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August 2021

Banking system

Columbia Banking System, (COLB) gains 3.13% for August 27

Columbia Banking System, Inc. (NASDAQ: COLB) shares gained 3.13%, or $ 1.12 per share, to close at $ 36.91 on Friday. After opening the day at $ 35.94, shares of Columbia Banking System have fluctuated between $ 36.91 and $ 35.87. 356,393 shares traded in the hands, an increase from their 30-day average of 258,466. Friday’s activity brought the market cap of Columbia Banking System to $ 2,648,928,349.

About Columbia Banking System, Inc.

Based in Tacoma, Wash., Columbia Banking System, Inc. is the holding company for Columbia Bank, a full-service commercial bank licensed by the State of Washington with operations throughout Washington, Oregon and Idaho. The bank has been named one of the “Best Places to Work in Washington” more than 10 times by the Puget Sound Business Journal and was recently ranked # 1 for customer satisfaction with retail banking in the region. Northwest by JD Power in the 2020 US Retail Banking Satisfaction Survey. Columbia was named the Northwest’s # 1 bank on the Forbes 2020 list of “America’s Best Banks” marking nearly 10 consecutive years on the publication’s list of top financial institutions. More information about Columbia can be found on its website at www.columbiabank.com. Columbia Bank received the highest score in the Northwest region of the JD Power 2020 US Retail Bank Satisfaction Survey for customer satisfaction with their own retail bank.

Visit the Columbia Banking System, Inc. profile for more information.

About the Nasdaq Stock Market

The Nasdaq Stock Market is a global leader in trading data and services, as well as the listing of stocks and options. The Nasdaq is the world’s largest stock exchange for options volume and is home to the five largest US companies – Apple, Microsoft, Amazon, Alphabet and Facebook.

For more information on Columbia Banking System, Inc. and to keep up with the latest company updates, you can visit the company profile page here: Columbia Banking System, Inc.’s Profile. For more information on the financial markets, be sure to visit Equities News. Also, don’t forget to sign up for the Daily Fix to get the best stories delivered to your inbox 5 days a week.

Sources: The chart is provided by TradingView on the basis of prices delayed by 15 minutes. All other data is provided by IEX Cloud as of 8:05 p.m. ET on the day of publication.

DISCLOSURE:
The views and opinions expressed in this article are those of the authors and do not represent the views of equities.com. Readers should not take the author’s statements as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please visit: http://www.equities.com/disclaimer


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Banking system

“No one has any money. Afghanistan’s banking system implodes under Taliban rule

Almost two weeks after the Taliban took power, Afghan banks remain closed. This has left many people in the country without access to cash.

“Nobody has money,” a current Afghan central bank employee told CNN. The employee, speaking anonymously out of fear for his safety, said many families did not have enough money for their daily expenses and some paychecks had been cut off.

All of this raises the specter of a serious economic and humanitarian crisis in Afghanistan, just weeks after the Taliban took power.
The main challenge is that the Afghan economy relies heavily on access to foreign currency and international aid, most of which has been stranded since the fall of Kabul. The grants finance 75% of Afghanistan’s public spending, according to the World Bank.

Afghan banks are still closed, days after the Taliban ordered them and other departments to reopen, as they are virtually cash-strapped, the central bank source said.

“You have a pile of cards that are about to fall,” a person familiar with the situation of the Afghan economy told CNN. “As soon as you open the banks, it will show how fragile the system is.”

“Existential flash point”

The Afghan banking sector is also warning of a complete collapse.

“Afghanistan and its banking sector are at an ‘existential flashpoint’ where the collapse of the banking sector is at hand,” reads an August 23 memo from the Afghan-American Chamber of Commerce. . The memo was written by a banking and finance task force made up of major Afghan commercial banks, clients and investors.

Afghanistan’s central bank, the foundation of its financial system, appears to be in disarray.

Many current Afghan central bank employees have not been allowed to return to the office since the Taliban took power, the Afghan central bank source told CNN.

“My colleagues are worried about their unclear fate,” the source said.

The Afghan-American Chamber of Commerce memo said that at least since August 23, central bank management “refused to respond to any communication” from the banking industry. The central bank’s liquidity demands were not honored, the note said.

The Afghan banking group said it had decided to shut down all banks across the country on Aug. 15 and had not reopened due to fears of a “flight” from customers for deposits.

