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The Latest Breaking News on Financial Services

Banking customers withdrew £83bn from ATMs in 2022, says Link network

The number of fee-charging ATMs fell last year, Link said.

The Independent UK

SMEs share transformation stories

Fifty-five percent of small and medium enterprises in Southeast Asia are optimistic about their business recovery after the pandemic, but they realise they need to make changes to stay competitive, the UOB Asean SME Transformation Study 2022 has found.

Bangkok Post

RBI proposes banks to design own credit loss models under newer provisioning system

MUMBAI: Banks will be allowed to design own credit loss models and spread the higher provisions over a five-year period under a newer system of setting aside money for lending, the RBI proposed on Monday.

The Times of India

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Lenders have ‘obligation’ to support struggling borrowers, Bank governor says

In a meeting about the UK’s financial stability, Andrew Bailey told the Treasury Committee that banks are much stronger financially than in the past.

The Independent UK

4 of family from TN found dead in Telangana

HYDERABAD: Four members of a family from Tamil Nadu were found dead under suspicious circumstances with one of them found hanging at an apartment in Hyderabad on Monday, police said.

The Times of India

Hong Kong judge defends judiciary amid fears of ebbing independence

Hong Kong's top judge defended the independence of the judiciary in the Chinese-ruled territory amid international and local criticism of deteriorating legal freedoms since a national security law was introduced in 2020.

Reuters

Nigeria's university system needs radical reform: student loans for more than 100 million people might be a good place to start

Amid strikes by Nigeria’s Academic Staff Union of Universities, one thing is clear: the current funding model for the country’s public universities is broken. The government’s new Higher Education Bill aims to fix it.

The Conversation

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Will the Commanders’ sale ‘be over soon?’

No Jeff Bezos, no problem. Could the Commanders be sold sooner than we think?

USA Today Sports Media Group

Swedish bank Handelsbanken expands in Cardiff

Its Cardiff branch has moved to new offices at the Callaghan Square office scheme

Birmingham Post

Ulster Bank PMI: Northern Ireland private sector contracts at fastest rate in 2 years

All four sectors were hit hard, but signs of easing inflation offers hope

Birmingham Post

Number of Scots in work falls for first time in almost two years, says RBS

The Royal Bank of Scotland said the number of people in employment fell for the first time since April 2021.

The Independent UK

Young people warned not to be exploited as ‘money mules’ for UK criminal gangs

West Midlands commissioner and HSBC say moving illegally gained money is an offence that helps serious crime

The Guardian - UK

Supermarket takes back 'most expensive' title after just a week as customers in 'shock' over prices

The supermarket is the only one to increase in price in this week's comparison of basics

Manchester Evening News

Victims of bank Ponzi-like scheme in China unable to withdraw money from frozen accounts

Since April last year, at least $8.5 billion has been frozen, leaving bank customers in dire straits. When they tried to protest, they allege they received brutal treatment from the police.

ABC News

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Wales Online

Business issues heartfelt call to customers to pay in cash - and spells out reason why

During the Covid pandemic many people stopped using cash but some want to see its return

Axios

These major banks see a "mild recession" coming in 2023

JPMorgan Chase, Bank of America and Citigroup are bracing for an economic downturn in 2023, including an uptick in unemployment, even as they continue to benefit from strong consumer spending and higher interest rates.

ABC News

Cardinal George Pell will be remembered as a reformer with 'a big heart' by some but reviled by many others

While many with the Catholic Church remember him as compassionate, he's reviled by many others inside and outside religious spheres.

The Guardian - UK

JP Morgan investment bankers suffer 30% bonus cut as takeover deals slump

Wall Street’s largest lender reports 22% fall in full-year profits including 58% drop in fees from dealmaking

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Al Jazeera

Pakistan foreign exchange reserves drop to lowest since 2014

Experts paint a gloomy picture, saying the government must reconsider its priorities.

Los Angeles Times

Los Angeles bank agrees to $31M settlement over racial bias in home loans

City National Bank has agreed to pay $31 million to settle a U.S. Justice Department lawsuit alleging racial bias in its home mortgage lending in Los Angeles County.

Bangkok Post

BoT sets out plan to issue up to 3 virtual banking licences

The Bank of Thailand plans to grant up to three virtual banking licences in the first stage of its digital plans, and will allow both financial institutions and non-financial firms to apply.

The Independent UK

Bank to pay $31M redlining settlement, DOJ's largest ever

The Justice Department accused Los Angeles-based City National Bank on Thursday of discriminating against Black and Latino residents, requiring the bank to pay more than $31 million in what is the largest redlining settlement in DOJ history

WEKU

DOJ announces a $31 million redlining settlement with LA-based City National Bank

The Justice Department accused the bank of discrimination by refusing to underwrite mortgages in predominately Black and Latino communities.

The Times of India

Sebi allows mutual funds with active ELSS to launch passive schemes

NEW DELHI: Capital markets regulator Sebi has allowed mutual funds with active Equity-Linked Savings Schemes (ELSS) to launch passive schemes, a move that will provide a cost-effective and tax-saving alternative to individual investors.

Inverse

Government-issued digital currencies could bring about a dystopian future, security experts warn

As the world moves away from cash, countries are rolling out government-regulated digital currencies that have concerned security experts.

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