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The Latest Breaking News on Financial Services

Banks may see higher tax as a price worth paying for economic stability

Third-quarter profits will be subdued, but many lenders will accept a tax raid to boost the public finances (and their own image)

The Guardian - UK

China central bank head likely to step down amid reshuffle

China's central bank chief Yi Gang is likely to step down after he was dropped from an elite body of the ruling Communist Party, with a former central banker a leading contender to succeed him, sources close to the central bank said.

Reuters

'There was umpteen of them, now they've all gone': The Greater Manchester town that lost all its banks

"I'm not being funny but us old uns' wouldn't have a clue how to do it online"...Six years ago Radcliffe, a town of 30,000 people, had three banks and a building society - now there's none left

Manchester Evening News

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IDBI Bank logs best-ever quarterly net income at Rs 828 crore

MUMBAI: IDBI Bank has come out with best-ever quarterly numbers on Friday, logging in a 46 percent growth in net income at Rs 828 crore for the September quarter.

The Times of India

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

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

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The Guardian - UK

Depositing a sealed envelope with Lloyds proved rather unsafe

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

Insider UK

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

OakNorth Bank does deal with Clearbell

Bangkok Post

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.

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news in one place.

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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

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

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