2011

Jul

01

Federal Financial Institutions Examination Council Issues New Securities Regulations for US Banks

The Federal Financial Institutions Examination Council has updated their 2005 guidance to banks for internet banking authentication recommendations. The guidance does not recommend any particular technology but wantsthe banks topossessprocesses that have been designed to identifyirregularities and effectively respond to them. The federal regulators stated that with the currentauthentication method being too simple and hence not fool proof;financial institutes must now deploy a layered security program, using at least two elements to protect customers from the increasing risk of cybercrimes.

2011

Jul

01

Lloyds Banking Group to Reduce their Overseas Operations

The British lending giant, Lloyds Banking Group, is planning to slash their international operations.They have announced that they willcloseoperations in half of the 30 countries they currently operate in. This move of retrenchment is part of an effort by the bank's new Chief Executive Officer to cut out the flab and to sharpen theirfocus on the UK market.

2011

Jul

01

German Banks Agree to Participate in Greek Rollover Plan

Germany's biggest banks have agreed to join a debt scheme, which isaimed at rescuing crisis-hit.Wolfgang Schauble, Germany's Finance Minister has suggested that the country's banks are planning to contribute almost Euro 3 billion to the Greek bailout. German banks have been asked by government to identify around Euro 3.2 billion of debt that is scheduled to be repaid by 2014.

2011

Jul

01

Eurozone Crisis Poses Biggest Threat to Global Economic and Sovereign Credit Outlook

According to a new research by Fitch Ratings, Eurozone's debt crisis as well as the potential Greek Default remains the leading threat for the global economic and sovereign credit outlook.The report highlighted that the severe market volatility, pressures on sovereign and bank funding as well as a broader re-pricing of Eurozone sovereign credit are among the possible consequences of a Greek default. Moreover, the report also suggested that the resolution of the Greek crisis is essential in order to prevent a systemic threat to the Eurozone.

2011

Jul

01

Economists Claims UK is not Insulated from Greek Crisis

UK's Business Secretary hasstated that the nation was clearly not insulated from the Greek economic crisis, but their main concern should be contagion in the eurozone area. He indicated that if there isa further default in Greece, it would definitely affect the country directly through trade and indirectly through the banking system, and added that so it is crucial to resolve this issue.

2011

Jul

01

VeriFone Systems Acquires Destiny Electronic Commerce

VeriFone Systems, a global leader in secure electronic payment technologies, has acquired a South Africa-based electronic payments solutions provider-

2011

Jul

04

China's Banking Regulators Extend Crackdown on Off-Balance-Sheet Lending

China Banking Regulatory Commission (CBRC)has cracked down on off-balance-sheet lending by the nation's banks.

2011

Jul

04

Financial Firms to Raise Technology Investments in the Coming Year

A joint report by the Confederation of British Industry and PricewaterhouseCoopershas revealed that financial institutions are planning to increase investments in the coming year on IT systems, marketing and property expenditure.

2011

Jul

04

Banks Launch Mentoring Scheme for Small and Medium-Sized Enterprises

A consortium of UK's five largest lenders has launched a mentoring scheme in order to provide a greater support to small and medium-sized enterprises (SMEs).

2011

Jul

04

France's Greek Debt Rollover Plan Would Lead to Greek Default

Standard & Poor's has warned Greece that the country would likely be in selective default if they adopt a French-led proposal to roll over Greek government debt. The agency indicated that the initiative of implementation of the French strategy to combat the Greek debt crisis,which will permit Greek bondholders to roll over their debt,would qualify as distressed debt restructuring.