Bank of England tells banks to quantify climate risks
Bank of England executive director Sarah Breeden said that by 2050, banks and insurers are underestimating the potential impact of climate change on their business and should quantify risks from targeting net zero carbon emissions. For companies that face physical risks like fires and floods due to climate change, the banks and insurers hold assets […]
BOJ’s Kuroda signals readiness to extend pandemic-aid scheme
Governor Haruhiko Kuroda said that the Bank of Japan will consider extending its pandemic-relief programme beyond September deadline if necessary. This is because the country struggles with a spike in covid infections that is crippling the economy. He also said that the world’s third-largest economy remains on a path toward recovery. This is because robust […]
Deutsche Bank sets targets for sustainable investments, women leaders
German lender Deutsche Bank said that it would pump more than 200 billion euros ($244 billion) into so-called sustainable financing and investments by 2023. This is two years earlier than initially planned. The bank is aiming at more female leaders within its ranks. Because by 2025, women will make up 35% of managing director, director […]
Exclusive: Goldman to launch Marcus UK robo-adviser early next year
Goldman Sachs will launch an app for UK users of its digital bank Marcus. This app has a main feature to offer automated investment management to clients in the country. This will come into act by the first quarter of the next year. Des McDaid, the head of Marcus UK said that since launching a […]
Germany’s Degussa bank selects Nets to power its digital card services
Frankfurt-based Degussa Bank and European payment services provider Nets have joined forces to create a modern, innovative consumer credit card offering in Germany. Silke-Christina Kummer, Head of Card Business Advisory & Services at Degussa Bank said that the pandemic situation has shifted the cash payments to digital payments. The head also added that the consumers in Germany are increasingly […]
Property bubbles, corporate debt among Europe’s top risks: ECB
The European Central Bank said in a biannual stability review that, the high debt levels and a property bubble are among Europe’s biggest economic vulnerabilities, weighing on its recovery from a pandemic-induced recession. During the pandemic copious government subsidy kept much of the euro zone afloat. But weaning the bloc off support will be tricky. Because, that […]
Bank of England warns over easy alternatives to Libor
Bank of England Governor Andrew Bailey said that markets must not replace the tarnished Libor interest rate with alternatives that could end up replicating the same flaws that made it easy for banks to manipulate. The publication of some dollar denominations will continue until mid-2023 for outstanding contracts. But still the London Interbank Offered Rate is […]
Commerzbank delivers upbeat outlook after swing to profit
A first-quarter profit and raised revenue outlook are given by the Commerzbank, which is all against the expectation on it. This is buoyed by strong trading commission as the German lender shrinks operations and makes heavy job cuts. This Germany’s second-biggest bank is expected to remain in the red this year as it conducts a […]
Philippine Central Bank holds rate at record low, signals no change anytime soon
As policymakers focus on supporting an economy which is showing signs of recovering after shrinking for five consecutive quarters, the Philippine central bank left its key interest rate steady at a record low. As predicted by the economists, the Bangko Sentral ng Pilipinas (BSP) kept the rate on the overnight reverse repurchase facility at 2.0% […]
Bank of England sets June milestone for scrapping Libor in derivatives
Britain’s financial regulators said that banks are encouraged to scrap Libor for pricing derivatives contracts from mid-June. Piling pressure on markets to speed up the long-anticipated demise of the tarnished interest rate benchmark. Use of the London Interbank Offered Rate or Libor in pricing new contracts such as home loans and credit cards have been set […]