bank

Editorial: Letting state governments go bankrupt is a terrible idea

Egged on by Mitch McConnell, Trump has floated the idea of letting states go bankrupt in response to the COVID-19 cash crunch. It's a really bad idea.




bank

Ducks convert part of their ice complex in Irvine to food bank

The Ducks have converted part of their Great Park Ice complex in Irvine into a food bank to assist those in need during the coronavirus outbreak.




bank

Batman and Superman are garbage for new Banksy artwork, ‘Game Changer,’ celebrating health workers

The artwork depicts a young boy sitting on the floor playing with a nurse doll while ubiquitous superhero action figures of Batman and Spiderman action figure toys lie in a trashcan nearby.




bank

Tyra Banks' modeling theme park, ModelLand, is finally opening in Santa Monica

A decade in the making, Tyra Banks' modeling utopia, ModelLand, 'will emulate a fantasy version of the modeling world.' The park opens in Santa Monica in May.




bank

Review: Balmain banks on bourgeois with a twist for fall

Olivier Rousteing references his Bordelaise upbringing with equestrian motifs, luxe leather and a cadre of capes.




bank

Banks: L.A. schools chief Austin Beutner is performing admirably. But what comes after coronavirus?

Austin Beutner has moved quickly to confront the coronavirus crisis in L.A. schools. But the emergency will continue even after the virus fades away.




bank

Publisher of La Cañada Outlook to revive Burbank Leader, Glendale News-Press and Valley Sun

Charlie Plowman, who started the La Cañada Outlook in 1998, will acquire the three community news titles.




bank

This L.A. banker thinks the New Deal can point the way to recovery

City National Bank Chairman Russell Goldsmith says the country could benefit from public spending on jobs training, telecommunications and infrastructure that recalls programs like the Civilian Conservation Corps.




bank

This couple turned their taqueria into a food bank

Revolutionario North African Tacos has become a food bank feeding Asian American and African American seniors and L.A.'s skid row.




bank

Crystal Palace agree transfer fee with Dundee United for Scott Banks



Crystal Palace have agreed a fee with Dundee United as they look to secure a transfer for Scott Banks.




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Mervyn King's brutal analysis of banking sector exposed in blow to coronavirus recovery



MERVYN KING, the former governor of the Bank of England, once issued a brutal analysis of the global banking system and argued for its reinvention, it can be revealed as the Government fine-tunes its economic response to the coronavirus pandemic.




bank

People urged to be aware as scam bank calls on the rise again



Crusader has received fresh reports from readers of scam automated phone calls that claim to be from their bank or card company saying there has been a suspicious transaction on their account.




bank

If you're planning to spend Bank Holiday weekend in the garden you need to read this



A little TLC can create a lovely green oasis in your garden to be proud of




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Garden centres open: When will garden centres reopen? Will they be open in bank holiday?



GARDEN CENTRES closed their doors as the UK lockdown began but many are now facing calls to reopen as Brits up and down the country look for new ways to spend their extra hours at home. When will garden centres reopen? Will they be open in bank holiday?




bank

VE Day movies: The Top 8 war movies to watch over the Bank Holiday



VE DAY is one of the most important anniversaries in British history - and in time for the bank holiday, a huge number of incredible war films are available to watch.




bank

Cruise: How to plan for a cruise holiday without breaking the bank



CRUISE holidays are on hold for now, however, many cruise enthusiasts continue to hold out hope for future cruises. For those looking to cruise in the future, but faced with a tighter budget, the good news is there are some ways you can save on sailings.




bank

They tried every dirty trick in the book to overturn a public vote, says ARRON BANKS



AROUND 18 months ago I found myself interviewed by two officers from the National Crime Agency in Bridewell police station in Bristol.




bank

Retirement: Banks offer 'later life' mortgages to meet UK ageing population



MORE banks are now offering mortgages specifically designed for older borrowers and retirees, figures reveal. Lenders are clamouring to launch new products and change existing terms to meet an ageing population.




bank

PPI and banks: Must pay, will pay?

You might have noticed that my mind (and body) have been away from the day job. But I am so gobsmacked by the comprehensive defeat of the banks in the PPI case that my fingers felt compelled to tap on smartphone keys.

What probably matters most is that the judge has ruled against the banks on all important issues.

