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The Latest Breaking News on Financial Services

Fed's review of role in Silicon Valley Bank collapse due out

The Federal Reserve is scheduled Friday to release a highly-anticipated review of its supervision of Silicon Valley Bank, the go-to bank for venture capital firms and technology start-ups that failed spectacularly in March, setting off a crisis of confidence for the banking industry

The Independent UK

SCB aims to use joint venture for growth

Siam Commercial Bank (SCB) plans to expand its wealth management customer base by 12% per year for the next 3-5 years, hoping to raise its fee-based income.

Bangkok Post

Paul Keating warns treasurer not to remove government's power to override RBA decisions

Former prime minister Paul Keating says it would be an error for the Parliament to remove a power that allows the government to overrule the Reserve Bank's actions.

ABC News

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Scottish National Investment Bank names new chief executive

The search for a new leader has taken more than a year

Insider UK

UK economy not ‘out of the woods’, says Barclays boss after bank’s record profit

Venkatakrishnan says bank remains cautious about months ahead despite first-quarter profit of £2.6bn

The Guardian - UK

Nationwide, Barclays, HSBC, Santander: Best and worst banks based on switches this year

The latest current account switch data is in from Pay.UK - but where are people switching to, and which banks are being ditched? See the full list below and tell us what you think

Daily Mirror

Impairments top £500 million at Barclays as consumers turn to credit cards to cover essentials

Credit impairments at Barclays have almost quadrupled to top £500 million in fresh signs more and more consumers are getting into deeper credit card debt amid cost-of-living pressures.

Evening Standard

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Shanghai Composite Index Rose 0.67% on Thursday

Shenzhen Component Index closed up 0.28%

Caixin Global

First Republic Bank stock plunges nearly 60% in a week

First Republic Bank's stock continued to sink Wednesday, an ongoing rout that has erased 60% of its value just this week on concerns about the bank's financial health in the wake of two other bank collapses.

France 24

73% surge in current account switching numbers in first three months of 2023

Some 341,075 switches took place between January and March 2023, figures from the Current Account Switch Service show.

The Independent UK

ASX falls, Japan's Kirin to buy Blackmores for $2 billion, Wall St eases as First Republic banking crisis outweighs tech profits — as it happened

The Australian share market has fallen for the fifth session in a row, and vitamins firm Blackmores has soared after Japan's Kirin Holdings announced it would buy the natural health company for nearly $2 billion.

ABC News

First Republic’s market value plunges below $1bn from $40bn peak

Reports show US govt may not intervene in rescue process and regulators may downgrade bank’s score, compounding stress.

Al Jazeera

Banks eye yuan-baht trade payments

The Bank of Thailand is in discussions with China's central bank over supporting the use of yuan-baht settlement to mitigate foreign exchange risk amid ongoing US dollar volatility.

Bangkok Post

Full list of all banks closing in the North East this year - including The Galleries, Washington

Latest closures announced by Barclays means there will be a total of 15 banks closing in the North East this year so far

Chronicle Live

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Kiplinger

Did Tweets Help Crash Silicon Valley Bank? Paper Shows New Social Media Risks

A new study on Silicon Valley Bank's demise links depositor flight and stock crash with Twitter mentions.

Caixin Global

ING Sues ICBC for $171 Million in Copper Deal Losses

Dutch banking giant alleges breach of contract by China’s largest bank in transactions involving copper trader Maike Metals

StockNews.com

These 3 Quality Finance Stocks Are the Best Bet for 'Buy-Now' Investors

Amid renewed trepidations regarding the spillover of the banking crisis, investors willing to bank on fundamentally strong and high-quality finance stocks, Everi Holdings (EVRI), Forrester Research (FORR), and CPI Card Group (PMTS), could be rewarded with impressive gains. Continue reading.

Edinburgh Live

East Lothian councillor accuses bank of 'engineering' branch closure

A fellow councillor paid tribute to staff at the branch who helped him and his family after the death of a loved one adding that level of service was not available 'on an app or an iPad'

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The Guardian - UK

New CBI boss says she is ‘profoundly sorry’ to women let down by business group – as it happened

As Rain Newton-Smith takes over as CBI director general, the boss of drugmaker GSK calls claims around CBI ‘absolutely shocking’ and ‘repulsive’

Bangkok Post

BoT delays publication of virtual bank rules to Q3

The Bank of Thailand has postponed the issuance of virtual bank regulations until the third quarter of this year because it needs more time to clarify the new business licensing with related parties.

The Guardian - US

First Republic Bank shares fall 50% after reporting dramatic slump in deposits

Bank now faces tough options to turn around its business with the creation of a ‘bad bank’ or asset sales possibilities

Newsroom.co.nz

Ensuring financial inclusion, when NZ can't bank on the big banks

Softer rules for smaller institutions would be a bold call for MPs – and one they might regret, if the troubles that have hit SVB, Credit Suisse and others extend down to this corner of the globe, says Jonathan Milne.

The Guardian - UK

Allowing Silicon Valley Bank UK to fail would have caused domino effect, FCA suggests

Regulator’s chief executive, Nikhil Rathi, outlines to MPs what led to HSBC’s takeover of the bank for just £1

The Independent UK

UBS reaps $28B in new money amid Credit Suisse fallout

Swiss bank UBS says it took in $28 billion in new money from wealthy clients in the first three months of the year

Bangkok Post

Swatch and KTC launch SwatchPAY

For the first time in Thailand, Swatch joins hands with KTC (Krungthai Bank) to introduce SwatchPay. The new payment system allows users to make contactless payments, much like a virtual payment card with a wristwatch.

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