Category: Business

The British Business Bank (BBB), a state-owned lender that supports small and medium-sized enterprises (SMEs) in the UK, has announced a pre-tax loss of £147.3m for the year ending March 2023. This is a sharp decline from the previous year, when it made a profit of £604.8m. Impact of Covid-19 and market fluctuations The BBB attributed its loss to the adverse effects of the Covid-19 pandemic and the volatility of…

Fernando Lelo, the CEO of Rumbo Ventures, is a prominent figure in the clean energy sector. He is passionate about supporting entrepreneurs who are developing innovative technologies to reduce greenhouse gas emissions and create a more sustainable future. In this article, we will explore his background, his investment philosophy, and some of his portfolio companies. From Economist to Entrepreneur Fernando Lelo has a distinguished academic background. He graduated from the…

The Swiss National Bank (SNB) announced on Thursday that it will provide funds secured against mortgages to all commercial banks, expanding liquidity provision to the sector. The move is aimed at enhancing financial stability and the resilience of the banking system in the face of potential risks, such as general uncertainty in the banking sector or cyber attacks on individual lenders. SNB Vice Chairman explains the initiative SNB Vice Chairman…

FIC business to normalize after strong performance in 2020 Deutsche Bank, Germany’s largest lender, said on Thursday that it expects a “normalization” of its fixed income and currency (FIC) trading business in the third quarter of 2023, after a strong performance in the same period last year. The FIC business makes up a big chunk of the investment banking revenue at Deutsche Bank. The bank’s finance chief James von Moltke…

The State Bank of Pakistan (SBP) has granted in-principle approval to five digital retail banks (DRBs) to operate in the country. These are HugoBank Limited, KT Bank Pakistan Limited, Mashreq Bank Pakistan Limited, Raqami Islamic Digital Bank Limited, and Telenor Microfinance Bank Limited. The move is aimed at fostering innovation, financial inclusion, and availability of affordable digital financial services for the citizens of Pakistan. SBP Governor Awards IPAs to Proposed…

The State Bank of Pakistan (SBP) has granted in-principle approval (IPA) to five digital banks to operate in the country, aiming to promote financial inclusion and innovation through digital financial services. The five proposed digital banks are HugoBank Limited, KT Bank Pakistan Limited, Mashreq Bank Pakistan Limited, Raqami Islamic Digital Bank Limited, and Telenor Microfinance Bank Limited. What is an IPA and why is it important? An IPA is a…

New Zealand’s government has announced a market study into the banking sector, which is dominated by four Australian-owned banks. The study will examine the profitability, competition and innovation of the banks, and whether they are serving the best interests of consumers. Why is the government concerned about the banking sector? The government said it has long-standing concerns that the market is not working well for New Zealanders. It cited the…

India is witnessing a remarkable transformation in its financial landscape, driven by the rapid adoption of digital banking. Digital banking refers to the delivery and consumption of financial services through advanced technologies and internet connectivity. It offers various benefits such as convenience, security, efficiency and inclusion for millions of Indians, especially in rural areas. Digital Banking: A Game-Changer for India Digital banking has emerged as a game-changer for India, as…

The digital payment industry is undergoing a rapid transformation, driven by changing customer expectations, regulatory developments and technological innovations. Banks, as the traditional players in this space, face many challenges and opportunities to adapt to the new reality and remain competitive. In this article, we will explore some of the key trends that are shaping the future of payments and how banks can leverage new technologies to enhance their offerings…

Hyundai Motor Group, one of the world’s leading automotive manufacturers, has announced a multi-decade partnership with Georgia Tech, one of the top-ranked public universities in the United States. The collaboration aims to support the future of sustainable mobility, including developing a hydrogen economy, workforce development, and making cities smarter and more sustainable, among many other areas of cooperation. Hyundai’s Massive Investment in Georgia Hyundai Motor Group is investing $12.6 billion…