And two really mattered: first that the Financial Services Authority's principles governing the behaviour of financial firms are a proper basis for compensation awards; and that FSA rules based on those principles are necessary but not sufficient for judging whether financial firms engaged in mis-selling.

Frankly if the banks had succeeded in proving otherwise, it would have been utterly disastrous for the whole system of consumer protection in the UK, both the existing system and the new one being erected by the government.

As it turns out, it is the implications of today's ruling for the banks that are serious.

Unless they appeal (and I will come back to that question) they face having to make compensation payments of around £4bn to around two and a half million people (around a quarter of all PPI policies were allegedly mis-sold).

The damage is greatest for the two banks in which we as taxpayers have big stakes, Lloyds and Royal Bank of Scotland (which is just dandy for all of us) - largely because they have the largest shares of the retail banking market.

Lloyds faces the biggest bill: both it and RBS look as though they will have to pay compensation in excess of £1bn each.

That Lloyds and RBS appear to have done the most mis-selling in this instance will be seen by some as further evidence that their particularly powerful positions in retail banking is bad for the welfare of consumers - it will be taken as strengthening the argument of the Independent Commission on Banking that reinforcing competition is a priority (see my recent posts Banking Commission wants firewall around retail banking and Banking Commission: Retail banking must be ring-fenced).

The tab for Barclays and HSBC will also be pretty steep - some hundreds of millions of pounds each.

Given that few lawyers in my acquaintance rated the banks' chances of winning the case terribly highly, it is slightly odd that they used the courts to minimise or delay making restitution - especially at a time when they are not exactly the most popular institutions in the UK.

It is even more curious that they have fought and fought to limit their liability in the light of the two main examples of mis-selling identified by the FSA.

First there were all those refusals to make payouts under the loan insurance plans to those who had a pre-existing medical condition - when it is clear that relevant customers had no idea that pre-existing medical conditions were grounds for non-payment.

Second, it is a logical absurdity that the policies should have been sold by the banks to the self-employed, given that is impossible for a self-employed person to be made redundant.

So what next? Well the banks could make those two and a half million victims of mis-selling wait another couple of years to be made whole by appealing to the Supreme Court.

Or they could take the view that the prospects of winning in any court are too slim to outweigh the potential for further damage to their respective public images from being seen to defy an unambiguous legal judgement that they let down millions of their customers.

Unless of course they regard their reputations as so impaired that there's nothing left to lose from prevarication.




bank

The big PPI lesson for banks

The big lesson for the banks from today's decision by the British Bankers Association not to appeal against the high court ruling on Payment Protection Insurance is - funnily enough - very similar to the big lesson from the Great Crash of 2007-8.

Which is that if a bank runs its business on the basis of what the regulators' detailed rules allow - rather than on the basis of what is commercially sustainable and sensible - public humiliation and enormous losses are likely to be the bitter harvest.

In the case of PPI, much of what the banks have now acknowledged to be mis-selling seemed consistent with rules laid down by the regulator, the Financial Services Authority, in its handbook and its source book on the selling of insurance.

But the FSA argued that following the letter of these rules was a necessary but not sufficient guarantee that the banks were behaving property. The FSA argued that the big banks should have been more mindful of its over-arching principles, notably the imperative of paying due regard to the interests of customers and treating them fairly.

The banks appear to have been so seduced by the apparently huge profits available from insuring personal loans, mortgages and credit card debt that they pushed the insurance to all manner of unsuitable customers (the self-employed who could never make a claim for being made redundant, or those with pre-existing health conditions, that would invalidate claims, to name just two common examples).

"It is very difficult to justify how we behaved" said one senior banker. "You can't imagine supermarkets treating their customers in the way we treated ours. I know my colleagues think that so long as we followed what was in the FSA's handbook, we shouldn't be blamed. But my view is that we forgot the cardinal rule, which is that we're there to serve customers, not to shove something down their throats which they don't need".

This departure from the very basics of retailing is costing the banks very dearly indeed. Last week Lloyds - the market leader in PPI and the first of the big banks to say it would provide comprehensive restitution - said that the settlement would lead to a £3.2bn expense.

Today, Barclays has quantified the compensation and related costs at £1bn. There will be a similar charge for Royal Bank of Scotland. And HSBC has just said it is setting aside £274m to meet these costs.

In total for all the big banks, the costs are heading towards £6bn or so - and that's to ignore the compensation bill for hundreds of smaller firms which joined in the PPI mis-selling frenzy.

