Global Business Review Magazine

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London Court Revives $35 Billion Forex Lawsuit Against Banks

In a significant legal development, a London court has revived a $35 billion lawsuit against major banks accused of manipulating the foreign exchange (forex) market. The decision comes as a major blow to the banking industry and could have far-reaching implications for the implicated financial institutions. The court’s ruling reflects a renewed effort to hold banks accountable for alleged market…

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Mediobanca and Founders Factory Collaborate to Nurture 35 Startups with €12M Investment

In a strategic move to foster innovation and support the thriving startup ecosystem, leading Italian investment bank Mediobanca has joined forces with Founders Factory, a renowned global startup accelerator, to invest €12 million in nurturing 35 promising startups. The groundbreaking collaboration aims to fuel the growth of innovative ventures across various industries, propelling them to achieve…

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Prosus Accuses India's Byju's of Regularly Disregarding Advice

Prosus, a prominent global consumer internet group, has accused India’s edtech giant Byju’s of consistently ignoring advice and recommendations from its investors. The accusation, made public on July 25, 2023, raises concerns about the company’s governance and its approach to decision-making amid its rapid growth and expansion. Prosus is an investment holding company that holds interests in…

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UK Government Calls Banks to Account Over Account Closures

In response to growing concerns over bank account closures, the UK government has taken a decisive step to hold banks accountable for their actions. On July 24, 2023, government officials summoned major banks to address the issue and demanded transparency regarding their closure policies. The move comes amid mounting public outrage and accusations of unfair practices that have left many customers…

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Yes Bank Reports 10.3% Quarterly Net Profit Growth, Focuses on Asset Quality and Prudent Growth Strategies

Yes Bank, a private lender based in India, announced a 10.3% rise in quarterly net profit for the April-June period, amounting to 3.43 billion rupees ($5.25 million), when compared to the corresponding period in the previous year. However, the net profit missed analysts’ average forecast of 3.80 billion rupees, dampened by higher provisions and contingencies set aside for ageing bad loans and…

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Reserve Bank of India's Forex Interventions: A Strategic Stance to Stabilize the Rupee

In May, the Reserve Bank of India (RBI) made significant moves in the spot foreign exchange market, purchasing a total of $7.37 billion, as revealed by the data released in the central bank’s monthly bulletin. Notably, the RBI did not engage in any dollar sales during the reported month. This comes after the RBI’s net acquisition of $7.70 billion in the spot market during April, indicating…

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Mastercard and Geidea Forge Strategic Partnership to Revolutionize FinTech in Saudi Arabia

Mastercard, a globally recognized leader in payment solutions, has entered into a strategic partnership with Geidea, the foremost FinTech innovator in Saudi Arabia. The primary objective of this partnership is to enhance consumer and business access to world-class card and payment solutions, aiming to revolutionize the financial landscape in the region. Geidea, the largest FinTech company in…

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PhonePe Unveils Groundbreaking Health Insurance Plans with Monthly UPI Payments, Revolutionizing Coverage Accessibility in India

PhonePe Insurance Broking Services has made a significant announcement today, unveiling their new range of health insurance plans that promise comprehensive coverage through strategic partnerships with multiple insurers. What truly sets these plans apart from the rest in the market is the groundbreaking inclusion of monthly payment options facilitated by the Unified Payments Interface (UPI),…

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Nordea Reports Strong Q2 Performance Driven by Rising Interest Rates

Nordea, the largest bank in the Nordic region, has announced its second-quarter operating profit, which exceeded expectations due to the positive impact of rising interest rates, offsetting negative currency translation effects. The Finnish lender experienced a 26% year-on-year increase in operating profit, reaching 1.72 billion euros ($1.93 billion), surpassing the mean forecast of 1.70 billion…

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GCC Banking Sector Achieves Record-High Profits in Q1 2023, Driven by Non-Interest Income Growth

The GCC banking sector has experienced a remarkable performance in the first quarter of this year, with listed banks achieving a new record high in aggregate net profit. This growth can be attributed to a significant increase in non-interest income, which more than offset a decline in interest income in Qatar and Kuwait. The findings were reported in a comprehensive analysis titled “GCC Banking…

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Ensuring Financial Stability: Cleveland Fed President Addresses Risks of Real-Time Payment System

Cleveland Federal Reserve President Loretta Mester addressed concerns about the potential risks associated with the U.S. central bank’s new real-time money moving system, FedNow. She emphasized that the system is being designed to prioritize financial stability, especially in times of bank stress. One worry is that FedNow, which enables real-time, round-the-clock payments, could amplify banking…

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Declining Investment and Debt Financing Challenges Start-up Ecosystem in MENA Region

Start-ups in the Middle East and North Africa (MENA) region secured $35.6 million in funding through 45 deals in June 2023, bringing the total funding for the first half of the year to $1.6 billion, according to a report by Wamda. Although May witnessed a significant rebound in investment activity, there was a 92% decrease in funding compared to the previous month. The report highlights a notable…

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HDFC Bank Announces Q1 2023 Results and Plans IPO Stake Sale in NSDL After Mega Merger

HDFC Bank, a private lender in India, recently announced that it will release its financial results for the quarter ending June 30, 2023 on July 17. This is a departure from its usual practice of announcing results on Saturdays. The announcement comes shortly after the merger between HDFC and HDFC Bank, one of the largest mergers in the country. In a stock exchange filing, HDFC Bank stated that…

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Indian Equity Markets Decline Amid Weak Global Cues and Sector-Specific Pressure

Indian equity markets experienced a downward trend in early trading on Thursday, influenced by weak global cues. The technology, financials, metals, and consumer goods sectors were the primary contributors to the decline. The 30-share BSE Sensex dropped 60 points or 0.09 percent, trading at 65,386, while the broader NSE Nifty fell 14 points or 0.07 percent, trading at 19,385. However, mid- and…

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ONDC Enters Beta Phase: India's Open Network for Digital Commerce Expands Across Major Cities

Entering its Beta phase, the Open Network for Digital Commerce (ONDC) has been launched in Mumbai, Delhi NCR (including Noida, Gurugram, and Faridabad), Chennai, Hyderabad, and Kolkata. This move comes after successfully scaling seller densities in these cities. ONDC aims to create an open network that connects buyers and sellers across India, providing a platform for seamless digital…

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India Unaffected by China's Export Controls on Gallium and Germanium: Minister of State for Electronics and IT

Rajeev Chandrasekhar, the Minister of State for Electronics and IT in India, has assured that China’s decision to impose export controls on gallium and germanium, critical rare elements used in semiconductor manufacturing, will not impact India. In an exclusive interview with Business Today, Chandrasekhar emphasized that India has implemented measures to prevent any abuse of supply chains and…

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Barclays Strengthens Asset and Wealth Management Division with Appointment of Jack Rabun as Head of North America

Barclays, a renowned global financial institution, has recently made an exciting announcement regarding the appointment of Jack Rabun. Mr. Rabun will assume the role of Managing Director and Head of Asset and Wealth Management North America within the Financial Institutions Group (FIG), with his office based in New York. With more than two decades of experience in advising asset and wealth…

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