• Citibank dumps operations in 13 countries

      Citibank dumps operations in 13 countries

      US financial giant Citigroup announced it was restructuring operations and cutting consumer banking activities of its banking arm Citibank in 13 markets in Asia, Europe and the Middle East, BBC reported. The operations in those markets will be directed to four financial hubs in a move to improve market performance and boost returns. However Citibank confirmed it would continue to offer products and services to big clients and institutions.

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    • Bank of America profit rises to $8.1bn in Q1q 2021

      Bank of America profit rises to $8.1bn in Q1q 2021

      The post-pandemic economic recovery allowed Bank of America to spur its credit activities and post a profit of 8.1 billion dollars for the first quarter of 2021, Reuters reported. The positive financial results came as the bank unfolded funds that had been kept stashed for emergency operations as the pandemic was seen deteriorating economy. But with those fears behind its back, Bank of America was allowed it to release billions from its loan-loss reserves.

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    • Coinbase value spikes to $86bn in debut trading

      Coinbase value spikes to $86bn in debut trading

      The crypto currency Coinbase made a smashing debut and it saw its shares surge and marked value reaching as high as 86 billion dollars after touching briefly 100 billion, AP reported. Coinbase Global IPO is seen by some as an inflection point for digital currencies, as Coinbase’s fortunes are closely tied to Bitcoin, the most popular crypto currency. Bitcoin’s price topped $64,000 in mid-week trading, up from $29,000 at the start of the year, and Coinbase said recently that first-quarter revenue should total around $1.8 billion, exceeding its revenue for all of 2020.

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    • ECB steps up actions to curb rates

      ECB steps up actions to curb rates

      The European Central Bank announced intentions to step up its operations aimed to curb borrowing costs, Reuters reported. ECB intervened on the bond markets to reduce rising tension over European banks. The bank further warned the European policy makers that a too early withdrawal of stimulus packages will pose serious risk for economies.

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    • Digital pound backs post-Brexit City of London recovery

      Digital pound backs post-Brexit City of London recovery

      All efforts to restore the role UK’s capital as key global finance centre should be focused on digital upgrade of transactions and payment methods. The British capital is loosing a major share of finance and stock market business after Brexit came in effect. Leading think-thanks emphasized on the role of the digital pound as a tool to facilitate a transition to more advanced transaction practices, Reuters reported.

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    • World Bank warns against high global tax minimum

      World Bank warns against high global tax minimum

      The president of the World Bank David Malpass has warned politicians and global leaders against setting a global minimum tax rate for companies that is too high, BBC reported. Malpass said he did not want to see new rules and amendments that would prevent poor countries from attracting investment with low charges. Low taxes, which attract fresh investments is a popular tool for emerging economies.

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    • IMF backs Biden’s plans for higher taxes and surcharges for the rich

      IMF backs Biden’s plans for higher taxes and surcharges for the rich

      The International Monetary Fund expressed support for the proposals of US President Joe Biden to increase corporate taxes and go further by agreeing a global minimum tax, Reuters reported. The Fund also noted that it was fair enough to impose higher taxes on wealthy firms and rich individuals who cashed big profits in pandemic and therefore can afford to pay more.

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    • World’s richest people get richer despite Covid... or because of it

      World’s richest people get richer despite Covid... or because of it

      During an extraordinary year, the number of billionaires on Forbes’ 35th annual list of the world’s wealthiest exploded to an unprecedented 2,755 - 660 more than a year ago. What's more, altogether they are worth $13.1trn, up from $8trn on the 2020 list, with dozens of newly-minted billionaires making their fortunes in areas related to combating the pandemic 

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