Now what's striking is that the PPI debacle shares strong cultural characteristics with the behaviour that took many of the world's banks to the brink of bankruptcy less than three years ago. During the boom years before the crisis of 2007-8, you won't need telling that banks lent and invested recklessly - to subprime borrowers, to commercial property, to each other, through off-balance sheet vehicles, in the form of "structured" products which delivered the illusion of quality (inter alia).

And much of this reckless lending and investing took advantage of the global Basel rules that give the official regulators' view of how much risk the banks were taking - and, as we now know, were catastrophically wrong.

But - many bankers belatedly concede - banks should have known better than to make their judgments on how to lend on the basis of the regulators' rules. They should have done what other commercial businesses do, which was to lend and invest on the basis of what would be sustainable and prudent for the long term.

Gaming or playing the Basel rules, and forgetting commercial common sense, led to disaster. It meant that Royal Bank of Scotland, in the autumn of 2008, looked like a sound bank as measured by the Basel rules, when to all intents and purposes it was bust.

Of course it is reasonable to blame the regulators for framing the rules badly. But many would say that the banks were more at fault for mindlessly running their businesses on the basis of what the rules allowed.

So what's the big lesson of both PPI and the 2007-8 crash? Well, it is probably that banks need to base everything they do on what is good for customers, shareholders and creditors in a fundamental sense - and not on what the rules allow them to do.

PS Apart from the banks, another group of firms - the claims management firms - look set to be burned by the banks' decision to chuck in the towel and pay compensation to 2.75m or so individuals who were mis-sold PPI insurance.

The banks will now set up operations to speedily process claims for compensation. So they would argue that there is no point in their customers using the services of claims management firms, because in doing so those customers would not gain any additional compensation but would have to pay commission to the claims handler.




bank

HSBC banks on UK

For all HSBC's mutterings that it's fed up with having the UK as its home base - because of the incremental tax it pays here and what it perceives as an anti-bank climate - there is no evidence from today's strategy review that it is growing any cooler on having a big presence in the UK.

In fact, if anything, the opposite is implied by its assessment of where best to allocate its capital and expertise over the coming decade. The UK is categorised by HSBC as a "strategic market", which is HSBC's highest accolade, partly because it has a massive presence in retail banking here and partly because it wants to be "the UK's leading bank for international businesses".

Interestingly, and in spite of the superior growth rates of emerging economies, HSBC expects the UK to still be the sixth largest economy in the world in 2050, only a fraction smaller than Germany, but bigger than Brazil, Mexico and France.

The British economy is expected by HSBC to grow faster than the US, Japan, and France over the coming 40 years - and a bit slower than Germany (but, of course, massively slower than China, India, Brazil, Mexico and Turkey). Some of that British momentum, compared to the eurozone and Japan for example, is presumably due to an expected faster rate of population growth in the UK - which is not universally popular.

But even so, income per capita in the UK in 2050 is predicted to be $49,000, 6.5% below German income per head and almost 20% greater than French per capita income.

For HSBC, the important trends are expected annual growth of world trade of 8.9% in the coming 10 years and the persistence of huge financial imbalances between the saving and exporting nations (China, India, Germany, and so on) and the consuming and borrowing nations (the US and much of Europe).

Interestingly, HSBC expects the UK to be a rare example of a country moving from deficit into surplus, by 2020 (or rather it buys into the analysis of the consultants McKinsey and the World Economic Forum to that effect - although there is a bit of a mystery here, because HSBC attributes the forecast to McKinsey, but it's not in the relevant McKinsey document).

The point, for HSBC, of analysing the world in these terms is that it wants to be the leader in financing those swelling trade flows between emerging economies and developed ones, and also in the related businesses of shipping China's and India's and Taiwan's surplus capital to the US and Europe.

Which means that what it calls Global Banking and Markets (and others call investment banking) together with its Commercial Banking arm will be the focus of future expansion.

That looks rational for one of the world's genuinely global banks. But it is slightly disturbing for the rest of us, perhaps, because the bank is assuming that the leaders of the G20 most powerful economies will fail in their avowed aim of stabilising the global economy by reducing China's funding surplus and America's funding deficit, the imbalances that were a fundamental cause of the great crash of 2007-8.

