BoE to penalize fossil fuel financing says UK lawmakers
The Bank of England was called on help to tackle climate change, by the UK lawmakers. This is by boosting the investment in green finance and by penalizing banks that finance the fossil fuel industry. The intervention by a cross-party group of 51 lawmakers comes ahead of the COP26 global climate talks, that is to be held in […]
US banking regulators working on climate risk management guidance
U.S. banking regulators are working on new climate risk management guidance. A top official said that this is for large lenders. Also, it is another sign of efforts to incorporate the risks posed by rising temperatures into financial rules. Michael Hsu, the acting Comptroller of the Currency said that his agency was working on the guidance […]
Stanchart to add bankers in sustainable finance
Standard Chartered is looking to add bankers to focus on sustainable finance, project finance and capital markets in Saudi Arabia. This is a front-runner for its regional business in coming years. Standard Chartered this year began offering banking services through its branch in Saudi Arabia. A banking licence in 2019 was granted with a team of 25 people. […]
Winning strategy for Experian
Experian has ranked #11 on the newly announced 2021 IDC FinTech Ranking. The FinTech Rankings is an annual ranking which highlights the top 100 global providers of financial technology. Experian is referred as a rising star. Steve Wagner, Managing Director of Global Decision Analytics at Experian said that at Experian, they are continually innovating and […]
Deloitte becomes official signatory of Abu Dhabi
Deloitte has signed the Abu Dhabi Sustainable Finance Declaration. For supporting their clients and to demonstrate the firm’s commitment to sustainability in the Middle East they are moving towards using sustainable finance for their operations. This Declaration is led by Abu Dhabi Global Market (ADGM). This serves as a commitment for collaboration with other prominent public […]
$1.5 billion invested by EBRD in Western Balkan countries
The European Bank for Reconstruction and Development (EBRD) had invested 1.3 billion euros in the Western Balkans in 2020. Pierre Heilbronn, an EBRD vice president, said that this year also the same amount will be continued. Heilbronn told that 2020 was an unusual year because of the pandemic. And that prompted the bank to invest in its earlier agreed […]
COVID hitting timing of Basel bank capital rules
Countries are facing challenges in rolling out final elements of tougher global bank capital rules. A senior Bank of England official said that this may need to coordinate on timing. The rollout of the rules known as Basel III began after the global financial crisis. This had highlighted how banks were holding too little capital by forcing taxpayers to bail […]
EU ministers want EU budget rules to support investment
European Union finance ministers said that changes to EU budget rules is now under review. It should support investment in the post-pandemic economy for allowing a more realistic path in cutting some countries’ public debts. Finance ministers from the 27-nation bloc are starting discussions during a two-day summit in the Slovenian town of Brdo. This summit is about […]
US consumers inflation highest in 8 years
According to a survey released by the New York Federal Reserve, the U.S. consumers’ expectations will change over the next year. In the coming three years this had rose last month to the highest levels since 2013. According to the monthly survey of consumer expectations, the inflation expectations over the next three years increased to […]
BoE aims for large but lean balance sheet when QE unwinds
The Bank of England is expecting to have a large but leaner balance sheet when it starts to run down its 895-billion-pound asset purchase program. It will take steps to ensure this does not push up short-term rates. Andrew Hauser, the BoE’s executive director for markets, said that the financial markets should not expect the central bank […]