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North America: Citi warns of a ‘war on Wall Street and wealth’ in 2020 election
The road to the White House in 2020 may entail a war against Wall Street and wealth itself, as polling results encourage more candidates to cast a jaundiced eye toward the financial world, Citi warned in a note to clients.MORE >>>
North America: House, Senate bills would cap all consumer loans at 36%
Legislation to cap interest rates for all consumer loans at 36% was introduced Tuesday in the House and Senate.MORE >>>
Africa: Cash delay worsens Zimbabwe’s economic woes
Zimbabweans gained access to the country’s new banknotes a day late today (November 12), but high inflation and strict limits on withdrawals are undermining the new currency. Delays distributing the notes meant the Reserve Bank of Zimbabwe missed the promised November 11 launch of its new currency series. Though cash did reach banks today, ready to be distributed to long queues of people, local reporters said cash withdrawals are limited to Z$300 a week, a sum worth just US$19.50.MORE >>>
Asia: Which credit card enjoys the highest customer satisfaction rate in Singapore?
ASIAN BANKING & FINANCE
Amongst the card issuers that Singapore customers are currently subscribed to, American Express (AMEX) recorded the highest satisfaction rate with an overall score of 755, followed by DBS Bank’s with 737 and PSOB ranking third with a score of 721, according to a report by J.D. Power Singapore.MORE >>>
Asia: China’s ailing small lenders stay afloat through local government bailouts
ASIAN BANKING & FINANCE
Bloomberg reports that China’s local governments are injecting fresh capital into small lenders across the country.
At least 10 small Chinese banks have raised money this year by selling shares packaged with non-performing loans. In at least one deal, the NPLs were sold at above-market rates.MORE >>>
South America: BBVA, sustainable finance bank of the year, according to LatinFinance
The publication commends BBVA for its Pledge 2025, which outlines the bank’s strategy to fight climate change and promote sustainable development. As part of this pledge, BBVA has committed to securing €100 billion by 2025 for green financing, sustainable infrastructure projects, social entrepreneurship, and financial inclusion. As of June 30, 2019, BBVA had secured €22 billion.MORE >>>
Europe: Merkel Opens Door to Deputy’s Plan for Europe’s Banking Union
German Chancellor Angela Merkel signaled support for her deputy’s gambit to break a years-long impasse over Europe’s banking integration.
Her remarks Monday evening suggest that the proposal by Germany’s finance minister, while not officially endorsed by the government, reflects a willingness to negotiate on establishing European Union-wide bank deposit insurance. This was a key pillar of Europe’s strategy to exit the sovereign debt crisis, but years of debate has so far failed to produce results.MORE >>>
Europe: Mastercard has partnered with BMO Harris and Superbia Credit Union to implement the True Name feature for their card offerings
The collaboration will allow people to use their true name on their eligible card without the requirement of a legal name change.
Cheryl Guerin, EVP Marketing & Communications at Mastercard, said: “We are thrilled to have the very first issuers of the True Name feature on board, allowing us to propel one of our key values, unconditional acceptance.MORE >>>
Oceania: Bank bosses still seeking to restore trust
NEW CASTLE HERALD
They are fierce competitors in Australia’s banking industry but the bosses of the country’s two largest financial institutions agree on one thing. Commonwealth Bank of Australia and Westpac have already doled out millions of dollars in remediation payments to compensate mistreated customers, and expect the bill to run into billions.MORE >>>