenues. Revenue Yield of 8.1% was flat year over year.

Total operating expenses of $583 million decreased $7 million, or 1%. Continued investments in technology and content and increased cost of revenue to support Transaction Growth were offset by lower general & administrative and sales & marketing costs due to cost savings initiatives, including productivity improvements driven by artificial intelligence initiatives, in addition to decreased restructuring charges.

Adjusted Operating Expenses of $498 million increased $12 million, or 2%.

Net income was $27 million, an improvement of $82 million versus net loss of $55 million in the same period in 2023, primarily due to improvement in operating leverage from higher revenue, favorable fair value movements on earnout derivative liabilities, lower interest expense and benefit from income taxes.

Adjusted EBITDA of $127 million increased $21 million, or 20%. Revenue growth and operating leverage resulted in Adjusted EBITDA margin expansion of 240bps to 20%.

Net cash from operating activities totaled $73 million, an improvement of $27 million, or 57%, due to favorable net change in working capital, including benefit from the Egencia working capital optimization actions.

Free Cash Flow totaled $49 million, an improvement of $30 million, or 148%, due to the increase in net cash from operating activities and decreased use of cash for the purchase of property and equipment.

Net Debt: As of June 30, 2024, total debt, net of unamortized debt discount and debt issuance cost was $1,365 million, compared to $1,362 million as of December 31, 2023. Net Debt was $850 million as of June 30, 2024, compared to $886 million as of December 31, 2023. Leverage ratio was 2.0x as of June 30, 2024, down from 2.3x as of December 31, 2023. The cash balance was $515 million as of June 30, 2024, compared to $476 million as of December 31, 2023.

Raising Full-Year 2024 Free Cash Flow Guidance

Karen Williams, Amex GBT's Chief Financial Officer, stated: "In the second quarter, we continued to deliver strong Adjusted EBITDA growth with margin expansion and accelerated cash flow generation, all while investing to drive long-term, sustained growth. Our recent debt refinancing further strengthened our financial position, lowered interest costs, extending debt maturities to 2031 and increased liquidity with an upsized revolver. We remain confident that our focus on productivity and margin expansion will drive full-year Adjusted EBITDA growth between 18% and 32%, and expect Free Cash Flow generation in excess of $130 million in 2024."

The guidance below does not incorporate the impact of the previously announced CWT acquisition, which is expected to close in the first quarter of 2025.

Please refer to the section below titled "Reconciliation of Full-Year 2024 Adjusted EBITDA and Free Cash Flow Guidance" for a description of certain assumptions and risks associated with this guidance and reconciliation to GAAP.

Webcast Information

Amex GBT will host its second quarter 2024 investor conference call today at 9:00 a.m. E.T. The live webcast and accompanying slide presentation can be accessed on the Amex GBT Investor Relations website at investors.amexglobalbusinesstravel.com . A replay of the event will be available on the website for at least 90 days following the event.

Glossary of Terms

See the "Glossary of Terms" for the definitions of certain terms used within this press release.

Non-GAAP Financial Measures

The Company refers to certain financial measures that are not recognized under GAAP in this press release, including EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Expenses, Free Cash Flow and Net Debt. See "Non-GAAP Financial Measures" below for an explanation of these non-GAAP financial measures and "Tabular Reconciliations for Non-GAAP Financial Measures" below for reconciliations of the non-GAAP financial measures to the comparable GAAP measures.

About American Express Global Business Travel

American Express Global Business Travel (Amex GBT) is the world’s leading B2B travel platform, providing software and services to manage travel, expenses, and meetings & events for companies of all sizes. We have built the most valuable marketplace in B2B travel to deliver unrivalled choice, value and experiences. With travel professionals and business partners in more than 140 countries, our solutions deliver savings, flexibility, and service from a brand you can trust – Amex GBT.

Visit amexglobalbusinesstravel.com for more information about Amex GBT. Follow @amexgbt on X (formerly known as Twitter), LinkedIn and Instagram.

B2B refers to business-to-business.

Customer retention rate is calculated based on Total Transaction Value (TTV).

CWT refers to CWT Holdings, LLC.

LTM refers to the last twelve months ended June 30, 2024.

Revenue Yield is calculated as total revenue divided by Total Transaction Value (TTV) for the same period.

SME refers to clients Amex GBT considers small-to-medium-sized enterprises, which Amex GBT generally defines as having an expected annual TTV of less than $30 million. This criterion can vary by country and customer needs and Amex GBT does not have products or services that are offered solely to one size customer or another.

Total New Wins Value is calculated using expected annual average Total Transaction Value (TTV) over the contract term from all new client wins over the last twelve months.

Total Transaction Value or TTV refers to the sum of the total price paid by travelers for air, hotel, rail, car rental and cruise bookings, including taxes and other charges applied by suppliers at point of sale, less cancellations and refunds.

Transaction Growth represents year-over-year increase or decrease as a percentage of the total transactions, including air, hotel, car rental, rail or other travel-related transactions, recorded at the time of booking, and is calculated on a net basis to exclude cancellations, refunds and exchanges. To calculate year-over-year growth or decline, we compare the total number of transactions in the comparative previous period/ year to the total number of transactions in the current period/year in percentage terms. For the six months ended June 30, 2024, we have presented Transaction Growth on a net basis to exclude cancellations, refunds and exchanges as management believes this better aligns Transaction Growth with the way we measure TTV and earn revenue. Prior period Transaction Growth percentages have been recalculated and represented to conform to current period presentation.

We report our financial results in accordance with GAAP. Our non-GAAP financial measures are provided in addition, and should not be considered as an alternative, to other performance or liquidity measures derived in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and you should not consider them either in isolation or as a substitute for analyzing our results as reported under GAAP. In addition, because not all companies use identical calculations, the presentations of our non-GAAP financial measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company.

