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Uganda banks, MTN, Airtel hacked by mobile money fraudsters

October 11, 2020

A major hack that compromised Uganda’s mobile money network has plunged the country’s telecoms and banking sectors into crisis.

The Oct. 3 hack was a result of a security breach on a consumer finance aggregator, Pegasus Technologies, which mainly affected bank to mobile wallet transfers, according to an Oct. 8 statement by MTN Uganda, the country’s largest mobile phone company. Kampala-based Pegasus Technologies provides financial and billing solutions for various companies including all the affected entities.

At least $3.2 million is estimated to have been stolen in this latest incident with some reports quoting a much higher figure. The hackers used around 2,000 mobile SIM cards to gain access to the mobile money payment system, according to local papers. They then instructed the banks to transfer millions of dollars to telecommunication companies who then paid out mobile money to these different SIM cards across the country.

Get ready for a good earnings season for big U.S. banks

October 9, 2020

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DEEP DIVE

a sign in front of a building: D.A. Davidson senior analyst David Konrad recommends buying shares of Morgan Stanley and J.P. Morgan Chase because of their varied business mixes, strong capital and an expected decline in credit costs.

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D.A. Davidson senior analyst David Konrad recommends buying shares of Morgan Stanley and J.P. Morgan Chase because of their varied business mixes, strong capital and an expected decline in credit costs.

(Updates article with comments from David Konrad of D.A. Davidson about Morgan Stanley’s deal to acquire Eaton Vance and loan-loss provisioning activity.)

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Bank stocks typically drop during recessions. This time around, with the big players well-capitalized, largely free from the worst of loan loss set-asides and benefitting from a rebounding economy, investors may be looking at an opportunity staring them in the face.

And the biggest banks have clear advantages: fees from investment banking and asset management. (Below are tables showing expected and historical provisions for loan losses, non-interest income, earnings per share and analysts’ ratings for the largest dozen U.S. banks.)

The hot space — asset management

Morgan Stanley (MS) has

Take Five: Banks, Bottom Lines, Brexit | Investing News

October 9, 2020

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(Reuters) – 1/BANKING ON RECOVERY

After U.S. Q2 results beat expectations, Q3 will show whether dire forecasts for companies’ bottom lines were justified.

Most sectors will again show steep drops in earnings but it should be less dramatic than the previous quarter; expectations are for an average 21% decline, versus the 31% contraction of Q2, when coronavirus-linked lockdowns decimated economic activity.

Energy companies are seen faring worst, with earnings down 115% from a year ago, according to Refinitiv. Tech earnings are predicted to fall just 0.5% percent.

Banks — Citi and JPMorgan report on Tuesday — may see earnings slip 19% on average but there is hope that after two quarters of hefty provisioning against bad loans, potential loan losses have mostly been covered.

(Graphic: Wall Street braces for lower earnings – https://fingfx.thomsonreuters.com/gfx/mkt/qzjvqnrdxpx/Pasted%20image%201602175244692.png)

Will the Fed do something about the Treasury yield curve?

Bets on a spending boost from any

Central banks sketch out digital currency as China forges ahead

October 9, 2020

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LONDON (Reuters) – A group of seven major central banks including the U.S. Federal Reserve set out on Friday how a digital currency could look like to help catch up with China’s “trail blazing” and leapfrog private projects like Facebook Inc’s FB.O Libra stablecoin.

Small toy figurines are seen on representations of the Bitcoin virtual currency displayed in front of an image of China’s flag in this illustration picture, April 9, 2019. REUTERS/Dado Ruvic/Illustration/Files

The central banks and the Bank for International Settlements (BIS), said core features should include resilience, availability at low or no cost, appropriate standards and clear legal framework, and an appropriate role for the private sector.

Bank of England (BoE) Deputy Governor and chair of a BIS committee on payments Jon Cunliffe said the rise in cashless payments since lockdowns to fight the pandemic has accelerated how technology is changing forms of money.

Central banks began

ESG Investing Focus: Big Banks’ Money Laundering Problem | Stock Market News

October 8, 2020

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Environmental, social and governance investing, or ESG investing, has been a growing movement over the last decade. Investor demand for stocks and funds that consider more than just the bottom line is booming.

ESG investing is often associated with excluding energy stocks and sin stocks, but new reporting suggests that perhaps big banks might be larger ESG offenders than the investing public tends to believe.

Recent news reports highlight some startling issues that raise questions about the role of some big banks in global money laundering activities, with suspicious activity reports, or SARs, filed by banks with the U.S. Treasury Department’s Financial Crimes Enforcement Network, or FinCEN.