Another factor cited in that August 23 memo was the fact that the Taliban had not appointed a new central bank governor. Later in the day, the Taliban appointed Haiji Mohammad Idris as acting central bank governor, according to media reports.

Little is known about the new central bank chief. He appears to be a loyalist without the kind of curriculum vitae or training that would inspire confidence in the Afghan banking system.

Cut lifelines

Part of the problem is that Taliban-ruled Afghanistan has become an outcast almost overnight.

The Biden administration quickly blocked the Taliban from accessing the billions of dollars held by the United States central bank.

The International Monetary Fund has blocked $ 450 million in funds due to arrive in Afghanistan earlier this week. And then the World Bank froze financial support for Afghanistan.
Afghans line up to withdraw money from an ATM in Kabul on August 21.

Lack of liquidity is a nightmare for a country with a very large trade deficit like Afghanistan.

Citing a “rapid depletion of liquidity,” the Afghan banking group called on the US government to immediately grant access to central bank assets.

“Without access soon, we fear that the entire Afghan economy and banking sector will fail and the liquidation of assets will be ordered,” the note said, “and that public frustration and possible violence will ensue. soon as the public [will] unable to buy food and important services. “

Growing risk of humanitarian disaster

All of this will be an immediate test of governance for the Taliban – and could create an opening for ISIS and other groups seeking to further destabilize the region.

“The Taliban arrived without realizing what they would inherit here,” an economic source close to Afghanistan told CNN.

Today, there is growing concern that the situation in Afghanistan will soon degenerate into a humanitarian catastrophe.

In a recent interview with CNN, Ajmal Ahmady, who headed the Afghan central bank before fleeing the country, warned of economic hardship, lack of liquidity, inflation and a wave of refugees leaving the country. Ahmady pleaded with the international community, and the United States in particular, not to back down from Afghanistan.
A former Afghan central banker describes a

“Humanitarian aid must not only stay, but must increase over the next few days and months,” he said. “Let’s not wait for another crisis to strike.”

Consider that nearly half – 47% – of Afghan households lived in poverty, according to the World Bank.

“Very quickly, things are going very badly,” the economic source close to Afghanistan told CNN, adding that a humanitarian crisis is “inevitable” in the current path.

The Afghan central bank employee expressed concern about the future.

“I have many wishes – they are all going to die,” the employee said. “We are heading towards a hopeless future.”


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Currency

Jamaica to deploy digital currency – NationNews Barbados – nationnews.com

Posted on

The Bank of Jamaica (GP)

KINGSTON – The Bank of Jamaica (BOJ) reports that the pilot implementation of a local central bank digital currency (CBDC), which began in June, is on schedule.

This includes the minting of Jamaica’s first batch of CBDCs on August 9, totaling J $ 230 million, which will be issued to depository institutions and authorized payment service providers.

Speaking at the BOJ’s quarterly digital briefing on Friday, Deputy Governor Natalie Haynes said that a financial institution, the National Commercial Bank (NCB), has been engaged as the initial wallet (account) provider as part of the pilot project, which ends in December,

She told reporters that the CBDC will be issued to NCB in September, when they are expected to start rolling out to customers.

“They target, first, what they call friends and family, which would be staff and their families, then they will go to other BCN account holders, before moving on to other non-account holders. BCN “, explained the deputy governor.

Haynes said it was expected that details of CBDC client involvement would be released in October

Meanwhile, Gov. Richard Byles and Haynes said there had been positive comments so far about the introduction of the CBDC.

Byles said there was some degree of skepticism until a year ago, but stakeholders were now more positively oriented towards the implementation of the CBDC.

Meanwhile, the deputy governor said that depending on the level of interest in the CBDC, “it is up to the BOJ and others [prospective] portfolio providers to leverage it and intensify communication in order to [that] we have the full acceptability of the product.

CBDC is a digital form of currency issued by the central bank and therefore is legal tender which can be exchanged dollar for dollar with physical money.

Households and businesses will be able to use the CBDC to, among other things, make payments, as is now the case with cash.

The CBDC is backed by the central bank and issued to authorized financial institutions, including depository institutions on a wholesale basis, as is currently the case with physical currency.

The expected benefits of the CBDC for Jamaican citizens, businesses and government include increased financial inclusion, as it will provide another, easier to access means for efficient and secure payments.