Management believes that these non-GAAP financial measures provide users of our financial information with useful supplemental information that enables a better comparison of our performance or liquidity across periods. In addition, we use certain of these non-GAAP financial measures as performance measures as they are important metrics used by management to evaluate and understand the underlying operations and business trends, forecast future results and determine future capital investment allocations. We also use certain of our non-GAAP financial measures as indicators of our ability to generate cash to meet our liquidity needs and to assist our management in evaluating our financial flexibility, capital structure and leverage. These non-GAAP financial measures supplement comparable GAAP measures in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and/or to compare our performance and liquidity against that of other peer companies using similar measures.

We define EBITDA as net income (loss) before interest income, interest expense, gain (loss) on early extinguishment of debt, benefit from (provision for) income taxes and depreciation and amortization.

We define Adjusted EBITDA as net income (loss) before interest income, interest expense, gain (loss) on early extinguishment of debt, benefit from (provision for) income taxes and depreciation and amortization and as further adjusted to exclude costs that management believes are non-core to the underlying business of the Company, consisting of restructuring, exit and related charges, integration costs, costs related to mergers and acquisitions, non-cash equity-based compensation and related employer taxes, long-term incentive plan costs, certain corporate costs, fair value movements on earnout derivative liabilities, foreign currency gains (losses), non-service components of net periodic pension benefit (costs) and gains (losses) on disposal of businesses.

We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.

We define Adjusted Operating Expenses as total operating expenses excluding depreciation and amortization and costs that management believes are non-core to the underlying business of the Company, consisting of restructuring, exit and related charges, integration costs, costs related to mergers and acquisitions, non-cash equity-based compensation and related employer taxes, long-term incentive plan costs and certain corporate costs.

EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses are supplemental non-GAAP financial measures of operating performance that do not represent and should not be considered as alternatives to net income (loss) or total operating expenses, as determined under GAAP. In addition, these measures may not be comparable to similarly titled measures used by other companies.

These non-GAAP measures have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of the Company’s results or expenses as reported under GAAP. Some of these limitations are that these measures do not reflect:

changes in, or cash requirements for, our working capital needs or contractual commitments;

our interest expense, or the cash requirements to service interest or principal payments on our indebtedness;

our tax expense, or the cash requirements to pay our taxes;

recurring, non-cash expenses of depreciation and amortization of property and equipment and definite-lived intangible assets and, although these are non-cash expenses, the assets being depreciated and amortized may have to be replaced in the future;

the non-cash expense of stock-based compensation, which has been, and will continue to be for the foreseeable future, an important part of how we attract and retain our employees and a significant recurring expense in our business;

restructuring, mergers and acquisition and integration costs, all of which are intrinsic of our acquisitive business model; and

impact on earnings or changes resulting from matters that are non-core to our underlying business, as we believe they are not indicative of our underlying operations.

EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses should not be considered as a measure of liquidity or as a measure determining discretionary cash available to us to reinvest in the growth of our business or as measures of cash that will be available to us to meet our obligations.

We believe that the adjustments applied in presenting EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses are appropriate to provide additional information to investors about certain material non-cash and other items that management believes are non-core to our underlying business.

We use these measures as performance measures as they are important metrics used by management to evaluate and understand the underlying operations and business trends, forecast future results and determine future capital investment allocations. These non-GAAP measures supplement comparable GAAP measures in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. We also believe that EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Expenses are helpful supplemental measures to assist potential investors and analysts in evaluating our operating results across reporting periods on a consistent basis.

We define Free Cash Flow as net cash from (used in) operating activities, less cash used for additions to property and equipment.

We believe Free Cash Flow is an important measure of our liquidity. This measure is a useful indicator of our ability to generate cash to meet our liquidity demands. We use this measure to conduct and evaluate our operating liquidity. We believe it typically presents an alternate measure of cash flow since purchases of property and equipment are a necessary component of our ongoing operations and it provides useful information regarding how cash provided by operating activities compares to the property and equipment investments required to maintain and grow our platform. We believe Free Cash Flow provides investors with an understanding of how assets are performing and measures management’s effectiveness in managing cash.

Free Cash Flow is a non-GAAP measure and may not be comparable to similarly named measures used by other companies. This measure has limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent cash flow for discretionary expenditures. This measure should not be considered as a measure of liquidity or cash flow from operations as determined under GAAP. This measure is not a measurement of our financial performance under GAAP and should not be considered in isolation or as an alternative to net income (loss) or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of liquidity.

We define Net Debt as total debt outstanding consisting of the current and non-current portion of long-term debt, net of unamortized debt discount and unamortized debt issuance costs, minus cash and cash equivalents. Net Debt is a non-GAAP measure and may not be comparable to similarly named measures used by other companies. This measure is not a measurement of our indebtedness as determined under GAAP and should not be considered in isolation or as an alternative to assess our total debt or any other measures derived in accordance with GAAP or as an alternative to total debt. Management uses Net Debt to review our overall liquidity, financial flexibility, capital structure and leverage. Further, we believe that certain debt rating agencies, creditors and credit analysts monitor our Net Debt as part of their assessment of our business.