HSBC's success in that sense seems in part to be predicated on the idea that the global financial economy won't become a much safer place.

Like all sensible businesses, HSBC say it will reallocate capital to where it sees superior growth or where it has substantial market shares. So it will only stay in retail banking in places, like the UK for example, where it is big enough to be a price leader, rather than a follower.

The new chief executive, Stuart Gulliver, recognises that current returns are too low, partly because the bank's running costs are too high. So it plans to reduce annual costs by between $2.5bn and $3.5bn over the next three years - though it hasn't said how.

There is one cost that particularly rankles with HSBC - the special banking levy imposed by the British government. What it finds particularly galling, I am told, is that it pays the levy on uninsured deposits outside the UK, which most would see as a stable form of funding that contributes to the perception of HSBC as being a relatively safe bank.

Given that Treasury said the levy was designed in part to encourage banks to finance themselves in a more prudent way, it is a bit odd that the levy is costing HSBC around £370m this year, almost exactly the same as Royal Bank of Scotland and Barclays, and £110m more than Lloyds, in spite of HSBC's funding arrangements being widely seen to be much more prudent and stable than those of the other UK banks.

It is perhaps understandable therefore that HSBC hopes the Treasury will look again at the structure of the levy. Although - as I've said and elucidated before - HSBC's not-very-veiled threat to leave the UK if the levy isn't reformed doesn't look credible.




bank

Banking parallels

Nationalising a bank is a big deal. But it is not unprecedented. It is worth reading the history of Continental Illinois, nationalised by the US Federal Deposit Insurance Corporation in 1984. You can get the full story from the FDIC...



  • Notes on Real Life

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Central banks get together

The world's central banks are back. They're taking collective action again - all for one and one for all. They learned back in December that co-ordinated action works better than individual action. In any case, moving together at least prevents...



  • Notes on Real Life

bank

Coronavirus: Bank holiday warning to avoid beauty spots

Emergency services and other authorities say travel to beaches and national parks will "cost lives".




bank

Banks: Pain, fear and isolation. COVID-19 made his hospital stay even more surreal and sad

The public has been warned to avoid emergency rooms because of coronavirus cases. But staying home undoubtedly made my son-in-law's condition worse.





bank

COVID-19 bigger threat to CFL than 90s bankruptcy scare, former Riders' CEO says

As COVID-19 continues to shut down sporting events across the globe, a former Roughriders’ CEO says it could be the greatest threat the CFL has ever faced.




bank

Profile: IMF and World Bank

Key facts, figures and dates




bank

Hackers fool bank security system

Criminal hackers have found ways around new security devices used for online banking.




bank

Is Facebook’s new Libra currency a play to become the world’s banker?

The goal is to provide financial services to billions of people around the world, including those who lack access to banking.




bank

Banking that electric cars can also be cool, Ford introduces an all-electric Mustang

Ford Motor has unveiled the Mustang Mach-E, an all-electric sport utility vehicle that the company claims will have a range of at least 230 miles.




bank

Softbank-backed delivery startup Rappi is testing out robots for contactless delivery — take a look

  • Colombian delivery app Rappi is testing pilot robot deliveries in Colombia.
  • Rappi operates in several Latin American countries, and last year SoftBank invested one billion dollars into the startup.
  • Deliveries are made using Kiwibot, a delivery robot from a Colombian owned company in California.
  • Visit Business Insider's homepage for more stories.

Colombian delivery app Rappi is yet another company turning to robots to reduce reliance on human workers during the coronavirus pandemic. 

In addition to Colombia, Rappi operates in Mexico, Peru, Chile, Uruguay, Argentina, and Brazil. Last spring, SoftBank invested $1 billion — one-fifth of its Innovation Fund for Latin America — in the startup. It was founded in 2015, and other investors include Sequoia Capital, Andreesen Horowitz, and Y Combinator.

Colombia is currently under a lockdown set to end in May, though it may be extended again. Earlier this month, Bloomberg reported on the lack of coronavirus testing throughout Latin America, making it difficult to assess how widespread the virus is in the region.

Like in other countries, the Colombian delivery app is using robots to complete orders at a time when people are at risk of catching the virus from interacting with others. So far, the robots are part of a pilot in Medellin, with potential to expand.

Here's what it looks like. 

