All posts tagged: banks

DWP decision to stop referring benefit claimants to food banks is shameful | Food banks

DWP decision to stop referring benefit claimants to food banks is shameful | Food banks

Twenty years ago, an American supermarket, discovering that its own low-paid employees needed to use a food bank, stopped supplying that food bank with food. Old traditions die hard. Here, the Department for Work and Pensions is to cease referring benefit claimants to food banks because it “breaches data privacy law” (Jobcentres told to stop referring benefit claimants to food banks, 16 February). Some food banks will no longer supply some families with food. The logic of DWP’s position is that all of the other agencies involved in referral – social services, charities and health centres – must also be in breach of data protection regulation. I’m in favour of food banks helping fewer people, even closing down – but only when no longer needed. A record 3 million people used them in 2022-23, as the plight of the poorest got worse. The DWP’s decision is callous and shortsighted; those suffering the worst excesses of poverty will suffer even more. This raises some questions: what are data regulations for? In whose interests should the DWP …

How the French helped Britain keep euro-clearing in Brexit surprise – POLITICO

How the French helped Britain keep euro-clearing in Brexit surprise – POLITICO

“Clearing is structurally a winner-takes-all business,” said Christian Edelmann, managing partner co-head of Europe, at Oliver Wyman, a management consulting firm. The use of clearinghouses was made mandatory following the financial crisis, and their politicization harks back even to before Brexit, when the European Central Bank tried to force EU lenders to clear their euro-denominated trades (“euro-clearing”) in the bloc. Ultimately the ECB lost against the U.K. in a landmark court ruling, but after Brexit it became the number one political issue in financial services. Given the importance of clearinghouses, Brussels has temporarily allowed EU banks to use U.K. ones until June 2025. The intention was that short-term access would give Europe time to cut the City of London off completely. The saga has dominated finance policymaking circles in the years since Brexit and strikes at the heart of the question of whether the City of London can retain its global prowess outside the EU | Odd Andersen/AFP via Getty Images French volte-face Two issues dominated the final deal between the EU executive, lawmakers and …

The best iPhone power banks of 2024: Expert tested

The best iPhone power banks of 2024: Expert tested

Anker 622 MagSafe Wireless Charger Features: Capacity: 5,000mAh | Charging port: USB-C or Lightning | Price: $40 This Anker battery pack offers 5,000mAh of battery capacity, features a USB-C and Lightning port, and has a compact design. With a single magnetic click, this battery pack can be stored in your pocket or propped up using its sturdy magnet as a stand. Additionally, you don’t have to worry about charging your phone and your battery pack separately, as you can charge both simultaneously when the pack is connected to a power source.  This battery pack took the design of Apple’s own MagSafe power bank (which has now been discontinued) and improves on it. And users agree — people on Reddit say that the Apple charger pales in comparison to this one. The biggest improvement was the folding kickstand — it’s something that seems small on the face of it, but it was one of my favorite features of this power bank. This power bank also comes with a charge USB-C-to-USB-C cable, which is always handy to have. I also like how small and …

Who is Yulia Navalnaya, Putin’s new enemy?  – POLITICO

Who is Yulia Navalnaya, Putin’s new enemy?  – POLITICO

“My main task is for our family to stay the same, despite everything,” she told Harper’s Bazaar.  Behind the scenes, however, those who knew the couple well said Navalnaya not only shared her husband’s views, but also helped shape them.  Telepathic connection “At every stage of Alexei’s career, Yulia has always been by his side,” Anna Veduta, employee of the U.S. branch of Navalny’s Anti-Corruption Foundation, told POLITICO.   Those who knew the couple well said Navalnaya not only shared her husband’s views, but also helped shape them | Pool photo by Yves Herman/AFP via Getty Images “There was some kind of telepathic connection between them, they sometimes didn’t even need to speak; they thought alike.” At rallies and court hearings, Navalnaya was always at her husband’s side, attracting the media’s attention with her striking physique and composure, despite her stated wish to avoid the limelight. “These bastards will never see our tears,” was her response when Navalny received his first prison sentence in 2013 in an embezzlement case his supporters denounced as politically motivated. …

‘It’s legalised robbery’: anger grows at China’s struggling shadow banks | Chinese economy

‘It’s legalised robbery’: anger grows at China’s struggling shadow banks | Chinese economy

Wang Jin felt sure that he could invest in Sichuan Trust, an institution that was part of one of what he describes as the “four pillars” of China’s financial system: banks, securities, insurance and trusts. Promised a return on his investment of 8.3%, he handed over 1.6m yuan (£178,000) in 2019. “The trust had a state licence, so we believed in its integrity,” Wang (not his real name) recalls. Unluckily for him, in May 2020, the company said that it would be unable to repay 20bn yuan of investments. Protests ensued, with hundreds of middle-aged investors gathering outside the headquarters in Chengdu to demand their money back. By the end of the year, the local government had taken over the firm, which was reported to have a shortfall of more than 30bn yuan on its books, although the company said the sum was closer to 25bn. Now, Wang is one of more than 8,000 investors who have been given until 5 March to accept a sliding scale repayment plan that would return 80% of capital …