Tabular Reconciliations for Non-GAAP Measures

Reconciliation of net income (loss) to EBITDA and Adjusted EBITDA:

Reconciliation of total operating expenses to Adjusted Operating Expenses:

Reconciliation of net cash from operating activities to Free Cash Flow:

Reconciliation of Net Debt:

Reconciliation of Full-Year 2024 Adjusted EBITDA and Free Cash Flow Guidance

The Company’s full-year 2024 guidance considers various material assumptions. Because the guidance is forward-looking and reflects numerous estimates and assumptions with respect to future industry performance under various scenarios as well as assumptions for competition, general business, economic, market and financial conditions and matters specific to the business of Amex GBT, all of which are difficult to predict and many of which are beyond the control of Amex GBT, actual results may differ materially from the guidance due to a number of factors, including the ultimate inaccuracy of any of the assumptions described above and the risks and other factors discussed in the section entitled "Forward-Looking Statements" below and the risk factors in the Company’s SEC filings.

The guidance below does not incorporate the impact of the CWT acquisition, which is expected to close in the first quarter of 2025.

Adjusted EBITDA guidance for the year ending December 31, 2024 consists of expected net loss for the year ending December 31, 2024, adjusted for: (i) interest expense of approximately $120 million; (ii) loss on extinguishment of debt of approximately $40 million; (iii) income taxes of approximately $60-70 million; (iv) depreciation and amortization of property and equipment of approximately $180-185 million; (v) restructuring costs of approximately $25-30 million; (vi) integration expenses and costs related to mergers and acquisitions of approximately $60-65 million; (vii) non-cash equity-based compensation of approximately $80-85 million, and; (viii) other adjustments, including long-term incentive plan costs, legal and professional services costs, non-service component of our net periodic pension benefit (cost) related to our defined benefit pension plans and foreign exchange gains and losses of approximately $10-20 million. We are unable to reconcile Adjusted EBITDA to net income (loss) determined under U.S. GAAP due to the unavailability of information required to reasonably predict certain reconciling items such as impairment of long-lived assets and right-of-use assets and fair value movement on earnout derivative liabilities and the related tax impact of these adjustments. The exact amount of these adjustments is not currently determinable but may be significant.

Free Cash Flow guidance for the year ending December 31, 2024 consists of expected net cash from operating activities of greater than $250-280 million less purchase of property and equipment of approximately $120-130 million.

Forward-Looking Statements

This release contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding our financial position, business strategy, the plans and objectives of management for future operations and full-year guidance. These statements constitute projections, forecasts and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this release are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following risks, uncertainties and other factors: (1) changes to projected financial information or our ability to achieve our anticipated growth rate and execute on industry opportunities; (2) our ability to maintain our existing relationships with customers and suppliers and to compete with existing and new competitors; (3) various conflicts of interest that could arise among us, affiliates and investors; (4) our success in retaining or recruiting, or changes required in, our officers, key employees or directors; (5) factors relating to our business, operations and financial performance, including market conditions and global and economic factors beyond our control; (6) the impact of geopolitical conflicts, including the war in Ukraine and the conflicts in the Middle East, as well as related changes in base interest rates, inflation and significant market volatility on our business, the travel industry, travel trends and the global economy generally; (7) the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; (8) the effect of a prolonged or substantial decrease in global travel on the global travel industry; (9) political, social and macroeconomic conditions (including the widespread adoption of teleconference and virtual meeting technologies which could reduce the number of in-person business meetings and demand for travel and our services); (10) the effect of legal, tax and regulatory changes; (11) our ability to complete any potential acquisition in a timely manner or at all; (12) our ability to recognize the anticipated benefits of any future acquisition, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (13) risks related to, or unexpected liabilities that arise in connection with, any future acquisition or the integration of any acquisition; and (14) other risks and uncertainties described in the Company’s Form 10-K, filed with the SEC on March 13, 2024, and in the Company’s other SEC filings. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

An investment in Global Business Travel Group, Inc. is not an investment in American Express. American Express shall not be responsible in any manner whatsoever for, and in respect of, the statements herein, all of which are made solely by Global Business Travel Group, Inc.

_________________ 1 Leverage ratio is calculated as Net Debt / LTM Adjusted EBITDA and is different than leverage ratio defined in our amended and restated senior secured credit agreement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240806574977/en/

Media: Martin Ferguson Vice President Global Communications and Public Affairs [email protected]

Investors: Jennifer Thorington Vice President Investor Relations [email protected]

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3. Account must be in good standing. Membership Rewards points (points) earned by the Basic Cardmember on all purchases, less credits and adjustments. Interest charges, annual fees, other fees and cash equivalent transactions are not purchases and do not qualify for Membership Rewards points. A minimum purchase of $0.50 is required to earn points. Earn one (1) point for every $1.00 in eligible purchases charged to your card. To qualify for the Quarterly Purchase Bonus, you must have at least $20,000 in net purchases posted to your Card account by the last day of each calendar quarter. Purchases made during a billing period, but posted after the end of the calendar quarter, may not count towards eligible spend for the quarter. If this occurs, that purchase will count towards eligible spend for the next calendar quarter period. For example, if your billing periods are in the calendar quarter from April 1 to June 30, a purchase made on June 29 (transaction date) and then posts on July 1 (posting date), may not count for eligible spend for the April-June calendar quarter. In this case, that purchase will count towards spend in the July-Sept calendar quarter period. Account must be in good standing. Please allow up to eight weeks for your bonus points to be awarded.

4. Membership Rewards points can be redeemed for Gift Cards, Certificates and other merchandise. The Gift Card or Certificate is subject to the Terms and Conditions indicated on the reward. For Full Membership Rewards Terms & Conditions, visit membershiprewards.ca or call 1-800-668-2639.

5.  Page links  to Full Terms of the Employee Card Spending Program.

6. You may select a spending amount up to which a supplementary Cardmember will be able to make charges to their supplementary card during each billing period. This spending amount is not affected by payments or credits made by or on behalf of the supplementary Cardmember during a billing period. The spending amount will automatically reset at the beginning of each new billing period. It is your responsibility to ensure each supplementary Cardmember is made aware of any spending amount that applies to their account as well as the date on which the spending amount resets each month. You can select a different spending amount for each supplementary Cardmember.

