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...Last week the BoE kept rates at 5.25 per cent for a fifth consecutive meeting, as widely expected....
...Data published last week by a parliamentary committee found that more than 140,000 businesses had their accounts closed by the UK’s biggest banks last year....
...“When someone cannot have a bank account to hold their money independently, they are more likely to rely on a third party to hold their money for them, such as a partner who could potentially then abuse...
...But Synchrony is also exposed, with late fees responsible for nearly a fifth of its operating revenue in 2023. Nonprime borrowers account for about 28 per cent of its credit card balances....
...Coventry is the UK’s third-largest mutual lender with about 2mn members and assets of £62.5bn....
...JPMorgan Chase captured almost a fifth of all US bank profits in the first nine months of 2023, capitalising on a year of turmoil for the country’s financial sector to emerge even more dominant....
...The fifth recommendation is extraordinary....
...Cutting Edge Group (CEG), a music financier, publisher and record label based in London, has secured $500mn from a syndicate of four banks, led by US lender Fifth Third Bank and Northleaf Capital....
...Third, the four largest US banks have paid out $630bn since 2013 in share buybacks and dividends, equalling more than 80 per cent of their net income — that’s what they are choosing to use their capital...
...The IMF has said that Ukraine needs to limit its public debt levels to roughly four-fifths of GDP by 2028 and two-thirds by 2033....
...Tim Spence, chief executive at Fifth Third Bank, based in Cincinnati, Ohio, said the competition for deposits remained “robust”, but that banks were no longer having to offer customers such generous terms...
...The authors suggest the Trump tariffs were responsible for a fifth of the dollar’s effective (ie trade-weighted) appreciation and two-thirds of the renminbi’s effective fall during his time in office....
...South Africa is to transfer the equivalent of $8bn from a foreign currency account at the central bank to pay down government debt ahead of the most closely fought elections since 1994....
...Cashier-less “just walk out” technology that uses videos and sensors to track customers and automatically charge their accounts is being removed from some Fresh stores....
...Energy accounts for one third to more than half the cost of producing desalinated water....
...Kering recently issued a profit warning, a rarity in the luxury sector, saying it expected sales at Gucci — which accounts for half of group sales and two-thirds of earnings — to decline 20 per cent in the...
...HSBC said almost two-thirds of closures related to either customers’ financial viability or dormant accounts, with only 34 per cent connected to concerns about financial crime, such as money laundering....
...That shake-up is the driving force behind 20,000 job cuts at Citi, the third-largest US bank by assets....
...Turkey has raised interest rates for the fifth time since June as the country steps up its battle against inflation and the threat of escalating conflict in the Middle East poses a fresh challenge to policymakers...
...Demand from the local property sector — which, as the hungriest sector, accounts for over a third of China’s total steel consumption — remains depressed with no end to the real estate crisis in sight....
...Credit agencies recently downgraded the German lenders Deutsche Pfandbriefbank and Aareal Bank. US exposure accounts for about 15 per cent of their real estate lending books....
...Before the deal was announced, they had fallen by about a fifth in the past five years as it failed to fulfil its promise to challenge the big four high street lenders....
...A third allegation — recently raised by Paweł Mucha, a member of the Polish central bank’s management board — concerns Glapiński’s projection that the central bank would make a sizeable profit in 2023....
...But Wang said China’s partnership with its neighbour was in its own interests and not directed at any “third parties”....
...true state of his account....
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