Author: Press Room

© Reuters. By Sinead Cruise and Iain Withers LONDON (Reuters) – The UK government has scrapped guarantees on nearly 1 billion pounds ($1.2 billion) of bank loans handed out to ailing businesses during the COVID-19 pandemic, leaving lenders on the hook for some of the borrowings that will not be repaid. Previously unreported figures obtained by Reuters under a Freedom of Information (FOI) request show that the state-owned British Business Bank (BBB) – which administers the loan schemes – has removed state guarantees from 10,786 loans worth a combined 979 million pounds as of Oct. 11, shielding taxpayers from some…

© Reuters. In the wake of the Reserve Bank of India’s (RBI) ban on new customer onboarding on the ‘bob World’ app, Akhil Handa has stepped down from his role as the head of digital lending at Bank of Baroda (BoB). The bank disclosed Handa’s resignation in a regulatory filing. This move comes as a response to significant supervisory concerns raised by the RBI over alleged manipulation of the app. Following this development, BoB announced Kadgatoor Sheetal Venkatesmurt as Handa’s successor. The bank has also suspended officials implicated in the alleged manipulation, adhering to the RBI directive. This shake-up in…

© Reuters. Investing.com– Gold prices fell further on Wednesday as uncertainty grew before the conclusion of a Federal Reserve meeting and a key Treasury announcement later in the day, while weak economic data from China dented copper prices.  Easing concerns over the Israel-Hamas war also saw traders pricing in a smaller risk premium for gold, as a lack of major escalation in the conflict lessened concerns over its potential economic impact. While gold logged stellar gains in October on the back of the conflict, it was hit with a high degree of profit taking in recent sessions, especially as the…

Volcon reports Q3 results

© Reuters. The Thai baht has reached a six-week peak against the US dollar, according to analysts at Kasikorn Research Centre. The surge is largely due to investors offloading US currency in anticipation of the Federal Reserve meeting and a spike in domestic gold prices, fueled by escalating conflict in the Middle East. This situation has led to a boom in gold shop sales and gold exports. Despite the baht’s recent strength, it experienced volatility, falling below 36.10 against the dollar. The future of the Federal Reserve’s rate decision remains unclear due to high US inflation and oil prices. A…

Homeland Security Secretary Alejandro Mayorkas on Tuesday confirmed to Senate lawmakers that there had been more than 600,000 “gotaways” at the southern border in fiscal year 2023.Mayorkas was asked by Sen. Roger Marshall, R-Kansas, at a Senate Homeland Security Committee hearing how many gotaways Customs and Border Protection recorded in fiscal 2023. The term “gotaways” refers to illegal immigrants who evade Border Patrol but who are detected on another form of surveillance.”I believe, senator, that number is over 600,000, and as I’m sure you’re well aware the phenomenon of gotaways has been a challenge for the Department of Homeland Security…

Students of the Columbia Teachers College during a graduation ceremony in New York City in May 1918. … [+] They are on the steps of the Low Memorial Library, with Earl Hall visible on the left. (Photo by Paul Thompson/FPG/Getty Images)Getty Images For many people the cost of getting a degree is the biggest investment they ever make. It’s supposed to be a path to higher earnings, many experts say. But college enrollment is falling fast and the main reason is the ultra-high cost for an education that may or may not help in a material way, new research shows.…

Across the financial landscape—the industry, the media, the blogosphere, the DIY community—virtually all attention is paid to attaining and sustaining wealth. You’ll find more than you’ll ever need or want on saving, investing, and insuring, but then what? It seems the presumption is that once you hit your number, or someone else’s, the game is over. Congratulations, you’ve won. But once you’re rich, how do you live a rich life? How can you activate your wealth with a sense of purpose that brings meaning to your money? What does wealth look like to you?getty The answer may be simpler than…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Hackers sneak malicious code into global payments software that spreads rapidly to tens of thousands of partner networks at banks and throughout the financial sector. This opens a back door for the attackers to siphon off customer funds, disrupting clearing and even interbank lending. It takes months to repair all the breaches, and shakes confidence in the system, driving up business costs as regulations stiffen.Such an attack could cause $3.5tn in global economic damage, according to modelling by the Cambridge Centre for…

© Reuters. Turkey’s Finance Minister Mehmet Simsek speaks during the 66th General Assembly of Turkish Banks Association in Istanbul, Turkey August 17, 2023. REUTERS/Murad Sezer/File Photo ANKARA (Reuters) – Turkey will move to inflation-adjusted accounting, but financial institutions may be excluded from the practice, Finance Minister Mehmet Simsek said late on Tuesday. Turkish companies’ end-2023 balance sheets will be inflation adjusted, with the practice expected to continue until 2026 due to current inflation forecasts, the Treasury told Reuters last week, a change analysts said would most affect the country’s banks. “We will move to inflation accounting. Maybe there’ll be an…