ANZ Bank Plans To Fire 170 Commercial Banking Staff, Union Says LeapRate

February 13, 2024 BY Simon Mugo

ANZ Bank Plans To Fire 170 Commercial Banking Staff, Union Says

In recent years, the Australian banking sector has consistently pushed towards digitisation and automation, aiming to streamline operations and enhance customer service. This shift has led to reevaluating staffing needs, particularly in back-office roles increasingly being augmented or replaced by advanced technologies. While ANZ has refrained from officially confirming the exact number of job reductions,…

February 13, 2024 BY Simon Mugo

Russia Issues Warning to the West About Seizing Its State Assets

The situation arose after the United States, along with its allies, imposed restrictions on dealings with Russia’s central bank and finance ministry following President Vladimir Putin’s decision to deploy troops to Ukraine in 2022. These measures effectively immobilised approximately $300 billion of Russia’s sovereign assets in Western countries. On Monday, the European Union announced the…

February 02, 2024 BY Simon Mugo

Alibaba Explores Selling Consumer Assets: RT-Mart and Freshippo

One source in the exclusive report noted that this strategic move is part of Alibaba's refocused strategy under the leadership of chairman Joe Tsai and the newly appointed CEO Eddie Wu, aiming to concentrate on its original and profitable e-commerce operations while stepping away from non-essential and unprofitable segments. The company has initiated discussions with…

January 30, 2024 BY Simon Mugo

IMF Revises Its Economic Outlook As Global ‘Soft Landing’ Seems Likely

IMF Chief Economist Pierre-Olivier Gourinchas highlighted the updated World Economic Outlook, indicating that the global economy is approaching a 'soft landing' phase. However, he cautioned that while inflation is steadily declining and growth is maintained, the expansion's pace remains slow, and potential challenges lie ahead. The IMF's optimism is bolstered by increased public and private…

January 22, 2024 BY Elizabeth Anderson

Hong Kong stock sell-off adds to China’s market instability

Following market instability, the Hang Seng China Enterprises Index (HSCEI) plummeted 2.4%, a stone’s throw away from its lowest level in 20 years. The CSI 300 index also fell 1.6% at market opening. Across the water, however, Wall Street’s S&P 500 index hit a 2-year record high to close last week’s market. Don’t miss out…

January 22, 2024 BY Elizabeth Anderson

US equity fund outflows as rate cuts hover in indecisive limbo

Coupled with the previous week’s net $11.5bn outflow, this signifies a large disposal between 10 and 17 January. Financial analysts chalk this up to the positive sales report for December 2023 and the Federal Reserve’s negative response to anticipated policy rate cuts in March 2024. Reportedly, prominent US banks’ poor fourth quarter performance, such as…

January 22, 2024 BY Elizabeth Anderson

Kaspi.kz’s lukewarm market debut confirms investor caution

The Kazakhstan native’s shares topped the IPO price with 0.5%, giving the banking and fintech leader a value of $17.51bn. On the London Stock Exchange (LSE), where the company already trades, it has a value of over $19bn. On Thursday, 18 January 2024, a day before the company went public, investors increased their offering to…

January 12, 2024 BY Simon Mugo

Metro Bank’s CFO Has Stepped Down Less Than 2 Years in the Role

The bank has confirmed that Cristina Alba Ochoa will assume the role of interim CFO starting January 15. Meanwhile, the search for a permanent replacement for Hopkinson is underway. Following this news, Metro Bank's shares opened 1.5% lower but later saw a smaller decline of 0.3% by 0910 GMT. The bank’s stock experienced a 69%…

January 10, 2024 BY Simon Mugo

Campari Raises $1.3Bn Selling Shares and Debt for Acquisition

Capitalising on favourable market conditions, Campari joined the wave of issuances seen across Europe since the beginning of the year. The Courvoisier acquisition marks the largest in Campari's history, which has seen consistent growth through various acquisitions. The company priced its new shares at €9.33 each, a 6% discount from the closing price on Tuesday.…

January 05, 2024 BY Simon Mugo

Investors Park a Record $123 Billion in Cash To Start the Year Off

According to BofA, this financial manoeuvre, typically observed in the first week of January, comes on the heels of 2023's unprecedented annual cash inflow totalling $1.3 trillion. Such movements highlight a trend where investors, prioritising security and influenced by increased interest rates, have shifted away from stocks and towards more stable assets. Drawing from EPFR's…

Category: Breaking news