Japan-based startup SmartBank has announced the rise of a USD 26 million funding round, aimed at the development of its personal finance management app. 

Citi has announced its partnership with Bank of Shanghai in order to launch a payment solution for international travelers that visit the region of China.

Volt has partnered with Kinguin to allow the latter's 18 million users to securely make purchases of games and in-game items through a Pay by Bank option.

At ServiceOne Air Conditioning & Plumbing, we transitioned from traditional marketing to digital strategies during an economic downturn. Recognizing the need for better visibility and growth, I sought a marketing partner to help elevate our business. This shift transformed us from at-risk to successful, resulting in more leads and higher revenue.

Distech Controls, a provider of energy management solutions, announced it was named the Provincial Laureate, SME Exporter category, at the 21st edition of National Bank’s SME Awards. The company noted it has the honor of being a two-time award recipient, having been named Bronze Laureate in the same category in 2014.

UBS remain upbeat on further Federal Reserve interest rate cuts to come. Analysts at the bank acknowledge heightened concerns about inflation in the market, and also trimmed market pricing for cuts ahead.

Ahead of Wednesday's CPI report (Forexlive Americas FX news wrap 13 Nov: US CPI comes out as expected. USD continues rise) UBS points:

• Economic data signals a stronger-than-expected economy. Concerns about inflation remain

• Market expectations lean towards a slower pace of Fed rate cuts

• Fed officials view the current rate as restrictive but are balancing employment and inflation goals. A major inflation surprise would be required to shift policy outlooks.

• The Fed is likely to continue rate cuts, with a potential 25 basis point cut in December and further easing expected in 2025.

And, the data result was not enough to dissuade analysts at UBS from expecting further cuts from the FOMC ahead, referring to the in line CPI print not changing the underlying fundamentals and economy narrative.

***

The latest from FedWatch shows a solid expectation for a 25bp cut on December 18:

2100 GMT / 1600 US Eastern time on Thursday, November 14, 2024:

• Bank of England Governor Andrew Bailey will deliver a speech at the Annual Financial and Professional Services Dinner, Mansion House

We last heard from Bailey a week ago:

• BOE governor Bailey: I will not specify what gradual means for rate cuts
• BOE governor Bailey: We do not have a specific equilibrium level of interest rate in mind
• BOE governor Bailey: We still need to see services inflation to come down more broadly

0830 GMT / 0330 US Eastern time - Remarks by European Central Bank's vice president Luis de Guindos at 31 Encuentro del Sector Financiero organised by ABC and Deloitte in Madrid, Spain

1830 GMT / 1330 US Eastern time - Participation by ECB Board member Isabel Schnabel in policy panel "Reassessing Policy Tools for Current and Future Challenges" at 25th Jacques Polak Annual Research Conference "Rethinking the Policy Toolkit in a Turbulent Global Economy" in Washington, DC

1900 GMT / 1400 Remarks by ECB President Christine Lagarde at Choiseul Sovereignty Awards 2024 ceremony

I posted yesterday on the prospect of deeper than expected ECB rate cuts yet to come:

• ECB Interest Rate Forecast: Deutsche Bank's 7 reasons for projecting a lower terminal rate

Meanwhile, EUR is struggling near a one-year low:

Justin had the news from the People's Bank of China here on Monday:

• PBOC governor will maintain yuan exchange rate at a reasonable, balanced level

And on Wednesday we saw the Bank trying to support CNY at the reference rate setting:

• PBoC promised stronger damping to support CNY, and that's what are seeing

And again today:

• PBOC sets USD/ CNY reference rate for today at 7.1966 (vs. estimate at 7.2326)

Offshore yuan may have seen the memo but its not paying it much heed:

The PBoC supported the CNY through the last bout of USD/CNY super-strength. They'll be doing the same again this time around, wary of capital outflow if they let the yuan drift too much lower. They'll be hoping US inflation doesn't take off higher and the Fed pauses ... or reverses.

Mann spoke Wednesday:

• BOE's Mann: I describe myself as an 'activist' rather than a 'gradualist' on rates
• BOE's Mann: Inflation has definitely not been vanquished

Mann was the sole dissent at the previous BoE meeting, voting to keep the Bank rate on hold.

Speaking again at 1300 GMT / 0800 US Eastern time:

• at the Society of Professional Economists Annual Conference

Also on the speaker circuit is Governor Bailey:

• GBP traders heads up - Bank of England Governor Bailey is speaking late Thursday

Non policy-related comments.

The OSCE Mission to Moldova held the final in a series of three training sessions for 12 psychologists and professionals working with domestic violence victims. The session took place on 27 June 2016 in Rybnitsa, a town on the left bank of the Dniester/Nistru River.

