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Beth Tweddle joins Gymfinity Kids as brand ambassador after selling her gymnastics centres
News Sports
Beth Tweddle joins Gymfinity Kids as brand ambassador after selling her gymnastics centres
Olympic medalist expands her reach to inspire more children to get active Beth Tweddle, the former UK gymnast and Olympic medalist, has sold her two gymnastics centres in Widnes and Bolton to Gymfinity Kids, the UK’s largest children’s gymnastics provider. The deal, which was announced on Monday, will see Tweddle join Gymfinity Kids as a brand ambassador and director of the local community and National Curriculum programmes. Tweddle, who won…
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Bonetig’s Celtic dream comes true as he joins Socceroos in Spain
News Sports
Bonetig’s Celtic dream comes true as he joins Socceroos in Spain
From Wanderers to Hoops Liam Bonetig, the 18-year-old defender who signed a three-year contract with Celtic last month, has expressed his delight at joining the Scottish giants and his excitement at representing Australia in the upcoming Marbella Week of Football. Bonetig, who made his A-League debut for Western Sydney Wanderers in 2022, was scouted by Celtic after impressing in the AFC Champions League and the Olyroos Olympic campaign. He said…
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Sale-leaseback deals may become more popular for banks amid rising rates
Finance News
Sale-leaseback deals may become more popular for banks amid rising rates
What is a sale-leaseback deal? A sale-leaseback deal is a transaction in which a company sells its real estate assets to another party and then leases them back for a fixed period of time. This way, the company can free up capital that was tied up in its properties and use it for other purposes, such as investing in its core business, paying off debt, or restructuring its balance sheet.…
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China’s Digital Yuan Loans Gain Momentum as More Banks Join the Trend
Business News
China’s Digital Yuan Loans Gain Momentum as More Banks Join the Trend
China’s central bank digital currency (CBDC), also known as the digital yuan or e-CNY, is being used by more banks to issue loans to businesses, as the nation’s corporate financing options diversify. What is the Digital Yuan and How Does It Work? The digital yuan is a digital version of China’s fiat currency, the renminbi, that is issued and controlled by the People’s Bank of China (PBOC). Unlike cryptocurrencies, which…
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Rising rates boost global banks’ profits by $280 billion in 2022, says McKinsey
Business News
Rising rates boost global banks’ profits by $280 billion in 2022, says McKinsey
Banks enjoy best performance since 2008 crisis According to a report by McKinsey & Co., banks globally reaped a $280 billion profit boost in 2022 thanks to rising rates, in the sector’s best performance since the 2008 global financial crisis. The report, titled “Global Banking Annual Review 2023”, said that the return on equity (ROE) for banks jumped to 12% in 2022 from an average of 9% since 2010. The…
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Kenya’s banking sector remains resilient despite digital disruption
Business News
Kenya’s banking sector remains resilient despite digital disruption
Kenya has the highest number of bank branches and ATMs per capita in East Africa, despite being a pioneer in digital financial services, according to a new report by the International Monetary Fund (IMF). The report, based on the 2023 Financial Access Survey, shows that Kenya is more overbanked than its regional peers, such as Tanzania, Uganda and Rwanda. Kenya leads in legacy banking infrastructure The report reveals that for…
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Commercial Banking Market to Reach $7.4 Trillion by 2031, Says Report
Business News
Commercial Banking Market to Reach $7.4 Trillion by 2031, Says Report
A new report by Allied Market Research predicts that the global commercial banking market will grow at a compound annual growth rate (CAGR) of 11.5% from 2021 to 2031, reaching $7,404.4 billion by the end of the forecast period. The report attributes this growth to the increasing adoption of digital banking solutions, the expansion of cross-border trade and investment, and the rising demand for credit and financing services from various…
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U.S. banks face challenges from rising interest rates and Basel III regulations
Business News
U.S. banks face challenges from rising interest rates and Basel III regulations
The U.S. banking sector is facing a tough environment as interest rates are rising and new regulations are looming. The banks, which once enjoyed high profits from lending and deposit activities, are now struggling to maintain their growth and competitiveness. Net interest income under pressure One of the key sources of income for banks is net interest income, which is the difference between the interest they earn on loans and…
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RBA says Australian banks have not passed on full interest rate hikes to savers
Business News
RBA says Australian banks have not passed on full interest rate hikes to savers
Interest rates for deposits lag behind cash rate The Reserve Bank of Australia (RBA) has revealed that Australian banks have only passed on about three-quarters of the increase in interest rates since May 2022 to depositors, while borrowers have faced higher debt repayments. The RBA’s cash rate has risen by 400 basis points since the central bank began lifting rates to curb inflation and cool down the overheated economy. The…
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Volkswagen ID.4 and ID.5 get more power, range and tech in Europe
Automobile News
Volkswagen ID.4 and ID.5 get more power, range and tech in Europe
Volkswagen has announced a series of upgrades for its electric SUV models, the ID.4 and ID.5, in the European market. The new versions of the EVs feature a more powerful and efficient electric drive, a larger battery pack, a faster charging capability and a new infotainment system. New electric drive and battery for longer range and performance The most significant improvements are applied to the rear-wheel-drive versions of the ID.4…
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