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Banking News

Op-Ed: Leeching kids, sapped parents & the parable of the financial cave

The latest ‘poll’ feasted upon by Canadian media has to do with young adults who remain partially dependent on their parents after high school and in many cases after post-secondary education.

China cuts interest rates by 0.25 percentage points

Bejing - China's central bank on Tuesday cut its benchmark interest rates and the amount of cash banks must keep on hand, the latest stimulus aimed at boosting the world's second-largest economy as it battles a collapse in share prices.

'Thousands' of political heavyweights hold Swiss accounts: official

Bern - Thousands of so-called "politically exposed persons", or PEPs -- a category that includes heads of state and other top officials -- hold Swiss bank accounts, a Swiss foreign ministry official said Monday.

Heists go Hollywood with DefCon hacks

Las Vegas - Hollywood-style heists took on real-world potential as hackers at a Def Con gathering showed how to crack safes in full view of security cameras without ever being seen.

Greece's headache: How to lift the capital controls?

Atenas - It is just the headache Greece's government does not need right now: how can it loosen the capital controls that are shielding its banks, but strangling the rest of the economy?

Greek banks to reopen as revamped cabinet gets to work

Atenas - Greece said Saturday its banks will reopen after a three-week shutdown, as a revamped government took up the task of enacting unpopular fiscal reforms amid doubts over the viability of the country's planned bailout.

Greek bank shutdown cost economy 3 billion euros: Report

Atenas - The three-week shutdown of Greek banks has cost the country's struggling economy some 3.0 billion euros ($3.3 billion) not counting lost tourism revenue, a report said Saturday.

HSBC fires staff for mock Islamic State execution video

London - British bank HSBC fired six staff after they filmed a mock Islamic State-style execution video during a team-building day out and posted footage online, a spokesman confirmed on Tuesday.

All eyes on ECB after Greek 'No' vote

Frankfurt - All eyes were on the European Central Bank on Monday following the resounding 'No' in the Greek referendum, with the ECB seen as the only institution capable of calming market panic and preventing the Greek economy from collapsing.

Greek pensioners besiege banks to grab cash

Atenas - In chaotic scenes, thousands of elderly Greeks on Wednesday besieged the nation's crisis-hit banks, which reopened to allow them to withdraw vital cash from their state pensions."Let them go to hell!

Greek capital controls: key measures explained

Atenas - Greece has imposed capital controls and shut its banks temporarily after failing to reach a rescue deal with international creditors or get additional emergency funds from the European Central Bank.

Crisis-hit — Greece imposes capital controls, bank holiday

Atenas - Greek Prime Minister Alexis Tsipras announced Sunday that the country's crisis-hit banks will be shut on Monday and capital controls imposed to prevent withdrawals, after cash machines ran dry.

Op-Ed: Study says Americans dedicated to saving, but still struggling

Everyone loves having extra money in the bank, but when it comes to the practical aspect of building up a savings account many Americans are still struggling to meet their financial goals.

Bangladesh's unbanked poor hail 'revolutionary' service

Dhaka - For Rehana Akhter, rebuilding her life after losing her leg in Bangladesh's worst industrial disaster is an uphill battle, but her struggle is eased slightly by digital technology.

Wary Greeks withdrawing cash but no wild bank run

Atenas - Wary about the introduction of capital controls in case of a failure to agree a bailout deal on Monday, Greeks are withdrawing cash, but with a calm fatalism begotten from struggling through six years of economic crisis.

Russia warns of retaliation for Yukos overseas asset freeze

Moscow - Moscow warned Friday that state-linked foreign firms in Russia could be targeted for retaliation to the freezing of Russian official assets in Western Europe over legal claims from former Yukos shareholders.

Greek banks 'stable', government insists

Atenas - The Greek banking system is stable, the government said Friday ahead of an emergency European Central Bank session prompted by a rush of deposit withdrawals.

