banking - updates

Rappler's latest stories on banking


Virus-hit Afghanistan gets $200-million World Bank grant

Jul 10, 2020 - 11:25 PM

World Bank funds will be used to help mitigate the impact of the coronavirus pandemic on Afghanistan's war-ravaged economy

A street vendor selling facemasks wait for customers in Kabul June 18, 2020. - Early optimism that South Asia might have dodged the worst ravages of the coronavirus pandemic has disappeared as soaring infection rates turn the densely populated region into a global hot spot. After several months trailing the US and western Europe, cases of COVID-19 are surging across South Asia -- home to almost a quarter of the world's population -- where the virus is wreaking havoc on fragile medical systems and underfunded health agencies are pushed to breaking point. (Photo by WAKIL KOHSAR / AFP)

IMF and World Bank to hold fall meetings virtually

Jul 10, 2020 - 12:45 PM

The 2020 IMF-World Bank Annual Meetings set for October 12 to 18 will be held 'in a primarily virtual format'

IMF. In this file photo taken on October 10, 2017, a logo for the 2017 Annual Meetings is seen inside the International Monetary Fund headquarters in Washington, DC. File photo by Andrew Caballero-Reynolds/AFP

India's Yes Bank plans to raise up to $2 billion in share listing

Jul 09, 2020 - 11:55 PM

The embattled Yes Bank will look to bolster its balance sheet through a share offering from July 15 to 17

A man walks past a Yes Bank branch in New Delhi on July 9, 2020. - India's embattled Yes Bank, which was on the brink of collapse earlier this year, announced plans on July 9 to raise up to 150 billion rupees ($2 billion) in a Mumbai stock listing. (Photo by Prakash SINGH / AFP)

Sri Lanka slashes key interest rates to aid virus-hit economy

Jul 09, 2020 - 6:20 PM

(UPDATED) The Central Bank of Sri Lanka says it wants to 'aggressively enhance lending to productive sectors of the economy,' which would boost support for businesses hit by the coronavirus

A fruit vendor carries pineapples on his head at the Galle Face Green park along the coast in Colombo on June 26, 2020. (Photo by Ishara S. KODIKARA / AFP)

Pandemic may push 50 million Africans into extreme poverty – AfDB

Jul 08, 2020 - 12:00 PM

The African Development Bank says Nigeria, the continent's most populous country, would see the greatest rise in poverty

People queue to collect food parcels distributed to cushion the effect of lockdown in the Ikorodu district of Lagos, on April 30, 2020. - President Muhammadu Buhari on Monday ordered a "phased and gradual easing" from next week of a lockdown covering Africa's biggest city, neighbouring Ogun state and the national capital Abuja (Photo by PIUS UTOMI EKPEI / AFP)

Mauritania central bank reports embezzlement of over 1 million euros

Jul 08, 2020 - 11:35 AM

An employee of the Central Bank of Mauritania and 5 others are arrested over the alleged embezzlement

A photo taken on March 31, 2019 in Nouakchott shows the Central Bank of Mauritania. (Photo by Carmen Abd Ali / AFP)

Deutsche Bank fined $150 million for ties to sex offender Epstein

Jul 07, 2020 - 11:50 PM

This marks the first time a financial institution has been penalized for its dealings with Jeffrey Epstein, says the New York Department of Financial Services

DEUTSCHE BANK. The bank's logo is pictured at its headquarters in Germany. File photo by Daniel Roland/AFP

Malaysia slashes rates to record low to fight virus impact

Jul 07, 2020 - 9:55 PM

Bank Negara Malaysia cuts its key rate by 25 basis points to 1.75%, its 4th straight reduction

Fishing boats sit idle at the seafront in Penang on May 21, 2020, as Malaysia relaxes its partial lockdown that was set up to contain the spread of the COVID-19 coronavirus. (Photo by GOH CHAI HIN / AFP)

Ukraine central banker says gov't made job 'impossible'

Jul 04, 2020 - 7:25 AM

Resigned National Bank of Ukraine governor Yakiv Smoliy says he was told to let inflation rise and the national currency devalue to benefit exporters

Ukraine's Central Bank head Yakiv Smoliy looks on as he attends an extraordinary session of the Ukrainian parliament sitting in Kiev on July 3, 2020. - Ukrainian parliament on July 3, 2020 approved resignation of central bank chief Yakiv Smoliy who accused authorities of "systematic political pressure", raising concerns of the IMF and the business community. (Photo by Andriy NESTERENKO / POOL / AFP)

