Tag: Bank

Gift Card Bank Partners with Excella for Unique Philanthropy Supporting Families in Need During Covid-19

Partnership develops a platform to provide financial and food security for those in need

Gift Card Bank, a Bay Area nonprofit focused on utilizing gift cards to support those in need, is partnering with Excella—a pioneer for Agile technology solutions—to help support the well-being and financial security of people affected by Covid-19. Through this partnership, Excella has applied its Agile software development and product management expertise to create a state-of-the-art online platform that allows Gift Card Bank to identify, verify, and support families on a national scale.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201014005067/en/

(Photo: Business Wire)

As part of its mission to support those struck by Covid-19, Gift Card Bank aggregates unused and donated gift cards from individuals, philanthropists, grocers, and retailers, and identifies people and families who need support through food banks and other fintech platforms. Once identified, Gift Card Bank securely distributes gift

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POLL-Hungary central bank to keep rates unchanged next week

By Gergely Szakacs

BUDAPEST, Oct 14 (Reuters)The National Bank of Hungary (NBH) is likely to leave its base rate and overnight deposit rate unchanged on Tuesday after weaker-than-expected September consumer prices data eased some concerns about inflation, a Reuters poll of economists showed.

All 22 analysts in the Oct. 12-14 survey said the NBH would leave its base rate on hold at 0.6% HUINT=ECI. The 10 economists who gave a forecast for the overnight deposit rate said it would also remain steady at -0.05% HUODPO=ECI.

Just two days after keeping rates on hold at its September policy meeting, the bank raised the interest rate on its one-week deposit facility by 15 basis points to 0.75% NBHK on Sept. 24 to arrest a slide in the forint EURHUF=.

Central Europe’s worst-performing unit firmed below the 360 per euro mark last week after data showed Hungarian

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Kotak Mahindra Bank Debit Cards, Credit Cards users alert! Update on making payments, bills



a close up of a sign


© Provided by Zee Business


Kotak Mahindra Bank on Wednesday announced that its VISA debit and credit cardholders can now make payments via the Google Pay mobile app. Using a process called tokenisation that hides sensitive card information, Kotak customers can now link their Kotak debit and/or credit card to Google Pay and then seamlessly and securely digitally transact using their mobile phones across different payment platforms.

“Not only is this process highly secure, but also very convenient as cardholders now do not need to enter their card information for every transaction, transforming the end-user experience,” Kotak Mahindra Bank said.

“Under this value proposition, Kotak customers can now use their Kotak VISA debit and/or credit cards to make payments virtually via Google Pay. Put simply, sensitive card information such as the card number, expiry date, CVV etc. is replaced with a ‘token’, and this token gets used for processing payments

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Central bank says no license needed for foreign lending in Uganda

By Elias Biryabarema

KAMPALA, Oct 14 (Reuters)Uganda’s central bank said on Wednesday foreign-based banks do not need its license to lend funds originating abroad, reassuring an industry jolted by a court ruling last week that declared some syndicated loans involving foreign banks illegal.

The loans affected by the Commercial Court ruling represent at least $1.5 billion worth of debt, according to an industry body.

The Bank of Uganda said it did not regulate lending that involved “using funds obtained from foreign banks that do not take deposits from the public in Uganda.”

“Foreign banks lending deposits held in jurisdictions other than Uganda are regulated and supervised by their home authorities,” it said in a statement. “It is not mandatory for a foreign bank to establish a representative office in Uganda in order to conduct lending.”

The central bank’s position does not override the court’s ruling but it

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South Korea’s central bank keeps rates steady as growth outlook sours

People cross a road in front of the Bank of Korea in Seoul on Aug. 27, 2020.

Jung Yeon-je | AFP | Getty Images

South Korea’s central bank kept its policy rate steady on Wednesday as it sought to keep a lid on red-hot property prices, even as it expects the economy to see the worst contraction in over two decades in
2020 due to the coronavirus pandemic.

The Bank of Korea kept the base rate steady at a historic low of 0.5%, as expected by all 34 economists in a Reuters poll. The central bank has cut rates by 75 basis points so far this year and ramped up bond-buying purchases to help the economy withstand the coronavirus fallout.

The decision to hold fire comes as Seoul’s median home prices have risen more than 50% in the past three years, despite slumping economic activity in 2020.

