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The Latest Breaking News on Financial Services

Bank of Ireland technical issue allowed customers to withdraw extra cash

People queued to withdraw more money than they had in their accounts following the glitch

Evening Standard

Bank of Ireland: Money withdrawn while online service down will still be debited

The bank said it does not have an estimated time for when its normal app and web services will be restored.

The Independent UK

China’s Central Bank Takes Surprising Step As Economy Falters

The rates for the People's Bank of China's one-year medium-term loan facility were unexpectedly cut by 15 basis points to 2.5%.

Zenger

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Like Nigel Farage, British Muslims say they are being ‘de-banked’

Often without providing clear reasons, banks appear to be disproportionately closing the accounts of British Muslims.

Al Jazeera

Employee-First Office Space: Workplace Technology Engages

Standardized on Microsoft Teams, employees fully embrace a hybrid work schedule and collaborate seamlessly.

AVNetwork

Forensic audit into Lebanon's central bank reveals misconduct and 'illegitimate' commissions

A forensic audit into Lebanon’s central bank by a New York-based company has revealed yearslong misconduct by the bank’s former governor and $111 million in “illegitimate commissions.”

The Independent UK

ESAF Small Finance Bank records a net profit of Rs. 129.96 cr in the first quarter of FY 23-24

The Bank’s operating profit (which the Bank defines as net profit including provisions and contingencies) grew by 33.46% to ₹300.67 crore from ₹225.29 crore in the corresponding quarter of the previous fiscal year

The Hindu

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Should Citigroup (C) Be on Your Watchlist This Week?

With no rate cuts expected this year, banks’ net interest income (NII) should increase due to the high-interest rates. However, macroeconomic challenges continue to pose a significant risk for banks. Amid this backdrop, will adding Citigroup (C) to your watchlist be wise? Read on to learn my view….

StockNews.com

Govt. to release ₹1,353 crore under ‘Sunna Vaddi’ scheme today

The Andhra Pradesh govt. will deposit ₹1,353.76 cr. into the bank accounts of 1.05 cr. eligible women of 9.48 lakh SHGs on Aug. 11. The 'YSR Sunna Vaddi' scheme has so far disbursed ₹4,969.05 cr. to relieve SHGs from interest burden. Banks have reduced interest rates, resulting in a reduction…

The Hindu

‘It gets better and better’ — Natwest is latest major lender to cut mortgage rates

Natwest follows Halifax, HSBC, Nationwide and TSB, among others, in bringing its rates back down after a wave of increases

Evening Standard

Home loan, other borrowers can switch to fixed-rate regime: RBI

RBI unveils framework allowing borrowers to switch to fixed interest rate from floating rate, providing relief to home, auto loan borrowers. Revised framework for Infrastructure Debt Funds (IDFs) to enable greater financing of infrastructure sector.

The Hindu

Afternoon Update: CBA makes record profit; Home Affairs’ ChatGPT bungle; and France prepare for Matildas

Australia’s biggest lender posts $10.16bn cash profit even as more of its customers succumb to rising borrowing rates

The Guardian - AU

UK banks to be given two weeks to explain closing of customer accounts

Regulator to write to more than 20 of largest lenders after Nigel Farage’s accounts were threatened with closure

The Guardian - UK

Major lenders poised to reduce some mortgage rates

Nationwide Building Society, HSBC UK and TSB are expected to cut some home loan rates from Wednesday.

The Independent UK

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The Independent UK

Italy proposes bank tax to help people with interest rate hikes, sending stocks plunging

Italian bank stocks have plunged after the Cabinet approved a proposal to apply a temporary tax on some 2023 bank profits

Kiplinger

HUD Investigates HSBC's U.S. Unit Over Redlining Allegations

Action prompted by a non-profit’s complaint to the agency involving six metro areas.

Chicago Sun-Times

Bridgeport bank failure fallout: Ex-city official, second man plead guilty in collapse of Washington Federal Bank for Savings

William M. Mahon was a high-ranking City Hall official under three former mayors and had close ties to the Daley family’s political organization.

StockNews.com

3 Bank Stocks Investors Should Watch Like a Hawk This Week

The bank industry is expected to grow due to economic recovery, increased consumer spending, and digital transformation. However, risks of potential defaults, and slowing loan growth may pose challenges in the upcoming months. Amid this backdrop, it could be wise to add fundamentally strong banking stocks JPMorgan Chase (JPM), Bank…

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news in one place.

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The Guardian - UK

HSBC executive apologises for calling UK weak over China

Sherard Cowper-Coles claimed British government was bowing to US demands in dealing with Beijing

The Guardian - UK

UK business confidence falls as economy slows and interest rates rise

Firms have cut back on hiring staff and manufacturing output is at its lowest since May 2020 as supply issues continue, a survey finds

The Guardian - UK

Many of world’s largest hedge funds face UK stress test

Participants also including banks and pension funds will have to reveal how activities could harm financial system

The Independent UK

Jamaican ex-banker wins right to remain in UK after ‘unlawful’ Home Office detention

Exclusive: ‘This unnecessary situation imposed upon us by the Home Office is finally over, although it will never be forgotten’

The Independent UK

Windrush pensioner, 92, among overseas NatWest customers to have accounts axed by bank

Exclusive: Philip Cato had thousands of pounds withheld by the bank after it shut his account in clampdown on overseas account holders

The Guardian - UK

‘It’s a white-knuckle ride’: UK bank customer reveals how switching accounts is far from simple

Attempts to move current account from Intelligent Finance led to hours of admin

StockNews.com

Buy or Hold for August: Bank of America (BAC) vs. Wells Fargo & Company (WFC)

The Fed’s annual stress test showed that America’s largest banks, including Bank of America (BAC) and Wells Fargo & Company (WFC), were highly unlikely to stumble in a severe recession scenario. Both banks beat the consensus EPS and revenue estimates in the second quarter. So, which of these two banks…

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