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The Latest Breaking News on Financial Services

TSB fined £48m over ‘serious failings’ in IT meltdown

FCA penalises bank after millions of customers were locked out of their accounts for weeks

The Guardian - UK

Bank of England shares first look at new King Charles III bank notes

The new bank notes have been unveiled but when and where should you change old bank notes

Liverpool Echo

King Charles III bank notes unveiled by Bank of England

King Charles III is only the second monarch to appear on British banknotes

The Independent UK

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World Bank cuts China growth outlook on COVID, property woes

The World Bank has cut its China growth outlook for this year and next, citing the impact of the abrupt loosening of strict COVID-19 containment measures and persistent property sector weakness.

Reuters

TSB fined £48m over IT migration meltdown; UK house prices ‘could fall 5%’ in 2023 soft landing – as it happened

Nationwide says a ‘relatively soft landing’ in housing market is possible, while TSB is penalised for operational failings over botched move to new IT platform in 2018

The Guardian - UK

King Charles III banknotes design unveiled by Bank of England

The new notes are expected to enter circulation by mid-2024

Wales Online

First pictures of King Charles III banknotes - and when they will be released

New-look banknotes showing the portrait of King Charles III have been shared by the Bank of England for the first time - but the eco-conscious monarch wants them to enter circulation slowly

Daily Mirror

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Reserve Bank warns of more interest rate rises and ‘large increases in rents’ amid inflation crisis

RBA’s final meeting minutes reveal concerns about higher spending over summer holidays without Covid restrictions

The Guardian - AU

Hong Kong, Macau leaders to visit Beijing Dec 21-24

Hong Kong chief executive John Lee and Macau chief executive Ho Iat Seng will head to Chinese capital Beijing over Dec. 21-24, state media and a government statement said on Tuesday.

Reuters

Mass raids net 19 loanshark suspects

Nineteen people were detained during recent raids on 22 locations in Bangkok, Nonthaburi, Chiang Rai, Phayao, Chon Buri, and Prachuap Khiri Khan and charged with operating unlawful money lending services.

Bangkok Post

King Charles III bank note designs revealed by Bank of England

Monarch’s portrait on £5, £10, £20 and £50 likely to enter circulation in 2024

The Guardian - UK

Ghana to default on most external debt as economic crisis worsens

(This Dec. 19 story has been corrected to fix debt figures in first chart)

Reuters

Pandemic Loans Are Coming Due but Some Businesses Aren't Ready to Repay

Many small businesses that received federal pandemic aid are now on the hook for repayments, and some say the timing couldn't be worse.

Bangkok Post

Australian towns are fighting to hold on to their bank branches, as government flags review of replacement services

In the past five years, the number of bank branches has dropped 30 per cent. While growing numbers of Australians are doing their banking online, the local bank remains a vital service for many isolated regional communities.

ABC News

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StockNews.com

3 Insurance Stocks That Could Benefit From Rising Rates

Although aggressive rate increases put pressure on other industries, the financial sector, which includes insurers, usually benefits from it. With the Fed expected to keep the rates higher through next year, it could be prudent to buy fundamentally strong insurance stocks The Hartford Financial Services (HIG), CNA Financial (CNA), and…

Axios

The murky details in one congressman-elect's campaign biography

A new report raises serious questions about Rep.-elect George Santos' résumé.

Newsroom.co.nz

Tapping opportunity in a downward market

Derivatives and shorting are a lesser-understood tool getting more shine in the current bear market.

The Independent UK

Santander launches bank card recycling scheme in some branches

The pilot scheme in 28 branches recycles bank cards into plastic pellets and is expected to last for up to six months.

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The Philadelphia Inquirer

Shrinking availability of ‘small-dollar’ mortgages hurts low-income home buyers

In Philadelphia, about a third of owner-occupied homes were valued at less than $125,000 in 2021. But that year, only about 2% of mortgages made in the city were the type generally used to purchase properties in this segment of the market, according to an analysis by the Federal Reserve…

Birmingham Post

British Business Bank appoints South West senior manager

The news comes ahead of the launch of a £200m investment fund by the bank in 2023

Evening Standard

City bankers could receive unlimited bonuses as Bank of England pay consultation begins

City bankers may soon be able to receive unlimited bonuses after the Bank of England today announced plans for a consultation on scrapping the so-called ‘bonus cap’.

Evening Standard

London fintech Updraft raises £108 million to grow lending business

Lending firm Updraft today became the latest London fintech to ramp up its expansion plans after it completed a £108 million debt and equity raise to scale up operations.

Bangkok Post

China's Covid surge hits trading floors, finance hub

SHANGHAI: Covid-19 is sweeping through trading floors in Beijing and spreading fast in the financial hub of Shanghai, with illness and absence thinning already light trade and forcing regulators to cancel a weekly meeting vetting public share sales.

Asharq Al-Awsat

OIC, Arab Parliament Reject European Parliament's Resolution on Bahrain

The Organization of Islamic Cooperation (OIC) has expressed its rejection of the European Parliament's decision on the human rights situation in Bahrain, saying it was based on inaccurate information that offends the Kingdom. The OIC praised Bahrain's commitment to the principles of human rights and international standards, and the protection…

Birmingham Post

Ex-FTSE 100 director Stuart Dawkins inaugurated as East Midlands Chamber president

Stuart brings wide-ranging business experience to the role, having spent 18 years at Alliance & Leicester

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