Cash pilgrims and bricks of money: HSBC Swiss bank operated like cash machine for rich clients

More normal withdrawals were equivalent to £10,000 to £20,000 a time. The UK cash pilgrims also included property traders, a diet clinic owner and a toy manufacturer. In one ingenious racket, HSBC manager Nessim Elmaleh pleaded guilty in 2013 to a deft laundering operation in which wealthy HSBC clients in Paris would get untraceable cash […]

New smartphone app to showcase black businesses in Milwaukee

Wellington and Banks are both born-and-raised Milwaukeeans who are passionate about their city’s black community. Wellington is a librarian and author who recently published a book about black architecture around the country entitled “Black Built: History and Architecture in the Black Community.” Banks is a community activist and the political director at Black Leaders Organizing […]

Japan’s large banks to look at building settlement system for small payments

Japan’s three biggest banks and two smaller banks are starting talks on building a common settlement infrastructure for small payments, with the aim of cutting interbank fees, they announced on Thursday.

Central bank cuts rates for 3rd time

But experts have said the lower policy rates have not had a major impact on the economy since businesses have trouble accessing bank credit not due to high interest rates but because they could not prove their repayment capability amid the uncertainties caused by the pandemic.

Bank of Ireland’s ‘green shoots’ lift shares despite loss

Ireland’s largest bank by assets put aside 937 million euros mainly to cover likely losses from 105,000 loan repayment breaks for customers hit by the crisis, making up the bulk of what it called a prudent charge of between 1.1 billion euros and 1.3 billion expected during 2020.

Reserve Bank of India reveals nation’s mood: Rahul Gandhi

The RBI kept the interest rates unchanged on Thursday to help tame the inflation that in recent times has surged past the six per cent-mark and said the economy is in an extremely weak condition following the coronavirus (COVID-19) pandemic.

VN central bank cuts reserve interest rate to aid the economy

The State Bank of Viet Nam (SBV) on Thursday announced its decision to cut the interest rate it pays on commercial banks’ reserves by 0.2-0.5 percentage points as part of its efforts to help the economy weather the impact of the COVID-19 pandemic.

Exim Bank extends $250 million line of credit to Mozambique

The agreement to this effect was signed on August 3 through exchange between Saroj Khuntia, general manager, Exim Bank, and Adriano Isaias Ubisse, National Directorate of Treasury, Ministry of Economy and Finance, Mozambique.

Banks, Brazil’s stock exchange to skip Sao Paulo early holidays

Brazil’s coronavirus outbreak has exploded in recent weeks, with more than 250,000 confirmed cases, third-highest in the world, and nearly 17,000 fatalities. The city and state of Sao Paulo are at the epicenter, with about a quarter of the country’s deaths and diagnoses.

Gold prices go up, VN central bank commits to stabilise market

Phan Dung Khanh, investment director of Maybank Kim Eng Securities, said: “After the policy of depositing gold is no longer profitable in Viet Nam, the demand for gold is weaker. In this case, those who are holding gold or bought the metal at low prices should keep holding. Those who have not bought can still […]