For depository institutions and the BOJ itself, the CBDC offers an opportunity to improve cash management processes and costs. (CMC)


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Commercial banks

Vietnamese commercial banks urged to meet their rate cut commitments

The State Bank of Vietnam (SBV) has asked commercial banks to reduce interest rates on loans in line with previous commitments.

As part of the recently released Official Dispatch # 5901 / NHNN-TD, the SBV is demanding lower interest rates and the provision of free banking services to support customers affected by the Covid-19 pandemic.

SBV deputy governor Dao Minh Tu said the central bank would strengthen oversight of the dispatch’s implementation.

As a result, the governor called on board chairmen and chief executives of commercial banks to take responsibility for society and join forces with the government to fend off the pandemic and help people, businesses and l ‘economy to overcome the difficulties through effective means and practical solutions such as reducing interest rates and fees.

Tu called on commercial banks to respect their commitments to reduce lending rates, which they had registered with the Association of Banks of Vietnam in the official dispatch No. 248 / NHNN-PLVN of July 16, in order to maintain the reputation of each bank and of the banking industry as a whole.

The latest SBV dispatch noted that the implementation of programs to reduce interest rates and service charges should be substantial and effective with specific results. Banks should make their policies public and specifically inform customers about the policy of reducing interest rates and service charges so that customers can access bank support policies.

The SBV said it would publish the results of the implementation of each bank’s commitments in the media on a monthly basis. In addition, it would strengthen the oversight of the commitments of the entire commercial banking system and each commercial bank branch in the provinces and cities of the country.

According to Tu, besides restructuring debts and interest owed and keeping the classification of debts unchanged, lowering interest rates is one of the most practical and specific solutions to support businesses at this time. Since the last outbreak of the pandemic, commercial banks have cut interest rates of around 18.83 trillion dong ($ 830 million) for businesses, according to preliminary statistics.

Following the directives of the government and the Prime Minister, the SBV asked the commercial banks to share the responsibility and to support the companies in further reducing interest rates after trying to minimize operating costs and reduce their own. profits.

The SBV noted that commercial banks are businesses too, but at present, sharing with businesses and people is the common responsibility of the whole of society, of every bank, and of every bank employee.

Previously, under the leadership of SBV, the Association of Vietnamese Banks held a meeting with the participation of 16 commercial banks who voluntarily agreed to cut interest rates by around 20.3 trillion dong by the end. this year, depending on the size of the bank, to support the economy.

In addition to the general support program, four major public commercial banks – Vietcombank, VietinBank, Agribank and BIDV – have promoted a pioneering role in the banking system, pledging to make a further cut in interest rates of around $ 1 trillion. dongs each to help businesses and individuals. in Ho Chi Minh City, Binh Duong and other cities and provinces that have faced the most difficulties due to the pandemic.

The four banks will also offer free fees for all banking services to individuals and businesses in the localities.

In addition to the interest rate cuts, the SBV has also ordered lending institutions to reduce fees for payment, money transfer, and other credit and monetary services for businesses, in an estimated total of around 1 100 billion dong to date.

VIET NAM / ASIA NEWS NETWORK


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Commercial banks

Tackling high lending rates from commercial banks

President Nana Addo Dankwa Akufo-Addo

President Nana Addo Dankwa Akufo-Addo urged the Bank of Ghana (BoG) to close the gap between its monetary policy rate and commercial bank lending rates to bolster the country’s rapid growth.

He said it was not fair that the central bank’s monetary policy rate stood at 13.5% while commercial banks lent to the private sector at 21% or more, adding that he was stifling the competitiveness of the sector, which was the engine of growth of the economy.

“To question the issue of high interest rates in Ghana and how the problem needs to be resolved to improve the competitiveness of the private sector in the country… I think the Bank of Ghana is best placed to lead this thought process and action.

“This is a gap that we must close if we are to achieve the vision of a Ghana with a globally competitive economy,” he said when swearing in to the 13 board members. Newly constituted Directors of the Central Bank at Jubilee House, Accra. , Friday.

The board, chaired by BoG Governor Dr Ernest Addison, includes Dr Maxwell Opoku-Afari, First Deputy Governor, Miss Elsie Addo Awadzi, Second Deputy Governor, Charles Kofi Adu Boahen, Minister of State, Ministry of Finance, and Prof. Eric Osei Asibey.

