FINANCE & BANKING

The European Central Bank hiked a key interest rate to a record high Thursday as it battles stubbornly high inflation but indicated that its historic hiking cycle may be at an end.

Europe's largest local authority confirmed it had issued the declaration that it cannot balance its books without government intervention.

The abrupt increase in mortgage rates in recent months has been a response to the Bank of England's actions, which have raised interest rates 14 times since December 2021.

Bank of Ireland's glitch allowed customers to withdraw cash exceeding their balances, causing chaos and police presence at ATMs around Ireland and leaving individuals unable to access their online banking services.

London-based sex worker Marin Scarlett and right-wing populist Nigel Farage might initially appear unlikely campaigning allies, but when it comes to the pitfalls of banking in Britain they share a common cause.

PayPal on Monday launched a stablecoin digital currency backed by US dollars to be used for transactions at its global online payments platform.

The last time rates were this high was in April 2008, in the midst of the global financial crash, with the UK's central bank expecting inflation to fall below five per cent in the autumn or winter.

The head of NatWest's private banking arm Coutts resigned on Thursday, the second top executive to quit the group following a row over the closure of the account of arch-Brexiteer Nigel Farage.

The chief executive of Britain's NatWest bank, Alison Rose, stepped down Wednesday after admitting a "serious error of judgment" in speaking to a reporter about the banking affairs of arch-Brexiteer Nigel Farage.

US prosecutors arrested the former head of Celsius Network on fraud charges on Thursday, a year after the cryptocurrency platform filed for bankruptcy protection while owing investors $4.7 billion.

The Bank of England warns that nearly one million UK households will face higher mortgage payments due to rising interest rates, potentially impacting financial stability.

Britain's top lenders have passed stress tests to show they can withstand major economic shock, even as rising interest rates pressure the financial system, the Bank of England said Wednesday.

The EU will take the next crucial step on Wednesday towards launching a digital version of the euro, a controversial project that has come under attack from the public, politicians and banks before it even exists.

According to the report, three out of four persons above the age of 65 prefer to do at least one bank transaction at their branch and aren't comfortable going fully online despite the rising phenomenon of banking deserts in the country.

Asia-focused bank giant HSBC on Monday relaunched the recently-acquired UK arm of collapsed US lender Silicon Valley Bank as part of a major push into technology and life sciences.

Though traditional banks and credit card providers have thus far thrived in the face of new models of consumer finance, they are finally facing a challenge.

Despite narrowly escaping a technical recession late last year, the UK economy finds itself on fragile ground as high-interest rates loom.