Spain fines staff of China's ICBC for money laundering

Jul 03, 2020 - 11:20 AM

Former employees of the Industrial and Commercial Bank of China are fined 22.7 million euros ($25.5 million) in Spain

The logo of the Madrid branch of China's biggest lender ICBC is pictured the building facade after its director and a deputy director were arrested as part of a probe into the suspected laundering of at least 40 million euros ($44.5 million) in Madrid on February 17, 2016. - The bank is suspected of being used to "introduce into the financial system funds earned through the alleged crimes of smuggling, tax fraud and the violation of workers' rights, allowing the transfer of the funds to China in a way that appeared legal," the police statement said. (Photo by JAVIER SORIANO / AFP)

Ukraine central bank chief's resignation sparks global outcry

Jul 03, 2020 - 9:45 AM

Business leaders are alarmed over the resignation of National Bank of Ukraine Governor Yakiv Smoliy, who said 'systematic political pressure' triggered his move

RESIGNATION. National Bank of Ukraine Governor Yakiv Smoliy. Photo from NBU website

UK court sides with Guaido in Venezuela gold dispute

Jul 02, 2020 - 9:10 PM

The rival claims come two years after election results handing President Nicolas Maduro a victory sparked mass protests and a violent police crackdown

UK-RECOGNIZED PRESIDENT. In this file photo, Juan Guaido, acting President of Venezuela, speaks at an event on February 1, 2020 in Miami, Florida. File photo by Saul Martinez/Getty Images/AFP

Palestinian rivals Fatah, Hamas pledge unity against Israeli annexations

Jul 02, 2020 - 7:52 PM

The joint press conference is spurred by common opposition against US President Donald Trump's controversial peace plan, which paves the way for Israel to annex territory in the occupied West Bank

UNITED. Senior Fatah official Jibril Rajoub, in the West Bank city of Ramallah, attends by video conference a meeting with deputy Hamas chief Saleh Arouri (on screen from Beirut) discussing Israel's plan to annex parts of the Israeli-occupied West Bank, on July 2, 2020. Photo by Abbas Momani/AFP

Mary Robinson to lead probe into African Development Bank chief

Jul 02, 2020 - 5:45 PM

Former Irish president Mary Robinson will lead a panel that will look into corruption allegations against African Development Bank chief Akinwumi Adesina

LENDER. The African Development Bank headquarters in Abidjan, Ivory Coast. Photo from AfDB website

Japan business confidence worst since 2009 crisis

Jul 01, 2020 - 9:05 PM

The Bank of Japan's Tankan survey in June 2020 shows a reading of -34 among big manufacturers, the lowest since June 2009

COMMERCIAL DISTRICT. This picture, taken on January 25, 2020, shows a general view of skyscrapers in Tokyo's Shinjuku area. Photo by Kazuhiro Nogi/AFP

Palestinians rally as global opposition to Israeli annexation grows

Jul 01, 2020 - 8:21 PM

With no announcement currently scheduled on Israel's self-imposed kick-off date, opponents of the plan – notably Palestinians in the West Bank and Gaza – are mobilizing

'DAY OF RAGE.' A Palestinian demonstrator flashes the victory sign during a rally as Palestinians call for a 'Day of Rage' to protest Israel's plan to annex parts of the occupied West Bank, in Gaza City on July 1, 2020. Photo by Mahmud Hams/AFP

Key dates in Israel since its creation in 1948

Jul 01, 2020 - 1:17 PM

A chronology of important events in the history of Israel

An Israeli flag hovers cars driving by the Israeli settlement of Shlomtzion in the Jordan valley in the occupied West Bank on January 27, 2020. - Palestinian prime minister Mohammed Shtayyeh called for international powers to boycott a US peace plan which they see as biased towards Israel as Israeli Prime Minister Benjamin Netanyahu and his political rival Benny Gantz are set to meet Donald Trump in Washington, with the US President expected to reveal his long-delayed proposal for Israeli-Palestinian peace. (Photo by Emmanuel DUNAND / AFP)

Netanyahu hides cards on eve of Israel 'annexations' date

Jun 30, 2020 - 7:44 PM

Right-wing premier Benjamin Netanyahu gives no indication as to his plans ahead of the possible July 1 kick-off date