The others are Dr. Kwame Owusu- Nyantekyi, Dr. Samuel Nii-Noi Ashong, Mr. Jude Kofi Bucknor, Mr. Joseph Blignam Alhassan, Mr. Andrew Adinorte Boye-Doe, Ms. Angela Kyerematen-Jimoh, Ms. Comfort Ocran and Ms. Regina Ohene-Darko Adutwum.

The president told the board that the Central Bank has distinguished itself over the past four years and performed its duties impeccably, has proven to be a good banker for the government and a safe guardian. of the nation’s money.

He was encouraged by the many corporate governance measures that have been put in place by the BoG to mitigate future bank failures and “to ensure that we have a strong banking sector that can drive the government’s transformation agenda” .

President Akufo-Addo also welcomed the recent policy measures introduced by the BoG, saying they were in line with the overall goal of moving Ghana to a situation beyond aid.

He noted that the BoG’s recently introduced national gold purchase initiative has been a game-changer that would help transform the country’s domestic gold production value chain, and “will allow us to add value. value to our gold and establish transparency in the small-scale gold mining industry. in Ghana.

The President praised the central bank’s leading role in the digitization of the economy and said that the recent announcement of the central bank-backed pilot digital currency, the EDC, which would completely transform the architecture of Ghana’s payment systems would deepen financial inclusion and improve access to credit for small and medium enterprises.

He also praised the bank for its initiative and partnership with Singapore regulators and Ghana’s Ministry of Finance to develop a network of digital platforms serving as a global public infrastructure to boost SME growth in both countries.

“All of these have re-established the Bank of Ghana as an institution of excellence, reflecting the international recognition of the bank,” he said.

The President instructed the Board of Directors to draw on the vast experience of the members to ensure the formulation of the policies necessary for the achievement of the Bank’s objectives.

“I count on the board of directors with its diversity of experiences, talents and skills to support the bank’s agenda and help formulate the policies necessary to achieve its objectives. It’s an accusation I’m sure you would keep, ”he said.

In his remarks, Dr Addison pledged that the board would pursue prudent policies to consolidate the gains made over the past four years.

“Given the rich and diverse experience of the board, there is no doubt in my mind that together we can build on the solid foundations that were laid by our predecessors and take this institution to even greater heights.” , did he declare.


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Currency

Pakistani rupee to remain stable, traders say

A trader counts Pakistani rupees next to a stack of US dollars. Photo: File
  • The local unit was stable for three trading sessions this week, according to traders.
  • The rupee is expected to trade between 164.10 and 164.40 per dollar.
  • Analysts say the rupee has been polarized with developments pulling it back and forth.

KARACHI: The Pakistani rupee is expected to remain stable against the US dollar next week in the market, as demand and supply of the US dollar will almost match, sources said.

According to a report published in The news, the local unit remained stable over the three trading sessions this week.

“We expect the rupee to remain stable in the coming days with remittance and export flows balancing out with demand from importers,” said a forex trader at a commercial bank.

“There are about $ 2.8 billion in entries from the International Monetary Fund on Monday due to its new global allocation of Special Drawing Rights, this would help increase foreign exchange reserves and support the rupee,” he said. -he adds.

The rupee is expected to trade between 164.10 and 164.40 per dollar, he said. Analysts said the rupee was polarized with developments pulling it back and forth.

On the positive side, in addition to expected IMF inflows, most commodity prices fell in the outgoing week, with oil prices declining by around 6% on average and the current account deficit showing an improvement in the past. ‘month over month, reaching $ 773 million in July, up from $ 1.6 billion the month before.

In addition, the real effective exchange rate (REER) was slightly better in July than in the previous month. The REER depreciated to 99.4 in July from 99.8 in June.

“On the negative side, analysts are anticipating a Fed rate hike. A rise in US interest rates will reverse flows to US markets, thereby weakening almost all currencies, including emerging markets. Last week we saw the dollar index hit a nine-and-a-half-month high, ”a Tresmark analyst said in a client note on Saturday.

Second, logistical problems in the commercial sector may disrupt shipments. And finally, the uncertainty surrounding the Afghan will have a negative impact on the rupee, he said.

As for Afghanistan, the low level of foreign exchange reserves and the need for commodities will lead to active cross-border smuggling of commodities as well as hard currencies, he added.

“At the moment the factors are higher for a weaker rupee, but a recent depreciation of 7.50% in the past 3 months can be seen as sufficient by the market.”

Taliban control over Afghanistan could have serious implications for Pakistan on the geopolitical and security front; the direct economic impact appears to be insignificant; however, the deterioration of ties with the United States may affect the IMF’s program, analysts say.

