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Daily Briefing

Morning Briefing
Monday 11th July @ 9:06am

South Africa's central bank has approved a first-level application for a banking licence by the country's post office. This would allow Postbank to offer banking cards and other products rather than just providing savings accounts. The process to fully approve the licence is expected to be completed within a year. The new bank, which will see post offices around the country transformed into branches, is intended to...MORE

Morning Briefing
Friday 8th July @ 9:03am

European Central Bank vice president Vítor Constâncio has called for "deep reflection" as to whether public monies should be made available to some eurozone banks in the wake of the UK's Brexit vote. "The present situation, after a new round of reduced stock prices following Brexit, deserves a deep reflection about the...MORE

Morning Briefing
Thursday 7th July @ 9:02am

BNP Paribas is to unveil new investments in its retail banking division early next year as part of a new plan to transform into a more online-focused service. "We have three, four, five years to carry out [the transformation]... by making investments and by delivering every quarter a qualitative transformation for our clients as part of a plan to be announced," Thierry Laborde, BNP Paribas'...MORE

Morning Briefing
Wednesday 6th July @ 9:01am

MasterCard is to face one of the United Kingdom's first class action lawsuits following a protracted legal battle between the cards network and the European Commission over interchange fees charged on MasterCard debit and credit cards. The lawsuit is being brought under the Consumer Rights Act 2015, which allows collective action cases to be brought on an opt-out basis rather than having to recruit...MORE

Morning Briefing
Tuesday 5th July @ 9:56am

The British government's sale of its controlling stake in Royal Bank of Scotland may be postponed at least two years due to uncertainty after Brexit, according to the bank's chief executive, Ross McEwan. Following the referendum, RBS' share price fell drastically. The referendum's outcome also sees Bank of America

Monday 4th July @ 10:55am

The Italian government is willing to risk the wrath of its European partners by going around rules that prevent state aid to the banking sector. Following the UK vote to exit the EU, the spotlight turns to Italy, where bank shares dropped heavily on news of the Brexit. A new round of stress tests on Italian banks begins at the end of July, raising fears that Italy's weakest banks will turn out to need fresh...MORE

Morning Briefing
Friday 1st July @ 10:00am

Visa and MasterCard have had their $7.25 billion antitrust settlement with millions of merchants in the United States thrown out in a federal appeals court. In his accompanying opinion, one of the three judges strongly criticised the deal, writing: "This is not a settlement; it is a confiscation". The settlement, approved by a lower court in 2013, was intended to end a decade of litigation...MORE

Morning Briefing
Thursday 30th June @ 10:18am

GE Capital Global Holdings is no longer 'too big to fail', as the US Treasury's Financial Stability Oversight Council announced on Tuesday that it had overturned its 2013 decision after GE wound down the company's finance operations. This marks the first time the oversight council has taken away a 'systemically important financial institution' label since the tag's...MORE

Morning Briefing
Wednesday 29th June @ 9:55am

Brexit fallout continues to dominate the news: London bankers met on Tuesday to discuss the financial sector's responses to last week's referendum vote. Head of the British Bankers' Association Anthony Browne told the Financial Times that scrapping "EU red tape" could result in limited access for UK operations to the EU single market. Ex-EU commissioner for financial...MORE

Morning Briefing
Tuesday 28th June @ 9:01am

Kroger has become the latest retail operation in the United States to begin legal action against Visa over its insistence that cardholders can still pay with a signature instead of a PIN. The supermarket chain says the cards network has fined it and also threatened to raise fees and cut off its acceptance of debit cards unless it accepts signature payments. Walmart and Home Depot have filed...MORE

Morning Briefing
Monday 27th June @ 9:09am

After a weekend of political turmoil in both main parties in the United Kingdom, chancellor of the exchequer George Osborne spoke for the first time since Thursday's vote to leave the European Union, saying the UK shouldn't trigger Article 50 until it knows the sort of relationship it wants to have with the EU. Mr Osborne also said he would not be following prime minister David Cameron in resigning.Meanwhile, Leave advocate and the man who wants to replace David...MORE

Morning Briefing
Friday 24th June @ 9:11am

UK prime Minister David Cameron may have become the first person to lose his job as a result of the country voting to leave the European Union but he is unlikely to be the last, according to Patrick Jenkins writing in the Financial Times: "The most likely outcome is that foreign banks with large operations in London will shift staff to a spread of eurozone locations where they already have operations --...MORE

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