The files indicated that some of the world’s biggest banks kept moving money for suspected criminals even after previous prosecutions or fines for misconduct. The troubling client list runs the gamut from alleged narco-traffickers to suspected Ponzi scheme operators, terrorist financiers, plunderers of

Banks want to pull the levers of global finance for good

October 8, 2020

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The titans of Wall Street have long avoided taking a leadership role on environmental and social issues. Now, as public attitudes shift, they’re changing their position.

© Michael Nagle/Bloomberg/Getty Images
A person is reflected in a window of a JPMorgan Chase & Co. bank branch across the street from the company’s headquarters in New York, U.S., on Monday, Sept. 21, 2020. JPMorgan CEO Dimon has made the case for a broader return, saying his firm has seen “alienation” among younger workers and that an extended stretch of working from home could bring long-term economic and social damage. Photographer: Michael Nagle/Bloomberg via Getty Images

What’s happening: JPMorgan Chase announced Thursday that it will spend $30 billion over the next five years to promote racial equality. The announcement from the US largest bank comes after Citi and Bank of America each pledged around $1 billion to advance racial equity and economic opportunity.

Britain’s banks turn cyber sleuths to crack $100 billion mortgage mystery

October 8, 2020

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By Lawrence White

LONDON (Reuters) – Does a cancelled gym membership spell financial disaster?

That is the type of question British banks are asking as they try to work out whether borrowers owing some 75 billion pounds ($96 billion) in home loans will be good for it when a payment holiday, introduced when the coronavirus crisis first hit, ends.

Lenders are scouring current account transactions, credit card spending and trends in Internet searches for clues about customer finances as part of a wider effort to understand the damage to their portfolios from the pandemic.

The once-in-a-lifetime mix of economic shutdowns, unprecedented government support and an uncertain path to recovery have upended old risk models, based on historical data, necessitating a more dynamic, forward-looking way of analysing lending risk. The searches involve pouring over anonymised data and are a way of surveying overall risk rather than individual customer habits.

The stakes

ETF Wrap: Banks, bonds, and a 98% return for one stock picker

October 8, 2020

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What just happened?

It’s The Trump Show and we’re just living in it. From the shocking news that the president tested positive for coronavirus and was checked into the Walter Reed National Military Medical Center for three nights, to his proclamation that there would be no fiscal stimulus, to his next-day reversal, President Donald Trump dominated the talk in markets over the past week.

We covered the ups, and the downs, for airline and travel-focused ETFs: a lot of turbulence, you might say. Also, the materials sector started to strengthen, and financials jumped as markets began to price in a Democratic sweep that could boost fiscal spending and reflate yields.

That’s reflected in weekly fund flows, shown at the bottom of this page. Bond funds sold off, but bank funds rallied.

Thanks for reading.

“A fascinating time to be an active manager”

A fund that launched in 2019 is having

Japan eyes stress test on major banks to gauge impact of COVID-19 on capital

October 6, 2020

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By Leika Kihara

TOKYO, Oct 6 (Reuters) – Japan plan to conduct stress tests on its five major financial institutions this year that look into how the coronavirus pandemic could affect their earnings and capital, the central bank said on Tuesday.

Unlike many Western nations, where regulators stress tests many banks simultaneously based on standardised risk scenarios, Japan had relied on stress tests conducted individually by each bank.

As prolonged ultra-low interest rates prod major banks to diversify operations in search of yields, however, Japanese authorities decided to align their approach to that of their overseas counterparts, the Bank of Japan (BOJ) said in a report.

For the first time, the BOJ and banking regulator Financial Services Agency (FSA) conducted joint stress tests on five major financial institutions in December, it said.

The regulators presented its findings to the five institutions – Japan’s three megabanks plus Norinchukin Bank and

World’s largest banks in commodity trade financing creating digital finance registry in Singapore: report

October 6, 2020

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Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.

SINGAPORE – Some of the world’s biggest banks in commodity trade financing are creating a digital trade finance registry in Singapore to try and mitigate the risk of trade fraud and boost transparency after losing billions of dollars due to a spate of defaults.

Banks have reduced their commodities business this year to cut risk following collapses, including that of Singapore’s Hin Leong Trading (Pte) Ltd, which shocked lenders after instances of financial trouble were laid bare by the coronavirus crisis.

In a joint statement issued on Tuesday, DBS Group DBSM.SI and Standard Chartered STAN.L said they are leading a group of 12 other banks in Singapore to create and conduct a central database to access trade transactions financed across banks.

HSBC, STANDARD CHARTERED’S REPORTEDLY MOVED LARGE SUMS OF ILLICIT CASH FOR 2 DECADES WITH NO IDEA