Fed’s Powell rides off to Jackson Hole; a blast from the past
At this year’s central banking summit hosted in Jackson Hole Wyoming, Federal Reserve Chair Jerome Powell will deliver a speech on inflation and interest rates in a very different manner from the reassuring one he employed at the same gathering only one year prior. At the time, Powell presented a number of charts to show […]
U.S. banks are struggling with a trillion-dollar reverse repo
The massive amounts of overnight cash stored at the Federal Reserve each day might cause banks a lot of trouble by straining their accounting records and limiting their ability to lend. A wide range of market participants has flocked to the Fed’s reverse repurchase facility (RRP), which has helped clean up excess flexibility in the […]
Charged with insider trading: Former Goldman banker, former FBI trainee
A quick recap on the relevance of this matter and which sector it is pertaining to reminds us of how much of a big deal this news is. Being a prominent global investment banking, securities, and investment management company, the Goldman Sachs Group, Inc. offers a comprehensive range of financial services to a sizable and diversified […]
After Q2 loss, Credit Suisse appoints its new CEO
Ulrich Koerner, an expert in asset management, has been selected as Credit Suisse’s next CEO, the latest indication of turmoil at the Swiss bank, which on Wednesday declared a strategy review as it battles to rebound from a string of scandals. The controversies and losses accumulated during the incumbent Chief Executive Thomas Gottstein’s two-year […]
Cake by VPBank: A typical success of digital bank in Vietnam
Cake by VPBank (Cake), which was just introduced 20 months ago, has 2 million customers. With its “Simple – Fast – Reliable” philosophy, Cake is successful in eliminating all barriers to accessing financial services. Vietnamese Fintech: Keeping pace with the world Vietnam has seen over four decades of industrialization, modernisation, and integration, making it one […]
Bank of Korea to see rate spike by milestone 50 bps; polls talk
On Wednesday, SK’s central bank will drop a 50-basis point rate hike to 2.25%, marking it as the first of its kind. The Bank of Korea (Bok) countered the inflation rise of 6.0% in June, after being one of the first-ever central banks to raise interest rates as a countermeasure in August last year, and […]
People’s Bank strikes Gold at Technnovation Awards 2022
People’s Bank further illustrated its dominance in Sri Lanka’s digital banking sphere by winning two awards at the fourth edition of the LankaPay Technnovation Awards, Sri Lanka’s pioneering and the only payment technology innovation awards, held at the Shangri-La Colombo recently. People’s Bank mobile payment app People’s Pay won the Gold award for ‘Best Mobile […]
People’s Bank empowers local youth with People’s Spark Entrepreneurship Development Programme
People’s Bank recently launched the Peoples’ Spark Entrepreneurship Development Program along with a dedicated loan scheme to provide a pathway for educated, skillful young entrepreneurs to turn their business ideas into reality. The inauguration ceremony of this unique program was held recently at the Staff Training College and was graced by the presence of Chief […]
People’s Bank and CA Sri Lanka to offer SME Mentoring Program
People’s Bank has partnered with the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) to provide a timely boost for Small and Medium-sized Enterprises (SMEs) customers of the bank through a mentoring programme. A Memorandum of Understanding (MOU) signifying the partnership was exchanged by People’s Bank Chairman Sujeewa Rajapakse and CA Sri Lanka […]
UK banks to be more accommodating toward borrowers, FCA on duty
Lenders in Britain received a stream of letters (3,500) as the country’s Financial Conduct Authority (FCA) reached out to thousands of lenders to command a more sizable amount of support toward borrowers who are in a state of financial instability. The expenses for their livelihood have surged, and following this was the poor response from […]