Tag: bank

NEWS

IMF Sounds Warning In Sudden Fall In Interest Rate

The International Monetary Fund (IMF) is warning against a sudden reduction in interest rates in various countries. IMF Chief Economist Pierre-Olivier Gourinchas says while inflation is easing, central banks around the world must critically assess the state of affairs.  “Monetary tightening worked through two additional channels. First, the rapid pace of tightening convinced people and companies that high inflation would […]

NEWS

U.S. Regulator Seizes First Republic Bank, To Sell Assets To JP Morgan

The California Department of Financial Protection and Innovation said Monday it had closed First Republic Bank and agreed a deal to sell its assets to JPMorgan Chase & Co and National Association, in what is the third major U.S. bank to fail in two months. JPMorgan Bank was one of several interested buyers, including PNC Financial Services Group and Citizens […]

NEWS

Sen. Elizabeth Warren Blames Fed Chair Powell For Banking Crisis

Sen. Elizabeth Warren is calling out Federal Reserve Chair Jerome Powell for the recent banking failure. She said Powell “took a flamethrower” to regulations as she heaped blame on him after the collapse of Silicon Valley Bank. The Massachusetts Democrat’s claims came Sunday on ABC’s “This Week,” as she took aim at Trump-era bank deregulations that eased rules that included […]

Jamaica

Jamaica — Net Remittances Show Decline

The flow of remittances to Jamaica showed a decline in May. According to the Bank of Jamaica, remittance inflows were valued at US$271.2 million, a 6.7% reduction compared to last year. Total net remittance inflows for January to May amounted to US$1.3 billion. That was US$38 million or 3% lower when compared to the same period in 2021. The U.S. […]

Jamaica

BOJ On Track For Digital Currency Rollout

The Bank of Jamaica (BOJ) remains on track for rollout of the Central Bank Digital Currency (CBDC) during the first quarter of 2022. Deputy Governor with responsibility for Banking, Currency Operations, and Financial Markets, Natalie Haynes, said that several key outputs are being targeted for the period. These are passage of amendment to the Bank of Jamaica Act to make […]

BUSINESS

CEO Jamie Dimon Pushes For Employees To Get Back To Office

JPMorgan Chase & Co. Chief Executive Officer (CEO) Jamie Dimon is seeking to bring employees back to the office. This move is the first call by a major U.S. bank to mandate a return to offices for its entire U.S. workforce, with staffers being told they’ll need to come back in about two months. The lender’s top decision-making body, led […]

NEWS

Marijuana Banking Bill Approved

The U.S. House of Representatives passed a Bill that would give state-authorized marijuana businesses easier access to banking services. The Bill, H.R. 1996, called the SAFE Banking Act, would prohibit federal banking regulators from penalizing banks and other depository institutions for providing banking services to cannabis businesses. The Bill was passed on a 321-101 bipartisan vote. It prohibits regulators from penalizing […]

BUSINESS

JPMorgan Set To Move $234 Billion In Assets From UK

According to Press reports, JPMorgan Chase & Co is seeking to move about $234 billion of assets from the United Kingdom to Germany as a result of Britain’s exit from the European Union. In January, the bank had also announced it would significantly expand its Paris hub as part of plans to relocate some services from London after Brexit. The […]

BUSINESS

Netflix Set To Invest In Black-Owned Banks

Netflix has announced that it will be investing in Black-owned banks to help close the wealth gap between Black and White America. The media-services provider and production company headquartered in Los Gatos, California, plans to deposit two percent of its cash, or an estimated $100 million, into Black-owned financial institutions and community development organizations. The company argued that these institutions […]

Jamaica

BOJ Sees Increase In Credit By Deposit-Taking Institutions

The Bank of Jamaica (BOJ) is reporting a dramatic increase in credit extended by deposit-taking institutions to businesses and households for the 12-month period, ending December 2019. BOJ Governor Richard Byles said credit to businesses grew by 20.3 percent, while the provision to households increased by 16.5 percent. He was addressing the BOJ quarterly media briefing recently. Pollyanna Davy, Readers […]