The Pakistani 10-year US dollar bond saw its yield rise 25 basis points on Monday as investors shed debt.


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Currency

Currency Converter Application Market Quality and Quantity Analysis | SmartWho, XE, ExtraAndroary

A new research study from JCMR with the title Global Currency converter apps 2021 Market Research Report provides an in-depth assessment of currency conversion applications including key market trends, upcoming technologies, industry drivers, challenges, regulatory policies and strategies. Research study provides predictions for currency conversion applications investments until 2029.

The report comprises the latest post-pandemic market research on the Currency Converter Application Market.

Competitor Analysis: SmartWho, XE, ExtraAndroary, Currency App, JRustonApps, DigitAlchemy

Request Free Sample PDF Report @: jcmarketresearch.com/report-details/1419910/sample

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Year-over-year growth for 2021 is estimated at XX% and the incremental growth of the currency converter applications market is expected to be $ xxx million.

Get up to 40% off Enterprise Copy & Customization available for the following regions and countries: North America, South and Central America, Middle East and Africa, Europe, Asia-Pacific

  • Who are the major players in the currency converter applications market?

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This customized currency converter application report will also help customers track new product launches in direct and indirect markets related to COVID-19, upcoming vaccines and pipeline analysis, and important developments in the areas of COVID-19. supplier operations and government regulations.

Geographic analysis of currency conversion applications:

• Industry of currency conversion applications in North America: United States, Canada and Mexico.

• South and Central America currency converter industry: Argentina, Chile and Brazil.

• Middle East and Africa currency conversion application industry: Saudi Arabia, United Arab Emirates, Turkey, Egypt and South Africa.

• Industry of currency conversion applications Europe: UK, France, Italy, Germany, Spain and Russia.

• Asia-Pacific currency conversion application industry: India, China, Japan, South Korea, Indonesia, Singapore and Australia.

Market Analysis by Types and Market analyzes by applications are as follows:

Market segment by type, the product can be divided into {linebreak} – Android systems {linebreak} – IOS systems {linebreak} – Other {linebreak} {linebreak} Market segment by application, divided into {linebreak} – Commercial users { linebreak} – Private users

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Chapter 1: Overview of Global Currency Converter Application Market (2013-2025)
• Definition of currency conversion applications
• Specifications of currency conversion applications
• Classification of currency conversion applications
• Applications of currency conversion applications
• Regions of currency converter applications

Chapter 2: Currency Conversion Applications Market competition by players / suppliers 2013 and 2018
• Cost structure of manufacturing currency conversion applications
• Currency conversion applications Raw materials and suppliers
• Manufacturing process of currency conversion applications
• Structure of the industry chain of currency conversion applications

Chapter 3: Currency Converter Applications Sales (volume) and revenue (value) by region (2013-2021)
• Sales of currency conversion applications
• Revenue and market share of currency converter applications

Chapter 4, 5 and 6: Global Currency Converter Application Market by Type, Application and Player / Vendor Profiles (2013-2021)
• Currency Converter Applications Market Share by Type and Application
• Growth Rate of Currency Converter Applications by Type and Application
• Drivers and opportunities for currency conversion applications
• Basic information on currency converter applications

To continue……………

Note: please share your budget by call / mail, we will try to meet your needs @ Telephone: +1 (925) 478-7203 / E-mail: [email protected]
Find more research reports on Currency converter application industry. By JC Market Research.

Thank you for reading this article; you can also get a section by chapter or a report version by region, such as North America, Europe or Asia.

About the Author:

The global market intelligence and research consultancy JCMR is uniquely positioned to not only identify growth opportunities, but also empower and inspire you to create visionary growth strategies for the future, through our extraordinary depth and breadth of thought leadership, research, tools, events and experience. that help you make your goals a reality. Our understanding of the interplay between industry convergence, megatrends, technologies and market trends provides our clients with new business models and opportunities for expansion. We are focused on identifying ‘accurate forecasts’ in each industry we cover so that our clients can take advantage of early market entrants and meet their ‘goals and objectives’.

Contact us: https://jcmarketresearch.com/contact-us

JCMARKETRESEARCH

Mark Baxter (Business Development Manager)

Telephone: +1 (925) 478-7203

E-mail: [email protected]

Connect with us at – LinkedIn


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Commercial banks

Tackling High Commercial Bank Lending Rates – Chairman of the BoG

President Nana Addo Dankwa Akufo-Addo urged the Bank of Ghana (BoG) to close the gap between its monetary policy rate and commercial bank lending rates to bolster the country’s rapid growth.

