Nine of the world’s biggest banks agreed to a settlement yesterday with US investors tied to the currency-rigging scandal, in what could be the start of a new wave of throbbing litigation.
After a three-week long shutdown imposed by the government to prevent a banking system collapse, Greek banks opened their doors on Monday, the very first step towards a return to normal after the deal. However, all the capital controls on financial activities remained in place; the daily cash withdrawal limit of €60 has been replaced with a weekly limit of €420, which mean that Greeks won’t have to queue up to withdraw money every day.
Britain banks and the Institute of Directors have both called upon the government to take some counter-measures on the bank levy, as bank faces tighter regulatory scrutiny and higher taxes in the country. The country is already on the brink of losing its major ‘financial center’ status, and with HSBC planning to move its headquarters outside the UK, British banks are now facing the bigger burden than foreign banks that run their operations in the UK.
The Greece debt crisis took a dramatic turn after Greece shut banks over the weekend and moved to imposed capital controls, to avoid the country’s financial system from collapsing amidst nationwide chaos. Greece will keep its banks closed on Monday and place restrictions on the withdrawal and transfer of money, said Prime Minister Alexis Tsipras in a televised address, as Athens tries to avert a financial crisis.
People who have anonymous Swiss bank accounts and choose to remain anonymous in the New Year will put their families at risk of coming under increased scrutiny from HM Revenue and Customs (HMRC), a leading tax and advisory firm has warned. Crowe Clark Whitehill says the UK/Swiss Agreement - which came into force on January 1st 2013 - gives Swiss bank account holders the option of paying a one-off levy in March to retain their anonymity, but this route could put the HMRC spotlight on family members when the account holder passes away.
Small businesses in London and the South East could be due for a cash injection, after the Department for Business, Innovation and Skills announced that Metro Bank will support up to £100 million of lending through the government's Growth Accelerator service. The programme, which matches companies with business experts to enhance their growth plans and find the necessary funding to achieve them, has been joined by more than 1,000 businesses since it was launched in May this year.
Since past few months, the housing industry in United States has been garnering some dismal numbers. As housing sector continues to struggle for 6th straight month in majority of big cities in US, there are not many bright spots in the dark. But, as the property values continue to plunge, people are considering the option to lower their house insurance coverage. However, people fail to consider that their insurance covers the replacement cost of the home and not the market value of their home.
Recently, Consumer Voice, a voluntary organization carried a survey on Internet Banking and Mobile Banking in metro and mini-metro cities of India and came up with some interesting results. The organization works for the protection of consumers under Jago Grahak Jago, with an aim to promote consumer education and awareness in India. The survey on e-banking was sponsored by Union Ministry of Consumer Affairs, Govt. of India and supported by Reserve Bank of India (RBI) and Customer Services Department, Mumbai.
Morgan Stanley has registered a $2.2 billion profit for the 3rd quarter of the year. The investment bank, the 2nd biggest in the United States, made the profit on earnings of $9.9 billion. But the profit was increased by a $3.4 billion gain on an amendment to some of its assets that implicated estimating the value of some of the bank's holdings.
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