Financial News

EU vote on human rights ‘due diligence’ looms for financial firms

Financial services companies would be required to take action if their clients were failing to protect human rights and the environment, a preliminary deal due to be voted on later…

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IMF calls for rules on non-bank financial sector to prevent turmoil

The non-bank sector now accounts for half of the assets of the entire world financial system and should be more closely regulated to protect its stability, staff economists from the…

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Competitive, secure and credible: Malta’s new Financial Services strategy launched

National Strategy for Financial Services launched: A financial services jurisdiction that is competitive, secure and credible. These are the three key objectives being sought out by the newly-launched financial services…

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Britain’s financial industry plans blueprint for post-Brexit ‘kickstart’

Top officials from Britain's financial sector said on Tuesday they would set out a blueprint later this year to "kickstart" London's role as a post-Brexit global financial centre by 2030. The City of London, home to Britain's historic financial district, said that Lloyd's…

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Euro zone ministers back tighter fiscal stance for 2024

Euro zone finance ministers on Monday backed a European Commission recommendation to start tightening fiscal policy, gradually phasing out government support against high energy prices to business and households. The European Commission called last week on EU…

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EU executive to propose countries set own fiscal targets for 2024

The European Commission is likely to propose on Wednesday that EU governments set their own deficit-cutting goals when they prepare draft budgets for 2024, pushing ahead with its idea of country-specific debt reduction…

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EU financial services need shake-up to benefit retail investors, top official says

A potential ban on commissions paid by banks to financial advisers who sell their products could be part of a wider shake-up of retail financial services in the European Union,…

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Stock exchanges: has Paris really stolen the limelight from the City of London?

via The Conversation by Pierre-Charles Pradier (Université Paris 1 Panthéon-Sorbonne) In late 2022, the French press exulted at the news that Paris’s market capitalisation had overtaken London’s. While these financial…

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ECB likely to raise rates by 50 bps next week

The European Central Bank is likely to raise interest rates by 50 basis points (bps) next week on the way to potentially moving beyond a deposit rate of 3% amid ongoing…

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Banks face tougher rules on using cloud computing giants

Financial firms in the European Union will have to show how quickly they could recover from a cyber attack as they rely more for key services on 'cloud computing' giants such…

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COP27: Sustainable standard setters close in on regulatory gap

Sustainability standard setter chief Emmanuel Faber said he was hopeful of reaching in the coming weeks a "big milestone" towards aligning the European Union's corporate disclosures with his board's global…

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ECB wants banks to review capital plans given downturn

The euro zone banking sector is robust ahead of a possible recession but the European Central Bank is still asking lenders to review capital projections given what is likely to…

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Financial Services: Truss wants more de-regulation, growth

Liz Truss becomes Britain's prime minister on Tuesday after a campaign in which she promised to "really unshackle" the City of London by making the most of Brexit in the…

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Britain says global sustainability disclosures need phasing in

Proposed global sustainability disclosure rules need simplifying and phasing in to avoid fragmenting how companies report on the impact of climate change on their business, Britain's government said on Monday.…

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Luxembourg banks told to freeze Ecuador assets amid Perenco dispute

A Luxembourg bailiff has ordered banks to freeze assets held by Ecuador in Luxembourg accounts as a result of a dispute over a $391 million settlement award that Anglo-French oil…

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Binance scores Cristiano Ronaldo as partner for NFT push

Binance, the world's biggest cryptocurrency exchange by trading volumes, said on Thursday it has signed a partnership with Cristiano Ronaldo for the promotion of non-fungible tokens (NFTs). As part of…

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Insurance watchdog calls for pan-EU policy protection

Harmonised insurance protection schemes of last resort are needed across the European Union as consumers increasingly buy policies from outside their country, the bloc's insurance regulator said on Tuesday. Petra Hielkema, chair of the…

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Binance U.S. exchange sued by crypto investor over stablecoin collapse

Binance U.S. and its CEO were sued on Monday by a U.S. investor who alleges the cryptocurrency exchange falsely marketed Terra USD as a safe asset ahead of the so-called…

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Wendel to buy anti-money laundering company ACAMS for $500 mln

French investment company Wendel has agreed to buy ACAMS, a company which provides training and certifications for anti-money laundering and financial crime prevention, for around $500 million, the companies said on Monday. Wendel…

