Reserve Bank of India Mumbai: The RBI on Monday directed all banks and housing finance companies to provide ‘key fact statements’ (KFS) in simple terms to the prospective borrowers on the loans and interest that they are expected to pay to ensure transparency and help them make informed decisions. All regulated entities, such as banks … Read more
Excerpts were released over the weekend and include a scathing view of Britain’s financial establishment. She describes the Treasury, the Bank of England and the Office for Budget Responsibility (OBR) as a “three-headed hydra” that “wanted to stick as closely to EU law as possible.” But the now-backbench MP went further in the interview, saying … Read more
The exterior of the Bank of England in the City of London, United Kingdom. Mike Kemp | In Pictures | Getty Images LONDON — The Bank of England on Friday announced a “once in a generation” overhaul of its inflation forecasting following a long-awaited review by former Federal Reserve Chair Ben Bernanke. The review — initiated after criticism of … Read more
Jim Cramer’s daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. JPMorgan : CEO Jamie Dimon’s annual letter to shareholders is out. He thinks artificial intelligence can be as revolutionary as the printing press, steam engine, electricity, computing, and the internet. He also sees a broad range of interest … Read more
The mammoth integration of failed bank Credit Suisse into its former rival UBS will act as a “case study,” UBS CEO Sergio Ermotti said on Friday, one that will show that big bank mergers should be allowed. “It’s going to be a case study to be evaluated globally, but also particularly in Europe, where eventually … Read more
Charles McManus, CEO of ClearBank, speaks at the Innovate Finance Global Summit in April 2023. Chris Ratcliffe | Bloomberg | Getty Images ClearBank, a British financial technology firm powering payments for the likes of Coinbase, scored its first full year of profit after higher interest rates helped drive a 91% jump in revenues. The firm … Read more
UBS logo is seen at the office building in Krakow, Poland on February 22, 2024. Jakub Porzycki | Nurphoto | Getty Images UBS on Tuesday announced a new share repurchase program of up to $2 billion, with up to $1 billion of that total expected to take place this year. “As previously communicated, in 2024 … Read more
The Governor of Kano State, Abba Yusuf, on Wednesday, announced a N500,000 subsidy for intending pilgrims to the hajj from the state. Mr Yusuf in a statement he posted on his Facebook page said intending pilgrims from Kano who initially deposited their fees for pilgrimage to Mecca will pay N1.4 million as against the N1.9 … Read more
Canadian clothing maker Gildan Activewear said on Tuesday that its board has decided to put the company up for sale following a review by a special committee. The embattled Montreal-based company says it received a non-binding expression of interest from a potential purchaser that it did not name. It mandated investment banks RBC Capital Markets and Goldman Sachs Group … Read more
The average Wall Street bonus fell slightly last year to $176,500 as the industry added employees and took a “more cautious approach” to compensation, New York state’s comptroller reported Tuesday. The average bonus for employees in New York City’s securities industry was down 2% from $180,000 in 2022. The slight dip came even as Wall … Read more
