Banks (Finance)
The Federal Deposit Insurance Corporation (FDIC) has finalized a rule that allows online non-bank lenders to launder their loans through banks, enabling them to charge triple-digit interest rates in states where high rates are illegal. This move has been strongly opposed by consumer advocates, including the Center for Responsible Lending,
Banks (Finance)
Hylobiz, a startup from Bengaluru, is leveraging Open API banking growth platform to provide seamless digitization of SME receivables, payables, and credit access. Founded in 2019 by Vishal Gupta, Ashish Mahal, and Lakshmi Tampi, the startup aims to build itself into an 'Amazon' of financial services for the
Banks (Finance)
President Gotabaya Rajapaksa urged the State banks to take the lead in reviving the economy and supporting small and medium enterprises (SMEs) heavily impacted by the COVID-19 pandemic. He emphasized that the banks' primary obligation is to implement the government's policies and take forward the strategy of
Banks (Finance)
Recent analyst recommendations for London-listed shares have brought significant changes to investment strategies. Deutsche Bank and Credit Suisse have revised their price targets for Johnson Matthey, while Bernstein cut its target price to 3400 pence with an "outperform" rating. Meanwhile, Goldman Sachs has reduced its price targets for
Banks (Finance)
The European Investment Bank (EIB) and BioNTech SE have concluded a EUR100 million debt financing agreement to support the development of BioNTech's COVID-19 vaccine program, BNT162. This funding will enable BioNTech to scale-up its manufacturing capacity in Europe to supply the vaccine globally in response to the pandemic.
Banks (Finance)
The European Investment Bank, European Commission, and Investitionsbank Berlin have launched the EU Malaria Fund, a €110 million initiative aimed at combatting malaria through innovative solutions. The fund will support research and development, with a focus on affordable and effective treatments. Key players in the healthcare sector, including the Bill
Banks (Finance)
The Reserve Bank of India (RBI) is poised to take a significant step in its efforts to stabilize the Indian currency market as local banks are set to begin trading in the non-deliverable forwards (NDF) market. This move, expected to start on Monday, will allow banks to participate in the
Banks (Finance)
The COVID-19 pandemic and subsequent moratorium on loan repayments have raised concerns about a fresh wave of bad loans for Indian lenders. Despite the Reserve Bank of India's (RBI) surprise rate cut and extension of loan repayment moratorium, banking stocks remain under pressure. Analysts warn that every bull
Banks (Finance)
The government is taking steps to support small businesses by pushing public sector banks to provide additional working capital at 7.5% interest under the loan guarantee scheme, which proposes to provide up to Rs 3 lakh crore. The move aims to help cash-strapped small businesses access funds at a
Banks (Finance)
The Federal Deposit Insurance Corp. (FDIC) has announced plans to repeal two guidances that protect consumers against high-cost bank payday loans over 36%, amid the COVID-19 pandemic. This move has been met with concerns from advocates, who warn that it may encourage banks to make unaffordable loans that trap borrowers
Banks (Finance)
European banks are expected to "weaken meaningfully" in 2020 and 2021, according to Standard & Poor's, due to the COVID-19 crisis. The ratings agency has downgraded more than 40 major banks across Europe, citing earnings, asset quality, and capitalization concerns. Banks were already struggling with profitability
Banks (Finance)
US stocks closed higher on Thursday, bolstered by solid gains in the financial sector, despite dismal jobless claims and downbeat comments from Federal Reserve Chairman Jerome Powell. The Dow Jones Industrial Average rallied 377.37 points, or 1.62 percent, to 23,625.34, while the S&P 500
