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The Latest Breaking News on Financial Services

Ghana to default on most external debt as economic crisis worsens

(This Dec. 19 story has been corrected to fix debt figures in first chart)

Reuters

Pandemic Loans Are Coming Due but Some Businesses Aren't Ready to Repay

Many small businesses that received federal pandemic aid are now on the hook for repayments, and some say the timing couldn't be worse.

Bangkok Post

Australian towns are fighting to hold on to their bank branches, as government flags review of replacement services

In the past five years, the number of bank branches has dropped 30 per cent. While growing numbers of Australians are doing their banking online, the local bank remains a vital service for many isolated regional communities.

ABC News

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3 Insurance Stocks That Could Benefit From Rising Rates

Although aggressive rate increases put pressure on other industries, the financial sector, which includes insurers, usually benefits from it. With the Fed expected to keep the rates higher through next year, it could be prudent to buy fundamentally strong insurance stocks The Hartford Financial Services (HIG), CNA Financial (CNA), and…

StockNews.com

The murky details in one congressman-elect's campaign biography

A new report raises serious questions about Rep.-elect George Santos' résumé.

Axios

Tapping opportunity in a downward market

Derivatives and shorting are a lesser-understood tool getting more shine in the current bear market.

Newsroom.co.nz

Santander launches bank card recycling scheme in some branches

The pilot scheme in 28 branches recycles bank cards into plastic pellets and is expected to last for up to six months.

The Independent UK

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Shrinking availability of ‘small-dollar’ mortgages hurts low-income home buyers

In Philadelphia, about a third of owner-occupied homes were valued at less than $125,000 in 2021. But that year, only about 2% of mortgages made in the city were the type generally used to purchase properties in this segment of the market, according to an analysis by the Federal Reserve…

The Philadelphia Inquirer

British Business Bank appoints South West senior manager

The news comes ahead of the launch of a £200m investment fund by the bank in 2023

Birmingham Post

City bankers could receive unlimited bonuses as Bank of England pay consultation begins

City bankers may soon be able to receive unlimited bonuses after the Bank of England today announced plans for a consultation on scrapping the so-called ‘bonus cap’.

Evening Standard

London fintech Updraft raises £108 million to grow lending business

Lending firm Updraft today became the latest London fintech to ramp up its expansion plans after it completed a £108 million debt and equity raise to scale up operations.

Evening Standard

China's Covid surge hits trading floors, finance hub

SHANGHAI: Covid-19 is sweeping through trading floors in Beijing and spreading fast in the financial hub of Shanghai, with illness and absence thinning already light trade and forcing regulators to cancel a weekly meeting vetting public share sales.

Bangkok Post

OIC, Arab Parliament Reject European Parliament's Resolution on Bahrain

The Organization of Islamic Cooperation (OIC) has expressed its rejection of the European Parliament's decision on the human rights situation in Bahrain, saying it was based on inaccurate information that offends the Kingdom. The OIC praised Bahrain's commitment to the principles of human rights and international standards, and the protection…

Asharq Al-Awsat

Ex-FTSE 100 director Stuart Dawkins inaugurated as East Midlands Chamber president

Stuart brings wide-ranging business experience to the role, having spent 18 years at Alliance & Leicester

Birmingham Post

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Birmingham Post

Closure of HSBC branches in Somerset described as 'devastating blow'

The Frome site is being shut in the year of its centenary

Nottingham Post

Martin Lewis word of warning to homeowners after Bank of England announcement

The Bank of England announced on Thursday, December 15 they would increase interest rates by 0.5 per cent to 3.5 per cent - the ninth consecutive rise in 2022.

The Guardian - UK

It’s not pay claims that are driving up prices in Britain. It’s profits

Whatever the chancellor and the Bank may suggest, wage settlements are still running behind the rate of inflation

Asharq Al-Awsat

Cabinet: Egypt's New IMF Agreement Aims to Reduce Government Debt

The new International Monetary Fund (IMF) $3 billion financial support package for Egypt aims to reduce government debt to less than 80% of gross domestic product (GDP) in the medium term, a cabinet report released on Saturday said. The fund did not require the Egyptian government to cut spending on…

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Wales Online

Warning to anyone waiting for a parcel after 400 reports of Royal Mail scam

You could see your bank account emptied before Christmas

WEKU

People in Lebanon are robbing banks and staging sit-ins to access their own savings

Lebanon's banks froze accounts three years ago amid an economic collapse. Now, under increasingly desperate circumstances, people are resorting to extreme measures to access their savings accounts.

Asharq Al-Awsat

‘Tarabut Gateway’ CEO: Open Banking Has Tripled in The Middle East

Abdulla Al-Moayed, CEO and founder of the Dubai-based fintech company Tarabut Gateway, revealed that open banking has become a strategic option for growing digital transformation in regional countries as they move towards digital payments and cashless societies. Banking through fintech in the Middle East has tripled at a time when…

Daily Mirror

More than a quarter of people ‘expect to start 2023 in debt’, survey shows

Debt remains a taboo topic for some, with 23% of those polled admitting that talking about financial trouble would make them feel shame and 18% saying they would never confess it to anyone

Asharq Al-Awsat

IMF Approves $3 Bln Egypt Extended Arrangement

The International Monetary Fund (IMF) executive board has approved a 46-month $3 billion financial support package for Egypt, saying it will catalyze additional funding of about $14 billion, the fund said in a statement. The package, Extended Fund Facility (EFF), includes a flexible exchange rate regime and enhanced social safety…

Reuters

Ghana extends domestic debt exchange registration deadline

Ghana has extended the registration deadline for a domestic debt exchange programme to Dec. 30, as it considers making some adjustments while it seeks approval for an IMF debt relief programme, the finance ministry said in a statement overnight on Friday.

The Independent UK

More than a quarter of people ‘expect to start 2023 in debt’

On average, people expect that it will take 21 months to pay back what they owe, according to Tesco Bank.

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