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The Latest Breaking News on Financial Services

Lebanese Banks Battered by Meltdown Struggle to Survive

Lebanon’s once burgeoning banking sector has been hard hit by the country’s historic economic meltdown. It has suffered staggering losses worth tens of billions of dollars and many of the small nation’s lenders now face possible closures or mergers. Yet bankers have been resisting attempts to make their shareholders assume…

Asharq Al-Awsat

Christmas party cancellations ‘near Omicron level’ as UK rail strikes loom – as it happened

Hospitality bosses say 30% of bookings have been called off, with rail workers’ walkouts predicted to wipe £1.5bn from revenues

The Guardian - UK

Lebanese banks battered by meltdown struggle to survive

The banking sector in Lebanon has been struggling since the country’s economic meltdown began in October 2019

The Independent UK

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Monte dei Paschi: how far did Italy go to draw a line under its troubled bank?

After 15 years of scandal and state aid, Rome was prepared to bend the rules to ensure the world’s oldest lender could be safely sold off

Financial Times

Florida lawmaker who was sponsor of 'don't say gay' bill is indicted on wire fraud, other charges

TAMPA, Fla. — State Rep. Joe Harding, a Republican from north Florida, was indicted Wednesday on charges of money laundering and wire fraud after a federal grand jury said he falsely claimed two inactive businesses of his had employees in order to get coronavirus-related loans.

Tribune News Service

Analysts see Fed rate hike of 0.5%

Analysts expect the Federal Reserve to raise interest rates by 0.5% in the middle of this month, putting pressure on stocks, gold and oil to continue their freefall.

Bangkok Post

Reserve Bank review ‘will be relevant’ to Philip Lowe’s chances of a second term, Chalmers says

Treasurer says it is not a ‘performance review’ but will ‘feed into our thinking’ about RBA leadership

The Guardian - AU

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Florida Republican behind ‘Don’t Say Gay’ bill indicted for money laundering and wire fraud

A federal grand jury indictment alleges Joseph Harding fraudulently applied for Covid-19-related government loans

The Independent UK

RBA maintains 'open mind' on digital money

Australians value hard cash and have easy access to it, but digital money could be a back-up during cyber events and when extreme weather hits banking systems.

AAP

Economists upbeat on 2023

Thailand's economic outlook remains positive for next year despite global headwinds, according to economists.

Bangkok Post

Why no criminal case against businessman in loan frauds, asks Supreme Court

NEW DELHI: The Supreme Court on Wednesday sought responses from the Union government and the Reserve Bank of India on why criminal cases are not being filed against industrialists and corporate houses who have been found to have indulged in bank frauds and defaulted in repaying loans worth crores of…

The Times of India

U.S. tells Turkey no need for additional checks on oil tankers

U.S. Deputy Treasury Secretary Wally Adeyemo told Turkish Deputy Foreign Minister Sedat Onal in a call on Wednesday that the price cap on Russian oil does not necessitate additional checks on ships passing through Turkish territorial waters, the U.S. Treasury Department said.

Reuters

‘Worst of inflation over’: RBI moderates rate hike to 35bps

MUMBAI: Reserve Bank of India governor Shaktikanta Das on Wednesday increased key interest rates by 35 basis points, taking the total increase in rates since May to 225 basis points.

The Times of India

SC reserves verdict on demonetisation pleas, directs Centre, RBI to place related records

NEW DELHI: The Supreme Court on Wednesday directed the Centre and the Reserve Bank of India (RBI) to place before it in a sealed cover the relevant records pertaining to the government's 2016 decision to demonetise currency notes of Rs 1000 and Rs 500 denomination for its perusal.

The Times of India

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The Independent UK

Experts raise concerns as Nigeria limits cash withdrawals

Experts raised concerns over a new policy announced by the Central Bank of Nigeria that heavily limits withdrawals of money in a push for a cashless economy

The Independent UK

Fired state TV chief's World Bank job shocks many in Poland

The former head of Poland’s state broadcaster says he now has a job the World Bank

The Guardian - UK

City faces fresh post-Brexit blow as EU moves to restrict certain trades

Battle focuses on what EU sees as bloc’s over-reliance on London’s clearing houses handling euro-denominated derivatives

Evening Standard

City jobs axe looms -- just as things may be improving

City Comment: Banks should hold off on cuts, at least until next year

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Asharq Al-Awsat

Asian Equities, Oil Prices Dragged by Recession Fears

Asian investors extended a sell-off across global markets Wednesday while oil held losses on growing fears Federal Reserve monetary tightening will tip the US economy into recession. The drop followed another day deep in the red for New York's three main indexes after the heads of Wall Street's leading banks…

Glasgow Live

Thieving neighbour tagged for stealing cash from 87-year-old on day of husband's funeral

Glasgow Sheriff Court heard that Margaret McPhail was also ordered to pay compensation after making £11,800 worth of cash withdrawals from 87-year-old Agnes Fowler's account.

Fortune

China may reopen soon—but 'millions' of new COVID cases will disrupt its economic recovery

Analysts are warning of a "bumpy," "zigzagging" recovery since China's COVID cases and deaths will likely spike.

Evening Standard

FTSE 100 Live: House prices in biggest fall since 2008, oil near $80

The average house price slid 2.3% in November, the largest monthly drop recorded by lender Halifax since October 2008.

Dynamite News

RBI Monetary Policy Committee Hikes Policy Rate By 35 Bps To 6.25 Per Cent

The Reserve Bank of India monetary policy committee (MPC), which determines interest rates, has raised policy repo rate by 35 basis points (bps) to 6.25 per cent with immediate effect. Read on for details:

Liverpool Echo

Martin Lewis shares three ways to get up to £200 for free this winter

Amid the cost of living crisis, these tips could help people out this winter

Chicago Sun-Times

Single-family lending drives neighborhood disparities, new report finds

A report from the Urban Institute finds that the more Black residents who live in a Chicago neighborhood, the less investment the area saw compared with predominantly white neighborhoods.

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