He said it was not fair that the central bank’s monetary policy rate stood at 13.5% while commercial banks lent to the private sector at 21% or more, adding that he was stifling the competitiveness of the sector, which was the engine of growth of the economy.

“To question the issue of high interest rates in Ghana and how the problem needs to be resolved to improve the competitiveness of the private sector in the country… I think the Bank of Ghana is best placed to lead this thought process and action.

“This is a gap that we must close if we are to realize the vision of a Ghana with a globally competitive economy,” he said when swearing in to the 13 board members. Newly constituted Directors of the Central Bank at Jubilee House, Accra. , Friday.

The board, chaired by BoG Governor Dr Ernest Addison, includes Dr Maxwell Opoku-Afari, First Deputy Governor, Miss Elsie Addo Awadzi, Second Deputy Governor, Charles Kofi Adu Boahen, Minister of State, Ministry of Finance, and Prof. Eric Osei Asibey.

The others are Dr. Kwame Owusu- Nyantekyi, Dr. Samuel Nii-Noi Ashong, Mr. Jude Kofi Bucknor, Mr. Joseph Blignam Alhassan, Mr. Andrew Adinorte Boye-Doe, Ms. Angela Kyerematen-Jimoh, Ms. Comfort Ocran and Ms. Regina Ohene-Darko Adutwum.

The president told the board that the Central Bank has distinguished itself over the past four years and performed its duties impeccably, has proven to be a good banker for the government and a safe guardian. of the nation’s money.

He was encouraged by the many corporate governance measures that have been put in place by the BoG to mitigate future bank failures and “ensure we have a strong banking sector that can drive the government’s transformation agenda” .

President Akufo-Addo also welcomed the recent policy measures introduced by the BoG, saying they were in line with the overall goal of moving Ghana to a situation beyond aid.

He noted that the BoG’s recently introduced national gold purchase initiative has been a game-changer that would help transform the country’s domestic gold production value chain, and “will allow us to add value. value to our gold and establish transparency in the small-scale gold mining industry. in Ghana.

The President praised the central bank’s leading role in the digitization of the economy and said that the recent announcement of the central bank-backed pilot digital currency, the EDC, which would completely transform the architecture of Ghana’s payment systems would deepen financial inclusion and improve access to credit for small and medium enterprises.

He also praised the bank for its initiative and partnership with Singapore regulators and Ghana’s Ministry of Finance to develop a network of digital platforms serving as a global public infrastructure to boost SME growth in both countries.

“All of these have re-established the Bank of Ghana as an institution of excellence, reflecting the international recognition of the bank,” he said.

The President instructed the Board of Directors to draw on the vast experience of the members to ensure the formulation of the policies necessary for the achievement of the Bank’s objectives.

“I count on the Board of Directors with its diversity of experiences, talents and skills to support the bank’s agenda and help formulate the policies necessary to achieve its objectives. It’s an accusation I’m sure you would keep, ”he said.

In his remarks, Dr Addison pledged that the board would pursue prudent policies to consolidate the gains made over the past four years.

“Given the rich and diverse experience of the board, there is no doubt in my mind that together we can build on the solid foundations that were laid by our predecessors and take this institution to even greater heights.” , did he declare.


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Banking system

Columbia Banking System (COLB) gains 1.95% on high volume on August 20

Columbia Banking System, Inc. (NASDAQ: COLB) gained to close at $ 36.52 on Friday after gaining $ 0.7 (1.95%) on volume of 266,476 shares. The stock ranged from a high of $ 36.59 to a low of $ 35.61, while Columbia Banking System’s market cap now stands at $ 2,620,939,130.

About Columbia Banking System, Inc.

Based in Tacoma, Wash., Columbia Banking System, Inc. is the holding company for Columbia Bank, a full-service commercial bank licensed by the State of Washington with operations throughout Washington, Oregon and Idaho. The bank has been named one of the “Best Places to Work in Washington” more than 10 times by the Puget Sound Business Journal and was recently ranked # 1 for customer satisfaction with retail banking in the region. Northwest by JD Power in the 2020 US Retail Banking Satisfaction Survey. Columbia was named the Northwest’s # 1 bank on the Forbes 2020 list of “America’s Best Banks” marking nearly 10 consecutive years on the publication’s list of top financial institutions. More information about Columbia can be found on its website at www.columbiabank.com. Columbia Bank received the highest score in the Northwest region of the JD Power 2020 US Retail Bank Satisfaction Survey for customer satisfaction with their own retail bank.

