UK bank poised to pull plug on Somali remittance service, putting financial lifeline at risk + MORE Oct 15th

(Photo by Ramin Talaie/Getty Images)
Google’s stock has made some impressive headway in the past year, gaining 19% over the 12 months ending in September 2013. With former tech darling Apple slumping more than 30% from its $700 high over the same period, many investors are thinking about dumping the losing stock for the winning one. They probably shouldn’t. In fact, they should steer clear of both.
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Between 1926 and 2006, the S&P 500’s 10 largest stocks by market cap underperformed the market by 2.9% the subsequent year. After three years, they lagged by 11.1%; after five years, by 17.7%; and after 10 years they were 29.4% behind…

(Photo: Larry MacDougal/CP)
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LONDON – A British bank is severing a financial lifeline for millions of Somalis.
Barclays is poised to sever its ties to Dahabshiil, one of the Somali expatriate community’s biggest money-transfer services, as part of a wide-ranging reorganization of its business.
Experts say the move will jeopardize some 100 million pounds ($160 million) in payments made from the U.K. each year.
Barclays plans to go ahead with the move unless a last-minute court challenge by Dahabshiil succeeds on Tuesday.
In a poverty-stricken country which relies heavily on remittances, Barclays’ move has prompted significant anxiety.
Somali President Hassan Sheikh Mohamud said Monday that his government was watching what was happening in London “with great concern.”
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