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Finance News

Middle class feels the squeeze in debt-wracked Argentina

Buenos Aires - Facing mounting piles of credit card debt, unpaid medical bills and private school fees, Argentina's cash-strapped middle class, much like the state itself, is facing its own debt default.

Austria's love of cash in poll campaign spotlight

Vienna - It may sound like a strange thing to enshrine in a country's constitution: the right to pay cash.But a debate on whether to do just that has entered Austria's election campaign, shining a light on the country's love of cold, hard currency.

Banking industry is the furthest ahead in digital tech adoption

A new survey assesses the digital transformation of banking and finds that when compared to healthcare, energy and utilities, plus other consumer and industrial products, banking is significantly ahead when it comes to digital maturity.

Measures to put the digital transformation of banks back on track

Banks were doing well with digital transformation in the early stage, but the deployment of digital banking transformation is slowing down as things move from IT departments to other parts of the organization, according to a new survey.

Average U.S. student debt rises to $28,565 per person

LendEDU has published its fourth annual 'Student Loan Debt by School by State Report' that lists the average student debt per borrower figures at nearly 1,000 U.S. colleges and universities throughout the country. This shows a rise in debt rates.

Italy to decide on government future after Salvini pullout

Rome - Italian senators are on Monday to take an initial decision on the future of Prime Minister Giuseppe Conte's government after far-right leader Matteo Salvini plunged the country into turmoil by pulling out of the teetering coalition.

Salvini rallies supporters, demands election date

Apo - Italy's hardline Interior Minister Matteo Salvini embarked on a southern tour to rally support on Saturday, demanding an election date be set after he pulled out of the coalition government, plunging the country into a political crisis.

HSBC says CEO Flint steps down as it faces 'challenging' geopolitics

Fpo - HSBC on Monday announced its Group Chief Executive John Flint had stepped down after less than two years on the job, as the banking giant revealed decent first half profits but warned it faced "challenging" geopolitics.

HSBC says CEO Flint steps down, pre-tax profit up 15.8%

Fpo - HSBC on Monday said its Group Chief Executive John Flint had stepped down as the bank braces for geopolitical uncertainties. The announcement came as the banking giant reported pre-tax profit was up 15.8 percent at $12.

Forced labour to high finance: Hong Kong investor's unlikely journey

Fpo - Exiled to the Gobi Desert at the age of 15, Weijian Shan's days were marked by gnawing hunger and back-breaking forced labour. But his sense of hope was kept alive by an unlikely source -- insecticide manuals.

Q&A: Why most finance employees don’t find 1:1s productive Special

Most financial services workers don't get much from 1:1 meetings but they want better feedback and career conversations with their managers. A new technological solution from Reflektive could help structure the feedback process.

Banking: Customers prefer a machine to a human teller

New data shows that more dramatic change is to be expected in banking and financial services. Marqeta, a card issuing platform, has found that customers would rather interact with a machine than with a human teller.

Harry and Meghan's new home cost $3 million to refit

London - Prince Harry and his wife Meghan's new home in Windsor cost £2.4 million ($3.05 million, 2.7 million euros) to renovate before they moved in, royal accounts showed Tuesday.

Q&A: Solving the digital identity problem in banking and finance Special

London - Challenger banks built on modern technology are continuing to grow in popularity; and customer expectations are rising. However, these financial institutions raise issues of identity verification. Tim Bedard from OneSpan highlights the significance.

US blacklists Iraq firm as Revolutionary Guard guns front

Washington - The US Treasury placed Iraq-based South Wealth Resources on its sanctions blacklist Wednesday, saying the company is an important weapons trafficking and financial front for Iran's Islamic Revolutionary Guard Corps.

US dominates global tech investment

The latest figures relating to technology investment signal that the U.S. continues to dominate the global financial chain, whereas within Europe, despite the Brexit process, it is the U.K. that remains the main player.

Financial and social costs of raising a newborn baby dissected

The financial and social costs of raising a newborn baby in the U.S. are considerable. But how much does it actually cost? Finance site LendEDU has released a survey of 1,000 recent parents, which reveals the likely costs that will be incurred.

