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☆ Fort Smith, Canada plane crash: Fatalities reported including Rio Tinto employees in Northwest Territories
▼ + stars: | 2024-01-23 | by ( Sara Smart | Aya Elamroussi | ) edition.cnn.com time to read: +3 min

In response to the crash, Fort Smith Health Centre activated its mass casualty protocol around 8:50 a.m. on Tuesday, according to Northwest Territories Health and Social Services Authority. The crash also drew responses from the Royal Canadian Mounted Patrol, the Canadian Rangers and the Royal Canadian Air Force. Investigators with the Northwest Territories coroner’s office and the Transportation Safety Board were also sent to Fort Smith following the crash. Following the crash Tuesday morning, Fort Smith officials asked to stay away from the crash site to allow officials to respond. “Please be advised that an aviation incident occurred this morning,” the town of Fort Smith said in a post on Facebook.

Persons: Fort Smith, Garth Eggenberger, R.J, Simpson, David Lavallee, Lavallee, ” Organizations: CNN, Rio Tinto, Northwest, “, Fort Smith Health Centre, Northwest Territories Health, Social Services Authority, Royal Canadian Mounted Patrol, Canadian Rangers, Royal Canadian Air Force, Transportation, British Aerospace Jetstream, Northwestern Air Lease, Board of Canada, Northwestern Air Lease’s, RCAF, CNN Canada, CBC News, CC, Hercules, RCMP, CBC, Fort, Facebook, Royal Canadian Mounted Police, TSB Locations: Canada’s Northwest Territories, Fort, Rio, Northwest Territories, Winnipeg, Otter, Yellowknife, Trenton, Calgary

[1/2] Former UK finance minister (Chancellor of the Exchequer), Alistair Darling, poses for a photograph in Edinburgh, Scotland, Britain, Aug 31, 2018. REUTERS/Russell Cheyne/File Photo Acquire Licensing RightsLONDON, Nov 30 (Reuters) - Former British finance minister Alistair Darling, who steered the country's economy and banking system through the shock of the global financial crisis in 2007-08, has died aged 70 after undergoing treatment for cancer, his family said on Thursday. Darling was named chancellor of the exchequer by former prime minister Gordon Brown in June 2007, just as the crisis was brewing at leading financial institutions. "I never met anyone who didn't like him," Brown's predecessor as prime minister, Tony Blair, said. "Darling's passing is a huge loss to us all," said Britain's present prime minister Rishi Sunak, from the centre-right Conservative party.

Persons: Alistair Darling, Russell Cheyne, Darling, Gordon Brown, Brown, Margaret, Calum, Anna, Tony Blair, Lehman, Rishi Sunak, Muvija, Kate Holton, Andrew Heavens Organizations: REUTERS, Royal Bank of Scotland, Lloyds TSB, Labour Party, Treasury, Western General Hospital, Loretto School, Aberdeen University, The Guardian, Lehman Brothers, Conservative, Thomson Locations: Edinburgh, Scotland, Britain, British, United Kingdom

☆ Payments-app war drags banks into discomfort zone
▼ + stars: | 2023-11-14 | by ( John Foley | ) www.reuters.com time to read: +4 min

NEW YORK, Nov 14 (Reuters Breakingviews) - Banks tend to have a consistent message for customers who unwittingly make payments to scammers: tough break. Rapid growth in digital payments has brought out a softer side in lenders such as JPMorgan (JPM.N) and Bank of America (BAC.N). If the con artist was posing as the victim’s bank, a government agency or a legitimate company – say, a utility – the sender’s bank will return the funds if other criteria are met and recoup them from the recipient’s bank. From next year its banks will have to reimburse victims of online payment deceit. Moreover, convenience and trust are powerful weapons: Bank of America customers now use Zelle twice as often as their checkbooks.

Persons: Banks, Taylor Swift, Zelle, Wells, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, JPMorgan, Bank of America, TSB, SVB, Warning Services, Services, PNC Financial, US Bancorp, Truist, Thomson Locations: Zelle, Britain, Wells Fargo

☆ TSB leads UK banks in reimbursing customers conned by fraudsters
▼ + stars: | 2023-10-31 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Oct 31 (Reuters) - TSB came top among Britain's main banks in reimbursing customers conned by fraudsters, the Payment Systems Regulator (PSR) said on Tuesday in its first public survey of how individual lenders handle fraud. "This provides better information for customers on how firms handle APP fraud and encourages these firms to take more action to tackle it." UK Finance, a banking industry body, said the financial services sector invests more in countering fraud than anyone else, and is the only sector that reimburses victims. "What today’s data from the PSR does not show is where fraud starts," UK Finance said in a statement. Over 90% of authorised fraud begins online, over the phone, through social media or fake messages, but tech and telecom companies bear no responsibility for reimbursing victims, UK Finance said.

