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The Latest Breaking News on Financial Services

Barclays could be fined £50m for failing to disclose 2008 Qatari deal

Provisional fine relates to £322m bank paid to Gulf state allegedly in exchange for £4bn investment to save lender from bailout

The Guardian - UK

Barclays facing £50m fine for 'reckless' failures to disclose arrangements with Qatari investors

Bank will take decision to an independent tribunal

Insider UK

Indian govt seeks $7.7 billion value for IDBI Bank in stake sale

NEW DELHI: India is pushing for a valuation of around 640 billion rupees ($7.7 billion) for state-owned IDBI Bank Ltd in what could be the biggest sale of the government’s stake in a lender in decades, according to a person familiar with the matter.

The Times of India

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Ken Paxton targets biggest banks for plans to ‘starve’ fossil fuel companies of credit

Attorney General Ken Paxton says Texas is joining a multi-state investigation of the biggest names in banking over whether the financial institutions agreed to block credit to companies involved in fossil fuel-related activities.

Tribune News Service

Interest rates unlikely to rise above 5%, says Bank of England official

Ben Broadbent says increase already priced into markets would deliver ‘pretty material’ hit to economy

The Guardian - UK

Axis Bank net profit jumps 70% at Rs 5,330 crore in Q2

NEW DELHI: Axis Bank on Thursday reported a jump of 70 per cent in its standalone net profit at Rs 5,329.77 crore in quarter ended September 2022 on healthy core income aided by trimming of bad loans.

The Times of India

Bank of England fines MS Amlin Underwriting almost £10 million for risk management failings

Watchdog says size of fine reflects length of time taken at the firm to address its concerns

Evening Standard

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World Bank breaks sustainability vow

A new report alleges the World Bank has failed on its promise to align more closely with the Paris agreement

Salon

Digital bank Starling creating 150 jobs at its Cardiff office

The latest recruitment drive will take its headcount in the city to 1,200

Birmingham Post

Former RBS bank to be replaced by HMO in greater Manchester town

Leigh’s RBS closed back in 2019 alongside two other branches in Atherton and Hindley as 54 were axed across the country.

Manchester Evening News

Depositing a sealed envelope with Lloyds proved rather unsafe

It was left 19 years ago at my local branch, now it’s been lost

The Guardian - UK

Property giant secures £36m to buy student residential schemes in Aberdeen and southern England

OakNorth Bank does deal with Clearbell

Insider UK

Depositors upset over ID requirement

Commercial banks have been urged by the Anti-Money Laundering Office (Amlo) to ensure that a new requirement that people using cash deposit machines (CDMs) must verify their identity when making transactions does not leave customers out of pocket.

Bangkok Post

Fitch sees higher earnings ahead for banks

Fitch Ratings expects higher earnings in the Thai banking sector, in line with the country's economic recovery, with loan-loss reserves in the industry having peaked.

Bangkok Post

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Reuters

Senior U.S. Treasury official traveled to Turkey to discuss sanctions on Russia

A senior U.S. Treasury Department official traveled to Turkey this week to discuss sanctions and export controls imposed on Russia following its invasion of Ukraine, the Treasury Department said, as Washington closely monitors growing economic ties between Ankara and Moscow.

StockNews.com

4 Falling Stocks to Cash out of Right Now

Stock market volatility is rife amid the Fed’s hawkish monetary policy stance and widespread recession fear. Analysts have warned of a global recession by mid-2023. Given the market turmoil, we think investors should cash out of Payoneer Global (PAYO), ContextLogic (WISH), LL Flooring (LL), and Mullen Automotive (MULN), which have…

The Guardian - UK

The Guardian view on big finance: addicted to government handouts

Editorial: Instead of cutting public services, the Treasury should tax the windfall profits of the banking sector

The Guardian - UK

Bank of England officials were excluded from mini-budget discussions

Deputy governor Sir Jon Cunliffe says Bank did not have usual briefing the night before mini-budget

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Irish Mirror

Loan experts and opposition politicians warn homebuyers could end up in higher debts and in borrowing trouble after Central Bank changes mortgage lending rules

'The only real and sustainable solution is a greater delivery of social and affordable housing'

The Independent UK

Kwasi Kwarteng failed to brief Bank of England about risks from mini-budget, MPs told

Bank would have warned of any a threat to ‘financial stability’ – but was in the dark about tax cuts to be unleashed

Insider UK

Bank shares fall with reports Chancellor Jeremy Hunt could impose ‘ludicrous’ windfall taxes on their profits

Analysts hit out at reports as banks set for bumper profits

The Guardian - UK

UK banks brace for ‘windfall tax’ to help plug £40bn hole in public finances

No commitment yet to cut banking surcharge after corporation tax U-turn, with sector facing headline tax rate of 33%

The Guardian - UK

Amazon to launch UK insurance comparison site

Firm extends financial services push, taking on big four sites including Moneysupermarket and Go Compare

Wales Online

HSBC 'green' ads banned because they did not give information on bank's own emissions

The bank was told by the Advertising Standards Authority to ensure 'future marketing communications featuring environmental claims were adequately qualified'

Insider UK

UK Government ‘idle’ as banks are shut reducing access to cash, Scottish Affairs Committee says

Post Office recently confirmed its branches handled the highest volume of cash in August for five years

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