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 […]
ECB’s Lagarde, Panetta warn against tightening too soon
European Central Bank President Christine Lagarde and board member Fabio Panetta urged patience before tightening the ECB’s ultra-easy policy. This is as the euro zone economy emerges from a slump caused by the pandemic. The price pressures steadily building, from higher energy prices to supply bottlenecks. And so, the euro zone borrowing costs have risen recently. Because […]
Bank of Spain to revise down 2021 GDP forecasts
The central bank governor Pablo Hernandez de Cos said that the Bank of Spain will revise down its latest economic forecasts for 2021. This is after the Spanish statistics institute downgraded its growth reading for the second quarter. on Tuesday. De Cos reiterated that he anticipates a gradual normalization of activity in the upcoming months. Spain’s second-quarter gross domestic […]
Bank of Ireland blames Irish pay cap
Bank of Ireland blamed state-imposed curbs on bankers pay. Chief Financial Officer Myles O’Grady would leave the bank and join Irish food group Musgrave. Ireland capped executive pay at 500,000 euros a year. This is during the euro zone’s costliest banking rescue, which was more than a decade ago. All forms of variable pay and fringe benefits were banned. Bank of […]