Persons: fraudsters, Chris Hemsley, Hemsley, Huw Jones, Jason Neely Organizations: TSB, Payment Systems, PSR, Sabadell, Nationwide, HSBC, Finance, Thomson

☆ Spain's Sabadell lifts 2023 outlook for lending income and profitability
▼ + stars: | 2023-10-26 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

The logo of Sabadell bank is displayed in Barcelona, Spain, March 16, 2023. Its net interest income (NII), earnings on loans minus deposit costs, rose 29% year-on-year to 1.24 billion euros. Higher lending income also helped the bank lift its 2023 target for return-on-tangible equity ratio (ROTE), a measure of profitability, to around 11.5% from 10.5%. Sabadell finished the quarter with a ROTE of 11.59% after net profit rose 46% year-on-year to 464 million euros, beating the 383 million analysts expected. Sabadell also announced an interim dividend of 0.03 euros per share in cash, up 50% versus last year.

Persons: Nacho, JP Morgan, Jesús Aguado, Varun, Mark Potter Organizations: REUTERS, Sabadell, British, TSB, Barclays, Thomson Locations: Sabadell, Barcelona, Spain, MADRID

☆ Ireland hikes bank levy to 200 mln euros, revises methodology
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Clodagh Kilcoyne/ File Photo Acquire Licensing RightsDUBLIN, Oct 10 (Reuters) - Ireland will revise how it calculates its levy on banks after announcing plans to raise 200 million euros ($211.7 million) from the measure next year, up from 87 million euros in 2023, Finance Minister Michael McGrath said on Tuesday. The share paid by the remaining three banks is based on the amount of deposit interest retention tax (DIRT) each pay. McGrath told a news conference that the basis of the levy will change to being related to the value of a lender's deposits. Analysts at Davy Stockbrokers had said that an increase to 200 million euros based on the existing DIRT would have had an outsized impact on Permanent TSB (PTSB.I), relative to its larger rivals AIB (AIBG.I) and Bank of Ireland (BIRG.I). Davy estimated that the incremental impact from an increase based on retail or household deposits would be in the range of 2-3% of 2024 profit before tax across all three banks, based on its current forecasts.

Persons: Finance Paschal Donohoe, Michael McGrath, Clodagh, McGrath, Davy Stockbrokers, Davy, Padraic Halpin, William Schomberg, Mark Heinrich Our Organizations: Finance, Public Expenditure, REUTERS, Rights, TSB, AIB, Bank of Ireland, Thomson Locations: Dublin, Ireland, LONDON

☆ Stingy UK bank saving rates may become a non-issue
▼ + stars: | 2023-08-10 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Aug 10 (Reuters Breakingviews) - Banks are keeping the fruits of higher interest rates for themselves. Between January 2022 and May 2023, the Bank of England hiked rates by 4.25 percentage points. The nine largest UK banks boosted the interest on easy-access savings accounts by 1.18 percentage points, the FCA found. The upshot is that they’ll have to bid more aggressively for funding in the future, for example by raising interest rates on savings accounts. Second-quarter results suggest it too is paying more for funding: interest expense almost doubled between the second half of 2022 and the first half of 2023.

Persons: juicier, BoE, George Hay, Streisand Neto Organizations: Reuters, Authority, Barclays, Lloyds Banking Group, Bank of, FCA, Monday, Reuters Graphics Reuters, NatWest, Barclays ’, Lloyds, Banco Santander, Banco Bilbao Vizcaya Argentaria, European Central Bank, Bank of England, ECB, Spanish, Financial, HSBC, Santander UK, Nationwide Building Society, TSB Bank, Virgin Money, Bank, Thomson Locations: Britain, Spain, Bank of England, Italy, Hungary

☆ Britain's banks told to justify low savings rates by end of August
▼ + stars: | 2023-07-31 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Henry Nicholls/File PhotoLONDON, July 31 (Reuters) - Britain's banks and building societies have until the end of August to justify to regulators why some of their savings rates are low or face sanctions, the markets watchdog said on Monday, as Bank of England rates look set to rise to their highest since 2008. Smaller lenders offer higher savings rates than their bigger rivals, the FCA added. "Firms offering the lowest savings rates will be required to justify by the end of August how those rates offer fair value, according to the consumer duty that enters into force today," the FCA said in a statement. Banks and building societies offering the lowest rates have to complete a "fair value" assessment for the regulator by the end of August. The FCA will also review the timing of changes to savings rates each time BoE rates move, publish an analysis every six months of easy-access rates, analyse how savings products contribute to profitability and, by the end of March 2024, review how firms engage with customers.