ON ANNEXATION. In this file photo, Israeli Prime Minister Benjamin Netanyahu attends a cabinet meeting of the new government at Chagall State Hall in the Knesset (Israeli parliament) in Jerusalem on May 24, 2020. File photo by Abir Sultan/Pool/AFP

Israel's annexation plans 'illegal' – U.N. rights chief

Jun 29, 2020 - 7:41 PM

Michelle Bachelet urges Israel to shift course, warning that 'the shockwaves of annexation will last for decades, and will be extremely damaging to Israel, as well as to the Palestinians'

'ILLEGAL.' In this file photo, UN human rights chief Michelle Bachelet delivers a speech during the World Assembly for Women in Tokyo on March 23, 2019. File photo by Charly Triballeau/AFP

Gov't launches Overseas Filipino Bank

Jun 29, 2020 - 4:45 PM

The digital-only bank aims to ease fund transfers for Filipinos working abroad and will soon offer secure financial products and services

ECB's Lagarde says 'we've probably passed lowest point' of economic crisis

Jun 26, 2020 - 11:40 PM

'We probably have passed the lowest point. I say that with some trepidation because of course there could be a severe second wave,' says European Central Bank chief Christine Lagarde

UNDER FIRE. Christine Lagarde, president of the European Central Bank, addresses a news conference in Frankfurt am Main, Germany, on January 23, 2020. File photo by Daniel Roland/AFP

Key dates in Germany's Wirecard fraud scandal

Jun 26, 2020 - 3:25 PM

Here are the key developments that led to Wirecard's demise

Hamas says West Bank annexation would be 'declaration of war'

Jun 26, 2020 - 1:00 AM

Israel's proposal to annex its settlements in the West Bank and the Jordan Valley form part of a broader US peace plan published in January

WEST BANK. A picture taken from the Israeli settlement of Naale in the occupied West Bank northwest of the Palestinian city of Ramallah shows the skyline of the Israeli coastal city of Tel Aviv on June 17, 2020. File photo by Menahem Kahana/AFP

5 things to know about the Wirecard scandal

Jun 25, 2020 - 11:05 PM

Here are the key facts about the scandal involving German payments provider Wirecard, which has reached the Philippines

European MPs demand halt to Israel's annexation plan

Jun 24, 2020 - 6:08 PM

The European Union has been seeking to persuade Israel to back down and is weighing retaliatory measures as a response if Israeli Prime Minister Benjamin Netanyahu goes ahead

WEST BANK. A view of the Jabal al-Baba Bedouin encampment, near the Israeli settlement of Maale Adumim in the occupied West Bank on the outskirts of Jerusalem, on November 23, 2017. File photo by Ahmad Gharabli/AFP

CBA facing huge fines in latest Australian banking scandal

Jun 23, 2020 - 6:30 PM

The Commonwealth Bank of Australia is accused of receiving Aus$22 million ($15 million) in prohibited payments from a subsidiary to promote its retirement fund to customers

UNDER SCRUTINY. A pedestrian passes a Commonwealth Bank branch in Sydney on August 10, 2016. Peter Parks/AFP

BDO to buy out Nomura's 49% stake in stock brokerage company

Jun 23, 2020 - 4:30 PM

BDO says Nomura's exit will enable the company to consolidate its securities brokerage business into BDO Securities Corporation

Duterte officials finally aid Gem-Ver fishermen vs Chinese ship owner

Jun 23, 2020 - 7:48 AM

12 months and 13 days after Filipino fishermen were left floating at sea, Philippine officials say they will reach out to the owners and crew of fishing boat Gem-Ver to help them claim damages for the sinking of their vessel

REBUILDING. On November 14, 2019, fishermen haul the F/B Gem-Ver back to sea by the shore of Barangay San Roque in San Jose, Occidental Mindoro for the first time since its sinking. Photo by LeAnne Jazul/Rappler

EastWest Bank not for sale, says Filinvest

Jun 22, 2020 - 9:10 PM

EastWest Bank is rumored to be consolidating with another bank, as the coronavirus pandemic triggers bad loans. Filinvest, the bank's controlling stockholder, denies the speculations.