Visit the Columbia Banking System, Inc. profile for more information.

About the Nasdaq Stock Market

The Nasdaq Stock Market is a global leader in trading data and services, as well as the listing of stocks and options. The Nasdaq is the world’s largest stock exchange for options volume and is home to the five largest US companies – Apple, Microsoft, Amazon, Alphabet and Facebook.

For more information on Columbia Banking System, Inc. and to keep up with the latest company updates, you can visit the company profile page here: Columbia Banking System, Inc.’s Profile. For more information on the financial markets, be sure to visit Equities News. Also, don’t forget to sign up for the Daily Fix to get the best stories delivered to your inbox 5 days a week.

Sources: The chart is provided by TradingView based on 15 minute lag prices. All other data is provided by IEX Cloud as of 8:05 p.m. ET on the day of publication.

DISCLOSURE:
The views and opinions expressed in this article are those of the authors and do not represent the views of equities.com. Readers should not take the author’s statements as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please visit: http://www.equities.com/disclaimer


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Banking system

Expert economists: Myanmar’s military management of banking system is catastrophic and incompetent

Members of the Burmese military received doses of a Covid-19 vaccine imported from India without being informed that it had not yet been approved, according to military sources.

The military’s covert vaccination program, which used the Covaxin vaccine produced by Indian pharmaceutical company Bharat Biotech, began in January and continued for three months, the sources told Myanmar Now.

Those who received the vaccine were not told it was still in phase three of clinical trials at the time, according to several people who participated in the program.

“They said they were going to vaccinate us, then check our immunity two weeks after the jab to see if it had increased. So you could say it was a test, ”said an officer who was in the first group of test subjects.

The officer, who was stationed at a military hospital in Mingaladon Municipality in Yangon, told Myanmar Now that 15 soldiers, including himself, had blood drawn three times after each of the two shots they fired. received.

He said the program was then expanded to include more military personnel after reviewing the results of the first 15 subjects.

“I thought they were taking blood from everyone. But later we found out it was just us. We even joked that we were being used like lab rats, ”he said.

“It’s infuriating, but there’s nothing you can do about it because it’s the army.”

Involuntary volunteers

Another person who was to participate in the program as a test subject said it was carried out under the orders of senior officers.

“They wanted a study population to serve as a register of people who received the injections, maybe 100,000 people or so,” said a doctor at another military hospital in Yangon. “To be honest, I think it’s sad that we were used as human guinea pigs in this way.”

The doctor, who asked not to be identified, said two teams were involved in collecting data from those who had received the vaccine.

“There was one group of people who followed our body’s reaction to the vaccine – how many people developed a fever, how many became nauseous – and another who tested how much the amount of antibodies in our blood increased afterwards. vaccination, ”he said. noted.

The wife of a naval officer told Myanmar Now that her husband, who received the first injection in mid-February and the second a month later, finally learned that the vaccine he received was Covaxin, not the approved Covishield vaccine, also produced in India, which was used in the national immunization program launched by Myanmar’s civilian government days before it was ousted from power on February 1.

She added that although her husband was able to obtain this information because of his rank, it was unlikely that ordinary soldiers included in the army’s vaccination program would be aware of this fact.

Bharat Biotech began Phase 3 trials for Covaxin last November, but by early January it still hadn’t made much progress due to a lack of volunteers ready to try the vaccine.

The company, which has denied conducting clinical trials outside India, told Myanmar Now by email that it sent 55 vials of the vaccine to Myanmar in January, but added that it was ‘a common practice when dealing with potential buyers.

However, on February 11, another 200,000 doses of Covaxin were Shipped in Myanmar as part of the Indian government’s Vaccine Maitri diplomatic program, under which 1.5 million doses of Covishield had already been dispatched on January 22.

On January 27, Indian online media Mint reported that Bharat Biotech was seeking approval from the governments of Myanmar and Bangladesh to test Covaxin in both countries.

An official from the Indian Council for Medical Research (ICMR), a partner of Bharat Biotech in the production of the vaccine, is quoted in the article as saying that such trials are part of the normal procedure followed by countries seeking to procure vaccines. The article also noted, however, that Bharat Biotech declined to comment on the subject of foreign testing.