Asia’s fourth-largest economy

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Bulgaria central bank revises up its GDP forecast to 5.5% decrease

SOFIA, Oct 13 (Reuters) – Bulgaria’s central bank said on Tuesday the impact of the coronavirus on the Bulgarian economy this year would be less harsh than initially expected and revised its GDP forecast to a contraction of 5.5% from a previously expected decline of 8.5%.

The bank said the slower contraction this year and expected more moderate demand for Bulgarian exports over the next two years will slow the rate of the economic recovery. It cut its forecast of GDP growth in 2021 to 4% from a previous forecast of 5.1%.

The central bank sees the Balkan country returning to its 2019 growth level by the middle of 2022.

“Compared to our previous forecast based on data up to June 22, the real GDP is expected to mark a lower decline in 2020 and economic activity to register weaker growth in 2021–2022,” it said in a statement.

The central

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M&T Bank: A Cheap Valuation Sets Up The Stock To Bounce After Third Quarter Earnings (NYSE:MTB)

Investment Thesis

Headquartered in Buffalo, New York, M&T Bank Corporation (MTB) is a $140 billion asset holding company and parent to M&T Bank. MTB has offices located throughout the Northeastern United States. Specifically, the bank has 785 branches located in Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, and a few other states.

While MTB is more of your classical “loans and deposits” type community banks, relative to super regional peers, it does have a strong wealth management presence associated with its Wilmington Trust business. While most other banks focus on growth first, I believe MTB is more focused on sound credit quality above all else. As one can see from the charts below (under “Credit Analysis”), the bank did quite well during the last recession in terms of credit pain.

As one can see from the valuation chart below, the current valuation (in terms of Price to Tangible

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Central Bank Policies Weigh On The Value Of The Dollar And All Fiat Currencies (NYSEARCA:UDN)

On October 1, I suggested that the dollar index bounce would run out of upside steam sooner rather than later. In that piece, I wrote, “I continue to favor selling the dollar on a scale-up basis during the current rebound.” On October 1, the dollar index was trading at around the 94 level. On October 2, it reached a high of 94.09. Since them, the index has been back on slippery slope lower and was just above the 93 level on Monday, October 12.

The dollar is the world’s reserve currency, and the dollar index measures the value of the US currency against other reserve currencies. The index has a 57.6% weighting against the euro, the second leading reserve currency. Status in the exclusive club is limited to foreign exchange instruments that central banks worldwide favor as currency holdings. For most monetary authorities, the dollar and euro

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G20 Finance Ministers and Central Bank Governors Meeting and Virtual Press Conference to be held October 14

Press release content from PR Newswire. The AP news staff was not involved in its creation.

Press release content from PR Newswire. The AP news staff was not involved in its creation.

October 12, 2020 GMT

RIYADH, Saudi Arabia, Oct. 12, 2020 /PRNewswire/ — The fourth G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting will be held virtually on October 14 under the Saudi G20 Presidency to discuss the global economic development and support a swift and sustained global economic recovery. FMCBGs will also discuss updates to the G20 Action Plan – Supporting the Global Economy through the COVID-19 Pandemic (the G20 Action Plan) – in addition to the progress made on the G20 Debt Service Suspension Initiative and its proposed extension into 2021.

After the conclusion of the meeting, a virtual press conference will be conducted at 6:15 PM Riyadh time (UTC+3) by the

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Asia-Pacific stocks mostly up; Chinese yuan moves following central bank action

SINGAPORE — Stocks in Asia-Pacific mostly advanced on Monday, with investors monitoring the Chinese yuan’s movements.

Mainland Chinese stocks were among the biggest gainers regionally, with the Shanghai composite up 2.64% to close at about 3,358.46 while the Shenzhen component jumped 3.151% to finish its trading day at approximately 13,708.07.

The moves in Chinese stocks came after state media outlet Xinhua reported Sunday that the country “unveiled a new comprehensive reform plan for Shenzhen,” giving local authorities there a “more direct and greater say in business” in areas such as carrying out market-based economic reforms.

Hong Kong’s Hang Seng index also surged 2.2% to close at 24,649.68. Shares of Chinese banks listed in the city soared: China Construction Bank added 5.58%, ICBC was up 5.74% while Bank of China gained 4.18%.

Elsewhere, South Korea’s Kospi rose 0.49% to close at 2,403.73.

Meanwhile, shares in Australia were higher on the day,

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