Banks - Garner Ted Armstrong Evangelistic Association https://www.garnertedarmstrong.org Let No Man Take Your Crown Tue, 22 Aug 2023 20:54:21 +0000 en-US hourly 1 https://www.garnertedarmstrong.org/wp-content/uploads/2024/05/cropped-Screen-Shot-2024-05-16-at-1.06.13-PM-32x32.png Banks - Garner Ted Armstrong Evangelistic Association https://www.garnertedarmstrong.org 32 32 Shares of US banks drop after S&P downgrades some ratings https://www.garnertedarmstrong.org/shares-of-us-banks-drop-after-sp-downgrades-some-ratings/?utm_source=rss&utm_medium=rss&utm_campaign=shares-of-us-banks-drop-after-sp-downgrades-some-ratings Tue, 22 Aug 2023 20:54:21 +0000 https://www.garnertedarmstrong.org/?p=44431 Aug 22 (Reuters) – Shares of several U.S. banks fell on Tuesday, the day after ratings agency S&P Global followed Moody’s in cutting its credit ratings on some regional lenders with high commercial real estate (CRE) exposure. S&P’s action will … Read More

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]]> Aug 22 (Reuters) – Shares of several U.S. banks fell on Tuesday, the day after ratings agency S&P Global followed Moody’s in cutting its credit ratings on some regional lenders with high commercial real estate (CRE) exposure.

S&P’s action will make borrowing more costly for a banking sector aiming to recover from a crisis earlier this year, when three regional lenders failed, prompting broader industry turmoil.

“Some of the structural aspects for banks, regarding their balance sheet, remain risks to banks, as the Fed continues to try to anchor inflation with higher rates for longer,” said David Wagner, portfolio manager at Aptus Capital Advisors.

S&P on Monday cut ratings on Associated Banc-Corp (ASB.N) and Valley National Bancorp (VLY.O) on funding risks and higher reliance on brokered deposits.

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Source: https://www.reuters.com/business/finance/sp-downgrades-multiple-us-banks-citing-tough-operating-conditions-2023-08-22/

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]]> Italian banks hit with surprise windfall tax https://www.garnertedarmstrong.org/italian-banks-hit-with-surprise-windfall-tax/?utm_source=rss&utm_medium=rss&utm_campaign=italian-banks-hit-with-surprise-windfall-tax Tue, 08 Aug 2023 20:51:14 +0000 https://www.garnertedarmstrong.org/?p=44351 Italy has passed a one-off 40% tax on the profits banks earn from higher interest rates, in a shock move that has seen shares plummet. A hike in official interest rates has resulted in record profits for Italian banks, prompting … Read More

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Italy has passed a one-off 40% tax on the profits banks earn from higher interest rates, in a shock move that has seen shares plummet.

A hike in official interest rates has resulted in record profits for Italian banks, prompting the government’s move.

Proceeds will be used to help mortgage holders and to cut taxes, the government says.

But Italian banks have said the tax on their profits will be “substantially negative” for the sector.

The surprise move was agreed by Prime Minister Giorgia Meloni’s ministers at a cabinet meeting late on Monday. They vowed to invest the funds raised into helping households and businesses struggling with the cost of borrowing.

“One has only to look at banks’ first-half profits to realise that we are not talking about a few millions, but of billions,” Deputy Prime Minister Matteo Salvini told a news conference in Rome late on Monday.

The tax will apply to the net interest income that comes from the gap between the banks’ lending and deposit rates.

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Source: https://www.bbc.com/news/world-europe-66440335

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