Persons: Henry Nicholls, Banks, BoE, Huw Jones, Kevin Liffey Organizations: REUTERS, Bank of, Financial Conduct Authority, Lloyds, HSBC, NatWest, Santander UK, Barclays, Nationwide Building Society, TSB Bank, Virgin Money, Bank, FCA, Thomson Locations: London, Britain

☆ Sabadell doubles Q2 net profit, lifts guidance for 2023
▼ + stars: | 2023-07-27 | by ( Jesús Aguado | ) www.reuters.com time to read: +3 min

Spain's fourth-largest bank by market value reported a net profit of 359 million euros ($398 million) for April-June, compared with 179 million euros in the same period last year. Analysts polled by Reuters had expected a net profit of 287 million euros. TSB's net interest income (NII) - earnings on loans minus deposit costs - grew 9.7% year-on-year in the quarter. Sabadell's NII in the quarter rose 30% year-on-year to 1.17 billion euros. Domestic rival Unicaja (UNI.MC) said its net profit rose by around 6% year-on-year in the second quarter, also supported by higher financial margins.

Persons: Spain's, Leopoldo Alvear, Alvear, Sabadell's, Unicaja, Jesús Aguado, Emma Pinedo, Miral Fahmy, Mark Potter, Susan Fenton Organizations: Bank, Sabadell, Reuters, British, TSB, Barclays, Thomson Locations: MADRID, Sabadell, Spain

☆ Titan submersible: What's next in the search for the imploded submersible?
▼ + stars: | 2023-06-24 | by ( Zoe Sottile | ) edition.cnn.com time to read: +10 min

The discovery led the US Coast Guard to announce the ship likely imploded, killing all five passengers aboard. The Odysseus 6 discovered debris from the Titan submersible about 1,600 feet from the wreckage of the Titanic on Thursday, according to the US Coast Guard. All five are presumed dead after the “catastrophic implosion” of the submersible, according to the US Coast Guard. On Friday, Coast Guard Rear Adm. John Mauger said, “I don’t have an answer for prospects at this time” when asked about recovering remains. A Coast Guard official said Thursday that authorities are discussing how an investigation would unfold since the implosion took place in international waters.

Persons: Paul Hankins, ”, Tom Maddox, “, John’s, Shahzada, Suleman Dawood, Hamish Harding, Paul, Henri Nargeolet, John Mauger, ” Aileen Marty, CNN’s Anderson Cooper, ” OceanGate, Mauger, Rush, What’s, OceanGate’s, David Lochridge, William Kohnen, OceanGate, classing, ” Rush, David Pogue, don’t, Don’t Organizations: CNN, Titan, US Coast Guard, Research Services, Coast Guard, Forensic Investigators, Deep Energy, Stockton Rush, OceanGate Expeditions, Florida International University, Maritime Horizon Services, Maritime Horizon, Navy, ”, Authorities, Canada, Transportation, Board of Canada, Transportation Safety Board of Canada, TSB, Canadian, Twitter, National Transportation Safety, Marine Technology, American Bureau of Shipping, Lloyd’s, Rush Locations: Canada, St, British, French, Newfoundland, John’s, Labrador

☆ Off-duty pilot helps land Air Canada plane after medical emergency - TSB
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, June 23 (Reuters) - One of the pilots flying an Air Canada jet airliner became incapacitated during a domestic flight but the plane landed safely after an off-duty pilot stepped in to help, authorities said on Friday. The Transportation Safety Board (TSB) said the incident occurred on June 7 during a 2,115 km (1,300 mile) flight to St John's in the Atlantic province of Newfoundland from Toronto. A deadheading captain assumed the crew member's duties and landed the aircraft without further incident," the TSB said in an emailed statement. A deadheading pilot is one who is flying commercially on their way to a new assignment. According to Air Canada's website, the carrier generally operates the flight with an Airbus A-220 twin-engine airliner, which can carry around 140 passengers.