Unlike Covishield, which is manufactured by the Serum Institute of India under license from the multinational pharmaceutical and biotechnology company AstraZeneca, Covaxin was developed in India. By the end of June, it had received emergency use authorization in 16 countries, according to local media. reports.

The World Health Organization (WHO), which received a request for inclusion of Covaxin on its emergency use list in early July, has not yet completed its review of the data submitted.

Denial of the trial

Most government officials, including those in the former civilian government, deny knowledge of the military’s vaccine testing program.

Dr Win Myat Aye, who headed the Ministry of Social Welfare, Relief and Resettlement under the ousted government of the National League for Democracy, and Dr Zaw Wai Soe, who played a key role in efforts to this government’s response to Covid-19, and who is now Minister of Health in the shadow government of national unity, both said they were not aware of any Covaxin-related programs that may have existed prior to the Rebellion.

In late January, shortly before the military takeover, Health Ministry spokesman Dr Khin Khin Gyi told local outlet Eleven News that the government did not intend to test Covaxin in Myanmar.

In an interview with Myanmar Now on July 15, Dr Htay Htay Tin, deputy director of the National Health Laboratory and another leading figure in efforts to contain Covid-19, also said that no trials of Covaxin had been conducted. in Myanmar.

Less than a week later, Dr Khin Zaw, director of the Food and Drug Administration, said civilians were injected with Covaxin in April.

“We have already administered Covaxin vaccines in Myanmar. We have given all the vaccines given to civilians, ”he told Myanmar Now on July 21, adding that the vaccines had been approved by the FDA for use, not for testing.

He added that the public health department may have conducted trials using data collected from those who received the vaccine, but claimed it had already been proven to be safe and effective at the time. where it was administered.

Dr Than Naing Soe, one of the directors of the public health department, said the department has not conducted trials on Covaxin or approved research on the vaccine, although there have been discussions on this subject.

“We refused to do the tests here. We don’t want our people to suffer just because another country wants to test their vaccine, ”said Dr Than Naing Soe, who is also a spokesperson for the Ministry of Health under the current regime.

“Approve whatever is available”

While the junta has not admitted having carried out clinical trials on soldiers, senior regime officials have made no secret of their desire to use vaccines not approved by the WHO to fight Covid-19.

In February, coup leader Senior General Min Aung Hlaing mentioned Covaxin as one of the vaccines the regime planned to purchase, along with others from China and Russia.

In an interview with China’s state-run Xinhua News Agency in April, the Deputy Minister of Information of the Military Council, General Zaw Min Tun, also counted Covaxin among the vaccines for use in Myanmar.

As early as June, some companies claimed to have already received FDA clearance to import Covaxin. On June 23, a local pharmaceutical company called SML announced on Facebook that it was accepting pre-orders for the vaccine.

Dr Khin Zaw, director of the FDA, said SML was given the green light because it submitted its application with Bharat Biotech’s approval.

“If we were to deny anything that is still pending WHO approval, we wouldn’t be able to approve most drugs here. WHO-approved vaccines are almost impossible to get here at the moment, so we decided to approve whatever was available, ”he said.

Since the start of the third wave of the pandemic at the end of June, the junta’s health authorities have administered the Chinese Sinopharm and Sinovac vaccines to people over 65 years of age. These vaccines offer 51 to 79% protection against Covid-19.

The Chinese government donated 2.5 million doses of Sinopharm vaccine to Myanmar and the regime purchased 2 million doses of Sinovac.

Those familiar with the Covaxin trial program say the Indian vaccine has been shown to be largely ineffective in preventing infection.

The naval officer’s wife said almost everyone in her husband’s unit contracted the disease despite being vaccinated with Covaxin.

The Mingaladon Military Hospital officer said two-thirds of those who participated in the Covaxin trials were infected soon after the start of the third wave. Although they were vaccinated, many developed symptoms of Covid-19, he said.

“I first had a fever, then I lost my sense of smell. After that I got nauseous and stopped eating, ”he said, describing the first common signs of infection.

“I am not even going to test myself for Covid-19. I have treated Covid-19 patients in my ward, so I’m pretty sure I already have it, ”he added.

Myanmar Now is an independent news service providing free, accurate and unbiased news to the people of Myanmar in Burmese and English.


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