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The Latest Breaking News on Financial Services

China’s Central Bank Takes Surprising Step As Economy Falters

The rates for the People's Bank of China's one-year medium-term loan facility were unexpectedly cut by 15 basis points to 2.5%.

Zenger

Like Nigel Farage, British Muslims say they are being ‘de-banked’

Often without providing clear reasons, banks appear to be disproportionately closing the accounts of British Muslims.

Al Jazeera

How taxpayers are doing their little bit to help the big banks make big profits

The hard work of keeping Australia’s triple triple-A credit rating is great for our big banks — they get to borrow more cheaply.

Crikey

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JPMorgan Forms Bullish Pattern After First Republic Rescue Adds To Net Income Gains

Growth stock JPMorgan Chase has formed a four-weeks-tight pattern after a strong second quarter. First Republic added to net income gains.

Investors Business Daily

Employee-First Office Space: Workplace Technology Engages

Standardized on Microsoft Teams, employees fully embrace a hybrid work schedule and collaborate seamlessly.

AVNetwork

Forensic audit into Lebanon's central bank reveals misconduct and 'illegitimate' commissions

A forensic audit into Lebanon’s central bank by a New York-based company has revealed yearslong misconduct by the bank’s former governor and $111 million in “illegitimate commissions.”

The Independent UK

ESAF Small Finance Bank records a net profit of Rs. 129.96 cr in the first quarter of FY 23-24

The Bank’s operating profit (which the Bank defines as net profit including provisions and contingencies) grew by 33.46% to ₹300.67 crore from ₹225.29 crore in the corresponding quarter of the previous fiscal year

The Hindu

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Should Citigroup (C) Be on Your Watchlist This Week?

With no rate cuts expected this year, banks’ net interest income (NII) should increase due to the high-interest rates. However, macroeconomic challenges continue to pose a significant risk for banks. Amid this backdrop, will adding Citigroup (C) to your watchlist be wise? Read on to learn my view….

StockNews.com

Govt. to release ₹1,353 crore under ‘Sunna Vaddi’ scheme today

The Andhra Pradesh govt. will deposit ₹1,353.76 cr. into the bank accounts of 1.05 cr. eligible women of 9.48 lakh SHGs on Aug. 11. The 'YSR Sunna Vaddi' scheme has so far disbursed ₹4,969.05 cr. to relieve SHGs from interest burden. Banks have reduced interest rates, resulting in a reduction…

The Hindu

‘It gets better and better’ — Natwest is latest major lender to cut mortgage rates

Natwest follows Halifax, HSBC, Nationwide and TSB, among others, in bringing its rates back down after a wave of increases

Evening Standard

Home loan, other borrowers can switch to fixed-rate regime: RBI

RBI unveils framework allowing borrowers to switch to fixed interest rate from floating rate, providing relief to home, auto loan borrowers. Revised framework for Infrastructure Debt Funds (IDFs) to enable greater financing of infrastructure sector.

The Hindu

Matt Comyn rakes it in at the CBA — but what about Josh and Phil?

The Commonwealth Bank wants a brighter future for us all, but chiefly its shareholders and senior executives. The rest of us can make do.

Crikey

Afternoon Update: CBA makes record profit; Home Affairs’ ChatGPT bungle; and France prepare for Matildas

Australia’s biggest lender posts $10.16bn cash profit even as more of its customers succumb to rising borrowing rates

The Guardian - AU

UK banks to be given two weeks to explain closing of customer accounts

Regulator to write to more than 20 of largest lenders after Nigel Farage’s accounts were threatened with closure

The Guardian - UK

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Investors Business Daily

Moody's Raises Profit Questions On U.S. Regional Banks

Bank stocks fell after Moody's downgraded credit ratings for several regional lenders, and marked large banks for review as profit issues arise.

The Independent UK

Major lenders poised to reduce some mortgage rates

Nationwide Building Society, HSBC UK and TSB are expected to cut some home loan rates from Wednesday.

The Independent UK

Italy proposes bank tax to help people with interest rate hikes, sending stocks plunging

Italian bank stocks have plunged after the Cabinet approved a proposal to apply a temporary tax on some 2023 bank profits

Kiplinger

HUD Investigates HSBC's U.S. Unit Over Redlining Allegations

Action prompted by a non-profit’s complaint to the agency involving six metro areas.

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Chicago Sun-Times

Bridgeport bank failure fallout: Ex-city official, second man plead guilty in collapse of Washington Federal Bank for Savings

William M. Mahon was a high-ranking City Hall official under three former mayors and had close ties to the Daley family’s political organization.

StockNews.com

3 Bank Stocks Investors Should Watch Like a Hawk This Week

The bank industry is expected to grow due to economic recovery, increased consumer spending, and digital transformation. However, risks of potential defaults, and slowing loan growth may pose challenges in the upcoming months. Amid this backdrop, it could be wise to add fundamentally strong banking stocks JPMorgan Chase (JPM), Bank…

The Guardian - UK

HSBC executive apologises for calling UK weak over China

Sherard Cowper-Coles claimed British government was bowing to US demands in dealing with Beijing

Crikey

Will Labor’s crackdown on the big 3.5 go the way of previous re-regulatory moments?

The government has promised a crackdown on audit and consulting firms — but only after consultation. Will that be where it’s all watered down?

Crikey

ANZ-Suncorp decision will be a crucial moment for competition law

The ACCC has plunged a knife into the proposed merger of ANZ and Suncorp’s banking arm, but will the decision hold up to appeal?

The Guardian - UK

UK business confidence falls as economy slows and interest rates rise

Firms have cut back on hiring staff and manufacturing output is at its lowest since May 2020 as supply issues continue, a survey finds

The Guardian - UK

Many of world’s largest hedge funds face UK stress test

Participants also including banks and pension funds will have to reveal how activities could harm financial system

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