Persons: John's, David Ljunggren, Grant McCool Organizations: OTTAWA, Air Canada, Transportation Safety Board, TSB, Air Canada's, Airbus, Thomson Locations: Atlantic, Newfoundland, Toronto

In addition to mergers and acquisitions, the options include a sale of the bank and an initial public offering (IPO), the people said. Officials for Co-op Bank, Aldermore, OneSavings Bank, Paragon and Shawbrook declined to comment. Co-op Bank had an equity value of close to 1.3 billion pounds ($1.61 billion) as of the end of December, based on its latest annual accounts. It had more than 28 billion pounds of assets on its balance sheet and reported a profit before tax of 132.6 million pounds for 2022. Later that year, Co-op Bank made an offer for domestic rival TSB Group, which was rejected by Spanish parent Banco Sabadell (SABE.MC).

☆ Profits, guidance up at Ireland's PTSB on NatWest loan deal
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

DUBLIN, March 1 (Reuters) - Ireland's permanent tsb (PTSB) (IL0A.I) posted a jump in annual profit on Wednesday reflecting what it has called its "once-in-a-generation" purchase of loans from rival Ulster Bank. It posted a profit before tax of 267 million euros for 2022 versus a loss of 21 million euros a year earlier. Some 222 million euros of that arose primarily from taking on Ulster's mortgage and SME loan books, it said. Analysts at Davy Stockbrokers said the guidance indicated low- to mid-teen percentage upside to its forecasts and that the pace of European Central Bank interest rate rises could result in further upside. NatWest took a 17% share in PTSB as part of the loans deal, diluting the Irish government's holding to 62%.

☆ British bank TSB fined £48.65 million over IT platform migration failures
▼ + stars: | 2022-12-20 | by ( ) www.cnbc.com time to read: +1 min

British lender TSB has been fined £48.65 million ($59.07 million) over a botched IT platform migration in 2018, the Financial Conduct Authority and the Bank of England said on Tuesday. The IT upgrade "immediately experienced technical failures", the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) said, resulting in "significant disruption" to TSB's in-person, online and phone banking services. TSB was fined £29.75 million by the FCA and £18.9 million by the PRA, receiving a 30% discount by agreeing to settle the issue, the statement said. In a statement, TSB CEO Robin Bulloch apologised to consumers hit by problems during the upgrade. TSB's Spanish owner lender Sabadell said in a statement that the settlement would be accounted for by TSB in the fourth quarter.

LONDON/MADRID, Dec 20 (Reuters) - British lender TSB has been fined 48.65 million pounds ($59.1 million) over a botched IT platform migration in 2018, UK regulators said on Tuesday. The regulators found that TSB failed to organise and control the migration adequately, and failed to manage operational risks from its IT outsourcing setup. TSB was fined 29.75 million pounds by the FCA and 18.9 million pounds by the PRA, receiving a 30% discount by agreeing to settle the issue, the statement said. In a statement, TSB CEO Robin Bulloch apologised to consumers hit by problems during the upgrade. "Over the past four years, we have harnessed our technology to deliver new products and better services for TSB customers."

☆ UK banks’ Big Bang thankfully looks like big flop
▼ + stars: | 2022-11-30 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Yet, the mooted changes would probably only benefit middling lenders like Santander UK, Virgin Money (VMUK.L) and Banco Sabadell’s (SABE.MC) TSB Bank, according to the FT. And on Wednesday, the BoE’s supervisory body said it planned largely to stick to international bank-capital rules, dubbed Basel 3.1. But the big flop might not be such a bad thing for the country’s financial sector. Separately, the government’s City minister Andrew Griffith said on Nov. 29 that he wanted to relax the so-called ringfencing regime that forces large British lenders to separate their retail and investment banking arms. According to the Financial Times, the ringfencing regime would still apply to the biggest UK banks but there could be exemptions for lenders with limited trading operations including Santander UK, Virgin Money and TSB Bank.

☆ Bank of Ireland increases fixed mortgage rates by 0.25%
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

DUBLIN, Nov 10 (Reuters) - Bank of Ireland (BIRG.I) followed main rival AIB (AIBG.I) in increasing mortgage interest rates after the European Central Bank began to hike its rates, adding a smaller 0.25% to the cost of a new fixed-rate mortgage on Thursday. AIB (AIBG.I), the country's largest mortgage lender, last month became the first Irish bank to increase its fixed rates since the ECB began to push rates up at its fastest pace on record. It increased new fixed rates by half a percentage point. While Ireland's third high street lender Permanent TSB (IL0A.I) has yet to move, non-bank mortgage lenders in the market - ICS Mortgages, Avant Money and Finance Ireland - have increased the cost of mortgage products in recent weeks. Reporting by Padraic Halpin; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of Ireland follows AIB in raising interest income guidance
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