SEE ALSO: Nonprofits, truck drivers, food banks, and others are turning to a little-known Google Maps feature to navigate life amid the coronavirus pandemic

Rappi is using robots for deliveries in Medellin, the capital of Colombia.



Typically, Rappi works similarly to GrubHub or DoorDash, with delivery drivers picking up orders and bringing them to customers' doors.



As the coronavirus spread between people, options for contactless delivery became more popular.



Deliveries in the pilot program use Kiwibot robots, from a California company with a Medellin office.



The four-wheeled delivery robots have orange flags to call attention from walkers, drivers, and bikers.



Customers stuck at home because of the coronavirus can order and pay for meals digitally, and then last mile delivery is completed by the robots.



Robots can carry deliveries up to five square inches in size, and are disinfected between orders.

Source: The Star



Kiwibots have a stereo camera system to sense its surroundings as it moves.



The sensor system allows it to react to lights and obstacles.



Kiwibots are equipped with corner recognition, which allows them to create safe paths on sidewalks.



Kiwibot emphasized its robots ability to "seamlessly mesh into the fabric of urban landscapes," with technology like street crossing mode.

Source: Kiwibot



Rappi says it completes about 120 deliveries each day with the 15 robots in the pilot area.

Source: The Star



It plans to run the program until July, and then potentially expand to other cities.



Kiwibots have previously been used for deliveries at colleges including UC Berkeley, and Kiwibot says it has made more than 30,000 deliveries since it started in 2017.

Source: The New York Times






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Blackstone's real-estate dealmakers; the investment banker of the future

 

 

Welcome to Wall Street Insider, where we take you behind the scenes of the finance team's biggest scoops and deep dives from the past week. 

If you aren't yet a subscriber to Wall Street Insider, you can sign up here.

For certain corners of Wall Street, dealmaking is happening faster than ever. While M&A activity has plunged, bankers primed to help companies navigate the financial fallout, especially restructuring and debt-raising specialists, have been crushed with demand.

Alex Morrell took a look at how top bankers — known for putting in long hours curating a white-glove experience for clients — are finding they can still provide service from afar. It turns out, when you take away the time spent at airports and restaurants, and when Zoom calls can be arranged in minutes, things can move at lightning speed. 

Read the full story here: 

'Stunning efficiency': How remote dealmaking could mean a permanent lifestyle change for some bankers

Meanwhile, it's been a tale of two approaches to job cuts in recent days. On Tuesday, Airbnb CEO and cofounder Brian Chesky emailed staff about sweeping layoffs that were impacting 1,900 people, highlighting where the company will focus in the future and what exit packages employees should expect. You can read the full email here

Over at WeWork, things have been rolling out gradually. Meghan Morris and Dakin Campbell wrote about a leaked WeWork document that revealed a huge reorg under way for people who manage its buildings. Here's how the new structure works — and the complex process for staff to save their jobs. Alex Nicoll and Meghan also reported that Flatiron School has slashed at least 100 jobs, building on their scoop last week that WeWork started making cuts in several key departments, with IT alone losing some 200 jobs. 

Keep reading for a preview of changes in store for Bloomberg terminals, a rundown of Blackstone's giant commercial real estate business, and a look at how PIMCO stocked up with $5.5 billion for private-credit strategies since the beginning of the year.

Have a safe and healthy weekend, 

Meredith 


Inside Blackstone's massive CRE business

Blackstone is the largest commercial real-estate investor in the world, with $160 billion in investor capital. Alex Nicoll chatted with Blackstone real estate's three heads of acquisition, and its head of debt origination, to learn more about their business. 

They spoke about some of their most interesting deals, and why Blackstone's global scale and thematic investing style is a huge advantage. 

Read the full story here: 

Meet the 4 dealmakers driving Blackstone's $325 billion commercial real estate portfolio. They walked us through how they're thinking about opportunities in the downturn.


A Facebook office deal is a key test 

The coronavirus crisis has thrown into question whether tenants will ever occupy office space the same way again as companies and workforces around the world grow accustomed to remote work.

Facebook has been in negotiations for months to lease over 700,000 square feet at the Farley Building on Manhattan's West Side. The rapid expansion of tech in recent years has propelled the city's office market, and Dan Geiger spoke with real-estate execs who laid out why Facebook's deal is a key barometer. 

Read the full story here:

A blockbuster Facebook office deal is a make-or-break moment for the future of commercial real estate. 3 leasing experts lay out the stakes.


