Brexit gives $228bn boost to balance sheets of Irish banks

  Bloomberg The balance sheets of Ireland’s biggest banks have risen by two thirds since the Brexit vote, the latest data to demonstrate how Europe’s financial landscape is shifting following the UK’s departure from the European Union. Banks in Ireland regulated by the ECB’s Single Supervisory Mechanism (SSM) saw their balance sheets increase from 300 billion euros ($342 billion) in ...

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Credit Suisse ousts its chairman after quarantine probe

  Bloomberg Credit Suisse Group AG’s Chairman Antonio Horta-Osorio resigned after just nine months in the role, following a series of missteps including reported breaches of Swiss and UK quarantine rules that eroded confidence in his leadership. His departure follows an investigation commissioned by the board, Zurich-based Credit Suisse said in a statement. The bank named board member Axel P. ...

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Goldman, BofA bankers stranded by Hong Kong’s Covid flight ban

  Bloomberg Executives at banking giants including Goldman Sachs Group Inc. and Bank of America Corp. are struggling to return to Hong Kong after the city banned flights from eight countries, part of an outlier Covid Zero strategy that’s threatening its appeal as financial hub. At least a dozen Hong Kong-based managing directors at banks, also including Morgan Stanley and ...

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Bank of Canada to begin hiking rates next week

  Bloomberg Canadian banks are bringing forward their forecasts for interest rate hikes to as early as next week, amid growing evidence the economy is hitting limits and inflation pressures are rising. Economists at TD Securities and Laurentian Bank said the Bank of Canada will start a hiking cycle at its policy decision on January 26. Bank of Montreal brought ...

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Citigroup plans to exit Mexico retail banking

  Bloomberg Citigroup Inc is planning to exit retail-banking operations in Mexico — where it has its largest branch network in the world — as part of CEO Jane Fraser’s continued push to overhaul the firm’s strategy. The lender will keep its institutional businesses in the country, according to a filing. The exit could ultimately take the form of a ...

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Green push ending 150-year tradition of bank passbooks in Japan

  Bloomberg Mitsubishi UFJ Financial Group Inc will start charging new customers for a bank passbook, joining other Japanese lenders that are pushing clients to kick the 150-year-old habit for the sake of the environment. The country’s largest bank will require new clients to pay 550 yen ($4.83) a year for a passbook, encouraging them to embrace digital services, people ...

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Jefferies joins growing list of China equity bulls on valuations

  Bloomberg Jefferies Financial Group Inc strategists turned bullish on Chinese stocks, saying they’re due for a rebound after getting hammered by a year of regulatory crackdowns and a slowing economy. After being underweight on Chinese equities for most of 2021, “the case for a mean-reversion led bounce is building,” Jefferies strategists including Desh Peramunetilleke wrote in a January 17 ...

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Stocks, futures fall as Treasury yields surge

  Bloomberg Most stocks fall on Tuesday amid a jump in global bond yields as investors girded for the removal of central bank support to quell high inflation. Europe’s Stoxx 600 Index declined, with energy the only sector to advance. US equity futures slipped before the market reopens later from a holiday. Asian shares struggled. Treasuries dropped across the curve, ...

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Houthi terror attack in Abu Dhabi will not go unpunished, says UAE

Abu Dhabi / WAM We condemn the Houthi militia’s targeting of civilian areas and facilities on UAE soil today. We reiterate that those responsible for this unlawful targeting of our country will be held accountable,” His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation said in a statement. In a statement, the Ministry of ...

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ZHO announces accession to Rehabilitation International

  ABU DHABI / WAM Zayed Higher Organisation for People of Determination (ZHO) announced its accession to Rehabilitation International (RI), a worldwide organisation founded in 1992, working to promote the rights of People of Determination and engage them around the world. Rehabilitation International comprises of service providers, government agencies, academics, researchers, and advocates working to improve the quality of life ...

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