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The Latest Breaking News on Financial Services

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

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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

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.

Kiplinger

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

Caixin Global

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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.

StockNews.com

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'

Edinburgh Live

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’

The Guardian - UK

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.

Bangkok Post

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

The Guardian - US

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.

Newsroom.co.nz

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 Guardian - UK

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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.

The Independent UK

Central banks end crisis offer as bank system fears ease

Major central banks are standing down from their offer of daily emergency dollar loans to banks, a crisis step launched after the collapse of Silicon Valley Bank in the U.S. fed fears about the stability of the global financial system

WhatToWatch

Hollyoaks spoilers: Cindy Cunningham plots to rob a bank!

Airs Thursday 4 May 2023 on Channel 4 at 6.30pm.

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news in one place.

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The Independent UK

First Republic clients pulled $100B in deposits during panic

Depositors at First Republic Bank pulled more than $100 billion in deposits out of the bank during last month’s crisis

Bangkok Post

Asian stocks fall amid fears of recession

The Stock Exchange of Thailand slipped on Monday with Asian bourses broadly down, as investors trimmed risks following a drop in US equity futures, while analysts raised concerns about financial sector stress, saying recession fears are growing.

Kiplinger

Are Your Bank Deposits Safe? What to Know

Recent bank failures have unnerved savers, but your money is protected up to certain limits. Here’s what you need to know.

The Hindu

Batting for borrowers: on the Reserve Bank of India’s recent draft circular

The Reserve Bank of India’s decision to ensure a fair and transparent approach to credit pricing must be viewed in the context of increasing retail lending

StockNews.com

Sell Alert: 2 Stocks to Sell Now Before They Drop Further

While the banking industry appears to have stabilized post the bank collapses, it still faces the challenges of tighter credit standards and the outflow of deposits to money market funds. In this scenario, it could be wise to avoid fundamentally weak stocks, Bank of Nova Scotia (BNS) and East West…

Irish Mirror

AIB offers all staff who experience domestic abuse 10 paid days off

Those working at the bank will also be provided with five days paid emergency hotel accommodation at the company’s expense if affected

The Independent UK

HSBC UK chief executive encourages people struggling financially to seek help

Ian Stuart was speaking as the bank announced a new initiative with housing charity Shelter to support the financial health of people and communities.

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