, UK

Weekly Global News Wrap: US to bar Russian bond payments through US banks; England warns profit hit should banks fail to take climate action

And Barclays identifies material weakness in the internal control process.

From CNBC:
America is moving to ban Russia’s government from paying bondholders through American banks starting 25 May, according to the US Treasury Department.

The move increases the odds that Russia will default on its outstanding debt.

From Reuters:
The Bank of England warned that banks and insurers that fail to manage climate risks as a first-order issue could take up to 15% hit in their annual profits and higher capital requirements.

In its first comprehensive stress test of how Britain's financial system will cope with climate change and the shift to a net zero-carbon economy by 2050, the BoE said action now would lower future costs.

From Reuters:
Barclays had identified a single "material weakness" in its internal control processes, as it refiled its accounts with U.S. regulators after a blunder led it to issue more structured notes than it was allowed.

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!