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The Latest Breaking News on Financial Services

2023 has been ‘comeback year’ for spending on live events, says bank

Live events have taken centre stage once more in customers’ spending habits, with the average spend at £50 to £60 per month, according to HSBC UK.

The Independent UK

Austrian RBI acquires 28% of Strabag, reducing Russia exposure

Austrian bank RBI is getting creative in its efforts to reduce its exposure to Russia, taking a 28% stake in construction firm Strabag.

Top News

Vietnam Property Developer Faces Trial Over $12.5 Bn Bond Fraud

The chairwoman of major property developer Van Thinh Phat will go on trial in Vietnam, accused with accomplices of embezzling $12.5 billion from a bank "for personal purposes", the official government website said.

International Business Times

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Rationale behind RBA's December rates call on show

The minutes from the December interest rate meeting will outline the Reserve Bank's thinking on inflation as households gear up for the festive season.

AAP

Karuvannur bank scam: Two key accused wish to turn approvers

Biju M. Karim and Sunil Kumar T.R., former manager and secretary respectively of the Karuvannur Service Co-operative Bank in Thrissur, have expressed their willingness to become prosecution witnesses in the case related to the multi-crore scam at the bank.

The Hindu

Bank manager, four others convicted by CBI court

The CBI Special Court of Dharwad convicted a bank manager, director of a trading company, chartered accountant, and two others in the case of defrauding Bank of India to the tune of ₹90 lakh.

The Hindu

No evidence Coutts closed accounts due to political views, report says

Independent review, launched after Nigel Farage’s complaints, finds bank may have breached procedural rules

The Guardian - UK

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NAB chair defends bank's climate pledges at fiery talks

Shareholders have grilled NAB's chairman over the banking giant's commitment to climate change at a heated annual general meeting.

AAP

Savers miss out as banks exploit 'consumer inertia'

The consumer watchdog says many bank customers are paying the loyalty tax on their savings accounts and could be earning more interest.

AAP

Former China Cinda Executive Under Graft Investigation

Retired vice president of bad debt management company suspected of ‘serious disciplinary and legal violations’ as crackdown on corruption in China’s finance industry intensifies

Caixin Global

Under $10 POWR Stock of the Week: Medallion Financial (MFIN)

Since the housing bubble in the late 2000’s the U.S. has enjoyed an almost uninterrupted period of easy money. Financing for anything and everything was freely available from a wide variety of lenders. That came to an abrupt end last year as runaway inflation forced the Federal Reserve to rapidly…

StockNews.com

Exclusive: JPMorgan's Top Executive Shares Keys to Hispanic & Latino Success

Silvana Montenegro shares highlights about her career, JPMorgan's initiatives to boost Latinos, and how the firm champions diversity

Latin Times

Banks are leaving charities unable to access their funds

Letter: Leaders from the voluntary sector on the challenges that small organisations are increasingly facing with banking services

The Guardian - UK

Atlantic Union to Refund Consumers $5M In Overdraft Fees

Atlantic Union Bank must refund at least $5 million to people who were illegally enrolled in checking account overdraft programs, the CFPB says.

Kiplinger

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The Guardian - UK

‘Complete disregard’: Charities condemn Barclays over frozen bank accounts

More groups come forward to describe how shutdown suddenly left them unable to pay bills or staff

The Guardian - AU

‘My whole world revolves around cash’: why some Australians fear being left behind by a cashless future

With more transactions taking place digitally, cash transit companies warn of reduced services – which experts say risks isolating those who rely on notes and coins

The Independent UK

Asian Development Bank approves a $200M loan to debt-stricken Sri Lanka

The Asian Development Bank says it approved $200-million concessional loan to debt-stricken Sri Lanka to help stabilize the country’s finance sector

StockNews.com

Exploring the Investment Appeal of JPMorgan (JPM) and Bank of America (BAC)

Having weathered numerous challenges that tumultuously affected bank stocks earlier this year, is the coast clear to dive into this sector? Unfortunately, the answer is not so straightforward. With the uncertainties looming, let’s examine the current landscape of the U.S. banking industry and discuss the investment appeal of bank stocks…

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AAP

ANZ fined by regulator over disclosure failings

The Federal Court has ordered ANZ to pay a $900,000 penalty for failing to transparently declare where its shares went in a 2015 capital raising event.

The Guardian - AU

Most Australian mortgage holders on track with loan repayments despite high interest rates, RBA official reveals

Number of borrowers in ‘severe financial stress’ has risen but most showing resilience, Reserve Bank’s Andrea Brischetto says

International Business Times

Rabobank Executive Sounds Alarm On Farm Interest Rates Tied To Emissions

The Netherlands-based bank has a net zero target date—2050—with a lowered emissions goal set for 2030.

The Independent UK

New rules to help maintain cash access set out by FCA

The FCA said its powers will not prevent bank branches from closing, but the rules will have an impact where branches are a key local source of cash.

The Guardian - UK

Why won’t MBNA send me paper statements?

It is pressing me to receive statements digitally, because of some unspecified ‘issues’

International Business Times

Big Bank CEOs Testify Against Basel III Endgame Before Senate Committee

The CEOs of eight top banks visited Capitol Hill on Wednesday to testify against Basel III Endgame, the final stages of regulations in the works for 15 years.

Kiplinger

Is A Recession Looming? Two Big Bank CEOs See It That Way

Recession is likely, Citi's CEO told a Senate panel today, a sentiment echoed by JP Morgan's chief executive last week.

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