Coming soon to a terminal near you

As remote work becomes a long-term reality, a technology staple of Wall Street is in store for a makeover. Mark Flatman, global head of core terminal at Bloomberg, told Dan DeFrancesco that the financial technology giant is considering ways to revamp its ubiquitous terminal.

One particular area of focus for Flatman and his team has been screen space, as many customers aren't working with the typical four-screen display. Another area that has gotten increased attention is mobile, where usage has jumped. 

Read the full story here: 

Bloomberg is eyeing big changes to its iconic terminals to make work-from-home easier. The exec leading its strategy laid out how he's rethinking screen space and mobile features.


A new pile of cash for private credit

Industry observers expect a surge in interest in specialized credit shops that have proven to be winners in distressed situations. And Bradley Saacks revealed how PIMCO has tapped into that demand, with sources saying that the fixed-income giant has raised $5.5 billion in private-credit strategies since the beginning of the year.

PIMCO's nearly $4 billion Tactical Opportunities fund lost roughly 15% in March, but was able to avoid forced selling, sources tell Business Insider, and even added to positions in the month. That fund alone has raised $250 million — and is just one of several private-credit funds that PIMCO has raised money for.

Read the full story here: 

PIMCO has raised $5.5 billion for private-credit funds despite a hellacious March — and is telling investors it's the best opportunity in a decade


A tax break for big companies with heavy debt

As Michael Rapoport writes, a tax break for debt-ladened companies, part of the CARES Act enacted in March, cuts their tax bills by allowing them to deduct more of the interest they pay on their debt. 

But some tax experts are concerned that the tax break is too indiscriminate: In addition to helping troubled companies, they say, boosting tax deductions on interest payments is going to give a lift to companies that aren't being hurt by the pandemic, or whose problems have nothing to do with the coronavirus. 

Read the full story here:

A $13 billion tax break tucked into the coronavirus stimulus plan will save some big companies tens of millions — even if they aren't ailing. Here's how it works and who could benefit.


On the move

Dakin Campbell reported that Goldman Sachs has hired the distressed-situations and bankruptcy expert Kurt Hoffman as a managing director in a business that handles one-off loans for clients. The move comes just as industries battered by the economic shutdown are in need of emergency financing. 


Investing and hedge funds

Careers

Real estate 

Fintech and e-commerce

 

Join the conversation about this story »

NOW WATCH: How waste is dealt with on the world's largest cruise ship




bank

AT#151 - Travel to the Outer Banks of North Carolina

The Outer Banks of North Carolina




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AT#256 - Travel to the West Bank / Palestinian National Authority

The Amateur Traveler talks to Matthew Long from LandLopers.com about his trip to the West Bank or the Palestinian Authority. Mathew did day trips into this emerging state from Jerusalem and tells us about visiting Jericho and Bethlehem, the city of David. The Dead Sea was a well known highlight while Hisham’s Palace proved to be an unexpected highlight. The area boasts monuments dating back to the Jewish patriarch’s such as Rachel’s Tomb, where childless woman come to pray, and the ruins of the community of Qumran, where the dead sea scrolls were found. Do you know what you should skip doing the morning before you go to the Dead Sea? Matthew will tell you.




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History for Fantasy Writers: Bank on It

Banks appear in a number of fantasy stories. George Martin’s Iron Bank is probably the best known, but banks and banking families can be found all around the fantasy landscape, especially in modern works. For writers considering including banks and bankers in their own stories, knowing something of the history can help add detail and color.

Money Changers

Europe in the High Middle Ages, say around 1100, had a bewildering variety of coinage (see my article on medieval money), a crazy cobweb of overlapping public authority, and an unreliable network of roads. Banking arose in response to the need of merchants to conduct large-scale business at a distance in that environment.

As you might guess, with so many different coins, knowing how to convert from one currency to another was a fairly technical business. That business was handled by a money changer. In Florence and other north Italian towns, the money changers set up shop at markets and near merchant establishments—any place where there was plenty of commercial traffic. The benches they sat on are called banca in Italian. That’s where we get the term bank.

Money changers knew more than just how to convert currencies.

Continue reading History for Fantasy Writers: Bank on It at Mythic Scribes.



