EU bank to stop funding fossil fuel projects in 2 years

BERLIN – The European Investment Bank said Thursday that it will stop financing fossil fuel energy projects from the end of 2021 as part of an effort to fight climate change.

The decision, which ends fossil fuel funding a year later than initially proposed, follows lengthy negotiations among European Union member states, the bank’s shareholders.

“We will stop financing fossil fuels and we will launch the most ambitious climate investment strategy of any public financial institution anywhere,” the EIB’s president, Werner Hoyer, said in a statement.

Calling climate “the top issue on the political agenda of our time,” Hoyer noted scientists’ warnings that the planet is heading for a 3-4 degrees Celsius (5.4-7.2 Fahrenheit) increase in global average temperature by the end of the century.

“If that happens, large portions of our planet will become uninhabitable, with disastrous consequences for people around the world,” he said.

The 2015 Paris climate accord aims to cap global warming at no more than 2 degrees Celsius (3.6 Fahrenheit) by 2100 compared with pre-industrial times.

The policy change —which will also see the EIB prioritize lending for energy efficiency, low carbon technology and grid improvements — comes as the EU tries to ratchet up its climate efforts.

Earlier Thursday, Germany’s Foreign Minister Heiko Maas told diplomats and scientists in Berlin that “Europe must lead, because only then other countries such as China or India will stay the course too.”

He backed a proposal by the incoming European Commission for the 28-nation bloc to agree a Green New Deal that would see economic programs linked with efforts to reduce carbon emissions.

German Environment Minister Svenja Schulze said the EU should aim to reduce greenhouse gas emissions by up to 55% by 2030 compared with 1990 levels, in line with Germany’s national target. The current EU goal is for a 40% cut.

Despite its tough talk, Germany was one of the countries which had resisted a complete end to fossil fuel funding by the EIB. Conservatives in the German government wanted an exemption for natural gas infrastructure on the grounds that it can help wean countries off more polluting coal.


Environmental groups cautiously welcomed the EIB decision but warned that it contains some loopholes for some gas projects.

The EIB, which is one of world’s biggest public lenders, loaned 55.6 billion euros ($61.93 billion) in 2018.

Separately, Sweden’s central bank said Wednesday that it has ditched bonds issued by the Canadian province of Albert and the Australian states of Queensland and Western Australia because authorities there are not doing enough to reduce carbon dioxide emissions.

On Thursday, the European Commission announced that vehicle tires will have to come with clearer energy labels from 2021, to help consumers choose those that are most efficient.

The EU executive estimates that high rolling friction can increase fuel consumption by up to 30%, and more efficient tires could have the same effect as 4 million fewer cars on the roads. /gsg

source: newsinfo.inquirer.net

Capital One Data Breach

One of the country’s biggest credit card issuers, Capital One Financial, is the latest big business to be hit by a data breach, disclosing that roughly 100 million people had some personal information stolen by a hacker.

The alleged hacker, Paige A. Thompson, obtained Social Security and bank account numbers in some instances, as well as other information such as names, birthdates, credit scores, and self-reported income, the bank,  said Monday. It said no credit card account numbers or log-in credentials were compromised.

Capital One Financial is just the latest business to suffer a data breach. Only last week Equifax, the credit reporting company, announced a $700 million settlement over its own 2017 data breach that impacted half of the U.S. population. Other companies that have had breaches include the hotel chain Marriott, retail giants Home Depot and Target.

WHAT HAPPENED?

Thompson, 33, who uses the online handle “erratic,” allegedly obtained access to Capital One data stored on Amazon’s cloud computing platform Amazon Web Services in March. She downloaded the data and stored it on her own servers, according to the complaint.

Thompson was a systems engineer at Amazon Web Services between 2015 and 2016, about three years before the breach took place. The breach went unnoticed by Amazon and Capital One.

Thompson used the anonymous web browser Tor and a Virtual Private Network in extracting the data — typical methods hackers use to try to mask infiltrations — but she later boasted about the hack on Twitter and a chat group on Slack, posting screenshots as evidence of her exploit.

It was only after Thompson began bragging about her feat in a private group chat with other hackers that someone reached out to Capital One to let them know on July 17.

Once the informant told Capital One the company closed the vulnerability. The company verified its information had been stolen by July 19 and started tracking Thompson and working with the FBI. The FBI raided Thompson’s residence on Monday and seized digital devices.

An initial search turned up files that referenced Capital One and “other entities that may have been targets of attempted or actual network intrusions.”

WHAT DID THOMPSON TAKE?

The data breach involves about 100 million people in the U.S. and 6 million in Canada.

