Car industry in chaos

Get straight to the good stuff every day with the Multiply Minute, a lightning-quick round up of the money and news and how it affects you.

Sajid defiant at Davos

Following a warning yesterday about its tech tax plans, the chancellor Sajid Javid has said the UK will press ahead with the controversial levy on online giants from April. In response, the US has threatened to slap steep new tariffs on UK car exports. The tech tax would hit the likes of Facebook and Amazon and has caused a fracas this week as leaders meet at the World Economic Forum in Davos.

Tesla tearaway

Tesla is now the second most valuable car maker in the world, as its valuation shoots past the $100 billion mark for the first time. The electric car maker has seen its share price double in the last three months following the opening of its new gigafactory in China. Its next overtake target? Toyota, which is currently worth a tidy $200 billion.

Overdraft rates to hit 49.9%

From April, millions of Lloyds, Halifax and Bank of Scotland customers will be charged interest rates of up to 49.9% for using their overdraft. Last year, the Financial Conduct Authority (FCA) demanded an end to excessive fees on unarranged overdrafts, and banks appear to be responding by making headline rates pricier in an attempt to recoup their anticipated losses.

Lost it for the ‘Gram

An estate agent who handled sales of the homes of the super-wealthy has resigned after posting photos (paywall) of his client’s home online without permission. The agent, who called himself “Mr Super Prime”, specialised in selling homes worth over £10 million.