Category: banks
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HSBC Joins UK Banks in Cutting Mortgage Rates
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HSBC has announced cuts to its mortgage interest rates, joining Barclays and NatWest in a move that follows hints from the Bank of England about the possibility of a key interest rate cut over the summer. Barclays cut fixed-rate home loan costs for new deals on Tuesday, with HSBC’s cuts…
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European shares rise as tech, banks rebound By Reuters
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Written by Shashwat Chauhan and Jesús Calero (Reuters) – European shares rose on Monday, with banking and technology shares rebounding from last week’s losses after political uncertainty in France sent markets into a panic, while Danish insurer Topdanmark rose on a takeover bid by Sambo. By 0816 GMT, the euro…
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More Central Banks Are Exploring A CBDC, BIS Survey Finds
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Credit: bankingjournal.aba.com The global finance landscape is undergoing a transformational shift, with central banks around the world actively exploring the potential of central bank digital currencies (CBDCs). A recent survey by the Bank for International Settlements (BIS) highlighted the growing momentum surrounding these digital currencies, revealing that the vast majority…
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More Central Banks Are Exploring A CBDC, BIS Survey Finds
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Credit: bankingjournal.aba.com The global finance landscape is undergoing a transformational shift, with central banks around the world actively exploring the potential of central bank digital currencies (CBDCs). A recent survey by the Bank for International Settlements (BIS) highlighted the growing momentum surrounding these digital currencies, revealing that the vast majority…
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More farmers shun banks for loans, go informal
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More farmers are turning to informal groups, buyers of their produce, and the Hustler Fund for loans to invest in their projects, amid rising interest rates on bank loans. In just two months through May, the number of farmers borrowing from informal savings and credit groups nearly tripled, and the…
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CFPB Rule Shakes Up Banks: Open Banking Ushers in an Era of Transparency
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Buckle up, because the financial sector is about to be swept up in a wave of transparency. For many years, consumer data remained boxed in a fenced garden, with traditional banks acting as gatekeepers. Access was tightly controlled, distributed in drops and shuffles. The CFPB’s move dismantles those walls, giving…
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Swiss Finance Minister flags legal risks to winding up global banks By Reuters
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ZURICH (Reuters) – International financial authorities must take into account the legal risks surrounding the potential liquidation of global banks, Swiss Finance Minister Karin Keller-Sutter said on Wednesday. In an interview with the Frankfurter Allgemeine Zeitung newspaper, Keller Sutter was asked whether the rules for dealing with banks deemed “too…
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Central banks turn cautious on China’s yuan, keen on dollars and gold By Reuters
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Written by Alun John LONDON (Reuters) – More global reserve managers intend to increase exposure to the currently high-yielding U.S. dollar as their interest in it deteriorates due to lower yields and geopolitical tensions, the official forum of monetary and financial institutions said. Data from a survey conducted by the…
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Central banks turn cautious on China’s yuan, keen on dollars and gold By Reuters
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Written by Alun John LONDON (Reuters) – More global reserve managers intend to increase exposure to the currently high-yielding U.S. dollar as their interest in it deteriorates due to lower yields and geopolitical tensions, the official forum of monetary and financial institutions said. Data from a survey conducted by the…
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10 Major Banks Join Swift’s AI Initiative to Combat $485B in Fraud
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Swift has announced the launch of two artificial intelligence (AI) pilot programs in collaboration with major global banks to enhance fraud detection in cross-border payments. The initiative aims to leverage AI technology to save the industry billions in fraud-related costs and improve the efficiency of the cross-border payments ecosystem. The…
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Italian banks must quit Russia, ECB’s Panetta says By Reuters
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Written by Giuseppe Fonte and Valentina Za STRESA, Italy (Reuters) – Italian banks should halt their activities in Russia because staying in the country also brings a “reputation problem,” European Central Bank policymaker Fabio Panetta said on Saturday. After Austria’s Raiffeisen Bank International, UniCredit is the European bank with the…
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Italian banks must quit Russia, ECB’s Panetta says By Reuters
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Written by Giuseppe Fonte and Valentina Za STRESA, Italy (Reuters) – Italian banks should halt their activities in Russia because staying in the country also brings a “reputation problem,” European Central Bank policymaker Fabio Panetta said on Saturday. After Austria’s Raiffeisen Bank International, UniCredit is the European bank with the…
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Slowing Inflation Primes G-7 Central Banks for June
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Breadcrumb Trail Links PMN Business Inflation-related releases across the Group of Seven will prime central bankers for crucial June interest-rate decisions, just as they meet in Italy to discuss the state of the world economy. Author of the article: Bloomberg News Brian Fowler and Craig Stirling Published May 18, 2024…
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Regulator signals banks to keep dividends low
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Israeli banks generally distribute 40% of their quarterly profits, but this percentage is again expected to be cut in half. Banks will not return to distributing profits according to their usual profit distribution policies, and will once again be content with distributing reduced profits. Superintendent of Banks Daniil Hahiachvili sent…
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Regulator signals banks to keep dividends low
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Israeli banks generally distribute 40% of their quarterly profits, but this percentage is again expected to be cut in half. Banks will not return to distributing profits according to their usual profit distribution policies, and will once again be content with distributing reduced profits. Superintendent of Banks Daniil Hahiachvili sent…
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US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000
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JP Morgan and Wells FargoTwo of the largest banks in the United States announced their investments in spot bitcoin ETFs, revealing their exposure to BTC, the world’s largest cryptocurrency. This important development comes amid the ongoing decline in the cryptocurrency market, which has led to… BTC price drop Just over…
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Pay by Bank’s Revolution in Online Payments
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For many years, credit cards have dominated the world of online commerce. Transactions flowed through a well-oiled machine: merchants, card networks like Visa and MasterCard, and issuing banks played their part, each taking a slice of the pie. These fees have made online payments a hidden source of profit, adding…
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Biden Admin To Kill Republican Bill Letting U.S. Banks Custody Crypto
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Republican-led efforts to free up US banks to offer cryptocurrency custody services have been shut down by the Democratic-led White House. On Wednesday, the House discussed and prepared to vote on House Resolution 109 (HJ Res. 109), which would rescind prior accounting guidance from regulators to banks that plan to…
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Banks face fresh hit from parastatals’ idle cash ban
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Parastatals in Kenya have been banned from holding idle funds in bank accounts under a new public finance reform plan that seeks to promote transparency and efficiency in the use of public resources. Treasury Minister Njuguna Ndung’u revealed that the Treasury has officially adopted a hybrid single-account model whereby ministries…
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Saxo Bank’s FX Volume Recovers in April, Equities Hit Record
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After a shy month, demand for Saxo Bank’s forex instruments rose again in April. According to the latest figures, the monthly volume of Forex instruments on the platform reached $99.3 billion last month. The daily average also improved to $4.5 billion. Forex trading volume is recovering from the bottom The…