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...The bank plans to launch a current account for existing customers by the end of the year before broadening the offer to new customers next year....
...— to 60— since the pandemic began, according to Stephen Ng, who leads the bank’s south-east Asia and south Asia operations....
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...But banks are finally having to pass on higher savings rates to depositors, according to JPMorgan and Wells Fargo, which also reported earnings....
...The flipside to higher interest rates is people also want more for their savings....
...On Wednesday, Bank of Korea governor Rhee Chang-yong said the central bank would intervene to control currency volatility if needed....
...It is increasingly infiltrating the likes of the Federal Reserve Board, the European Central Bank and the Bank of England. And it is one of the few acronyms for which economists deserve forgiveness....
...Plus, after years of negative news surrounding South Africa, there are grounds for medium-term optimism....
...Fed Beige Book: The Federal Reserve will release its report on the current economic conditions of its 12 central bank districts....
...The caution reflects similar uncertainty in the US Federal Reserve and other developed-world central banks....
...Monetary policy: Federal Reserve Bank of Minneapolis president Neel Kashkari participates in conversation with Missoula community members and University of Montana faculty and students, in Missoula, Montana...
...In 2021, Nguyen Thi Thanh Thuy jumped at an offer by Vietnam’s Saigon Joint Stock Commercial Bank (SCB) to invest in a new savings product offering high interest rates....
...The South Korean won hit a 17-month low on Tuesday, breaching a major psychological threshold of 1,400 per dollar....
...DBS, south-east Asia’s largest bank by total assets, this month reported that NIM in October-December stood at 2.13 per cent, just a whisker above the 2.12 per cent recorded in January-March and the second-lowest...
...South Korea’s financial regulator is considering banning all equity-linked securities after finding that the country’s biggest banks and brokerages misled retail investors over products tied to Chinese stocks...
...US Federal Reserve chair Jay Powell has said it is likely to take “longer than expected” for inflation to return to the central bank’s 2 per cent target and justify cuts to interest rates....
...From the bank: When can we expect sagging S&L tax revenues to moderate consumption and gross investment growth?...
...After a stronger-than-expected CPI print on Wednesday, Bank of America and Deutsche Bank are both now predicting that the Federal Reserve won’t cut US rates until this December....
...prepared to use the Fed’s discount window (new Federal Reserve data, also via Reuters) — Deposit Insurance, Uninsured Depositors, and Liquidity Risk During Panics (NBER) — The next mass extinction?...
...You see the same thing when you look at savings — the amount of money people have in checking and savings accounts across the income distribution. Look at people who make less than $25,000 a year....
...banks....
...Jay Powell said the Federal Reserve’s job of bringing down inflation was “not yet done” and the US central bank needed “greater confidence” that price pressures were easing before cutting interest rates,...
...News-in-depth In March 2021, an investigation into payments allegedly made by Donald Trump to silence porn star Stormy Daniels was abandoned by a former district attorney and federal prosecutors....
...The business, which has been central to the bank’s growth in recent years, was already in the sights of the Federal Reserve over money laundering controls....
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