7. You may change the set spending amount you have previously selected at any time. If the spending amount is increased, the supplementary Cardmember’s ability to charge will be increased once we are able to process the change. Unlike the initial enrollment of a supplementary Cardmember, charges made by that supplementary Cardmember before that date will be included in the spending amount for the current billing period. For example, if a supplementary Cardmember has a $1000 spending amount in place and has already made $750 in charges so far this billing period, if you increase the spending amount to $2000 per month, that $750 balance will be included as part of the $2000 spending amount. This means that the supplementary Cardmember will only be able to charge $1250 for the remainder of the current billing period and then $2000 for each billing period thereafter.

8. Available to American Express Consumer and Small Business Cards. Not applicable for all new purchases. The following purchases do not qualify and will still be processed even if the Cardmember has frozen the Card: automated or pre-authorized payments, recurring bills or subscriptions, transactions on any Employee Cards if only the Basic Card is frozen (each Employee Card must be frozen separately), mobile wallet transactions (including adding a Card to a mobile wallet), using the Card for online payments at merchants where the Card is stored on file or set up as the method of payment, and offline and delayed authorizations (such as purchases made aboard airlines). After freezing the Card, it will automatically unfreeze after 7 days.

9. This product is administered by Royal & Sun Alliance Insurance Company of Canada.

†: Underwritten by Royal & Sun Alliance Insurance Company of Canada. ®, TM: Used by Amex Bank of Canada under license from American Express

Hackers may have stolen the Social Security numbers of every American. Here’s how to protect yourself

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About four months after a notorious hacking group claimed to have stolen an extraordinary amount of sensitive personal information from a major data broker, a member of the group has reportedly released most of it for free on an online marketplace for stolen personal data.

The breach, which includes Social Security numbers and other sensitive data, could power a raft of identity theft, fraud and other crimes, said Teresa Murray, consumer watchdog director for the U.S. Public Interest Research Group.

For the record:

2:39 p.m. Aug. 15, 2024 A previous version of this article identified Teresa Murray as the consumer watchdog director for the U.S. Public Information Research Group. She works for the U.S. Public Interest Research Group.

“If this in fact is pretty much the whole dossier on all of us, it certainly is much more concerning” than prior breaches, Murray said in an interview. “And if people weren’t taking precautions in the past, which they should have been doing, this should be a five-alarm wake-up call for them.”

According to a class-action lawsuit filed in U.S. District Court in Fort Lauderdale, Fla., the hacking group USDoD claimed in April to have stolen personal records of 2.9 billion people from National Public Data, which offers personal information to employers, private investigators, staffing agencies and others doing background checks. The group offered in a forum for hackers to sell the data, which included records from the United States, Canada and the United Kingdom, for $3.5 million , a cybersecurity expert said in a post on X.

The lawsuit was reported by Bloomberg Law .

Last week, a purported member of USDoD identified only as Felice told the hacking forum that they were offering “ the full NPD database ,” according to a screenshot taken by BleepingComputer. The information consists of about 2.7 billion records, each of which includes a person’s full name, address, date of birth, Social Security number and phone number, along with alternate names and birth dates, Felice claimed.

Data of nearly all AT&T customers downloaded in security breach

Information on nearly all customers of the telecommunications giant AT&T was downloaded to a third-party platform in a 2022 security breach.

July 12, 2024

National Public Data didn’t respond to a request for comment, nor has it formally notified people about the alleged breach. It has, however, been telling people who contacted it via email that “we are aware of certain third-party claims about consumer data and are investigating these issues.”

In that email, the company also said that it had “purged the entire database, as a whole, of any and all entries, essentially opting everyone out.” As a result, it said, it has deleted any “non-public personal information” about people, although it added, “We may be required to retain certain records to comply with legal obligations.”

Several news outlets that focus on cybersecurity have looked at portions of the data Felice offered and said they appear to be real people’s actual information. If the leaked material is what it’s claimed to be, here are some of the risks posed and the steps you can take to protect yourself.

The threat of ID theft

The leak purports to provide much of the information that banks, insurance companies and service providers seek when creating accounts — and when granting a request to change the password on an existing account.

A few key pieces appeared to be missing from the hackers’ haul. One is email addresses, which many people use to log on to services. Another is driver’s license or passport photos, which some governmental agencies rely on to verify identities.

Still, Murray of PIRG said that bad actors could do “all kinds of things” with the leaked information, the most worrisome probably being to try to take over someone’s accounts — including those associated with their bank, investments, insurance policies and email. With your name, Social Security number, date of birth and mailing address, a fraudster could create fake accounts in your name or try to talk someone into resetting the password on one of your existing accounts.

“For somebody who’s really suave at it,” Murray said, “the possibilities are really endless.”

It’s also possible that criminals could use information from previous data breaches to add email addresses to the data from the reported National Public Data leak. Armed with all that, Murray said, “you can cause all kinds of chaos, commit all kinds of crimes, steal all kinds of money.”

Phishing attack hits L.A. County public health agency, jeopardizing 200,000-plus residents’ personal info

The personal information of more than 200,000 people in Los Angeles County was potentially exposed after a hacker used a phishing email to steal login credentials.

June 14, 2024

How to protect yourself

Data breaches have been so common over the years, some security experts say sensitive information about you is almost certainly available in the dark corners of the internet. And there are a lot of people capable of finding it; VPNRanks, a website that rates virtual private network services, estimates that 5 million people a day will access the dark web through the anonymizing TOR browser, although only a portion of them will be up to no good.

