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North America: JPMorgan Chase moves to block fintechs from screen scraping
JPMorgan Chase plans to block fintechs from screen scraping — obtaining usernames and passwords of customers, logging in as them, and copying and pasting their account information into a database.MORE >>>
North America: Citigroup names David Chubak, 39 year old ex-McKinsey partner, as head of US retail banking
Citigroup is making David Chubak its new head of U.S. retail banking at a critical time for the third-largest U.S. bank.
Chubak, who held largely strategic roles across the New York-based bank since joining Citigroup from McKinsey in 2013, will report directly to Anand Selva, head of the U.S. consumer banking division, according to a memo obtained by CNBC.MORE >>>
Africa: Nigeria: UBA Leads Activity Chart As Equities Market Extends Bullish Trading
The bull run at the stock market was sustained yesterday lifting the Nigerian Stock Exchange (NSE) All-Share Index (ASI) further by 0.90 per cent to close at 27,586.93. Similarly, market capitalisation added N117 billion to close higher at N13.4 trillion. The sustained positive performance followed investors’ interest in Dangote Cement Plc and banking stocks, especially, Zenith Bank Plc, UBA Plc and Access Bank Plc. Consequently, the year -to-date gains have hit 2.7 per cent.MORE >>>
Asia: Indian retail banks could claim bigger share of housing loan market in 2020
ASIAN BANKING & FINANCE
NBFCs and HFCs have reduced disbursement rates.
There is a window of opportunity for Indian retail banks to increase their share in the housing loan market in 2020, as non-bank financial companies (NBFCs) and (HFCs) have reduced their disbursement rates due to tight liquidity conditions and higher borrowing costs, according to Care Ratings.MORE >>>
Asia: India’s Religare Finvest may see 49% haircut with rare debt recast
ASIAN BANKING & FINANCE
Bloomberg reports that creditors to Religare Finvest, an Indian shadow financier once controlled by former billionaires Shivinder Singh and Malvinder Singh, are finalizing a rare debt recast in the sector by writing off almost half of the company’s loans.MORE >>>
South America: Brazilian Brokerage Firm Xp’s Shares Soar In Nasdaq Listing
Shares in XP, Brazil’s largest and fast-growing digital brokerage firm, posted a first-day gain of 28% in their debut on Nasdaq in December. The company, in which Itaú Unibanco retained a 49% stake, raised nearly $2 billion, becoming the fourth-largest IPO of 2019 in the US market. XP’s strong valuation of $19 billion, or more than 60 times last year’s earnings, reflects growing optimism about Brazil’s economy, which only recently began showing signs of renewed economic growth.MORE >>>
Europe: Pension funds urge Barclays to stop lending to fossil fuel firms
Barclays is being urged to stop offering loans to fossil fuel companies as part of the first ever shareholder climate resolution aimed at a UK bank.
A group of 11 pension and investment funds managing more than £130bn worth of assets have filed a resolution calling for Barclays to set clear targets to phase out services to energy companies that fail to align with Paris climate goals.MORE >>>
Europe: De La Rue faces uncertain future as profits collapse
The world’s largest commercial banknote printer is facing an uncertain future as it struggles to find a way to manage ballooning debt obligations and sliding profits. De La Rue, which supplies banknotes to a third of the world’s countries, announced today (November 26) it would suspend dividend payments in order to manage net debt levels as it responds to “identified material uncertainty”. “The business has experienced an unprecedented period of change,” said chief executive Clive Vacher.MORE >>>
Oceania: Westpac is facing a fresh class action following the AUSTRAC investigation
Westpac is facing penalties for allegedly breaching money laundering and counter-terrorism laws following an investigation by Australia’s financial intelligence agency Australian Transaction Reports and Analysis Centre (AUSTRAC).MORE >>>