BPI suspends employee over possible Wirecard scandal involvement

Jun 22, 2020 - 7:20 PM

'The employee who may have played a part in the preparation of [falsified documents] has been suspended and is under investigation,' says BPI

Scandal-hit Wirecard says missing 1.9 billion euros may not exist

Jun 22, 2020 - 3:30 PM

(3rd UPDATE) Wirecard says further examination shows 'there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion EUR do not exist'

Picture taken on September 18, 2018 shows the company logo at the headquarters of the technology and financial services company Wirecard in Aschheim near Munich, southern Germany. (Photo by Christof STACHE / AFP)

Philippine banks deny holding Wirecard's missing $2.1 billion

Jun 19, 2020 - 7:46 PM

BDO and BPI say German payments firm Wirecard is not their client

File photo

Church and Bank of England apologize for slavery roles

Jun 19, 2020 - 11:15 AM

Research finds that nearly 100 clergymen and 6 governors plus 4 directors of the bank benefitted from slavery

A pedestrian walks past the Bank of England in London on June 17, 2020. - The Bank of England, confronted by Britain's collapsing coronavirus-ravaged economy, will on June 18 reveal the outcome of its latest monetary policy meeting with analysts predicting more stimulus. The British central bank has been at the forefront of economic fire-fighting over this year's deadly COVID-19 emergency -- and could expand its quantitative easing (QE) stimulus in an attempt to kickstart growth. (Photo by Tolga Akmen / AFP)

Virus-fighting Bank of England pumps out extra £100-billion stimulus

Jun 18, 2020 - 11:05 PM

Analysts say the Bank of England's move is ultimately aimed at avoiding deflation – a spiral of falling prices

A pedestrian walks past the Bank of England in London on June 17, 2020. - The Bank of England, confronted by Britain's collapsing coronavirus-ravaged economy, will on June 18 reveal the outcome of its latest monetary policy meeting with analysts predicting more stimulus. The British central bank has been at the forefront of economic fire-fighting over this year's deadly COVID-19 emergency -- and could expand its quantitative easing (QE) stimulus in an attempt to kickstart growth. (Photo by Tolga Akmen / AFP)

Indonesia's central bank cuts rates as economy tanks

Jun 18, 2020 - 10:20 PM

Bank Indonesia reduces the key lending rate to 4.25%. It also lowers its 2020 economic growth forecast to between 0.9% and 1.9%.

PRAYERS. Balinese people praying during the Galungan holiday at Jagatnata temple in Denpasar, Indonesia's resort island of Bali, on February 19, 2020. Photo by Sonny Tumbelaka/AFP

Brazil cuts interest rate to new low amid virus rout

Jun 18, 2020 - 8:00 AM

Brazil's economy is reeling as the country has become one of the worst flashpoints in the coronavirus pandemic

General view of a commercial street after it reopened, in downtown Sao Paulo, Brazil on June 10, 2020. - Sao Paulo's municipality authorized the reopening of commercial streets under safety measures such as the use of alcohol gel and face masks. (Photo by NELSON ALMEIDA / AFP)

World Bank earmarks $1 billion for DR Congo health, education

Jun 17, 2020 - 12:15 AM

Funds from the World Bank will be used to improve response to health emergencies and to support free primary education in the Democratic Republic of Congo

Demonstrators gather at the Kinshasa Grand market on June 9, 2020 to ask for the re-opening of the shops around there which has been closed by the government as a precautionary measure against the spread of the COVID-19 coronavirus. - At least three people were reported dead by local authorities. (Photo by ARSENE MPIANA / AFP)

West Bank plan will create 'apartheid' – U.N. experts

Jun 16, 2020 - 11:04 PM

The United Nations experts say the annexation would be a 'serious violation' of the UN charter and the Geneva Conventions, and would only intensify human rights violations in the West Bank

WEST BANK. A view of the Jabal al-Baba Bedouin encampment, near the Israeli settlement of Maale Adumim in the occupied West Bank on the outskirts of Jerusalem, on November 23, 2017. File photo by Ahmad Gharabli/AFP

Bank of Japan boosts aid for coronavirus-hit firms

Jun 16, 2020 - 6:35 PM

The Bank of Japan expands its zero-interest loan program to firms to 90 trillion yen ($837 billion)

JAPAN BUSINESSES. A general view shows the entertainment area of Kabukicho in Tokyo's Shinjuku on May 21, 2020. Photo by Kazuhiro Nogi/AFP

ADB approves $500-million loan for conditional cash transfers

Jun 10, 2020 - 5:45 PM

(UPDATED) The Asian Development Bank's total lending to the Philippines reaches $2.6 billion so far in 2020, exceeding its record lending of $2.5 billion in 2019