If you suspect that your Social Security number or other important identifying information about you has been leaked, experts say you should put a freeze on your credit files at the three major credit bureaus, Experian , Equifax and TransUnion . You can do so for free, and it will prevent criminals from taking out loans, signing up for credit cards and opening financial accounts under your name. The catch is that you’ll need to remember to lift the freeze temporarily if you are obtaining or applying for something that requires a credit check.

Technology and the Internet

Are you the victim of identity theft? Here’s what to do

If you’re a victim of identity thieves or a data hack, you need to act quickly. Here’s what to do to protect yourself.

Oct. 26, 2022

Placing a freeze can be done online or by phone, working with each credit bureau individually. PIRG cautions never to do so in response to an unsolicited email or text purporting to be from one of the credit agencies — such a message is probably the work of a scammer trying to dupe you into revealing sensitive personal information.

For more details, check out PIRG’s step-by-step guide to credit freezes .

You can also sign up for a service that monitors your accounts and the dark web to guard against identity theft, typically for a fee. If your data is exposed in a breach, the company whose network was breached will often provide one of these services for free for a year or more.

If you want to know whether you have something to worry about, multiple websites and service providers such as Google and Experian can scan the dark web for your information to see whether it’s out there. But those aren’t specific to the reported National Public Data breach. For that information, try a free tool from the cybersecurity company Pentester that offers to search for your information in the breached National Public Data files . Along with the search results, Pentester displays links to the sites where you can freeze your credit reports.

As important as these steps are to stop people from opening new accounts in your name, they aren’t much help protecting your existing accounts. Oddly enough, those accounts are especially vulnerable to identity thieves if you haven’t signed up for online access to them, Murray said — that’s because it’s easier for thieves to create a login and password while pretending to be you than it is for them to crack your existing login and password.

World & Nation

Trump campaign says its emails were hacked

Former President Trump’s campaign says it has been hacked and is blaming Iranian actors, saying they stole and distributed sensitive internal documents.

Aug. 10, 2024

Of course, having strong passwords that are different for every service and changed periodically helps. Password manager apps offer a simple way to create and keep track of passwords by storing them in the cloud, essentially requiring you to remember one master password instead of dozens of long and unpronounceable ones. These are available both for free (such as Apple’s iCloud Keychain) and for a fee .

Beyond that, experts say it’s extremely important to sign up for two-factor authentication. That adds another layer of security on top of your login and password. The second factor is usually something sent or linked to your phone, such as a text message; a more secure approach is to use an authenticator app, which will keep you secure even if your phone number is hijacked by scammers .

Yes, scammers can hijack your phone number through techniques called SIM swaps and port-out fraud , causing more identity-theft nightmares. To protect you on that front, AT&T allows you to create a passcode restricting access to your account; T-Mobile offers optional protection against your phone number being switched to a new device, and Verizon automatically blocks SIM swaps by shutting down both the new device and the existing one until the account holder weighs in with the existing device.

Your worst enemy may be you

As much or more than hacked data, scammers also rely on people to reveal sensitive information about themselves. One common tactic is to pose as your bank, employer, phone company or other service provider with whom you’ve done business and then try to hook you with a text or email message.

Banks, for example, routinely tell customers that they will not ask for their account information by phone. Nevertheless, scammers have coaxed victims into providing their account numbers, logins and passwords by posing as bank security officers trying to stop an unauthorized withdrawal or some other supposedly urgent threat.

People may even get an official-looking email purportedly from National Public Data, offering to help them deal with the reported leak, Murray said. “It’s not going to be NPD trying to help. It’s going to be some bad guy overseas” trying to con them out of sensitive information, she said.

It’s a good rule of thumb never to click on a link or call a phone number in an unsolicited text or email. If the message warns about fraud on your account and you don’t want to simply ignore it, look up the phone number for that company’s fraud department (it’s on the back of your debit and credit cards) and call for guidance.

“These bad guys, this is what they do for a living,” Murray said. They might send out tens of thousands of queries and get only one response, but that response could net them $10,000 from an unwitting victim. “Ten thousand dollars in one day for having one hit with one victim, that’s a pretty good return on investment,” she said. “That’s what motivates them.”

More to Read

Editorial: A ransomware attack closed L.A. courts for two days. The public deserves a full accounting

Aug. 13, 2024

Column: Why hugely profitable corporations won’t spend enough to keep hackers from stealing your private info

July 17, 2024

LAUSD investigates claims that student and teacher data are for sale on the dark web

June 7, 2024

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Jon Healey writes and edits stories for the Los Angeles Times’ Fast Break Desk, the team that dives into the biggest news of the moment. In his previous stints, he wrote and edited for the Utility Journalism team and The Times editorial board. He covered technology news for The Times from 2000 to mid-2005.

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Government of Canada announces third round of business recipients supported by the Indigenous Tourism Fund

From: Innovation, Science and Economic Development Canada

News release

Minister of Tourism highlights ongoing commitment to growing Indigenous tourism in Canada

August 12, 2024 – Ottawa, Ontario

Indigenous tourism plays a vital role in advancing reconciliation and generating employment in communities across Canada. Supporting its growth remains a high priority for the Government of Canada, in collaboration with First Nations, Inuit and Métis communities. In partnership with the Indigenous Tourism Association of Canada (ITAC), the government is rolling out the $10 million Indigenous Tourism Fund (ITF) Micro and Small Business Stream (MSBS), providing direct financial support to Indigenous tourism enterprises.

Today, the Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec, announced the third group of businesses to benefit from the MSBS. In this round, $1.01 million in federal funding, administered by ITAC, has been awarded to 41 Indigenous tourism businesses from across Canada.

