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The Finanser’s Week: 22nd July – 28th July 2013

Our biggest stories of the past week are …

The African bank crisis and remittances

I’m on holiday in
Africa to get away from it all, but just to show that banking is a global
business, there’s an ongoing banking crisis relating to Africa. I’ve been
tracking the issue – that Barclays is in the… 

Zimbabwe's currency crisis and the 100 trillion dollar
note

During my trip to Africa, we had a few days out at the
magnificent Victoria Falls. An amazing natural wonder of the world,
particularly from the Zimbabwean side of the falls where you can walk the 1.8
kilometres opposite the…

The importance of
what's on the banknotes

As mentioned, I’m now becoming a collector of weird and
wacky bank notes, as well as those that are hugely historical or politically
interesting. This is particularly worthwhile as cash is disappearing fast so
these notes won't be around for…

A day in the life of mobile payments 2015 [Infographic]

Two years from now, Mobile Payments Today forecast that the
typical mobile user will be living like this infographic below.

How Google makes money

Just recovering from a two week stint abroad –
more on this later this week – and back to blogging as usual. However, as my
brain has been completely switched off from banking and stuff (well, almost),
I'm going to…

  

The major general news stories of the past week include …  

Welby
warns of bankers 'lynch mob'
– BBC
The Archbishop of Canterbury, Justin Welby, describes the shaming of bankers in
the wake of the financial crisis as "lynch mobbish".


Church
plans to force out Wonga
– BBC
The Archbishop of Canterbury warns online lender Wonga that the Church of
England plans to force it out of business – by competing against it.


Why
Justin Welby's vision of kumbayah capitalism is wrong
– The Telegraph
Justin Welby is wrong on credit unions. By suggesting they are a panacea for
people who need to use the services of pay day lenders such as Wonga, he is
missing the point.        


RBS
fined for reporting flaws worsened by ABN Amro deal
– Reuters
LONDON (Reuters) – Britain's Financial Conduct Authority has fined Royal Bank
of Scotland 5.6 million pounds ($8.6 million) for failing to report
transactions the watchdog needs to help it spot market abuses.


Next
phase of RBS’s revival in question
– Financial Times
Hopes of attracting a big-hitting outsider to replace Stephen Hester as chief
executive of the state-controlled bank have halted amid differences


Merrill
Lynch female trainees 'given Seducing the Boys Club book'
– The
Telegraph
Female trainees at Merrill Lynch were handed copies of "Seducing the Boys
Club: Uncensored Tactics From a Woman at the Top" and told to follow its
advice, which included "the art of S&M – seduction and
manipulation", according to a sexual bias lawsuit.      
 


Kleinwort
boss Sally Tennant shares Ginger's view of getting on 'in heels and backwards'

– The Telegraph
Sally Tennant reveals why the 200-year-old investment bank has had to change
its focus.        


Interchange
fees: Card sharps
– Economist
TO POLITICIANS, banks are both incompetent behemoths waiting for public
bail-outs and conniving profiteers pulling a fast one on their customers. Just
as one arm of the European Commission has been finalising new rules that will
force banks to have much more capital on their balance-sheets in order to make


Single
currency could emerge from recession as eurozone bounces back to growth

– The Independent
Manufacturers in the UK and Europe put their Chinese rivals in the shade for
once today amid more recovery signs for the economy.      
 


Cost
of weeding out criminals and tax cheats hits private banks
– Reuters
LONDON (Reuters) – Private banks managing the financial affairs of the world's
wealthy face spending millions of dollars every year on vetting new clients, as
regulators get tough on banks that harbor tax cheats and money launderers.

 

 

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About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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