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The Latest Breaking News on Financial Services

Madonna King: The world has evolved, and that’s why the RBA should too

Jim Chalmers’ in-principle support for the recommendations released in yesterday’s review of the RBA is also welcome.

The New Daily

Reports show meager profit outlook for midsized US banks

New York (AFP) - Banks were among the poorest-performing sectors on Wall Street Thursday, after earnings from midsized lenders pointed to a weakening profit outlook in the aftermath of a recent industry crisis.

AFP

'Idiot' punched millionaire banker to death at swanky restaurant then fled in rickshaw

"Family man" Paul Mason had just helped a colleague into a taxi when he was attacked by Steven Allan, who punched him several times over a misunderstanding over a mobile phone

Daily Mirror

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Man jailed for killing banker in mistaken attack over mobile phone

‘Kind and gentle’ Paul Mason, 52, a boss at Qatar National Bank, was set upon in the street near an exclusive private members’ club.

The Independent UK

Closure of last bank in East Lothian town branded 'appalling'

The Royal Bank of Scotland decision to close its Tranent branch, leaving the town with no bank, comes seven years after they left residents in the neighbouring town of Prestonpans in the same boat

Edinburgh Live

RBA shake-up promises board representation for workers, with focus on full employment and fighting inflation

Sweeping changes to Reserve Bank of Australia give equal weighting to employment and inflation, and mandate greater transparency

The Guardian - AU

RBA overhaul to put board members in spotlight

A major overhaul of the Reserve Bank will see a new board for setting interest rates that's more accountable and holds fewer meetings.

The New Daily

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Morning Mail: Reserve Bank shake-up, spy warning, ‘carbon capture’ microbe

Review of RBA’s operations recommends establishing a separate rate-setting panel; Asio warns that foreign agents are ‘aggressively selling secrets’

The Guardian - AU

Can the Supreme Court "Develop and Apply Customary International Law"?

Justice Gorsuch raises the question that the majority elides.

Reason

US Bancorp sees profit growth despite recent banking turmoil

Like many of the biggest banks in the U.S., Minneapolis-based U.S. Bancorp posted solid first-quarter results from recent months despite two high-profile bank failures and related fallout in the banking industry.

Tribune News Service

Bank Earnings Beats Push Fed Rate Hike Bets, But Investors Aren't Buying It

Traders are betting on another round of Fed rate hikes. Investors aren't so convinced.

The Street

Iran sanctions: US high court rejects Turkish bank's immunity claim

Washington (AFP) - The US Supreme Court rejected Wednesday the claim of sovereign immunity by a Turkish bank accused of violating Iran sanctions, in a case that has added tensions to ties between Washington and Ankara.

AFP

Labor to announce in-principle support for RBA review's recommendations, establish two new boards

Treasurer Jim Chalmers is set to release the highly anticipated review into the Reserve Bank of Australia on Thursday and to announce that the government has given in-principle support to all of its recommended changes.

ABC News

Credit Suisse faulted over probe of Nazi-linked accounts

U.S. lawmakers have accused the embattled Swiss bank Credit Suisse of limiting the scope of an internal investigation into Nazi clients and Nazi-linked accounts

The Independent UK

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AAP

Porter Davis owes Commonwealth Bank $33m: documents

Documents filed with the corporate watchdog show the Commonwealth Bank of Australia is owed millions by home builder Porter Davis, which collapsed last month.

Bangkok Post

Money market funds lure investors with returns

Depositors have started to move their money from bank accounts to money market funds, in part because of ongoing concerns about the banking crisis and also offers of higher returns, according to a recent report from financial services company Morningstar.

Bangkok Post

Loan demand unfazed by rising interest rates

Rising interest rates have not yet affected domestic loan demand despite corporate loans slowing because of the global economic outlook, according to the Bank of Thailand.

StockNews.com

Top Investors Are Buying These 2 Stocks, but Only 1 Is Buy Worthy

The stock market is expected to stay volatile due to persistent concerns about high inflation, interest rate hikes, and a recession. While top investors have been buying FedEx (FDX) and RumbleON (RMBL), we think only FDX is worth investing. Read on.

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AFP

HSBC's largest shareholder outlines bank break-up strategy

Hong Kong (China) (AFP) - HSBC's largest shareholder ramped up pressure on the bank to break up its business on Tuesday, saying it was underperforming and has failed to "address key business model challenges".

Investors Business Daily

Regional Banks: First Republic Hits New Lows After Deposit Exodus, Considers $100 Billion Asset Sale

Regional banks' Q1 results provide details of the impact from the March panic. First Republic stock dived late Monday on deposit flight.

Investors Business Daily

Morgan Stanley Tops Estimates Despite Investment Banking Dive; Bank Of America Earnings Leap 18%

Bank earnings continue in earnest as Bank of America, as Goldman Sachs report. Morgan Stanley, U.S. Bancorp beat estimates Wednesday.

The Guardian - UK

CBI needs an outsider to lead it through crisis, says former director

Andrew Sentance says lobby group needs ‘major shake-up’ as insurance brokers’ body quits membership

Birmingham Post

The latest appointments, promotions and jobs news from across Wales

New roles include at Cardiff Airport, MotoNovo, Thrive Women's Aid, Persimmon Homes and Eriez-Europe

Daily Record

HSBC launches new £200 free cash switching offer to people moving their everyday banking services

RBS, NatWest and First Direct are also offering up to £200 to new customers switching banks.

Daily Mirror

HSBC is giving away £200 to new customers - see how to claim the cash

The bank bribe is available when you move your existing current account to an HSBC Advance or Premier bank account - and there is currently no end date for this offer

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