Simon Mugo
LeapRate Analyst

Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading.
Standard Chartered bank HQ
February 29, 2024 BY Simon Mugo

Complaint Names Standard Chartered Over Funding a Coal Plant

The complaint, brought forward by the Philippine Movement for Climate Justice, Inclusive Development International (IDI), Recourse, and BankTrack, alleges that Standard Chartered's financial activities have infringed upon the rights of the local populations. They urge the bank to compensate those impacted and enhance its governance policies related to such matters. The communities in question have…

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Royal Bank of Canada RBC
February 28, 2024 BY Simon Mugo

Royal Bank of Canada Beats Analysts’ Estimates on Interest Income

The financial strain on Canadian families has intensified with rising interest rates and living costs following the Bank of Canada's inflation-targeting rate hikes. This situation has raised concerns about significant credit losses and stunted loan expansion, prompting banks to allocate C$3.54 billion in reserves last year. Nonetheless, these higher interest rates have also increased banks'…

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Russian lawmakers attend a session of the State Duma, the lower house of parliament, in Moscow
February 27, 2024 BY Simon Mugo

Russia Approves the Use of Digital Currencies for International Trade

The approval by lawmakers is part of Russia's broader effort to counteract the impact of potential sanctions threatened by Western countries, particularly the United States, against nations like Turkey and China that facilitate commerce with Russia. Before these proposals become law, they must receive the nod from both the upper chamber of Russia's parliament and…

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Qatar Investment Authority
February 27, 2024 BY Simon Mugo

Qatar’s SWF Plans To Invest Over $1Bn in Venture Capital Deals

The initiative was unveiled by Qatar's Prime Minister, Sheikh Mohammed bin Abdulrahman Al Thani, emphasising that the investments would focus solely on venture capital funds, excluding private equity and debt investments. This venture capital "Fund of Funds" seeks not only to achieve commercial returns at market rates for the sovereign wealth fund but also to…

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February 26, 2024 BY Simon Mugo

EU Approves Instant Euro Payments To Compete With Visa, Mastercard

The groundbreaking regulation enables the swift transfer of funds denominated in euros, allowing transactions to be completed within a mere 10 seconds, irrespective of the time or whether it involves transfers within a single country or across EU member states. Traditionally, transaction processes through conventional card payments and banking deposits have been slow, often extending…

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February 26, 2024 BY Simon Mugo

Citi Appoints JPMorgan’s Raghavan as Banking Head, Says CEO

Raghavan, who recently held the position of head of global investment banking at JPMorgan, is slated to commence his new role at Citigroup during the summer. Peter Babej, who has been serving as the interim banking head at Citi, will continue in his role until his retirement later in the year. In the memo, Jane…

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Christine Lagarde
February 23, 2024 BY Simon Mugo

ECB Chief Lagarde Says Q4 Wage Data Is Not Enough for Rate Cuts

Lagarde's comments underscored the delicate balance the ECB aims to maintain in its fight against inflation, which has been a significant concern for economies worldwide. "The Q4 wage numbers are obviously encouraging numbers," she remarked, pointing out that these figures offer a glimmer of hope. However, she quickly added a note of caution, stating, "The…

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Raiffeisen Bank International
February 22, 2024 BY Simon Mugo

Raiffeisen, an Austrian Bank, Is Being Probed for Money Laundering

The investigation focuses on adherence to the critical "know-your-customer" (KYC) regulations, which serve as a fundamental measure against money laundering activities. This development occurs amidst additional investigations by the United States Treasury Department's Office of Foreign Assets Control (OFAC), making Raiffeisen, the leading Western bank operating in Russia, a subject of international regulatory attention. According…

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February 22, 2024 BY Simon Mugo

ECB Incurred a Massive Loss in 2023 Due to High Interest Rates

Consequently, commercial banks now receive substantial interest earnings on the vast amounts of money the ECB generated during low inflation. The ECB, the central bank for the eurozone's 20 countries, stated, "The deficit reflects the Eurosystem's roles and the essential policy measures undertaken to uphold its principal objective of price stability. This situation does not…

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Qiwi Bank
February 21, 2024 BY Simon Mugo

Qiwi Bank’s Licence Revoked by Bank of Russia – Shares Collapse

The central bank stated, "Despite ongoing supervisory efforts by the Bank of Russia, Qiwi Bank failed to implement adequate risk mitigation measures and persisted in engaging in high-risk activities." Qiwi, a payment service provider listed on Nasdaq, acknowledged the license revocation, noting that temporary management had been appointed to the bank. The company communicated via…

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