Prosecutors said a misconfigured Capital One firewall let Thompson access folders of data that Amazon Web Services was hosting for the bank. Thompson sent a command that returned a list of more than 700 folders and copied data from an unspecified number of them. Capital One said the bulk of the hacked data consisted of information supplied by consumers and small businesses who applied for credit cards between 2005 and early 2019. The hacker also was able to gain some access to fragments of transactional information from dates in 2016, 2017 and 2018.

The bank said it believes it is unlikely that the information obtained was used for fraud, but the investigation is ongoing.

Capital One says 140,000 individuals had their Social Security numbers accessed, and another 80,000 had their bank account information accessed.

HOW DID CAPITAL ONE HANDLE THE BREACH?

Capital One says once it learned of the breach on July 17, it immediately closed the vulnerability, and it was able to figure out what Thompson accessed 36 hours later, on July 19. The company was able to build a profile on Thompson from their internal investigation and handed that to the FBI, who arrested her 10 days later, the day the bank disclosed the breach.

By contrast, it took Equifax six weeks before it publicly disclose its security incident, which was similar in size.

What To Do If You Were Affected By Capital One Hack
Capital One said it will reach out to those affected using “a variety of channels.”

That bank said it will make free credit monitoring and identity protection available to everyone affected. The company also said that consumers can visit www.capitalone.com/facts2019 for more information. In Canada, information can be found at www.capitalone.ca/facts2019 .

Consumers should also obtain copies of their credit reports at AnnualCreditReport.com. By federal law, consumers can receive a free copy of their credit report every 12 months from each of the three big agencies — Equifax, Experian, and TransUnion.

Look over all of your listed accounts and loans to make sure that all of your personal information is correct and that you authorized the transaction. If you find something suspicious, contact the company that issued the account and the credit-rating agency.

You may also want to consider freezing your credit, which stops thieves from opening new credit cards or loans in your name. This can be done online. Consumers can freeze their credit for free because of a law that President Donald Trump signed last year. Before that, fees were typical $5 to $10 per rating agency.

You’ll need to remember to temporarily unfreeze your credit if you apply for a new credit card or loan. Also, keep in mind that a credit freeze won’t protect you from thieves who file a fraudulent tax return in your name or make charges against an existing account.

You should also change your passwords regularly. CreditCards.com industry analyst Ted Rossman recommends using a password aggregator like LastPass that helps create strong, unique passwords for all of your logins.

source: usa.inquirer.net

Mortgage Broker Vs Bank To Get a Mortgage

When purchasing a home, have you debated if you should use a Mortgage Broker or the bank? Today, we have Sheriza Shamshudin from Northwood Mortgage discussing this topic.  You will learn the key difference between the two to make a better decision.



Subscribe to our Youtube Channel for more tips on mortgages!

https://www.youtube.com/c/NorthwoodMortgageLtdToronto

source: northwoodmortgage.com

HSBC bank stays in London, snubbing Hong Kong

LONDON — Europe’s largest bank HSBC said Sunday it would remain headquartered in Britain, rejecting a move to Hong Kong, despite concerns about increased regulation in the UK and a possible split from the EU.

The Hongkong and Shanghai Banking Corporation said London’s many advantages meant it was “ideally positioned” to provide a home base.

It made no reference to growing fears in Hong Kong that the city’s freedoms are being eroded by an increasingly influential Beijing, a trend observers say could damage its status as a freewheeling finance hub.

The bank began its review of where to put its headquarters in April last year, two weeks before a British general election, amid growing calls for a crackdown on a banking sector seen by many voters as feckless.

But after almost a year, during which it reportedly sought advice from former US Secretary of State Henry Kissinger, amongst others, the board unanimously decided to stay put.

“London is one of the world’s leading international financial centers and home to a large pool of highly skilled, international talent,” the bank said in a statement.

“It remains therefore ideally positioned to be the home base for a global financial institution such as HSBC.”

Investors cheered the decision, with the bank’s Hong Kong-listed stock rising more than three percent by the lunch break.

Bank chief executive Stuart Gulliver said the final choice had been between Britain and Hong Kong, although the review had also reportedly considered Germany and the United States.

The British government has pledged to hold a referendum on membership of the European Union, which supporters say is vital if London is to continue to thrive as a financial center for the continent.

In the run-up to HSBC’s decision, some had argued that a Britain outside the EU would be less attractive to big business.

Hong Kong ‘pivotal’
While the uncertainty may have counted against London, slowing growth in China — for which Hong Kong acts as an important gateway — has made the former British colony less attractive in recent months.