The event aimed to equip participants with essential skills in family counselling and post-traumatic stress rehabilitation. Participants studied means to identify family violence, various coaching techniques to use when working with families, as well as methods for handling trauma and post-traumatic stress among domestic violence victims.

In the past week, similar training events have been held in Chisinau and Tiraspol with the total participation of 50 professionals from Bender, Causeni, Chisinau, Comrat, Drochia, Rybnitsa and Tiraspol.

Participants in the training sessions included psychologists, teachers, medical professionals, lawyers and social workers, all of whom encounter cases of domestic violence in their work through Moldova’s referral system.

The training events were held as part of the Mission’s project to strengthen the capacity of those who provide crisis services to women and families on both banks of the Dniester/Nistru River. The project was developed following a country-wide assessment conducted in 2014 and 2015. The assessment identified a number of challenges in this field in Moldova, most notably the difficulties in accessing domestic violence services – including shelters and crisis centres – for those living in rural areas, and a lack of state resources. 

Related Stories

• OSCE Mission to Moldova trains lawyers from both banks of the Dniester/Nistru River on addressing discrimination
• Civil society representatives tackle key NGO management issues at OSCE Mission to Moldova-supported event
• Summer School to be held for lawyers from both banks of the Dniester/Nistru River

The OSCE Mission to Moldova held a training event on essential debate techniques for 37 high-school students and 7 teachers from both banks of the Dniester/Nistru River on 1 to 3 July 2016 in Vadul-lui-Vodă, a town by the river. The event, which gathered students from Balti, Bender, Cahul, Ceadir-Lunga, Comrat, Parcani, Tiraspol and Vulcanesti, aimed to enhance youth engagement in civic processes at the local and national levels.

“This event has equipped me with skills that will be vital for both my professional and private life,” said Daria Bogdanova, a student from Tiraspol. “Engaging in debates is an excellent way to help us convey our thoughts more convincingly, search for compromise and exercise objectivity.”

The training event introduced students to the Karl Popper debate format that teaches students how to conduct and participate in academic debates, demonstrate leadership, make public speeches, co-operate in teams and apply critical thinking. The aim of the event was to develop students’ analytical and debate skills in order to strengthen their professional opportunities and civic engagement.

The students attending the training will apply their newly acquired knowledge and skills in a series of two debate tournaments to be held in the autumn. The training sessions and tournaments are organized as part of a one-year project implemented jointly by the OSCE Mission to Moldova and the Comrat-based NGO Piligrim-Demo that aims to actively engage young people, including those representing national minorities, in civic process at the local and national levels by developing their debate skills.

Related Stories

• OSCE Mission to Moldova trains lawyers from both banks of the Dniester/Nistru River on addressing discrimination
• Psychologists and professionals working with domestic violence victims trained at OSCE-supported events in Moldova on both banks
• Three-day debate training to be held for national minority youth in Moldova

As a growing population financed more costly purchases, total debt rose. But income rose even faster in recent quarters. By Wolf Richter for WOLF STREET. Total household debt outstanding ticked up by $71 billion in Q3, or by 0.57%, from Q2, to $17.9 trillion, according to the Household Debt and…

Britain's motor finance industry is in disarray, with analysts warning of worst-case scenarios similar in magnitude to the country's costliest consumer banking scandal. The burgeoning crisis stems back to a landmark judgement from the U.K.'s Court of Appeal in late October, when the court ruled it…

COP29 negotiators welcomed a pledge by major development banks to lift funding to poor and middle-income countries struggling with global warming as an early boost to the two-week summit.

Banks in the UK make it possible for customers to control their gambling spend, either with a self-imposed spend limit, or, for compulsive gamblers, by means of an app blocking all spend on gambling sites. They are very effective, says Wendy Knowler.

TOKYO, Nov. 13, 2024 — NVIDIA has announced a series of collaborations with SoftBank Corp. designed to accelerate Japan’s sovereign AI initiatives and further its global technology leadership while also unlocking […]

The post NVIDIA Supports SoftBank in Building AI Supercomputer, Unveils AI-Driven Telecom Network appeared first on HPCwire.

Spirit Airlines' stock plunged 59% on Wednesday as the budget airline worked with creditors to restructure debt amid reports the company could file for bankruptcy protection within the next few weeks.

The son of a high-ranking ex-financial official in Ecuador who was a Florida banker says he's guilty for his part in a international multi-million dollar bribery and money laundering scheme which involved his father.

Spirit Airlines' stock plunged 59% on Wednesday as the budget airline worked with creditors to restructure debt amid reports the company could file for bankruptcy protection within the next few weeks.

