Weekly Global News Wrap: Australia iffy with digital currency; JP Morgan eases overdraft fees
And UBS Switzerland to propose a new board chairman.
Australia's central bank chief sees no strong case for a retail digital currency in the country, though he did not close the possibility of one being made in the future.
In a speech at a payments summit, Reserve Bank of Australia Governor Philip Lowe told attendees that Australia, “have not seen a strong public policy case to move in this direction.”
“It is possible, however, that the public policy case could emerge quite quickly as technology evolves and consumer preferences change,” he added.
JPMorgan Chase & Co will give customers more leeway on overdrafts before charging fees in a bid to keep up with competitors and attract customers.
Beginning 2022 the bank will give customers a full day to restore overdrawn balances and will allow them to tap funds from direct deposits of paychecks two days early, the bank said.
UBS Switzerland will reportedly propose the election of Markus Ronner as chairman and Barbara Lambert as a new independent member of the board of directors at its annual meeting in April next year.
Ronner will succeed Lukas Gähwiler, who has been nominated as the vice-chairman of UBS Group AG.
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