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Hong Kong protests haven’t hurt our profitability, say bank CEOs

Hong Kong protests haven’t hurt our profitability, say bank CEOs

Finance
Pro-democracy protests have hurt the Hong Kong economy, but the chief executives of two major banks said their businesses in the city have not been affected in a big way.Singaporean bank DBS said on Monday that net profit for its Hong Kong business jumped 14% year-on-year in the July-to-September quarter. That performance came on the back of a 15% year-on-year rise in overall profit for the quarter to 1.63 billion Singapore dollars ($ 1.2 billion), which beat analyst estimates compiled by Refinitiv.Hong Kong contributed around 334 million Singapore dollars, or 20%, of DBS' overall profits in the third quarter this year.Piyush Gupta, CEO of DBS, told CNBC's Tanvir Gill that he doesn't anticipate a "serious problem" with the bank's loan book in Hong Kong. But the bank has set aside some mone...
Bank investigated over ‘sexist’ Apple Card credit limits

Bank investigated over ‘sexist’ Apple Card credit limits

Business
A major bank is being investigated following allegations that the algorithms it uses to set credit limits for the Apple Card are sexist.The investigation against Goldman Sachs comes after a tech entrepreneur claimed he was offered a credit limit that was 20 times higher than his wife's - even though she has a higher credit score. David Heinemeier Hansson accused the Apple Card algorithms of being "sexist", and said they had an "infuriating" experience with customer services because they were unable to appeal the decision. Image: Apple Card launched in the US in August After writing a viral Twitter thread about his experience, Hansson said his wife's credit limit was increased without any request for additional documentation.New York's...
PMC bank scam: EOW of Mumbai Police opposes anticipatory bail pleas of 2 directors

PMC bank scam: EOW of Mumbai Police opposes anticipatory bail pleas of 2 directors

Finance
MUMBAI: The Economic Offences Wing (EOW) of Mumbai Police on Friday opposed pre-arrest bail pleas of two directors of the Punjab and Maharashtra Cooperative Bank in connection with the alleged Rs 4,355 crore scam. Parmeet Sodhi and Surjit Singh Narang had filed anticipatory bail applications before additional sessions judge S T Soor here. Opposing their pleas, the EOW, in its written submission, said prima facie nexus between some of the accused and HDIL group companies has been made out by the agency. It said the deep-rooted conspiracy caused loss of public funds. The agency said that six people have lost their lives due to loss of money and the public is protesting over the irregularities. Probe cannot reach logical conclusion and deep-rooted conspiracy cannot be unfolded without cus...
Bank of England weighs into election with Brexit deal forecast

Bank of England weighs into election with Brexit deal forecast

Business
The Bank of England has risked accusations of intervening in the election campaign as it published its first formal forecast of the impact of Boris Johnson's Brexit deal.In its Monetary Policy Report, the Bank forecast that during the course of the next three years the Conservative government's deal could leave the economy slightly weaker than it previously forecast. However, the Bank added that there would be a near-term boost as uncertainty lifted and companies and households invested more.The Bank had previously stopped short of incorporating Theresa May's deal into its economic forecasts, choosing instead to forecast on the basis of a range of probabilities over a Brexit deal.But on Thursday it said it was now forecasting on the basis of Mr Johnson's recently-negotiated deal with Bruss...
What steps taken to help PMC Bank depositors, HC asks RBI

What steps taken to help PMC Bank depositors, HC asks RBI

Finance
MUMBAI: The Bombay High Court on Monday sought to know from the Reserve Bank of India what steps it has taken to protect the interests of depositors of the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank. A division bench of Justices S C Dharmadhikari and R I Chagla was hearing a bunch of petitions filed by the bank depositors, challenging restrictions imposed by the RBI on withdrawals. On September 23, the RBI imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities. The withdrawal limit for account holders was initially Rs 1,000 per each customer for six months, which was later raised to Rs 10,000 and then to Rs 40,000. On Monday, the bench said it only wanted to know what the RBI was doing in the case. "The RBI knows all the affairs o...