Postbank has said that it has reached a profit in the first two quarters of the financial year, with reported cases of fraud down 80% year-on-year.

BAKU, Azerbaijan — COP29 negotiators welcomed as an early boost to the two-week summit a pledge by major development banks to lift funding to poor and middle-income countries struggling with global warming. A group of lenders, including the World Bank, announced a joint goal on Tuesday of increasing this finance to $120 billion by 2030, a roughly 60% increase on the amount in 2023. "I think it's a very good sign," Irish Climate Minister Eamon Ryan told Reuters on Wednesday. "It's very helpful. But that on its own won't be enough," Ryan said, adding countries and companies must also contribute. The chief aim of the conference in Azerbaijan is to secure a wide-ranging international climate financing agreement that ensures up to trillions of dollars for climate projects. Developing countries are hoping for big commitments from rich, industrialized countries that are the biggest historical contributors to global warming, and some of which are also huge producers of fossil fuels. "Developed countries have not only neglected their historical duty to reduce emissions, they are doubling down on fossil-fuel-driven growth," said climate activist Harjeet Singh. Wealthy countries pledged in 2009 to contribute $100 billion a year to help developing nations transition to clean energy and adapt to the conditions of a warming world. But those payments were only fully met in 2022 and the pledge expires this year. With 2024 on track to be the hottest year on record, scientists say global warming and its impacts are unfolding faster than expected. Climate-fueled wildfires forced evacuations in California and triggered air quality warnings in New York. In Spain, survivors are coming to terms with the worst floods in the country's modern history. Albania's Prime Minister Edi Rama said he was concerned that the international process to address global warming, now decades old, was not moving swiftly enough. "This seems exactly like what happens in the real world everyday," he told the conference. "Life goes on with its old habits, and our speeches, filled with good words about fighting climate change, change nothing," Rama added.

While some parts of Gaza are on the verge of famine, Palestinians in the West Bank are also suffering. They are unable to work in jobs in Israel, and the entire economy of the West Bank is contracting. Linda Gradstein reports from the West Bank town of Ramallah. Camera: Ricki Rosen

new york — A U.S. appeals court on Wednesday threw out a $1.68 billion judgment against Iran's central bank that had been won by family members of troops killed and injured in the 1983 bombing of the U.S. Marine Corps barracks in Beirut.  The 2nd U.S. Circuit Court of Appeals in Manhattan said a lower court judge should have addressed questions of state law before ruling against Bank Markazi and Luxembourg intermediary Clearstream Banking, a unit of Deutsche Boerse.  In a 3-0 decision, the panel also rejected a claim that a 2019 federal law designed to make it easier to seize Iranian assets held outside the United States waived Bank Markazi's sovereign immunity.  That law "neither abrogates Bank Markazi's jurisdictional immunity nor provides an independent grant of subject matter jurisdiction," Circuit Judge Robert Sack wrote.    The court returned the case to U.S. District Loretta Preska, in Manhattan to address state law questions in the 11-year-old case, and whether the case can proceed in Bank Markazi's absence.  Bombing victims sought to hold Iran liable for providing material support for the October 23, 1983, suicide attack that killed 241 U.S. service members, by seizing bond proceeds held by Clearstream in a blocked account on Bank Markazi's behalf.  Bank Markazi claimed immunity under the Foreign Sovereign Immunities Act, which generally shields foreign governments from liability in U.S. courts.  Lawyers for the plaintiffs did not immediately respond to requests for comment. Bank Markazi's and Clearstream's lawyers did not immediately respond to similar requests.  Iran, other U.S.-designated sponsors of terrorism, and banks accused of providing services to terrorists face thousands of claims in U.S. courts by victims and their families. It is often difficult for these claimants to collect judgments.  In the Bank Markazi case, the plaintiffs sued in 2013 to partially satisfy a $2.65 billion default judgment they had won against Iran in 2007.  Another judge dismissed the case in 2015, but the 2nd Circuit Court revived it in 2017.  Then in 2020, the U.S. Supreme Court ordered a fresh review in light of the 2019 law, which then-President Donald Trump signed as part of the National Defense Authorization Act.  The plaintiffs have said they hold more than $4 billion of judgments against Iran and have been unable to collect for decades.  The case is Peterson et al v. Bank Markazi et al, 2nd U.S. Circuit Court of Appeals, No. 15-690. 

The baht is on course to slip below the key resistance level of 35 to the US dollar after depreciating sharply since government aide Kittiratt Na-Ranong was named the new Bank of Thailand board chairman, raising doubts over the central bank's autonomy, say analysts.

