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Finance

Central banks look to China’s renminbi to diversify foreign currency reserves

Central banks are looking towards the renminbi to diversify their foreign currency holdings in a sign that geopolitical flare-ups could chip away at the dollar’s dominance. The proportion of central bank reserve managers that have invested in, or are interested in investing in, the renminbi increased to 85 per cent this year, from 81 per […]

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Business

The Fed has been clear, but the economy still isn’t ready for the big rate hikes ahead, Wells Fargo CEO says

Charles Scharf Qilai Shen | Bloomberg | Getty Images Wells Fargo CEO Charles Scharf said he is betting on “more significant rate hikes” as the Federal Reserve tries to rein in high inflation, and that the economy is not as prepared as it should be. “I wouldn’t bet on a number, but I would bet […]

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Entertainment

Outer Banks season 3 is not coming to Netflix in July 2022

We’re ready for another summer with the Pogues. The bad news is we’re not getting that this month. The wait for Outer Banks season 3 continues. If there’s something we’re more than ready for, it’s to enter back into the world of the Pogues. There’s a new member of the group, and there’s a new […]

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Business

‘It’s like going to the DMV online’: What to know about buying Series I savings bonds via TreasuryDirect

Eakgrunge | Istock | Getty Images There’s been record demand for federal Series I savings bonds, an inflation-protected and nearly risk-free asset, offering an eye-popping 9.62% annual return through October. However, it’s not easy to buy I bonds through TreasuryDirect, a 20-year-old platform run by the U.S. Department of the Treasury, financial advisors say.  “It’s […]

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Finance

Banks warn of fraud ‘epidemic’ as losses soar from authorised push payment scams

The UK is facing an “epidemic of fraud”, driven by a surge of scams where victims are tricked into sending cash to fraudsters’ accounts, according to a financial services trade body. The more than £580mn lost in 2021 in this type of scam known as authorised push payment fraud — a 40 per cent increase, […]

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Business

Credit Suisse vows to overhaul its risk management after a litany of scandals

A sign above the entrance to the Credit Suisse Group AG headquarters in Zurich, Switzerland, on Monday, Nov. 1, 2021. Thi My Lien Nguyen | Bloomberg | Getty Images Credit Suisse has vowed to forge ahead with its risk management and compliance overhaul in light of a string of scandals, despite what its CEO called […]

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Finance

‘Can be spoofed’ Santander issues warning for new scam text using bank’s official number

This style of message from Santander began appearing around June 16. Since then, the bank received around 33 tweets reporting the scam messages. Scammers use messages like this to worry or scare the customer into clicking the bogus link that has been attached to the message. The link would usually take the person to a […]

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US

How Web3 is opening up new avenues of business and investment for banks

How Web3 is opening up new avenues of business and investment for banks South China Morning Post Source link

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Finance

Chinese banks lend Pakistan $2.3bn to avert foreign exchange crisis

A consortium of Chinese state banks has lent $2.3bn to Pakistan to help the country stave off a foreign payments crisis, finance minister Miftah Ismail said on Friday. Confirmation of the support from China, a close economic and military ally of Pakistan, came on the same day Islamabad announced a one-off 10 per cent ‘super […]

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World

France and Germany central banks panic over inflation as EU warns ‘cheap energy is gone’

Financial analyst explains history of inflation amid 40 year high Claiming that French and German companies and households increasingly believe prices will continue to soar, the prospect of an extended period of uncomfortably high inflation is on the rise, the bosses of the Banque de France and Bundesbank have warned as they shared the “bad […]