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Investors cling to hope as Omicron spreads, shares rebound

A semblance of calm returned to world markets as investors waited for more details to assess the severity of the Omicron coronavirus variant on the world economy, allowing battered stocks…

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HSBC exceeds China wealth hiring targets, explores India private banking re-entry

HSBC Holdings Plc is ahead of its hiring targets for its Chinese retail wealth management business and is exploring re-entering India's private banking business, senior executives said, as part of its…

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Crypto assets are helping illegal activity, BoE’s Bailey says

Bank of England Governor Andrew Bailey said that the rise of crypto assets was helping illegal activity. "I'm afraid that the advent of digital means of payment, and in particular…

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Euronext to ditch London Stock Exchange by 2024

Pan-European exchange Euronext said on Monday it will clear all trades on its newly acquired Italian platform by 2024, helping the European Union cut its reliance on the London Stock Exchange for…

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JPMorgan’s Dimon blasts bitcoin as ‘worthless’, due for regulation

Jamie Dimon, JPMorgan Chase & Co chief executive, said on Monday at a conference that cryptocurrencies will be regulated by governments and that he personally thinks bitcoin is "worthless." "No matter what…

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Left or right, German election leaves investors braced for more spending

The purse strings have been loosened and will stay that way, no matter who heads Germany's new government. That's the verdict from investors who see potential gains for segments such as…

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Deutsche Boerse says relocation of euro clearing from London inevitable

Euro derivatives clearing was shifting from London to Frankfurt, showing how ending a heavy reliance on Britain after Brexit is feasible, a senior Deutsche Boerse official said on Monday. Clearing is the process by which a third party organisation…

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Banks beware, outsiders are cracking the code for finance

Anyone can be a banker these days, you just need the right code. Global brands from Mercedes and Amazon to IKEA and Walmart are cutting out the traditional financial middleman and…

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Higher taxes are coming and for markets, that could be a good thing

And so it begins: Taxes in the world's wealthiest countries are rising. Inevitable perhaps given the unprecedented COVID-era debt surge and, according to some investors, even a good thing if it helps…

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EU insurance regulator calls for independence of national supervisory authorities

The European Insurance and Occupational Pensions Authority (EIOPA) has published criteria for assessing the independence of supervisory authorities. In a statement, the EU regulator said that he independence of supervisory…

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Evening Read: Events that may shake markets in September

After a summer in which stocks have hit a seemingly never-ending run of record highs, September brings a series of monetary and political events that could jolt investors out of…

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Factbox: Germany’s election and the finance industry

Germany elects a new parliament on Sept. 26, with potential ramifications for its financial industry. Here are details on how the parties in the running to lead the next government…

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Italy expects 2021 deficit to be below 10% of national output

Italy's Treasury sees the 2021 budget deficit coming in at under 10% of national output, well below the 11.8% target set in April, as the economy recovers more quickly than expected from…

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Financial Services: EC adopts new rules for retail investment

The European Commission has today adopted new and improved rules in the area of retail investment. A Delegated Regulation adopted today sets out what should be included in the so-called…

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London takes aim at New York with five-year financial plan

ritain needs to ease taxes on banks and make it easier to hire staff from abroad, its financial and professional services lobby said in a blueprint to help London unseat New York…

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Global corporate tax overhaul faces rocky road to completion

A long road strewn with potential political pitfalls lies ahead for countries seeking to end a race to the bottom on international corporate tax, even though 130 of them have…

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Respect financial watchdog independence, UK lawmakers tell ministry

Britain's finance ministry should avoid crimping the independence of financial regulators by overloading them with requests for post-Brexit rule amendments, UK lawmakers said on Tuesday. Having fully left the European Union at…

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Think global for post-Brexit City of London reform, top financiers say

Britain must focus on the City of London's global role when it comes to reforming financial rules after Brexit, senior finance officials said on Monday. Britain is reviewing its financial…

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A joint effort by all stakeholders to fight financial crime

The fight against money laundering and other financial crime, has over the past years, been strengthened as a result of significant changes and improvements across both regulatory and investigative authorities…

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First bond sale backing EU recovery fund imminent – EU Commission

The first bond sale to finance the European Union's coronavirus recovery fund is expected "imminently", the European Commission said in an investor meeting on Tuesday. The EU last week sent a request to 11…