US Banks Saw BN Deposit Flight Last Week, Loan Volumes Shrank

US Banks Saw $65BN Deposit Flight Last Week, Loan Volumes Shrank

Having seen The Fed’s QT appear to stall in February, as Reverse Repo liquidity withdrawal accelerates, all eyes are once again back on the situation on bank’s balance sheets and how deposits are standing up (‘adjusted’ by The Fed’s magical seasonals). Source: Bloomberg And after the prior week’s miraculous surge in deposits (again, according to The Fed), last week saw total bank deposits (seasonally-adjusted) drop $57BN – the biggest weekly drop since October… Source: Bloomberg This data is from the week when Regional bank shares shit the bed thanks to NYCB… Source: Bloomberg Interestingly, on a non-seasonally-adjusted basis, total bank deposits declined about the same as SA -$58BN (and are down $180BN YTD)… Source: Bloomberg And, excluding foreign banks, domestic deposits dropped $52BN SA (Large Banks -$40BN, Small Banks -$12BN), and tumbled $65BN NSA (Large Banks -$57BN, Small Banks -$$8BN) Source: Bloomberg As the chart above shows, on an NSA basis, domestic banks have only seen one week of inflows in 2024. As one might expect, loan volumes shrank during that week by just over …

Jobcentres told to stop referring benefit claimants to food banks | Food banks

Jobcentres told to stop referring benefit claimants to food banks | Food banks

Jobcentre officials have been ordered to stop referring penniless benefit claimants to food banks because it breaches data privacy law, in a move charities have warned will cause delays in crisis help for thousands of hungry households. For years the Department for Work and Pensions (DWP) has allowed jobcentres to issue DWP-designed “signposting slips”, which allow claimants to access local food banks, many of which will not give out food parcels without a formal referral. However, an internal DWP briefing seen by the Guardian says it will no longer issue the slips – which require the name of the claimant and brief details, such as the number of children in the household – because they amount to “inappropriate use of personal claimant data”. Instead, new DWP signposting slips, which come into force next week, will contain just the name, address and opening time of the food bank, and none of the basic information about the claimant required by food banks to validate food parcel requests. Food banks questioned whether the referral slips breached data laws …

Rise in sustainability-linked loans by banks to SMEs, as segment seeks help in decarbonisation efforts

Rise in sustainability-linked loans by banks to SMEs, as segment seeks help in decarbonisation efforts

Ollo is not alone in approaching such a colossal investment. Many other SMEs are adopting a wait-and-see approach due to large upfront costs, especially for infrastructure projects, according to Association of Small and Medium Enterprises (ASME) president Ang Yuit. The decision is made even more complex, with considerations such as complicated certification processes and uncertain long-term returns, he said. Mr Ang explained that SMEs have to think about profits and losses in the immediate and shorter term, and are especially sensitive towards the costs involved. “Without a clear revenue or profit that can be had, if we move in this direction, for many, actually going into the adopting greener technology may require an immediate increase in capital expenditure, or maybe even operating expense, because you’re changing the way you’re operating,” he said. SUSTAINABLE FINANCING Sustainable financing is one way banks are helping SMEs overcome cost barriers. Some banks even go beyond issuing loans, to help SMEs achieve certification targets and navigate the complex transition landscape. OCBC’s head of global commercial banking Linus Goh told CNA …

South East’s young entrepreneurs benefit from over £10M from British Business Bank’s loan scheme

South East’s young entrepreneurs benefit from over £10M from British Business Bank’s loan scheme

Young entrepreneurs in the South East have benefitted from more than £10 million of funding from the Start Up Loans programme from the government-owned British Business Bank, new figures show. Since the programme launched in 2012, more than 1,290 Gen Z businesses (including those started by 18 to 24 year-olds) have benefitted in the South East. READ MORE: British Business Bank launches £200 million fund to support South West’s small businesses Across the nation as a whole, Start Up Loans has delivered more than 15,000 loans worth over £100 million to applicants aged 18 to 24. Under the programme, people can borrow up to £25,000 at a fixed interest rate of 6% a year, to be repaid over one to five years. The scheme also includes 12 months of free business mentoring. “It’s amazing to see people in their late teens and early twenties with such ‘can-do’ attitudes and motivation to achieve success in working life,” said Richard Bearman, managing director of small business lending at the British Business Bank. By UK region over the …