Hong Kong is semi-autonomous, with an agreement that its way of life — and freedoms unseen on the mainland — must be protected for 50 years.

But the recent disappearance of five Hong Kong booksellers known for titles critical of Beijing has exacerbated worries that those freedoms are being eroded.

HSBC said that “Asia remains at the heart of the group’s strategy,” and that the bank would put particular emphasis on investing further in China’s Pearl River Delta and Southeast Asia, with Hong Kong playing a “pivotal” role.

A UK finance ministry spokeswoman said the decision was “a vote of confidence in the government’s economic plan and a boost to our goal of making the UK a great place to do more business with China and the rest of Asia”.

Carolyn Fairbairn, director-general of the Confederation of British Industry (CBI), a big business lobby, also welcomed the decision.

“We want to have truly global companies, major employers like HSBC, headquartered here,” she said.

The review “emphasizes the need for the UK to continuously stay competitive on regulation, tax and talent,” she added.

The Asia-focused bank’s review of its headquarters highlighted concern about government policy to ring fence British banks’ retail operations to protect them from their investment divisions.

The board had “asked management to commence work to look at where the best place is for HSBC to be headquartered” amid “regulatory and structural reforms”, HSBC chairman Douglas Flint had said in a statement.

HSBC has been based in Britain since 1992 when it took over Midland Bank and shifted its headquarters from Hong Kong to London.

It was founded in Hong Kong and Shanghai in 1865 and 48,000 of its 257,000 global staff are in Britain.

source: business.inquirer.net

BDO signs biggest syndicated term loan of $500 million

BDO Unibank Inc. has closed a $500-million, three-year syndicated term loan with international banks, marking its largest syndicated loan transaction to-date.

“BDO intends to utilize the facility for refinancing of an existing term loan and for general banking and corporate purposes,” the bank said in a disclosure to the Philippine Stock Exchange Thursday.

It signed the three-year agreement with various lenders across the Americas, Europe, Asia, and the Middle East.

The deal is considered the largest syndicated loan transaction by a Philippine financial institution to-date.

“The facility generated strong interest and was oversubscribed, prompting BDO to upsize it to $500 million from the initial tranche of $350 million,” the Sy-led lender said.

Lead arrangers and bookrunners for the deal were Bank of America N.A., Deutsche Bank AG-Singapore Branch, The Hong Kong and Shanghai Banking Corporation (HSBC) Limited, Mizuho Bank Ltd., Standard Chartered Bank, and United Overseas Bank Limited. – Jon Viktor Cabuenas/VS, GMA News

source: gmanetwork.com

HSBC warns of choppy emerging markets as profit misses forecasts

LONDON – HSBC reported a 9 percent increase in annual pretax profit on Monday, which missed market expectations, and warned of greater volatility in emerging markets this year, sending its stock price sharply lower.

Europe's largest bank has axed tens of thousands of jobs and sold or closed 60 businesses over the past three years to cut costs but is under pressure to show how it can boost revenues in the face of slowing growth.

Chief Executive Stuart Gulliver's warning of choppy markets this year sent HSBC's shares down more than 4 percent in mid-morning trade.

The bank reported a 2013 pretax profit of $22.6 billion, up from $20.6 billion in 2012 but below the average forecast of $24.3 billion in a Thomson Reuters poll. Revenues fell 5 percent, partly reflecting the disposal of some businesses.

Operating expenses dropped by $4.3 billion last year, below the $5 billion drop anticipated by analysts. – Reuters

source: gmanetwork.com

JPMorgan nears multibillion-dollar mortgage settlement: NY Post

CHICAGO - JP Morgan Chase & Co could reach a multibillion-dollar deal as early as Tuesday, putting an end to the bank's woes from mortgage securities-related investigations, the New York Post reported over the weekend.

The bank and government officials met last week to try to negotiate a settlement in the $11 billion range to resolve many of the probes into how it sold mortgage bonds before the financial crisis, a source familiar with the matter told Reuters.

Negotiations have involved the possibility of JP Morgan paying up to $7 billion in cash and $4 billion in consumer relief—a large sum, but representing little more than half the bank's 2012 profit of $21 billion.

JP Morgan CEO Jamie Dimon met with U.S. Attorney General Eric Holder on Thursday. While it is unusual for a company CEO to meet with the head of the U.S. Justice Department, the bank is seeking to tamp down its legal difficulties.

The settlement, if it goes ahead, would likely include claims from the regulator of Fannie Mae and Freddie Mac, which has sought some $6 billion from the bank over risky mortgage securities sold to the government-sponsored entities, according to two people familiar with the matter, Reuters reported.