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Bank of England launches climate stress test for banks and insurers

The Bank of England on Tuesday set out its first comprehensive stress test of the ability of the British financial system to cope with climate change, saying the results will not be used to determine…

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Securing fair taxation through effective AML

When national emergencies strike, individuals and organisations turn to public systems for support. The Covid-19 pandemic presented the latest example of this tendency, as businesses, workers, students, and families across…

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Bankers quit London as Brexit relocations to EU step up

Investment banks are shifting more senior staff out of London to financial centres across the European Union, accelerating the pace of moves after the pandemic and uncertainty over Britain's access…

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Britain to crack down on promoting high-risk financial products

Britain's Financial Conduct Authority on Thursday proposed new rules to tighten up how high-risk financial products are promoted, drawing on lessons from the collapse of investment fund London Capital &…

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HSBC pretax profit rises 79% on recovery from pandemic damage

HSBC Holdings PLC on Tuesday reported a significantly better-than-expected 79% rise in first quarter profit, as an improved economic outlook allowed the bank to release cash set aside against bad loans because of…

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Bitcoin hits record before landmark Coinbase listing on Nasdaq

The largest U.S. cryptocurrency exchange's listing on the Nasdaq on Wednesday is considered a landmark victory for cryptocurrency advocates. Bitcoin is the world's biggest cryptocurrency, with growing mainstream acceptance as an…

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European stocks reach record levels as global recovery optimism improves

Europe's benchmark equity index hit a record high on Tuesday, recovering all of its pandemic-driven losses as investors bet on a speedy global economic recovery, spurred by bumper stimulus spending and…

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BOV reports Covid-impacted profit of €15.2m, no dividend to be distributed

The Bank of Valletta Group reported a profit before tax of €15.2 million for the financial year which ended 31 December 2020.In line with the regulators’ recommendation, the Board said…

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Around the world, COVID prompts new look at company taxes

The huge public deficits that have piled up as governments bail out their pandemic-hit economies are prompting the first rethink of a four-decade decline in corporate tax rates worldwide. Britain…

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Jack Ma loses title as China’s richest man after coming under Beijing’s scrutiny

Alibaba and Ant Group founder Jack Ma has lost the title of China's richest man, a list published on Tuesday showed, as his peers prospered while his empire was put under heavy scrutiny by…

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UK banks face savings glut on road to pandemic recovery

Britain's big four banks amassed more than 200 billion pounds ($277.52 billion) of new deposits last year as customers reined in spending through pandemic lockdowns, far outstripping extra lending to struggling businesses and households.…

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Bitcoin tumbles 17% as doubts grow over valuations

Bitcoin tumbled 17% on Tuesday, sparking a sell-off across cryptocurrency markets as investors grew nervous at sky-high valuations and leveraged players took profit. The world's biggest cryptocurrency suffered its biggest daily…

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HSBC plans to nearly halve office space over long term – Malta subsidiary sees 66% drop in profit

International banking giant HSBC said that it plans to nearly halve its office space globally over the long term as part of a renewed cost-cutting drive set out on Tuesday, in…

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Oil prices jump more than $1 as U.S. output struggles to fully restart

Oil prices jumped by more than $1 on Tuesday, underpinned by optimism over COVID-19 vaccine rollouts and lower output as U.S. supplies were slow to return after a deep freeze in…

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Bitcoin vaults above $50,000 for first time ever

Bitcoin rose above $50,000 on Tuesday to a new record high, building on a rally fuelled by signs that the world's biggest cryptocurrency is gaining acceptance amongst mainstream investors. Bitcoin hit a…

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Apple positioned to offer cryptocurrencies: RBC report

Apple Inc has a "clear opportunity" to offer a buying and selling mechanism for cryptocurrencies, a move that would allow the company to immediately gain market share, according to a research report…

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Stocks rise in Asia after U.S. records, dollar weakens

Asian stock markets rose on Tuesday after a record-setting day on Wall Street, while bitcoin paused for breath after an overnight endorsement from Tesla Inc sent the cryptocurrency up 20%.…

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ECB to stress test 38 euro area banks as part of the 2021 EU-wide stress test

he European Central Bank (ECB) will examine 38 significant euro area banks as part of the 2021 EU-wide stress test coordinated by the European Banking Authority (EBA). In line with the…

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