[New Times] Achieving rapid private sector growth in Rwanda is unlikely without far-reaching reforms to economic policies, a new report released on November 13, by the World Bank has shown.

Connecting Iran's Shetab interbank network to the Russian system enabled collaboration, reducing reliance on the global SWIFT network, which has excluded Iranian banks since 2018.

ISLAMABAD: The Ministry of Commerce and the World Bank have agreed to form a joint working group on trade to capitalise on the country’s true export potential.

The understanding was reached during a meeting of Commerce Minister Jam Kamal Khan with a team from the World Bank. Both sides agreed that the working group would meet periodically to advance the goal of realising Pakistan’s export potential of $60 billion.

An official announcement said both sides discussed Pakistan’s export reform agenda, focusing on strategies to enhance export competitiveness and streamline enabling policies.

The discussion also addressed how the World Bank can support these initiatives under the broader country programme.

Mr Kamal highlighted the whole-of-government approach to export enhancement, which promotes a unified policy framework to improve competitiveness and the Ease of Doing Business for exporters.

This strategy emphasises export-led growth by providing crucial enabling factors such as financing, liquidity support, reduced input costs, and regulatory facilitation to empower Pakistan’s export sector.

Published in Dawn, November 14th, 2024

Some Scotiabank customers are still unable to access their online banking accounts after what the company called "scheduled maintenance" turned into a service outage that crept into Wednesday, sparking online anger and a proposed class action lawsuit.

(BY SRI B.V.ACHARYA, SPL.PP A/W SRI V.G.BHANUPRAKASH, AAG AND SRI THEJESH P., HCGP FOR R-1 TO R-4;

SRI P.PRASANNA KUMAR, SPL.PP FOR R-5;

PROF.RAVI VARMA KUMAR, SR.ADVOCATE FOR SRI ADITYA BHAT, ADVOCATE FOR R-6;

SRI SUDHANVA D.S., ADVOCATE FOR I.A.NO. 1/2024 FOR IMPLEADING APPLICANT ) THIS WRIT PETITION IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION OF INDIA READ WITH SECITON 482 OF CR.P.C., PRAYING TO DIRECT THE RESPONDENT NO.1 TO 3 TO TRANSFER AND ENTRUST THE INVESTIGATION OF THE CASE CRIME NO. 118/2024 VIDE ANNEXURE - Q, LEVELING OFFENCES PUNISHABLE UNDER SECTIONS 149, 409, 420, 467, 468, 471 OF THE INDIAN PENAL CODE TO THE RESPONDENT NO.4-CENTRAL BUREAU OF INVESTIGATION AND FURTHER DIRECT THE R-4 TO CARRY OUT SPEEDY AND EXPEDITIOUS INVESTIGATION IN THE AFOREMENTIONED CASE WITHIN A SPECIFIED TIME.

Commerzbank analizează opțiunea de a achiziționa o bancă germană de dimensiuni medii ca parte a strategiei de a evita o posibilă preluare de către UniCredit, potrivit Reuters. Planurile sunt într-o etapă incipientă, iar posibilele ținte ar putea include Hamburg Commercial Bank sau Oldenburgische Landesbank. Potrivit surselor Reuters, Commerzbank încearcă să conceapă un plan de apărare, ...

The post Commerzbank ia în considerare achiziționarea unui rival german pentru a respinge UniCredit appeared first on Forbes Romania.

Bank Nifty futures is now testing the support at 51,000

Higher D-SIB surcharge fixed for SBI and HDFC Bank, will be applicable from April 01, 2025

Before the election, the three Jarkiholi brothers — Satish (Congress MLA), Ramesh (BJP MLA), and Balachandra (BJP MLA) — met in a private hotel in Belagavi to discuss the names of candidates

‘Banking Regulations Act does not empower banks to seek transfer of probe into criminal cases registered by States to agency of its choice’

Vision Funds (SVF1 and SVF2) sold investments totalling $1.85 billion for the six-month period ended September 30

Under the Congress regime, Karnataka is facing extreme financial crisis; the government has been struggling to manage the State’s economy due to its mismanagement of funds, says the BJP MP

Firm inflation and hawkish signals rule out December rate cuts, says DBS Bank; but slowing growth may sway RBI, notes Barclays Research 

Huang said SoftBank was the first to receive its new Blackwell chip designs

Inflation, firm dollar add to volatility amid FPI selling spree

State Bank of India, HDFC Bank and ICICI Bank have again been named as Domestic Systemically Important Banks (D-SIBs) by the Reserve Bank of India. The Reserve Bank on Wednesday came out with the list of D-SIBs.