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Home » Daily Briefing » Morning Briefing 06 September 2016

Morning Briefing 06 September 2016

Morning Briefing

Banks in Europe now have more in common with low-returning Japanese banks than with their US counterparts, according to a Financial Times report on a new research note by JPMorgan. The note says the divergence in performance between European and US banks since the financial crisis is now permanent.

Bloomberg reports that some of Iran's biggest banks have been caught up in tensions between the country's government and its hardline opponents, as disagreements over 2015's nuclear deal continue to be a focus point ahead of upcoming presidential elections.

Kayhan, Iran's leading conservative newspaper, on Saturday published letters allegedly sent by two banks — Bank Mellat and Bank Sepah — in which they refused to serve companies and individuals working for a conglomerate owned by the Islamic Revolutionary Guard Corps. The newspaper also made similar claims about other banks.

Meanwhile, Reuters has reported that three Iranian banks — Middle East Bank, Parsian Bank and Sina Bank — will be opening branches in Germany, according to an interview with Bavaria's economy Minister Ilse Aigner featured in the Muenchner Merkur newspaper.

South African mobile network MTN SA is no longer signing up new customers to its mobile money service as it considers the feasibility of the product. "MTN is currently in discussion with all relevant stakeholders to explore the feasibility of continuing with this service," chief consumer officer at MTN SA Larry Annetts said in a statement emailed to Fin24. "Furthermore, MTN can confirm that the platform is not available for new customers."

In Australia, ANZ Bank is to pay A$28.8 million to more than 390,000 account holders for a "significant breach" in which it failed to clearly disclose fees it charged customers for making payments between their accounts, according to the Sydney Morning Herald.

Barclays boss raids JP Morgan again
Alipay app coming soon to Europe
Behind the 1MDB scandal: Banks that missed clues and bowed to pressure
Nigeria: CBN to sanction banks over Power Fund
Auditors' board makes progress on African Bank
Singapore and Australia to share financial account information to fight tax evasion
Australia: Car loan losses hit six-year high, says Fitch Ratings
Australia: Credit and debit card excessive surcharging ban for large businesses kicks in

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