From laggard to leapfrog
According to research by Cornerstone Advisers, many banks still have a long way to go, for reaching their digital transformation ambitions. A recent study found that just around one quarter of banks and credit unions had launched a digital transformation strategy prior to 2019. 45% hadn’t started on the journey before 2021. This is not great news […]
Credit Suisse chairman warns temporary inflation talk
Credit Suisse Chairman Antonio Horta-Osorio said that the talking down of speeding inflation as a temporary phenomenon by many central banks poses risks of a more intense monetary adjustment. In Lisbon, he told a banking conference that the markets have been giving a lot of credit to central banks, but the latest indicators are that the temporary […]
BoE’s Pill sees growing case for December rate rise
Bank of England chief economist Huw Pill said that the weight of evidence was shifting towards a rise in interest rates next month. But he had not made a decision. Markets would do better to focus on the longer term. At an economics conference in Bristol, Pill also cautioned against the widespread assumption that the […]
Britain’s metro bank shares slide
U.S. private equity firm Carlyle said that the talks about a possible takeover offer for Metro Bank have ended. This is by sending shares in the British lender tumbling 16%. Metro Bank had announced the takeover approach from Carlyle. For this announcement from Carlyle, the lender responded that the board continues to strongly believe in the standalone strategy and […]
Investment holdings data included in SGFinDex
The Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG) have launched the second phase of the Singapore Financial Data Exchange (SGFinDex). Individuals can now view information on their investment holdings at The Central Depository (CDP). This is as a part of their consolidated financial position. Also, this is via […]
Getting balance right on UK euro clearing may take years
The European Union won’t suddenly pull up the drawbridge on Britain’s financial services sector. Reducing reliance on the City of London for euro clearing could take years, said a top European Commission official. The EU executive said that EU market participants could continue clearing euro denominated derivatives in London beyond June 2022. The extra period […]
After robust US retail sales data, Dollar is at 16 months high
The dollar rose to a 16-month high. This is after data showed U.S. consumers looked past rising prices. And they drove retail sales higher than expected last month. The euro slumped amid growth concerns and there is a surge in COVID-19 cases in Europe. U.S. retail sales rose 1.7% in October. This had topped consensus […]