Banking News: Week in Review - 11 March 2024

Red Sea Disruptions Hike Shipping Costs - Fitch (China)?Chinese exporters trading with European markets are set to incur elevated shipping costs for an extended period of time as the Red Sea crisis intensifies according to Fitch Ratings.?Read more...

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Goldman Sachs Changes Course on New Japanese Transaction Banking Offering (Japan)?Goldman Sachs is winding down its new transaction banking offering in Japan, less than a year after launching its new corporate cash management service in Tokyo.?Read more...

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Visa and Western Union Collaboration to Transform Cross-Border Payments (United States)?Visa has announced a seven-year agreement with Western Union enabling customers to transfer funds to eligible Visa cards and bank accounts in 40 countries across five regions.?Read more...

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SEC Mandating Heightened Climate Risk Disclosures ? (United States)?The Securities and Exchange Commission (SEC) is set to issue a final rule requiring companies to raise climate risk disclosures.?Read more...

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JPMorgan Cautious Towards US Economy “Soft Landing” (United States)?JPMorgan CEO Jamie Dimon believes market expectations are too optimistic towards the US economy experiencing a “soft landing” in 2024.?Read more...

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RBA Warns Banks on LCR as A$1 Billion in Card Surcharges Lost ? (Australia)?Australian consumers are losing almost a billion dollars per annum (pa) in card surcharges which could be cut significantly with least-cost routing (LCR).?Read more...

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ASEAN Expanding “China Plus One” Regional Links (Southeast Asia)?The leaders of the Association of Southeast Asian Nations members (ASEAN) will descend on Melbourne for a three-day summit to commemorate 50 years of relations between the regional bloc.?Read more...

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Avenue Bank Unrestricted ADI Status Awarded by APRA ? (Australia)?The Australian Prudential Regulation Authority (APRA) has granted Avenue Bank a licence to operate as an authorised deposit-taking institution (ADI) without restrictions.?Read more...

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Companies Brace for ESG Disclosure Balancing Act (Japan)?Company executives, data firms, consultants and investors declare that corporate ESG disclosures are quickly becoming unmanageable for strategic decision makers.?Read more...

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In case you missed it...

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Transaction Banks Reign Supreme as “Core” Relationship for Middle Market (Australia)?The Transaction Bank retains its place as the “home” bank for 69 percent of Australian commercial enterprises according to newly released East & Partners research.?Read more...