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The Latest Breaking News on Financial Services

RBI to promote innovation in financial sector, says governor Shaktikanta Das

MUMBAI: Reserve Bank governor Shaktikanta Das on Wednesday assured financial technology companies (fintech) that the central bank will continue to adopt a participative and consultative approach to facilitate innovation in the financial sector.

The Times of India

Bank of England expected to hike interest rates again despite softening inflation

Economists predict 0.5 per cent rise despite inflation peak and sharp recession

The Independent UK

Who is the ‘sexy turtle’? Andrew Bailey helps decide your mortgage costs

Some praise UK’s most powerful non-elected official for mini-budget response while some say Bank of England governor is out of touch

The Guardian - UK

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HSBC updates climate policy to stop funding new oil and gas

British banking giant HSBC announced Wednesday it will no longer finance new oil and gas fields as part of its updated climate strategy

The Independent UK

Petrobras shares dive on Brazil vote to ease rules on politicians running state firms

Brazil's lower house of Congress voted late on Tuesday to make it easier for politicians to take roles at state-run firms, hammering shares of the state-run oil company, devastated by a political graft scandal over the past decade.

Reuters

SBI board approves raising Rs 10,000 crore capital via bonds

NEW DELHI: State Bank of India (SBI) on Wednesday said its board has approved Rs 10,000 crore capital raising plan through Tier I bonds.

The Times of India

HSBC pulls funds for new oil and gas fields in “green” victory

GREEN campaigners targeting big banks won a victory today, when HSBC said it will no longer lend cash or provide other finance to new oil and gas fields.

Evening Standard

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Inflation is still causing pain and Bank of England risks making situation worse

Anticipated increase in interest rates will turn the screw on mortgage holders and businesses

The Guardian - UK

Millions face £3,000 mortgage hike - as interest rates announcement due tomorrow

The Bank of England (BoE) has increased its base interest rate eight times since December last year and is expected to do so tomorrow, which will push up the price of borrowing even more

Daily Mirror

Ministers may struggle to ‘hold line’ against higher pay for public sector workers, says ex-BoE chief

Ministers may struggle to “hold the line” in their refusal to back higher pay deals for hundreds of thousands of public sector workers, a former Bank of England chief said on Wednesday.

Evening Standard

I lost £150,000 to a fraudulent account the bank knew about

Bank of America was alerted three days before my first payment to an account I believed was a fixed-rate ‘bond’ with Prudential

The Guardian - UK

Supply chain issues lead to £2bn in unfinished South West goods

Manufacturers across the region said Covid lockdowns in China, the war in Ukraine and Brexit had ‘exacerbated’ the problems

Birmingham Post

RBA boss to stay on if reappointed

Reserve Bank of Australia governor Philip Lowe says he has no plans to resign when his term is up next September.

AAP

Lula builds out econ team with Mercadante at BNDES, ex-banker aide to Haddad

More of Brazilian President-elect Luiz Inacio Lula da Silva's economic policy team took shape on Tuesday, with Workers Party (PT) veteran Aloizio Mercadante running development bank BNDES and a former banker taking a key role at the Economy Ministry.

Reuters

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AAP

Westpac flags rates impact in 2023

Westpac expects tighter monetary policy and slowing economic growth to impact some of the bank's customers next year.

Caixin Global

Longfor Gets $101 Million of Offshore Loans From Bank of China

Real estate developer becomes the first to tap into a measure intended to help cash-strapped property companies roll over foreign debt

The Guardian - UK

Imran Imam obituary

Other lives: Banker who turned to maths teaching after the BCCI investigation

The Guardian - UK

The Bank’s newfound appetite to tackle risk is welcome, if a little late

The financial policy committee has decided to take on ‘shadow banking’ which has been thriving since 2008

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Reuters

IMF not expected to discuss Sri Lanka before year-end -sources

The executive board of the International Monetary Fund is not expected to formally approve Sri Lanka's $2.9 billion bailout before year-end, a key step required for the embattled country to receive funding, two sources familiar with the matter said.

The Independent UK

Bank of England to run stress tests on pension funds, insurers, and other lenders

More needs to be done to ensure that the non-bank financial sector does not pose a threat to the UK’s financial stability, Bank says

The Times of India

HDFC gets nod from exchanges for transfer of NCDs to HDFC Bank

NEW DELHI: Mortgage lender HDFC Ltd on Tuesday said it has received approval from exchanges for transfer of non-convertible debentures (NCDs) to its subsidiary HDFC Bank.

Reuters

Russian businessman asks London court to pause $850mln lawsuit over sanctions

A prominent Russian businessman on Tuesday asked a London court to pause an $850 million fraud lawsuit brought by two Russian banks because of UK sanctions, arguing that any money recovered could be used to “indirectly fund the war in Ukraine”.

Newsroom.co.nz

GDP growth figures highlight growing risk of stagflation

As NZ reports another quarter of slow economic growth, it is combining with inflationary pressures to pose a worrying economic outlook – here and around the world. A resilient China can help NZ through a worrying economic future.

The National (Scotland)

Millions of mortgage holders to see payments jump, Bank of England warns

AROUND four million mortgage borrowers are set to see their monthly payments jump ...

Newsroom.co.nz

SkyCity's Australian woes are sheeted home to NZ

Dirty money, literally and figuratively, is at the centre of a lawsuit focusing on SkyCity Adelaide, reports Andrew Bevin

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