This photo taken on March 18, 2020 shows a general view of a slum area along the river in Manila. - Asian nations have imposed increasingly heavy measures to fight the outbreak of the COVID-19 coronavirus, the Philippines has ordered half its population of some 110 million to stay home. (Photo by Maria TAN / AFP) / TO GO WITH Health-virus-Philippines-poverty,FOCUS by Joshua Melvin and Ron Lopez

Elevated extreme poverty to persist until 2021 – World Bank

Jun 10, 2020 - 10:30 AM

Extreme poverty is defined as living on $1.90 per day

Poor and homeless people eat plates of 'khichdi' (Indian dish made from rice and lentils) distributed by volunteers on a street in Ahmedabad on May 30, 2020. (Photo by SAM PANTHAKY / AFP)

Palestinian PM submits 'counterproposal' to Trump plan

Jun 09, 2020 - 9:36 PM

Palestinian Prime Minister Mohammed Shtayyeh says they proposed the creation of a 'sovereign Palestinian state, independent and demilitarized' with 'minor modifications of borders where necessary'

COUNTERPROPOSAL. In this file photo, then representative of the Palestinian Economic Council for Development and Reconstruction Mohammed Shtayyeh attends a seminar on aid to the Palestinians, organized by the United Nations, on March 10, 2009 in Cairo. File photo by Cris Bouroncle/AFP

French economy to shrink about 10% in 2020, recovery mid-2022

Jun 09, 2020 - 9:00 PM

The Bank of France's forecasts assume that the coronavirus will continue to spread but remain under control, and that the economy will adapt to the health measures required

WALK. A man walks his dog in front of the Eiffel Tower in Paris on April 5, 2020, on the twentieth day of a lockdown in France aimed at curbing the spread of COVID-19. Photo by Philippe Lopez/AFP

Philippine economy to shrink by 1.9% in 2020, says World Bank

Jun 09, 2020 - 12:35 PM

The World Bank says steps to recovery include strengthening the healthcare system, improving the ease of doing business, and developing better internet in the Philippines

A year later, Gem-Ver fishermen still unpaid by Chinese ship owner

Jun 09, 2020 - 9:54 AM

'Kung aasa naman kami sa ayuda, kailan pa po?' asks Gem-Ver owner Fe dela Torre

MAKING A LIVING. In this file photo, Gem-Ver embarks on its return voyage to Recto Bank in the West Philippine Sea in November 2019 after 5 months of repairs. Photo by LeAnne Jazul/Rappler

Pandemic drives broadest economic collapse in 150 years – World Bank

Jun 08, 2020 - 11:25 PM

(3rd UPDATE) The World Bank sees the global economy shrinking by 5.2% in 2020, with the coronavirus pandemic to drive up to 100 million people into extreme poverty

Robert King Geiser, 35 years-old, after 2 years living on the street, stands outside his tent next to the 110 Freeway, during the novel Coronavirus, COVID-19, pandemic in Los Angeles California on May 25, 2020. - On May 22, 2020 a federal judge issued a preliminary order requiring that homeless people living under Los Angeles freeway overpasses and underpasses, be relocated for health and safety reasons. (Photo by Apu GOMES / AFP)

Under-fire African Development Bank boss facing new graft probe

Jun 05, 2020 - 10:45 AM

Akinwumi Adesina, who is seeking reelection as president of the African Development Bank, now faces an independent inquiry

BANK CHIEF. African Development Bank president Akinwumi Adesina gives a press conference in Ouagadougou, Burkina Faso, on September 13, 2019. File photo by Issouf Sanogo/AFP

ECB ramps up eurozone support as pandemic persists

Jun 04, 2020 - 11:00 PM

The European Central Bank announces 600 billion euros ($674 billion) more of emergency bond-buying and the scheme's extension until June 2021

ECB. The European Central Bank, based in Germany. Photo from Shutterstock

Duterte borrows another $500 million from World Bank for coronavirus

Jun 04, 2020 - 3:05 PM

So far, the Duterte administration has borrowed $1.1 billion or around P55 billion from the World Bank for the Philippines' coronavirus response

DNA research uncovers Dead Sea Scrolls mystery

Jun 02, 2020 - 11:24 PM

Research on the texts has been ongoing for decades and in the latest study, DNA tests on manuscript fragments indicate that some were not originally from the area around the Qumran caves

DEAD SEA SCROLLS. A conservator of the Israel Antiquities Authority (IAA) shows fragments of the Dead Sea Scrolls at their laboratory in Jerusalem on June 2, 2020. Photo by Menahem Kahana/AFP