Category: Financial Services

Kazuo Ueda
March 06, 2024 BY Simon Mugo

Rapid Digitalisation Poses Financial Risks in Asia – Says BoJ’s Ueda

The adoption of digital financial services has experienced a remarkable upswing in the Asia-Pacific region, particularly in emerging economies where a significant portion of the population previously lacked access to traditional banking services. Smartphones' widespread availability and convenience have revolutionised daily financial transactions, enabling greater financial inclusion for many. Despite these advancements, Ueda highlighted the…

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Capital One bank
March 05, 2024 BY Simon Mugo

Capital One Wins FX Charges Lawsuit Brought by Cardholders

The lawsuit, brought forward by four individuals, claimed that Capital One inflated its profits by applying "fictional" rates for converting transactions made in foreign currencies into U.S. dollars. According to the plaintiffs, the bank, headquartered in McLean, Virginia, did not adhere to the guidelines established by card networks Visa and Mastercard, which require the use…

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Alecta logo
March 04, 2024 BY Simon Mugo

Sweden’s Alecta Pension Fund Chairperson Resigns After a Week

Kenneth Bengtsson, the chair of the nomination committee, expressed regret over Akerstrom's decision to leave, noting her reassessment of her capability to serve effectively as Alecta's Board Chair. While the specific reasons for Akerstrom's resignation were not disclosed by Alecta, the pension fund clarified that there were no unmanageable conflicts of interest involved. Akerstrom herself…

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Santander bank
March 04, 2024 BY Simon Mugo

Santander Fires 320 Employees in the US on Digital Strategy

The reduction accounts for about 2.4% of its overall U.S. workforce, totalling 13,489 employees across the bank's group operations in the country. The decision to streamline its workforce comes as part of Santander's broader initiative to adapt and innovate in response to the dynamic demands of the banking industry, particularly the shift towards digital banking…

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money market funds
March 01, 2024 BY Simon Mugo

Large Inflows Into US Money Market Funds Seen Ahead of Inflation Data

The anticipation was exceptionally high before the release of the core personal consumption expenditures (PCE) price index data, a crucial inflation measure closely monitored by the U.S. Federal Reserve. The data, released on Thursday, revealed that the yearly inflation growth rate was the lowest it had been in almost three years, providing some relief to…

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Legal & General logo1
March 01, 2024 BY Simon Mugo

The UK’s L&G Hires New Advisers To Help Its CEO Antonio Simoes

Industry experts anticipate that under Simoes' leadership, previously an executive at Santander and HSBC, the FTSE 100 company may increase its focus on pension investments and international expansion. In a strategic shift, L&G has opted for the services of the investment banking firm Robey Warshaw, noted for its partnership with former British chancellor George Osborne,…

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February 29, 2024 BY Simon Mugo

Citigroup Plans To Fire 286 Employees in New York

Filings from earlier this week revealed that the job cuts would affect 239 staff members from its primary banking division, 44 from its broker-dealer segment, and three from its technology department. In January, Citigroup announced plans to eliminate 20,000 jobs over the forthcoming two years, a decision that came in the wake of what it…

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Standard Chartered bank HQ
February 29, 2024 BY Simon Mugo

Complaint Names Standard Chartered Over Funding a Coal Plant

The complaint, brought forward by the Philippine Movement for Climate Justice, Inclusive Development International (IDI), Recourse, and BankTrack, alleges that Standard Chartered's financial activities have infringed upon the rights of the local populations. They urge the bank to compensate those impacted and enhance its governance policies related to such matters. The communities in question have…

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Royal Bank of Canada RBC
February 28, 2024 BY Simon Mugo

Royal Bank of Canada Beats Analysts’ Estimates on Interest Income

The financial strain on Canadian families has intensified with rising interest rates and living costs following the Bank of Canada's inflation-targeting rate hikes. This situation has raised concerns about significant credit losses and stunted loan expansion, prompting banks to allocate C$3.54 billion in reserves last year. Nonetheless, these higher interest rates have also increased banks'…

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Qatar Investment Authority
February 27, 2024 BY Simon Mugo

Qatar’s SWF Plans To Invest Over $1Bn in Venture Capital Deals

The initiative was unveiled by Qatar's Prime Minister, Sheikh Mohammed bin Abdulrahman Al Thani, emphasising that the investments would focus solely on venture capital funds, excluding private equity and debt investments. This venture capital "Fund of Funds" seeks not only to achieve commercial returns at market rates for the sovereign wealth fund but also to…

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