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The Latest Breaking News on Financial Services

Australia breaks with global trend, slows interest rate hikes

Reserve Bank of Australia lifts key rate by 0.25 percentage point in nod to uncertain global economic outlook.

Al Jazeera

The Loop: The RBA hikes the cash rate, North Korea's latest missile launch, and the surprising culprit behind a British train delay

Get up to speed on today's headlines with The Loop.

ABC News

Asian shares rise after 'relief rally' on Wall Street

Asian shares are higher, encouraged by a rally in U.S. shares after some weak economic data raised hopes that the Federal Reserve might ease away from aggressive interest rate hikes

The Independent UK

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Failed Griffin Coal mine owes close to $1.5 billion to creditors as WA electricity grid woes loom

The failed coal mine in Collie, 200km south of Perth, owes close to $1.5 billion to creditors, with the banks urged to "come clean" on their losses to avoid a potential disaster in WA’s biggest electricity grid.

ABC News

Australian central bank lifts cash rate to 9-year high 2.6%

Australia’s central bank has boosted its benchmark interest rate for a sixth consecutive month to a nine-year high of 2.6%

The Independent UK

Switching Ulster Bank and KBC: Phoneline opens for vulnerable customers to help move account

The two banks are in the process of exiting Ireland in 2023

Dublin Live

How much extra could mortgage repayments cost now the cash rate is 2.6 per cent?

Tell us your loan size, term and interest rate and our mortgage rate rise calculator will work out how much extra you may have to pay on your loan.

ABC News

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Interest rates rise again as Reserve Bank lifts cash rate to 2.6%

RBA on Tuesday raised its cash rate 25 basis points as it seeks to stifle inflation

The Guardian - AU

Reserve Bank slows the pace of interest rate rises with 0.25 percentage point increase

The Reserve Bank elects to slow the breakneck pace of interest rate rises, with the sixth straight hike being 0.25 of a percentage point instead of the widely expected 0.5.

ABC News

Charting Wells Fargo's Rally After Upgrade By This Fellow Bank

It's rare when one investment bank upgrades another financial institution, and that took place on Monday when Goldman Sachs upgraded Wells Fargo & Co (NYSE: WFC) m

Benzinga

Here's what was happening in Australia the last time the cash rate rose this quickly

The rapid increase in interest rates feels all too sudden for borrowers, but it's not the first time this has happened. Here's how events played out almost 30 years ago.

ABC News

Jobs at risk as loss-making challenger Bank North collapses

Bank North had been seeking to raise £30m to secure a full banking licence

Birmingham Post

World Bank criticised over climate crisis spending

Oxfam research suggests up to 40% of bank’s reported climate-related spending cannot be accounted for

The Guardian - UK

NatWest raises mortgage rates in line with its rivals

Lender takes unusual move of issuing notice to brokers on Sunday, saying it was increasing its rates

The Guardian - UK

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news in one place.

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ABC News

Regional Banking Taskforce calls on banks to improve communication when closing branches

The Regional Banking Taskforce is calling on banks to improve communication with regional customers and ensure local councils receive forewarnings of branch closures.

Asharq Al-Awsat

World Bank to Give Ukraine $530 Mln in Additional Aid

The World Bank has said it will provide an additional $530 million in support to Ukraine, bringing the total aid by the bank to $13 billion, as Russia's invasion of the country continues, reported Reuters. The aid is supported by the United Kingdom ($500 million) and the Kingdom of Denmark…

Reuters

World Bank to give Ukraine $530 million in additional aid

The World Bank has said it will provide an additional $530 million in support to Ukraine, bringing the total aid by the bank to $13 billion, as Russia's invasion of the country continues.

Financial Times

Inside the breakdown of the UK’s mortgage machine

Market turmoil sparked by mini-budget saw banks scrambling and 1,688 home loans pulled from shelves

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news in one place.

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Edinburgh Live

Edinburgh Tesco Bank staff face axe at same time company books 'laughologist'

Workers are understood to have been angered by the company's decision to hire a professional 'laughologist' to support workers mental health at the same time that they are letting hundreds of workers go.

Miami Herald

Legal battle over Miami bank allegedly controlled by Venezuela intensifies

The legal battle over the control of a Miami bank alleged to have been secretly run by the Venezuelan government is heating up, following the efforts of its original owner to take back the reins of the bank’s Curaçao-based parent company.

The Independent UK

Safety deposit boxes headed toward extinction at Chase

You’ll no longer be able to store your precious coins, jewelry and paperwork at JPMorgan Chase & Co., as the bank has stopped opening new safety deposit boxes for customers

Evening Standard

Barclays suffers $361m fine from US regulators over trading blunder

The Securities & Exchange Commission said once the bank realised its error, it alerted regulators and has tried to make amends for its mistake.

Evening Standard

All is not normal in the City, however it looks

City Comment: Pinstripes make a return, but business is down

Reuters

Kazakhstan replaces ex-leader with eagle on banknote

Kazakhstan’s central bank presented a new banknote design on Friday, identical to an older one with one major exception - ex-president Nursultan Nazarbayev’s portrait has been replaced with an eagle silhouette.

AAP

Banks told to do better on branch closures

Customers in regional and rural communities must be given better support when banks decide to close their local branches, a task force has found.

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