AGP Executive Report
Last update: 11 hours agoUK Bank Tax: Reports that Chancellor John Healey may reverse a cut to the bank surcharge sent Lloyds and NatWest shares down about 2%. Banks warn a higher tax could hurt lending and competitiveness; unions say it could raise billions. UBS’s Swiss Future: UBS is weighing contingency plans to move abroad if Switzerland imposes tougher capital rules, which the bank says could require an extra $16 billion. No departure or deal has been announced. Yes Bank: India’s Supreme Court ruling against the lender’s AT-1 bond write-off has raised concerns about a potential capital hit, overshadowing forecasts for stronger quarterly earnings. Global Finance: The World Bank says it mobilized $112 billion in private capital in its latest fiscal year, while warning that 1.2 billion young people are expected to enter the workforce over 15 years against a projected 400 million jobs. Pakistan will chair the IMF and World Bank boards in 2027. Business Lending: Tanzania’s CRDB Bank secured a $75 million, 10-year facility to strengthen its capital and expand lending to small businesses. Compliance: Bank of America faces $1.21 billion in U.S. penalties tied to anti-money-laundering and sanctions failures.
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