Mediobanca, top investor Del Vecchio reach truce on bylaws changes
Mediobanca endorsed a request by its top shareholder Leonardo Del Vecchio to ditch a rule reserving up to three board seats to managers of the Italian merchant bank. The decision was welcomed with deep satisfaction. Del Vecchio in turn withdrew a second proposal to amend the company’s bylaws, which had been criticised by Mediobanca’s board. Mediobanca […]
Asian development bank boosts 2019-2030 climate financing goal to $100 BLN
The Asian Development Bank‘s will boost its climate financing goals by $20 billion to a new target of $100 billion for the 2019-2030 period. They are aiming to launch its concept for retiring coal-fired power plants at the COP26 climate conference in Scotland. The plans, disclosed by ADB President Masatsugu Asakawa, increases a previous $80 billion […]
SocGen to cut 3700 jobs
French bank Societe Generale said that it will cut 3,700 jobs between 2023 and 2025. This is as it merges its retail network with that of its unit Credit du Nord. Also, it added that there would be no forced redundancies. The new retail bank targets a headcount of 25,000 employees. The job cuts will […]
The role of Islamic banks in propelling ethical finance
Islamic banking is becoming increasingly popular. At Al Rayan Bank is the UK’s largest Islamic bank. They are currently estimating that, more than a third of their customers are not Muslim. One of the main reasons for this is linked to consumers’ desires to live more ethical lifestyles. Research shows that three quarters of all […]
Goldman banker hired by the Citi bank
Citigroup has hired Luisa Leyenaar-Huntingford from Goldman Sachs. This new hire is to co-head its global infrastructure franchise. Because, it seeks to win more business from cash-rich investment firms focusing on infrastructure deals. Leyenaar-Huntingford will be based in London. Responsibility will be shared with Todd Guenther in New York. The pair will work closely with […]
Banks make slow progress on UK gender pay
Major banks in Britain made a slight dent in their gender pay gaps. Several insurers went backwards. Companies in Britain with more than 250 employees have been required to publish the difference between the pay and bonuses of their male and female employees. They got a reprieve due to the pandemic, last year. The financial […]
BOJ to lower inflation target-Japan’s finance minister
Japan’s outgoing finance minister, Taro Aso, said that he had proposed lowering the central bank’s 2% inflation target. This is when the prices took a hit from plunging oil prices. He was the finance minister for nearly nine years. The slump in oil price was among the main reasons the government could not officially declare […]
Central bank warns about global supply disruptions
Keeping the inflation elevated longer, the supply constraints thwarting global economic growth could still get worse. The world’s top central bankers warned that this is even if the current spike in prices is still likely to remain temporary. During the pandemic, the disruptions to the global economy have upset supply chains across continents. These disruptions […]
HSBC, Temasek launch debt financing platform
HSBC Holdings and Singapore state investor Temasek teamed up to set up a debt financing platform. This is for sustainable infrastructure projects, with an initial focus on Southeast Asia. The two companies stated in a joint statement that they would invest a combined amount of $150 million. This is for funding the loans. This Singapore-based […]
CBA, ANZ sued in New Zealand
Two of Australia’s big banks are facing a multi-million dollar claim in New Zealand. More than 150,000 customers were not refunded, the interest and fee charged after an alleged breach in disclosing changes to loan agreements. The class-action lawsuit said that Kiwi units of Commonwealth Bank of Australia and Australia and New Zealand Banking Group […]