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Daily Briefing

Morning Briefing
Friday 29th July @ 9:17am

Hot on the heels of Visa and PayPal agreeing to cooperate last week, MasterCard's chief executive Ajaypal Singh Banga has said that it is involved in "constructive dialogue" with PayPal, according to the Financial Times. "PayPal is actually working to resolve some of those concerns we all have," he said after MasterCard reported second-quarter results. "This is actually a...MORE

Morning Briefing
Thursday 28th July @ 9:12am

Chairman of the European Banking Authority, Andrea Enria, told the Financial Times that he is "bullish" about the amount of capital banks have ahead of publishing stress test results for 51 of the region's largest banks. He said the purpose of the stress tests had moved from ensuring banks boosted their capital levels to cleaning up bad loans. "If you look at the capital position of...MORE

Morning Briefing
Wednesday 27th July @ 9:02am

Deutsche Bank has warned that it may need to introduce further cuts to get itself out of the mire after it announced that revenues fell sharply in the second quarter, with the low interest rate environment and volatile markets taking their toll on the lender."If the current weak economic environment persists, we will need to be yet more ambitious in the timing and intensity of our restructuring,"...MORE

Morning Briefing
Tuesday 26th July @ 9:24am

Members of the Treasury Select Committee in the UK's House of Commons have called for the Financial Conduct Authority (FCA) to be split into two units; one with an enforcement role monitoring the behaviour of banks while the other supervises the wider financial services sector.The suggestion, initially put forward in 2014, comes in the wake of the Green report on...MORE

Morning Briefing
Monday 25th July @ 9:05am

The Monetary Authority of Singapore (MAS) is to step up its scrutiny of financial institutions under its jurisdiction in the wake of the 1MDB scandal, MAS' managing director Ravi Menon said today.Mr Menon said breaches in anti-money laundering rules related to the scandal hurt Singapore's reputation as a financial centre. "MAS is...MORE

Morning Briefing
Friday 22nd July @ 9:24am

MasterCard is acquiring UK payments business Vocalink, which along with processing more than half of payments in the UK, is responsible for The Clearing House's faster payments technology in the US and FAST in Singapore — both systems that MasterCard is likely to push into more countries. Tom Hay of Icon Payments noted that the acquisition marked the convergence of card payment networks with non-card...MORE

Morning Briefing
Thursday 21st July @ 9:39am

Standard Chartered is rolling out a video banking service for more than five million customers across nine countries in Asia, Africa and the Middle East. This launch is part of a $1.5 billion investment plan to change up StanChart's digital banking. The bank hopes the new service will broaden its retail banking reach by allowing people in areas without branches to do business such as buying mortgages by...MORE

Morning Briefing
Wednesday 20th July @ 10:36am

Brexit is in the headlines again this morning — Deutsche Bank gives its opinion on where London bankers could go, laying it out on a bank-by-bank basis, with Ireland, France, Germany and Luxembourg in the mix. Also, the new head of the UK's Financial Conduct Authority, Andrew Bailey, says, not surprisingly, that access to the http://www.ft.com/cms/s/0/b9b2...MORE

Morning Briefing
Tuesday 19th July @ 9:42am

Wal-Mart, the world's largest retailer, stopped accepting Visa credit cards at three of its store locations yesterday in Thunder Bay, Canada. The retail giant's Canadian unit has threatened to pull acceptance of Visa cards from its 405 stores across the country if the network refuses to lower credit card transaction costs.Visa has responded to the change...MORE

Morning Briefing
Monday 18th July @ 8:57am

In the aftermath of the failed coup attempt in Turkey on Friday, the country's central bank said on Sunday that it will take all necessary precautions to ensure financial stability. "The central bank will provide necessary liquidity to banks limitlessly," a statement on the central bank's website said.Citigroup http://www.reuters...MORE

Morning Briefing
Friday 15th July @ 9:13am

MasterCard is to pay £68.6 million to the Sainsbury's supermarket chain in the UK after it lost a Competition Appeal Tribunal hearing over interchange fees. MasterCard said it will take a pre-tax charge of about $90 million in its second-quarter results to reflect the judgment.The cards network faces a £19 billion class action lawsuit over...MORE

Morning Briefing
Thursday 14th July @ 9:28am

According to the Financial Times, senior bankers in Britain are frustrated with public warnings from JPMorgan that it could cut thousands of UK jobs post-Brexit, with one unnamed senior banker saying they are "deeply unhelpful for our cause". Meanwhile, the finance ministry has asked British banks not to engage in negative public comments about the consequences of Brexit.India's central bank is...MORE

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