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Morning Briefing

Morning Briefing

Bank of America CEO and chairman Brian Moynihan is getting to keep both his jobs after shareholders voted to allow him to continue in the joint role.

A sizeable minority of shareholders had campaigned against him keeping the position of chairman, which he assumed after the bank changed its bylaws last year to allow him to hold both roles. They managed to secure 37 percent of the vote, not enough to strip him of the role but a significant percentage nonetheless.

In India, Visa has closed its mobile money joint venture with Monitise having failed to win support for it from mobile network operators. Launched in February 2012 with the backing of HDFC Bank, the JV, called Movida, was reliant on telcos sharing their bandwidth in order to function, but they did not do so.

At a meeting of executives in Zurich, UBS chief executive Sergio Ermotti said employees need to be told that it is okay to take risks and make mistakes — as long as they are honest mistakes.

Mr Ermotti called for a "degree of tolerance" for mistakes so that employees are not afraid to pursue legitimate business opportunities.

Apple has begun to roll out iOS 9, a software update which brings store credit cards and rewards cards to Apple Pay. The lack of a facility to use loyalty cards was seen as a flaw in Apple Pay and the company announced plans to address the issue in June.

The Australian reports that HSBC has been granted permission by the country's anti-money laundering body, AUSTRAC, to give details of accounts and transactions to an independent monitoring team that is looking into the bank's operations in Australia as part of a US court order investigating HSBC's compliance with anti-money laundering and counterterrorism laws.

As the fall out continues over the introduction of the Treasury Single Account (TSA) in Nigeria, the governor of the central bank, Godwin Emefiele, has disputed reports that certain government ministries, departments or agencies (MDAs) had been exempted from having to use it.

"I haven't seen any memo that exempts any MDA from the TSA. So as a result, I will advise all those who think they have been exempted to please avoid creating confusion," Mr Emefiele said. "I will appeal to those who are affected by the TSA to please continue to comply with the movement of accounts from other banks to the CBN."

Yesterday, media outlets in the country reported that 13 MDAs had been exempted from the requirement to only hold one bank account: a TSA with the central bank.

In Indonesia, publicly listed lender CIMB Niaga has revealed a collaboration with MasterCard on an online payment gateway that will allow the bank's customers to pay for online transactions without having to own physical credit cards.

The OctoPay virtual credit card is expected to attract 50,000 users both from existing and new customers.

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