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The Latest Breaking News on Financial Services

Bank account closures: what new rules mean for UK customers

Under Treasury proposals, lenders will have to explain why they shut accounts and give 90 days’ notice

The Guardian - UK

Nigel Farage receives apology from Coutts after bank account closure row

Ministers will make it harder to close accounts after former UKIP leader’s spat with Coutts

Evening Standard

The Fed Launches Real-Time Payments System: Kiplinger Economic Forecasts

FedNow, the Federal Reserve's real-time payment system works with banks and service providers to facilitate instant transactions 24 hours a day, 365 days a year.

Kiplinger

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Bank’s licence could be ‘revoked’ in UK for banning customers over their political views

It comes after Nigel Farage’s banks accounts were closed by Coutts because his views ‘did not align with’ the bank’s values

The Independent UK

Event manager jailed 8 years for $19m fraud against NAB

Helen Rosamond defrauded the NAB of millions, paying kickbacks to a chief-of-staff who extended her contracts and paid her fake invoices for nearly five years.

AAP

Banks ‘could lose licences for banning customers over their political views’

It comes after Nigel Farage’s banks accounts were closed by Coutts because his views ‘did not align with’ the bank’s values.

The Independent UK

What are the UK rules on access to banking and how are disputes settled?

Everyone has a right to a basic account but banks can deny customers additional services

The Guardian - UK

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ED conducts searches in Jet Airways case

ED searches multiple locations in Mumbai and Delhi in money laundering case related to Jet Airways. FIR registered by CBI. Company defaulted on payment and lenders initiated resolution exercise. Loan accounts of ₹728.66 crore, incl. ₹538.62 crore to Canara Bank, declared fraud.

The Hindu

Bank of America (BAC): What Should Investors Do With the Stock?

Bank of America (BAC), the second-largest U.S. bank by assets, beat Street revenue and earnings estimates in the second quarter but is stuck with more than $105 billion in unrealized losses. Moreover, the bank was slapped with refunds and fines worth $250 million earlier this month. In this piece, I…

StockNews.com

Temasek seeks partnerships to deploy $5 billion a year in India

Singapore’s Temasek Holdings Pte is looking for strategic partners as it seeks to deploy between $3 billion to $5 billion a year in India, betting that the country can become a top driver for growth.

The Times of India

Bank Of America CEO Highlights Stable Deposits And Healthy Consumers Amid Strong Quarterly Results

BofA's Q2 revenue beats estimates, client balances climb and loan demand remains steady.

Zenger

Top 3 Bank Stocks in a B-Rated Industry

The regional banking collapse continues to cause economic concern despite the Fed’s efforts to strengthen the system's resilience. Thus, it could be wise to venture beyond national borders and invest in robust stocks Banco Santander (SAN), Banco Bilbao Vizcaya Argentaria (BBVA), and KB Financial Group (KB) that belong to the…

StockNews.com

Eye on Emirati flows: on the new India-UAE framework and rupee-dirham transactions

The India-UAE local currency settlement system could serve as a precursor for other bilateral currency accords and help in the internationalisation of the rupee

The Hindu

U.S. Virgin Islands Seeks $190M From JPMorgan In Epstein Sex Trafficking Case

Territory demands minimum payment and policy changes to hold bank accountable.

Zenger

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The Hindu

Madras HC directs nationalised bank to return ₹55.50 lakh with 9% interest from 2012 to an auction purchaser of a residential house

Madras HC orders Indian Bank to refund ₹55.50 lakh, with 9% interest, to auction purchaser of house since he couldn't take possession due to it being on a water body. Bank criticised for not handing over property free of encumbrances & making purchaser run for refund. Judges agree petitioner suffered…

StockNews.com

3 Bank Stocks Investors Should Start Paying Attention To

Given the challenges faced by the U.S. banking sector, investors could turn to foreign banks that offer more stability. Therefore, investors could look to buy fundamentally strong bank stocks Intesa Sanpaolo (ISNPY), Commerzbank AG (CRZBY), and Woori Financial (WF). Keep reading.

StockNews.com

3 Bank Stocks You Won't Want to Miss out On

Even though sentiments have improved since the collapse of the regional banks, underlying apprehensions about the U.S. banking system’s stability persist among investors and depositors. Given this backdrop, looking beyond borders and adding fundamentally robust foreign bank stocks Banco do Brasil (BDORY), KB Financial Group (KB), and Banco Macro (BMA)…

The Hindu

Telangana Govt revises calendar of borrowings in view of pressing commitments in the election year

Telangana Govt. has decided to raise ₹2,000 crore through open market borrowings, taking the total to ₹5,000 crore in July. This is to meet pressing commitments before the assembly elections, such as the Dalit Bandhu scheme, Gruha Lakshmi scheme and loan waivers. Union Finance Ministry has set the borrowing ceiling…

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Caixin Global

Shanghai Composite Index Fell 0.87% on Monday

Shenzhen Component Index closed down 0.63%

Tribune News Service

US Virgin Islands sues JPMorgan for $190M, alleges bank profited from Jeffrey Epstein’s sex trafficking

NEW YORK — The U.S. Virgin Islands is seeking at least $190 million in damages from JPMorgan Chase in a lawsuit alleging the bank benefited financially from disgraced financier Jeffrey Epstein’s sex trafficking enterprise as well as neglected to report suspicious financial activity.

Zenger

Credit Suisse Bank Investigation Files To Remain Confidential For 50 Years

Swiss historians express concerns over extended access delay to crucial documents

Kiplinger

Stock Market Today: Dow Outperforms After Blowout UnitedHealth Earnings

The major market indexes failed to make big moves despite a solid start to second-quarter earnings season.

The Guardian - UK

JP Morgan puts more money aside for defaults amid cost of living crisis

Wall Street bank’s profits rise 40% to $13.3bn as interest rates charged to borrowers increase

The Guardian - AU

Why was Philip Lowe not reappointed as RBA governor? We can rule out interest rates as a reason

Lowe made three key mistakes – targeting house prices before the pandemic, misleading about future rate rises and ignoring cultural problems within the RBA

Chicago Sun-Times

Bank of America’s misconduct goes against everything its founder stood for

Unlike many of America’s business titans, Amadeo Pietro Giannini was a paragon of ethics and excellence.

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