This makes it the first developed nation to cut interest rates after the COVID-19 pandemic, the fall of Credit Suisse, the onset of the war in Ukraine, and persistent inflation pressures. Switzerland’s central bank explained its decision by stating that local inflation will probably remain below 2% for the foreseeable future. Despite this announcement and…
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The issue of account closures took on a political dimension following Farage's assertion that his account with Coutts, a subsidiary of NatWest, was terminated due to his political stance. This led to a controversy that culminated in the unexpected resignation of NatWest's CEO, Alison Rose. In response, Finance Minister Jeremy Hunt announced in October his…
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With inflation consistently surpassing the BOJ's target of 2% for over a year, investors widely expect the central bank to elevate short-term interest rates from below zero in the upcoming week or by April. The sources noted that the transition away from negative rates is expected to coincide with the termination of the YCC policy,…
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Despite a recent downtrend in energy prices, the financial strain on numerous households persists, with Ofgem reporting a notable increase in consumer debt related to energy bills last month. Tim Jarvis, the Director General for Markets at Ofgem, highlighted the severity of the situation, stating, "The challenge of managing energy bills has reached critical levels…
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Although their opinions regarding when to initiate the rate cut varied slightly, the consensus leaned towards action before the summer. Joachim Nagel, President of the Bundesbank, indicated in an interview with the German podcast Table Today that a rate cut before the summer holidays is becoming increasingly probable. Nagel's stance is particularly noteworthy since the…
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In 2022, the PIF directly acquired a 4% stake in Aramco and another 4% indirectly through Sanabil, a wholly-owned subsidiary of PIF. Reuters' reports suggested that Saudi Arabia might be considering selling additional Aramco shares further to support the financing of its ambitious Vision 2030 program. Aramco's initial public offering, which occurred before the pandemic,…
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The reputation of interbank rates like Euribor's counterpart, Libor, suffered greatly due to manipulation scandals. This led to Libor's discontinuation and its replacement by overnight rates determined by central banks such as the Federal Reserve, European Central Bank, and Bank of England. The Euro Interbank Offered Rate overhaul, or Euribor, seeks to lessen the workload…
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The Financial Conduct Authority (FCA) revealed on Tuesday that the Federation of Small Businesses (FSB), acting as a consumer advocacy group, has raised concerns about the negative impact on small businesses caused by lenders' heightened demands for personal guarantees, potentially deterring them from seeking financial support. Although the FCA's mandate does not extend to lending…
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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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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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