  • History
  • history for fantasy writers

bank

Unelected Power: Finding Legitimacy in Central Banking and the Regulatory State




bank

CBD News: Statement by Mr. Ahmed Djoghlaf, CBD Executive Secretary, on the occasion of the Asian Development Bank's Biosafety Policy and Framework Workshop, Bangkok, Thailand, 16-17 September 2010.




bank

CBD Press Release: Georgian Bank Supports Biodiversity in the South Caucasus in Association with the Lifeweb Initiative.




bank

Banks to ease cashflow pressure

The banking sector today launched a scheme to alleviate the cashflow pressure faced by corporate customers in light of the economic challenges brought about by the COVID-19 outbreak.

 

Jointly announced by the Monetary Authority and the Banking Sector SME Lending Coordination Mechanism, the Pre-approved Principal Payment Holiday Scheme is estimated to cover more than 80% of all corporate borrowers in Hong Kong.

 

All corporate customers that have an annual sales turnover of $800 million or less and with no outstanding loan payments overdue for more than 30 days are eligible for the scheme.

 

Eligible customers’ loan principal payments due within a six-month period between May 1 and October 31 this year will be pre-approved for deferment.

 

The loans’ principal payments, including revolving facilities, will generally be deferred by six months, whereas trade facilities, given their short-term nature, will be deferred by three months.

 

The scheme does not cover syndicated loans or loans used for financing purchases of shares or other financial assets.

 

Banks will begin informing eligible customers of the pre-approval under the scheme as soon as practicable. Eligible customers do not need to apply. They only need to contact the bank within 14 days of the bank’s notice to confirm the detailed arrangements.

 

The authority has issued a circular requesting all banks to participate in the scheme and has received support from all 11 major lenders in the co-ordination mechanism.

 

It will monitor the scheme’s operation and maintain close dialogue with banks.




bank

Tech that will change banking and the way we save




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Bank of REU/Grad Fair Questions




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New Study Measures Impact of U.S. Treasury Supply Versus Fed’s Monetary Policy on Bank Deposit Funding

Tuesday, January 28, 2020 - 13:00

New Research from Columbia Business School Challenges Conventional Wisdom of Bank Funding




bank

George Mason University researchers and World Bank launch web portal for hospitals

(George Mason University) The team's work supports evidence-based decision making, informed by models, to rethink and facilitate hospital operations during the pandemic.




bank

Palestinians say Israel targeting prisoners' bank accounts

Palestinian officials said Friday that Israel is forcing banks in the occupied West Bank to close accounts held by the families of prisoners in Israeli jails to prevent the Palestinian Authority from providing stipends to them. Israel has long objected to the Palestinian Authority's payments to the families of prisoners and those killed in the conflict, including militants, saying it rewards terrorism. The Palestinians view the payments as a social safety net for those living under decades of military occupation.





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Bank of REU/Grad Fair Questions

By Lucy Martinez and Eduardo Torres Davila We attended the Joint Math Meetings (JMM) conference in Denver to present our research from our work at the Mathematical Sciences Research Institute Undergraduate Program. At JMM, there was a fair of graduate … Continue reading




bank

The real reason St George Bank, Bank of Melbourne and BankSA are suffering a long outage

It was meant to be a simple task: turn the computer off and on again while performing scheduled maintenance.




bank

St George, Bank of Melbourne and BankSA outage to be fixed on Monday night, St George says

St George, Bank of Melbourne and BankSA customers begin to regain access to their accounts after a system outage.




bank

Bank of Melbourne, St George, BankSA internet banking services back online

Bank of Melbourne, St George and and BankSA customers should now be able to access their money online, but those still locked out of the system are advised to try the old remedy of switching their banking apps on and off again.




bank

Development Prospects in the Asia-Pacific: The Role of the Asian Development Bank

Research Event

25 September 2019 - 12:30pm to 1:30pm

Chatham House | 10 St James's Square | London | SW1Y 4LE

Event participants

Takehiko Nakao, President, Asian Development Bank
Chair: Champa Patel, Head, Asia-Pacific Programme, Chatham House

The speaker will discuss development prospects in the Asia-Pacific and their implications for Europe and the UK. He will outline prospects for the region’s growth, the impact of the current US-China trade conflict as well as other challenges faced by the region. He will also discuss the future role of the Asian Development Bank and how it plans to support the further development of the region.

Lucy Ridout

Programme Administrator, Asia-Pacific Programme
+44 (0) 207 314 2761