Category: banks
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India asks banks to stop making large bets against rupee, sources say By Reuters
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Written by Jaspreet Kalra and Nimesh Vora MUMBAI (Reuters) – India’s central bank has asked government and private lenders to refrain from betting heavily against the rupee in a bid to support the currency that has been hovering near record lows over the past three trading sessions, four sources said.…
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Citi among banks banks omitting data about race from home loans—depriving researchers of both positive and negative trends
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The 5000 financial institutions that I grew up A home loan in the United States is required by law to collect information about race. The policy is designed to help detect potential discrimination against borrowers, and has generated large amounts of data that researchers, academics and lenders themselves use to…
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China tells banks to start cutting rates on existing mortgages By Reuters
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BEIJING (Reuters) – The People’s Bank of China (China’s central bank) told commercial banks on Sunday to begin cutting interest rates on all outstanding home loans, in a sweeping move to help ease the mortgage burden on households hurt by the economic slowdown. All commercial banks must, in batches, cut…
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China central bank will cut banks’ reserve requirement ratio by 50 bps By Reuters
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Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some or all of your investment amount, and may not be suitable for all investors. Cryptocurrency prices are highly volatile and may be affected by external factors such as financial, regulatory or political events.…
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Banks start compliance with foreign customers reporting requirement
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Local banks are expected to fully comply this month with the requirement to share details of foreign accounts with the Kenya Revenue Authority (KRA), in order to transfer them to the relevant jurisdictions after the deadline of August 31, 2024. Commercial banks began identifying foreign clients holding accounts in Kenya…
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Treasury plans tax on banks and Ashdod Port privatization
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The draft economic arrangements law, which will be attached to the 2025 budget, outlines the reforms that the Finance Ministry intends to implement next year. The draft law includes important measures in the areas of finance, real estate, state-owned companies, and others. The draft does not include any new taxes…
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Banks switch to upgraded system for large payments
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Banks and microfinance banks have begun testing the updated system for sending high-value financial transactions to speed up transfers while tightening screening for fraud. Banks on Monday began testing the updated system that incorporates ISO 20022 — a global standard for exchanging electronic messages between financial institutions using standardized messaging…
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Trump teases launch date for crypto project to ‘leave outdated banks behind’
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Former President Donald Trump is teasing the launch date of his sons’ new cryptocurrency project, dubbed “World Liberty Financial.” Donald Trump is hinting at the upcoming launch of World Liberty Financial, a crypto project his family has been promoting over the past few weeks. In a video It was published.…
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Trump teases launch date for crypto project to ‘leave outdated banks behind’
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Former President Donald Trump is teasing the launch date of his sons’ new cryptocurrency project, dubbed “World Liberty Financial.” Donald Trump is hinting at the upcoming launch of World Liberty Financial, a crypto project his family has been promoting over the past few weeks. In a video It was published.…
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IRA warn banks selling non-existent insurance
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Banks that run insurance businesses will have to pay all outstanding insurance premiums before getting new bancassurance licenses amid suspicions that they are holding cash from customers, which could render policies invalid. The Insurance Regulatory Authority has written to all bancassurance intermediaries – banks and microfinance banks that sell insurance…
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European banks rise as UniCredit’s move on Commerzbank lifts M&A prospects to forefront By Reuters
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By Gianluca Lo Nostro and Philippe Leroy-Beaulieu (Reuters) – European banking shares extended their upward trend on Thursday, driven mostly by UniCredit’s performance report after it bought a 9 percent stake in Germany’s Commerzbank the previous day. The pan-European banking sub-index rose 1.9% by 1010 GMT, with analysts pointing to…
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S&P 500 Rally Hits a Wall as Big Banks Sound Alarm: Markets Wrap
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(Bloomberg) — Stocks fell after some of Wall Street’s biggest banks gave cautious outlooks, and Brent crude fell below $70 a barrel on concerns about oversupply. Most Read from Bloomberg After a rally to start the week, the S&P 500 struggled to make much headway. JPMorgan Chase & Co. fell…
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Kenyan banks see forex losses from subsidiaries as shilling strengthens
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Kenyan banks recorded currency losses of about Ksh50 billion in the first half of the year when translating financial statements of regional subsidiaries into Kenyan shillings due to the appreciation of the shilling during the period. The shilling has appreciated by between 19 and 31 percent against the currencies of…
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Banks, stock brokers hits as CBK stops commission on bonds trade
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Kenya’s central bank will stop paying commission to stockbrokers, custodian banks and authorised securities dealers that help it sell treasury bonds from next month, cutting off hundreds of millions of shillings in revenue each year. The central bank paid selling agents – who act as intermediaries between the central bank…
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Entrepreneurs turn to pawnbrokers as banks tighten business lending
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As traditional banks tighten lending standards, a growing number of UK entrepreneurs are turning to pawnshops for vital funding. H&T, Britain’s largest mortgage lender, has reported a rise in the number of small business owners, including shopkeepers and builders, pledging personal jewellery and watches for loans. Chris Gillespie, chief executive…
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Banks step up the battle for rich churches’ billions
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Commercial banks are increasingly targeting churches and other religious organisations with financial products in a bid to earn billions of shillings generated through tithes, donations, offerings and investments in sectors such as education, real estate, health and hospitality. A number of banks have moved to enlist religious leaders to lead…
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Evercore ISI screens banks likely to fare better when the Fed cuts rates (NASDAQ:FITB)
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Richard Drew When the Fed raises interest rates, banks’ net interest income generally rises. So, when the central bank eases monetary policy, it makes sense that banks’ net interest income will fall. But it’s more complicated than that, as Evercore ISI explains. Analyst John Pancari said in a recent note…