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-Japanās finance minister
Japanās outgoing finance minister, Taro Aso, said that he had proposed lowering the central bankās 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 worldās 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 Australiaās 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 […]
ECBās Lagarde, Panetta warn against tightening too soon
European Central Bank President Christine Lagarde and board member Fabio Panetta urged patience before tightening the ECBās 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. Spainās 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 OāGrady 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 zoneās costliest banking rescue, which was more than a decade ago. All forms of variable pay and fringe benefits were banned. Bank of […]
Credit Suisse board backs says the CEO
Credit Suisseās board of directors is convinced that Chief Executive Thomas Gottstein is the right person to strategically realign the bank. This realignment can be done by curbing risk appetite, said the Swiss bankās chairman in a newspaper interview. When he was asked whether he was planning to replace Gottstein as CEO or take over the operational lead […]
Scrapping banker bonus cap not a priority
Bank of England Deputy Governor Sam Woods said that scrapping a cap on bankersā bonuses inherited from the European Union is not a top priority. Other curbs on remuneration that are aimed at fostering financial stability should not be weakened. Britainās departure from the EU has raised hopes in the financial sector. Some rules might be changed. […]