DUBLIN, Nov 9 (Reuters) - Bank of Ireland (BIRG.I) on Wednesday followed main rival AIB (AIBG.I) in upgrading its net interest income guidance for 2022, reflecting the faster pace of European Central Bank interest rate increases. Ireland's largest bank by assets said in a trading update that it expects net interest income to increase by around 6% to 7% year-on-year compared to its previous guidance that it would be modestly higher than 2021. AIB, the country's largest mortgage lender, forecast last month that its net interest income would increase by more than 15% compared to the 10% expected previously. AIB is the only Irish bank so far to increase non-tracker mortgage interest rates since the ECB began to hike rates at its fastest pace on record. Bank of Ireland's 3% interest income growth year-to-date was driven by the bank no longer being charged negative rates by the ECB for excess deposits.

☆ Ireland sells 5% of AIB for 397 million euros
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, Nov 8 (Reuters) - Ireland sold 5% of Allied Irish Banks (AIB) (AIBG.I) to institutional investors for 396.6 million euros ($396.24 million), the finance ministry said on Tuesday, part of a drive to sell down bank stakes acquired during the financial crisis. The state's stake stood at 71% at the start of the year. Ireland pumped 64 billion euros ($64.2 billion), or almost 40% of its then annual economic output, into the country's banks just over a decade ago following a huge property crash. It sold the last of its shares in Bank of Ireland (BIRG.I) in September. ($1 = 1.0009 euros)Writing by Conor Humphries; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Ireland to sell 8% of its majority stake in AIB in one go
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, Nov 7 (Reuters) - The Irish government received more than enough demand to cover the sale of 8% of its majority stake in Allied Irish Banks (AIB) (AIBG.I) in an accelerated book build on Monday, one of the joint bookrunners said. The state's stake stood at 71% at the start of the year. AIB shares closed up 1.96% at 3.20 euros on Monday. The last placing, conducted before euro zone banks began to benefit from European Central Bank interest rate hikes, was priced at 2.28 euros per share. Ireland pumped 64 billion euros ($64.2 billion), or almost 40% of its then annual economic output, into the country's banks just over a decade ago following a huge property crash.

☆ I'm due to make $1,170 just by switching bank accounts. It only took 10 minutes to do it each time — here's how I did it.
▼ + stars: | 2022-10-26 | by ( Chris Stokel-Walker | ) www.businessinsider.com time to read: +6 min

Faced with rising energy bills and double-digit inflation in the UK, every little bit can help, which is why I was drawn to the idea of switching bank accounts. By the time I realized this in mid-September, Santander had withdrawn its switching bonus offer. The bank also offered to credit my Santander account with a £50 payment by way of apology. By then, NatWest was already in the process of switching my First Direct account over, so I couldn't switch it to Santander. And you need savings, as some of the banks I used required £1,000 or more in the new accounts to get the switching bonus.

☆ Silicon Valley Bank hires UK chair, sees deal boom despite tough macro outlook
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 22 (Reuters) - California-based Silicon Valley Bank (SIVB.O) (SVB) has hired former TSB Bank executive Darren Pope as Chairman of its newly-formed British subsidiary, as it expands its business advising on tech deals despite the darkening economic outlook. Initial public offerings have been even harder-hit, with funds raised plunging 88% this year compared to 2021 to just $1.2 billion, according to the Refinitiv data. "A lot of money has been raised by venture capital and that money is time-bound," Platts said, meaning it has to be invested, giving Silicon Valley Bank confidence to grow its British business despite the tougher macro environment. Silicon Valley bank hired more than 150 staff across finance, risk and compliance roles in Europe in 2021, Reuters reported in July last year, as it looked to connect investors with tech firms across the continent. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting By Lawrence White; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

☆ I just tried to buy altcoins in the UK and it was a nightmare. Here's how I ended up with $10 locked in an eToro account — and why I think it's a sign that crypto needs a bear market.
▼ + stars: | 2022-01-31 | by ( Kari Mcmahon | ) www.businessinsider.com time to read: +13 min

The crypto market has dominated headlines as the currency generated stellar returns. Since I was buying crypto in the UK, the process is slightly different than in the US. "eToro Wallet acts as the gateway between the eToro investment platform and the blockchain," said an eToro spokesperson in an email. Crypto needs a bear marketSo with $9.94 of hard-earned cash still sitting in my eToro account, I am left with a bitter taste in my mouth. Some of the most well-regarded crypto products in today's market, such as the FTX exchange and solana, were built in the last crypto winter.

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