This announcement follows previous rounds of funding support:

• Round 1: Supported 78 Indigenous tourism businesses through approximately $1.94 million in funding.
• Round 2: Provided about $1.67 million to 67 businesses.

To date, the MSBS has delivered approximately $4.6 million in support to 186 Indigenous tourism businesses. This stream is designed to help Indigenous businesses become business-, market- and export-ready and to ensure long-term sustainability.

Ongoing investment in Indigenous tourism demonstrates a steadfast commitment to empowering Indigenous entrepreneurs and communities. By providing these businesses with the necessary resources and support, the government aims to create a thriving and resilient Indigenous tourism industry that enriches the cultural tapestry in Canada and offers unique experiences to visitors from around the world.

“Indigenous tourism is a powerful driver of economic growth and a vital part of our national identity, and that’s why helping it grow and thrive is one of our top priorities. By supporting Indigenous-led tourism initiatives, we are supporting communities in making their own decisions and developing tourism at their own pace, while promoting cultural preservation and economic reconciliation. This latest round of funding demonstrates our ongoing commitment to empowering Indigenous communities and enhancing tourism offerings in Canada.” – The Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec

Quick facts

Before the pandemic, Indigenous tourism was the fastest-growing segment in the Canadian tourism market, posting significant gains in job creation and contributions to Canada’s GDP.

The Indigenous tourism industry was hard hit by the pandemic but is now showing signs of recovery. According to the Indigenous Tourism Association of Canada (ITAC), as of 2022, the industry generated $1.86 billion in direct GDP and 39,000 jobs.

The Government of Canada’s 2022 budget dedicated $20 million to the Indigenous Tourism Fund to aid the industry’s recovery from the pandemic.

Additionally, Budget 2024 announced $2.5 million in 2024–25 in continued support for the Indigenous tourism industry through ITAC. 

Associated links

• Indigenous Tourism Fund
• Federal Tourism Growth Strategy
• The Canadian tourism sector

Alexander Cohen Director of Communications Office of the Minister of Tourism and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec 613-327-5918 [email protected]

Media Relations Innovation, Science and Economic Development Canada [email protected]

Stay connected

Follow Canada Business on social media. X (Twitter): @canadabusiness | Facebook: Canada Business | Instagram: @cdnbusiness

Follow the department on LinkedIn: Innovation, Science and Economic Development Canada .

For easy access to government programs for businesses, download the Canada Business app .

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Money blog: Bakery chain under fire for selling day-old croissants for 95p more

Welcome to the Money blog, a hub of personal finance and consumer news/tips. Leave a comment on any of the stories we're covering in the box below - we round them up every Saturday.

Friday 16 August 2024 16:00, UK

• Fines for parents taking children out of school to increase next month
• Gail's under fire for selling day-old croissants for £1 more
• Mortgage product shelf life drops significantly in sign of volatility
• The UK's highest-earning roads revealed
• Pound up against dollar after busy week on economic front

Essential reads

• Is this the end of the British pub?
• What's gone wrong at Asda?
• Best of the Money blog - an archive of features

Tips and advice

• All the discounts you get as a student or young person
• TV chef picks best cheap eats in London
• Savings Guide : Why you should now be checking T&Cs
• 'I cancelled swimming with weeks of notice - can they keep my money?'

Ask a question or make a comment

Each week we feature comments from Money blog readers on the story or stories that elicited most correspondence.

Our weekend probe into the myriad reasons for pub closures in the UK prompted hundreds of comments.

Landlords and campaigners, researchers and residents revealed to Sky News the "thousand cuts" killing Britain's boozers - and what it takes to survive the assault.

Here was your take on the subject...

I've been a publican for 19 years. This article is bang on! It's like you've overheard my conversations with my customers - COVID, cost of living, wages - the traditional British boozer going out of fashion. (My place: no food, no small children). Hey Jood

I own a small craft ale bar or micropub as some say. The current climate is sickening for the whole hospitality sector. This summer has been ridiculously quiet compared to previous ones. Micropubs were on the rise pre-COVID, but not now even we're struggling to survive… Lauren

I am an ex-landlord. It's ridiculous you can buy 10 cans for £10 or one pint for £5 now. It's not rocket science, it's a no-brainer: reverse the situation. Make supermarket beer more expensive than pub beer, then people will start to go out and mix again rather than getting drunk at home. Ivanlordpeers

Bought four pints of my regular drink at a supermarket for less than one pint in our local pub. It's becoming a luxury to go to a pub these days. Torquay David

Traditional pubs are being taken over by conglomerates who don't sell traditional beer, only very expensive lager, usually foreign, and other similar gassy drinks. How can they be called traditional pubs? Bronzestraw

The main reason for pubs closing is twofold! 1: The out-of-reach rents that the big groups charge landlords. 2: Landlords are told what stock they can hold and restrict where they can purchase it from. Strange, but most pubs belonged to the same groups! A pub-goer

Less pubs are managed now, pub companies are changing them to managed partnerships, putting the pressure onto inexperienced young ex-managers. Locals complain that their local pub has gone. but they don't use them enough. Can government regulate rents and beer prices for business owners? John Darkins

I was a brewery tenant in Scotland for many years and sequestrated because of the constant grabbing at my money by greedy brewers who wanted more and more. I made my pub very successful and was penalised by the brewery. James MacQuarrie 

The only reason pubs are closing is locals only use them on Boxing Day, New Year's Eve, and one Sunday a year. Plus breweries don't need pubs, they sell enough through supermarkets! Use them or lose them. Peter Smith

The closing of pubs is a terrible shame. I still go to my local and have great memories of getting drunk in many in my hometown. They are important places in society. As someone once said: "No good story ever started with a salad." Kev K

