The International Monetary Fund (IMF) is urging China to tackle what it calls deepening economic “imbalances,” warning that a country of 1.4 billion people is now too large to lean on exports as its main engine of growth. After the Fund’s annual review of the Chinese economy, IMF Managing Director Kristalina Georgieva said Beijing’s record trade surplus and subdued domestic…
Moynihan Affirms Long-Term Role While Preparing Successors Brian Moynihan, Chairman and Chief Executive Officer of Bank of America, reiterated in recent remarks that he has no intention of leaving his role in the near future. Speaking in a Bloomberg TV interview, he asserted that while move-on is not imminent, his duty—and that of his management team—is to ensure that individuals…
Ukraine’s government has presented its draft budget for 2026, outlining a deficit equivalent to 18.4% of gross domestic product (GDP), Prime Minister Yulia Svyrydenko announced. The budget envisions revenues of around 2.8 trillion hryvnias (approximately USD 67 billion) against expenditures projected at 4.8 trillion hryvnias. The gap underscores the scale of fiscal pressures facing Ukraine as it continues to fund…
The Financial Conduct Authority (FCA) has announced plans to scrap the current £100 ceiling on contactless card transactions in the United Kingdom. If adopted, the measure would allow banks and card issuers to set their own thresholds for contactless payments, potentially opening the way for customers to make higher-value purchases without entering a PIN or using chip-and-pin verification. Proposal to…
Strategic Restructuring Initiative Australia’s ANZ Group, one of the country’s largest banking institutions, has announced plans to cut 3,500 jobs over the next 12 months as part of a sweeping overhaul under new Chief Executive Officer Nuno Matos. The decision, revealed in early September, marks one of the most significant corporate restructuring efforts in the Australian banking sector in recent…
Spain’s stock market watchdog, the Comisión Nacional del Mercado de Valores (CNMV), has granted approval for BBVA’s long-planned takeover attempt of Banco Sabadell, clearing the way for one of the most significant banking moves in recent Spanish history. The €14.9 billion hostile offer, equivalent to about $17.4 billion, will formally open on Monday, September 8, and will run until October…
The Federal Reserve Board announced it will host a Payments Innovation Conference on Tuesday, October 21, 2025, marking a significant step in its continued focus on financial technology and modernization. The news was released on September 3, 2025, and reflects the central bank’s recognition of the rapid evolution in payments technology and its impact on consumers, businesses, and financial institutions.…