Young Koreans to be given $833 in basic income trial

A new universal basic income scheme is to be piloted in South Korea, where 170,000 young people (aged twenty-four) will be given the equivalent of $833 with very few conditions attached. The scheme also aims to boost local businesses.

Q&A: How insurance is changing in the age of data Special

Using location data provides many opportunities for insurers. Customers are becoming more receptive to the idea of sharing their data in order to benefit from financial products and services. What does this mean for insurance companies?

Q&A: Making commercial real estate investing accessible Special

A new wave of crowdfunding platforms have popped up to make investing in commercial real estate more accessible to the people. One CEO who is leading this is Eran Roth, CEO of iintoo, who explains how technology is opening up investment.

US hits Iran Guard finance network with sanctions

Washington - The US Treasury took fresh aim Tuesday at the international network funnelling dollars and euros to Iran's Islamic Revolutionary Guard Corps (IRGC), naming 25 individuals and entities for financial sanctions.

Pentagon denies US wants 'cost + 50%' from allies for bases

Washington - Acting Pentagon chief Patrick Shanahan denied Thursday reports that the United States has a "cost-plus-50 percent" formula for allies to pay for the US military presence on their soil.

Iran's part in US sanctions bypass scheme ready 'this month'

Vienna - Iran hopes to have its part of a new payments vehicle -- devised to bypass US sanctions -- ready within a fortnight, Deputy Foreign Minister Abbas Araghchi said on Wednesday.

France's 'yellow vest' protesters back on the streets, police respond with teargas

Paris - France's "yellow vest" protesters took to the streets on Saturday, for the 16th straight weekend, some clashing with police who responded with rubber bullets, tear gas and water cannon.

Why Nordstrom Q4 earnings are better than expected Special

Nordstrom just reported better-than-expected fourth quarter results. A big component of their success comes from its ‘Nordy Club’ loyalty program, which it reported has over 11 million members.

India is leading the way with digital insurance services

India is rapidly developing into one of the world’s powerhouses for insurance, and much of this growth is fostered by insurtech startups and the offering of digital services. The country’s insurance industry is ripe for innovation and disruption.

Q&A: Top four FinTech trends driving financial inclusion Special

Financial inclusion is on the rise globally as 69 percent of adults – 3.8 billion people – now have a bank account or mobile money provider. Key to achieving this have been fintechs, according to Steve Smith of Finicity

Gilded world of French heritage rocked by 'grotesque' auditor report

Paris - One of France's most historic institutions has hit back after state auditors eviscerated it as "sclerotic" and accused "moonlighting" staff of only working a third of the year.

Lithuania attracts London fintech firms as Brexit looms

Vilnius - Worried over Brexit uncertainty, dozens of fintech companies have applied for licences in Lithuania to secure access to the EU market, the Baltic state's central bank said Tuesday.

Maduro calls for return of Venezuela's UK-deposited gold

Caracas - Venezuela President Nicolas Maduro has called on Britain to return "more than 80 tons of gold" reserves deposited in London instead of sending humanitarian aid, in an interview with the BBC.
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The G20 Deputy’s Meeting and Financial Market Conference in Berlin on May 19-20.
The G20 Deputy’s Meeting and Financial Market Conference in Berlin on May 19-20.
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The Euro sign outside the European Central Bank in Frankfurt, Germany
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Photograph of Toronto at night.
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London's Canary Wharf finance district, as viewed from Greenwich Park.
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Federal Reserve G20 Data Display in Ratio Line Chart
Toronto s finance district by Tim Sandle.
Toronto's finance district by Tim Sandle.
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Phillippine stock market board.
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Comparison of disposable incomes
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The G20 Deputy’s Meeting and Financial Market Conference in Berlin on May 19-20.
The G20 Deputy’s Meeting and Financial Market Conference in Berlin on May 19-20.
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Standard Chartered bank
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Whether crowdfunding is a "new and powerful arrow" or "still in the hype phase" depends on who you ask
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A sign outside the headquarters of JP Morgan Chase & Co in New York
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John Swinney MSP
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Interior of NatWest Castle Street, Liverpool
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Couple on couch, working through their budget.
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PayU Chief Commercial Officer Matthias Setzer
PayU Chief Commercial Officer Matthias Setzer
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