It's the taxman killing pubs. £1 of every £3 sold. Utter disgrace. Stef

I go with my girlfriend, Prue, every day to my local. It's a shame what's happening to prices. It used to be full of people and joy but now it's a ghost town in the pub since prices are too high now. I wish we could turn back time and find out what went wrong. Niall Benson

Minimum wage is around £11 and the tax threshold is £12,600 per year. How can you possibly afford a night in a pub out when a pint costs between £3 and £8 a pint on those wages? Allan7777blue

Unfortunately, the very people who have kept these establishments going over the years (the working man) have been priced out, and they're paying the price. Dandexter

The pubs are too expensive for people to go out regularly as we once did a decade or so ago. People's priorities are on survival, not recreation. Until the living wage increases beyond an inflation that wages haven't risen above in years, then we will see shops, pubs, etc. close JD

Who wants to spend hard-earned money going into a pub that's nearly always empty. It takes away one of the main attractions - socialising. Michael

Monzo has been named the best bank in the UK for customer satisfaction, according to a major survey. 

More than 17,000 personal current account customers rated their bank on the quality of its services and how likely they would be to recommend to friends or family. 

Digital banks made up the top three, with Monzo coming out on top, followed by Starling Bank and then Chase. 

Some 80% of Monzo customers said they would recommend the bank. 

The digital banking app said topping the tables "time and time again" was not something it would "ever take for granted". 

Royal Bank of Scotland (RBS) was bottom of the ranking for another year. 

The banks with the best services in branches were Nationwide, Lloyds Bank and Metro Bank. 

Gail's bakery chain has come under fire for repurposing unsold pastries into croissants and selling them for almost £4 the next day.

The retailer lists the "twice baked" chocolate almond croissants as part of its "Waste Not" range, which means it is made using leftover croissants that are then "topped with almond frangipane and flaked almonds".

The scheme has been hit with criticism online, with many pointing out the £3.90 price tag is 95p more than the original croissant.

One X user said: "The audacity of bragging about it being part of their 'Waste Not' range like we should be grateful to them and proud of ourselves for contributing to reducing food waste when they could just sell it for less money – not one pound more than yesterday.

"Unsure whether to be impressed or horrified that someone has come up with a concept to capitalise on yellow sticker goods to make more profit."

It should be added, however, that the practice was not invented by Gail's - and almond croissants were originally created by French boulangeries to reuse day-old croissants and stop them going stale.

When factoring in the extra ingredients (almond frangipane and flaked almonds) and baking time, the bakery chain would likely defend the increased price by pointing to the additional costs incurred.

It comes as locals in a trendy London neighbourhood signed a petition against a Gail's bakery setting up shop in their area.

After (unconfirmed) rumours began circulating that the chain was looking to open a site in Walthamstow village, more than 600 have signed a petition opposing the plans.

The petition says the village "faces a threat to its uniqueness" should Gail's move into the area (see yesterday's 11.54am post for more).

Gail's has been contacted for comment.

British retailers saw a rise in sales last month after a boost from Euro 2024 and summer discounting, according to official figures.

High street retailers said sales of football shirts, electronics such as TVs, and alcoholic drinks were all stronger amid the Three Lions' journey to the final.

Total retail sales volumes rose by 0.5% in July, the Office for National Statistics (ONS) said. It was, however, slightly below predictions, with economists forecasting a 0.7% increase.

It followed a 0.9% slump in volumes in June as retail firms blamed uncertainty ahead of the general election and poor weather.

ONS director of economic statistics, Liz McKeown, said: "Retail sales grew in July led by increases in department stores and sports equipment shops, with both the Euros and discounting across many stores boosting sales.

"These increases were offset by a poor month for clothing and furniture shops, and falling fuel sales, despite prices at the pump falling."

The data showed that non-food stores saw a 1.4% rise, driven by a strong performance from department stores, where sales grew by 4% for the month as summer sales helped to stoke demand.

However, clothing and footwear shops saw a 0.6% dip, whilst homeware retailers also saw volumes fall 0.6%. Food stores, meanwhile, saw sales remain flat for the month.

There are fears that the £2-cap on single bus fares could be scrapped after the government declined to say whether the policy would continue past December.

Bus companies said it was vital the cost of using their services is kept low for young people to "enhance their access to education and jobs".

Alison Edwards, director of policy and external relations at industry body the Confederation of Passenger Transport, said: "Bus operators are working closely with the government so that together we can find a way to avoid a cliff edge return to commercial fares.

"Analysis has shown that supporting fares, which can be done in a range of different ways, is great value for money and can support many other government objectives.

"For example, keeping fares low for young people would enhance their access to education and jobs, while also encouraging them to develop sustainable travel habits to last a lifetime."

Transport Secretary Louise Haigh said in a recent interview with the PA news agency that her officials were "looking at various options" in relation to the cap, including whether they could "target it better".

It's been a busy week on the economic front.

There was no major shift in the overall outlook - since Monday we've had it confirmed that the UK economy has lower inflation and more growth than the last two years, while wages have grown faster than the overall pace of price rises.

On the back of all that news the pound is at the highest rate since early this month against the dollar, worth $1.2882, and the highest since July when it comes to buying euro with one pound equal to €1.1733. 

Signs of a recovery from the global market sell-off of Monday last week can be seen in the share prices of companies listed on the London Stock Exchange.

Share prices have grown among the most valuable companies on the stock exchange, those that comprise the Financial Times Stock Exchange (FTSE) 100 list of most valuable companies.

Today though, this benchmark UK index fell 0.19% but finishes the week higher than the start.

Also finishing the week higher than the start are the more UK-based companies of the FTSE 250 (the 101st to the 250th most valuable firms on the London Stock Exchange).