ECB to hold emergency meeting on Greek bank funding: sources

Frankfurt - The European Central Bank's decision-making governing council will hold an emergency session Friday to discuss a request from the Bank of Greece for an increase in liquidity to Greek banks, sources familiar with the matter told AFP.

Moscow says Russian embassy accounts frozen in Belgium

Moscow - Moscow on Thursday reacted furiously to a move by Belgium to freeze the accounts of Russian diplomatic missions and other organisations, summoning the Belgian ambassador over the "openly hostile act.

EU should prepare for Greece default, German official says

Berlin - European Union nations should prepare for Greece's expected default and departure from the common currency, a German official said Monday.

Zimbabwe's new exchange rate: $5 for 175 quadrillion local ones

Zimbabwe has announced it will be phasing out its own local currency in favour of the US dollar. The Zimbabwean dollar has been subject to hyperinflation of up to 500,000,000,000 percent so that locals will get $5 USD for 175 quadrillion local dollars.

HSBC to cut global headcount by up to 50,000

Hong Kong - Scandal-hit bank HSBC said Tuesday it would cut its global headcount by up to 50,000 as part of a restructuring that entails its withdrawal from Brazil and Turkey, while it also mulls abandoning London as its HQ.

Canadian Opposition party gains support for ban on banking fees

The Official Opposition in Canada has built cross party support for a motion to halt the rising tide of mandatory pay to pay banking charges.

Nigeria anti-graft agency arrests over 20 bankers for fraud

Lagos - Nigeria's anti-corruption agency has arrested six senior officials from the country's central bank and 16 from commercial banks over alleged currency fraud, a spokesman told AFP on Monday.

Embattled Ukraine fights for debt deal on financial front

Kiev - As government troops face off against pro-Russian separatists, Ukraine is also manoeuvring on the financial front, scrambling to stave off disaster by renegotiating its foreign debts.

HSBC says facing French criminal probe over 'SwissLeaks'

London - British banking giant HSBC said Thursday it is facing a French criminal probe over its Swiss private banking arm, weeks after "SwissLeaks" allegations it had helped clients hide billions from the taxman.

Kenya freezes key money transfers to Somalia over terror suspicion

Nairobi - Kenya froze key money transfer companies vital for Somalia Wednesday after the police chief issued a list of 85 people and businesses with suspected links to the Al-Qaeda-linked Shebab.

U.S. blacklists Ukraine separatists, Crimea bank

Washington - The United States stepped up pressure on Ukraine separatists Wednesday, announcing economic sanctions on rebel leaders and their alleged Russian supporters, and on the largest bank in Crimea.

Le Monde under fire from its businessmen owners over Swissleaks

Paris - Journalists at French newspaper Le Monde reacted angrily Wednesday to criticism from two of the paper's businessmen owners over its decision to publish the names of wealthy HSBC clients who dodged tax by opening Swiss accounts.

SwissLeaks whistleblower's tale worthy of a spy novel

Paris - Herve Falciani was once just an IT worker at a big bank, but since running off with hundreds of thousands of damaging documents from banking giant HSBC he has been alternately called a hero and a thief."He is brave. We have the highest opinion of Mr.
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A Barclays bank in Birmingham  UK
A Barclays bank in Birmingham, UK
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GIANT: Credit Suisse headquarters at Paradeplatz in Zurich  Switzerland.
GIANT: Credit Suisse headquarters at Paradeplatz in Zurich, Switzerland.
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The Euro sign outside the European Central Bank in Frankfurt  Germany
The Euro sign outside the European Central Bank in Frankfurt, Germany
Members of the organization have called on their supporters to boycott HSBC and see it as a test of ...
Members of the organization have called on their supporters to boycott HSBC and see it as a test of their faith.
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UBS logo
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Bank of America ATM
Bank of America
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The Credit Lyonnais (now LCL) bank headquarters in Paris France
The Credit Lyonnais (now LCL) bank headquarters in Paris France
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