JPMorgan was saddled with about 70 percent of the debt in nonperforming home loans during the financial crisis. — Reuters

source: gmanetwork.com

BofA Unveils Teller Assist - Video Chatting ATMs

ATMs are a quick and easy way for customers to take out cash, check their balance and deposit checks without waiting in line to speak to a teller. But there are times when customers would prefer a little human interaction.

Now Bank of America (BAC) customers in Boston can have both. The bank is installing Teller Assist, a video chat service, in its ATMs this month. BofA expects to expand the services to other parts of the country throughout the year.

BofA shares rose 1% on the stock market today.


The new ATMs will have video chat features that can be used from 7 a.m. to 10 p.m. Monday through Friday, and 8 a.m. to 5 p.m. during the weekends.

"We know that customers want to bank on their schedule — not ours — so we are constantly looking at how to deliver more convenient banking options to them," said Katy Knox, retail banking and distribution executive in a statement.

The upgraded machines will offer support in English and Spanish and cash checks for an exact amount. The ATMs will be able to withdrawal cash in a variety of denominations: $1, $5, $20 and $100. Future functions include splitting a deposit into two or more accounts and making loan or credit card payments.

The Banks-Money Center is ranked No. 137 out of the 197 industry groups IBD tracks.

source:  news.investors.com

Good Customer Service Makes Banking Consumers Feel Financially Confident

According to a survey by TD Bank, 60% of consumers who are happy with their bank say they they have low- or no financial stress, and more than half are optimistic about their financial future. Moreover, consumers who define themselves as happy with their bank spend 72 minutes less (7.3 hours vs. 8.5 hours) each week worrying about their financial situation compared to those who say they are not happy with their bank.

“All banks are not the same when it comes to the service they provide. Research shows those who feel valued by their bank are more likely to be happy with their financial state,” said Ryan Bailey, EVP/Head of Deposit Products at TD Bank.

TD Bank surveyed more than 1,500 consumers all along the east coast — from Maine to Florida — to better understand consumers’ banking experiences, their financial stress, as well as their financial outlook.

Other key findings from the survey include:

• Three-out-of-four respondents aged 18-34 noted friendly service as a key characteristic to an ideal banking relationship compared to 82% of ages 35-54 and 89% of those 55+.
• When examining the nature of banking interactions, the majority of consumers are using bank branches (73%) followed by phone (30%) and online (13%)
• Not surprisingly, those 18-34 are most likely to go online, however 65% still use bank branches.
• Top financial goals among those polled included saving (56%) followed by paying off debt (38%) and planning for retirement (36%).
• Among those aged 35-54, saving and investing more (63%) and planning for retirement (49%) were top priorities.

Based on the survey, Bailey concluded that “fast and simple” customer service is the key to influencing customer feelings of satisfaction. For customers to feel valued by their financial institution, the most critical components most often cited include friendly service (82%), knowledgeable advice (62%) and being a reliable financial resource (60%).

Bailey says banks have an opportunity to improve customers’ financial lives beyond the functional aspects of transactions. He says consumers will have positive brand associations with their primary financial provider if banks and credit unions would help them make banking easier.

Financial marketers should seek to establish a positive connection with consumers and foster trust, because people’s feelings of satisfaction towards their bank can give them a solid foundation to build a more confident and secure financial future, Baily explains.

The study was conducted from January 23-28, 2013. The sample size of 1,520 has a margin of error of +/- 2.5%. The survey was hosted by global research company Angus Reid Public Opinion.

 source: thefinancialbrand.com

UCPB says loans, trading gains drove 2012 net income up 22%

The United Coconut Planters Bank (UCPB) grew its net income by 22 percent last year, mainly through its loan portfolio and trading and securities earnings.

UCPB posted a net income of P3.73 billion for 2012, up by 22 percent from the P3.06 billion in 2011, the bank said in a statement Monday.

Total loans went up by 24 percent to P87.72 billion from P70.52 billion, with the consumer portfolio growing by 33 percent. Corporate accounts make up 45 percent of the loan portfolio.

Non-interest income jumped by 47 percent to P3.1 billion from P2.1 billion due to higher trading gains in securities and better fee based income. UCPB noted that ATM transactions increased by 20 percent.

Moving forward, the growth in fees will stay robust on the back new products launched like the UCPB Connect, an online facility that provides banking flexibility and convenience to clients, which also allows users to access their bank statement and pay bills through mobile devices.

As of end-2012, the bank posted total assets of P218.72 billion—up by 9 percent—due to sound financial fundamentals and knowledge of the current market conditions, while total capital increased by 15 percent to P20.27 billion. — VS, GMA News

source: gmanetwork.com