On Friday morning that index was up 0.08%. 

With tensions in the Middle East and Eastern Europe high as Iran mulled a retaliatory strike on Israel and Ukraine made incursions into Russian territory, there had been concern about energy price spikes.

But the benchmark oil price has remained steady at $80.13 dollars for a barrel of Brent crude oil.

Gas prices have remained below the Monday high of 100 pence a therm (the measurement for heat) and now are 94.50 pence a therm. 

A Cabinet Office minister has said it is "unfair" to suggest other public sector workers will be queuing up for a pay rise after the government's offer of a 15% increase for train drivers and junior doctors.

"I think that's an unfair characterisation as well," paymaster general Nick Thomas-Symonds told Times Radio.

"I think what is absolutely crucial here is we are a Government again that is sticking to the promises we made in opposition.

"We promised we would sit down and find solutions, and people expressed scepticism about that, but actually that is precisely what we have done in Government."

Last month, the government and the British Medical Association struck an improved pay deal for junior doctors in England worth 22% on average over two years.

Meanwhile, train drivers will vote on a new pay deal following talks between representatives of drivers' union ASLEF and the Department for Transport.

The new offer is for a 5% backdated pay rise for 2022/23, a 4.75% rise for 23/24, and 4.5% increase for 24/25.

The Dartford Crossing is the highest-earning toll road in the UK, new data shows. 

The Kent to Essex route raked in £215.9m in the last year - 2,159 times more than the Whitney toll bridge in Hereford. 

The crossing, which was supposed to stop charging customers in 2003, costs between £2 and £6 to use (depending on the vehicle you're driving) between 10am and 6pm every day. 

Car finance company Moneybarn found it earned just over £209m in 2022. 

It topped the chart of 13 toll roads in the country, making over £100m more than the second highest-earning road in 2023 - the M6 Toll in the West Midlands. 

In third place was the Mersey Gateway Bridge between Halton and Cheshire, which made £48.9m. 

You can see how the other toll roads fared below... 

Fines for parents who take their children out of school will increase this upcoming term as the government continues with plans to improve attendance. 

From next week, fines for unauthorised absences will go up by as much as £40.

Under the new system, the cost of a penalty charge notice will rise from £60 to £80 if paid within 21 days, and from £120 to £160 if paid within 28 days . 

This marks the first increases since the system was introduced in 2013. 

So, when do parents get fined? 

Children are only allowed to miss school if they are unwell, or they have been given permission from the school in advance. 

Parents can make an absence request to take their children out of school, but there needs to be "exceptional circumstances" and the headteacher needs to authorise it. 

Currently, it's the responsibility of the local authority to decide when to issue fines, meaning the process varies from council to council.

But, under the new rules which were created by the Conservative government, all schools will be required to consider a fine when a child has missed at least five days of school for unauthorised reasons.

What happens if you keep getting fined? 

If a parent receives a second fine for the same child within any three-year period, this will be charged at the higher rate of £160.

A parent can only receive two fines within any three-year period, and once this has been met, other actions can be considered. 

This includes a parenting order or prosecution. 

Parents who are prosecuted and attend court because their child hasn't been attending school, can be fined up to £2,500.

Where is the money spent?

Government guidance states any money collected from fines should be used by the local authority to cover the costs of administering the system. 

Any surplus after that should be spent on "attendance support". 

Any cash remaining at the end of the year must be paid to the education secretary.

A Department for Education spokesperson said: "High and rising school standards are at the heart of our mission to break down barriers to opportunity and give every child the best start in life. Strong foundations of learning are grounded in attendance in the classroom.

"Tackling the root causes of absence is a major priority for the government. 

"Our support-first approach outlined in our guidance is designed to help parents to meet their responsibility to ensure their child attends school.

"However, in some cases, including term-time holidays, it may be necessary to issue penalty notices." 

Every Friday we take an overview of the mortgage market, speaking to those in the industry before getting a round-up of the best rates courtesy of the independent experts at  Moneyfactscompare.co.uk .

Over recent months and years, the release of monthly inflation data has had a big impact on forecasts for interest rate cuts - but not this week.

Following a slight uptick in inflation to 2.2% in July, announced on Wednesday, markets were pretty unmoved at pricing in a 63% chance of a base rate cut next Monday.

Investors still think there will be two further cuts this year, bringing the base rate down to 4.5% by Christmas.

On the high street, rate cuts we've mentioned for a month or two now continued this week, with the lowest five-year fixed available now 4.83% - with NatWest, Barclays and Nationwide all settling there for now.

Moneyfacts finance expert Rachel Springall said: "Nationwide Building Society was one of many mutuals to cut fixed rates this week - it now offers a five-year fixed as low as 3.83%. NatWest also cut rates by up to 0.20% and Virgin Money made similar reductions."

Looking specifically at home movers, Springall has some data that shows the difference between now and this point five years ago.

"Home movers who want to lock into a longer-term fixed mortgage will find the average overall five-year fixed rate is much higher than it was back in August 2019, which was 2.84%. Week on week, the overall average two-year and five-year fixed rate mortgage fell to 5.66% and 5.29% respectively."

Away from rate changes from some of the big lenders, one of the most telling insights into the mortgage market this week came with statistics about the average shelf-life of mortgage products.

Springall said: "The volatility within the mortgage market was made clear by the notable drop in the average shelf-life of a mortgage to just 17 days, down from 30 in June. 

"There are expectations for rates to fall further in the weeks to come, particularly as the market reflects on the 0.25% base rate cut, the first cut in over four years."

Here's a look at the look at the best rates currently on offer for house purchases...

Moneyfacts also looks at what it calls "best buys" - which considers not just the rate, but other costs and incentives. These are their top picks this week...

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