Lebanon's central bank governor Riad Salameh has stepped down from the top job after 30 years. The once-touted numbers wizard has left behind an economy in a state of collapse and a country in the grip of one of the world's worst financial crises. Ghadi Francis gets you a story about the 73-year-old chief and his tainted legacy.

Who is Lebanon's tainted Riad Salameh?

In the UK, the Bank of England is set to raise its key interest rate for the 14th time in a row, this comes as inflation in the UK stays stubbornly high.

Bank of England to raise interest rates for 14th time in a row

Newly released data has revealed that banks in the UK are closing more than 1,000 accounts every working day. This has fuelled a row over so-called "debanking". Former UK Independence Party (Ukip) leader Nigel Farage has called for an investigation by a royal commission. He termed this a scandal.

Farage has now said that he was spearheading a website in order to campaign for people whose accounts had been shut by the banks.

The new information about 'debanking' has been revealed in a Freedom of Information (FoI) request made to the UK's Financial Conduct Authority. Daily Mail reported on this first on Sunday (July 30). &nbsp;

Watch | Wildlife lovers urged to join Uk's annual butterfly count

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The Freedom of Information request has revealed that in 2016-17, over 45,000 accounts were shut by banks.

The total number of accounts shut has reportedly increased every year. The number climbed to 343,000 accounts in 2021-22. This translated to the closure of much more than 1,000 bank accounts for every business day.

<h2>Little or no information</h2>

UK media has reported that when the accounts are closed, the individuals or organisations get little or no explanation for the action. Banks sometimes say that accounts are closed due to concerns over financial crimes.

Farage discovered using a subject access request that his political views had played a part in the closure of his account in Coutts, a subsidiary of NatWest.

Farage's case has already made waves. The chief executive of NatWest Group had to stand down in the wake of the controversy.

Chief executive of Coutts Peter Flavel was shown the door too. Farage has also demanded that NatWest Group's chair Sir Howard Davies stands aside.

Farage interacted with the media on Sunday and demanded an investigation by a royal commission set up, “provided it happened quickly”.

“I’ve just been inundated by small businesses, by folk all around the country. People are in absolute fear, and terror, lives being ruined, thousands of businesses being closed. These are people who have done nothing wrong whatsoever,” Farage told GB News. He works as a president there.

Also Read | <a href="https://www.wionews.com/world/school-lists-tennyson-as-queer-isle-of-white-historical-figure-draws-ire-620558">UK: School lists English poet Tennyson as ‘queer’ Isle of White historical figure, draws ire</a>

The Guardian reported an estimate that almost 90,000 individuals were categorised as “politically exposed persons”. This has reportedly led to some politicians or their families being turned down by the banks.&nbsp;

Anti-Brexit campaigner Gina Miller has called on FCA and the government to ensure that new parties and MPs can access services from banks. Her demand has come after digital bank Monzo recently informed her that the account of her True and Fair party would close in September.

Pro-Brexit groups have also reported facing the same problems.

(With inputs from agencies)

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Newly released data has revealed that banks in the UK are closing more than 1,000 accounts every working day. This has fuelled a row over so-called "debanking". Former UK Independence Party (Ukip) leader Nigel Farage has called for an investigation by a royal commission.

Newly released data has revealed that banks in the UK are closing more than 1,000 accounts every working day. This has fuelled a row over so-called "debanking". Former UK Independence Party (Ukip) leader Nigel Farage has called for an investigation by a royal commission. He termed this a scandal. Farage has now said that he was spearheading a website in order to campaign for people whose accounts had been shut by the banks. The new information about 'debanking' has been revealed in a Freedom of Information (FoI) request made to the UK's Financial Conduct Authority. Daily Mail reported on this first on Sunday (July 30). Watch | Wildlife lovers urged to join Uk's annual butterfly count × The Freedom of Information request has revealed that in 2016-17, over 45,000 accounts were shut by banks. The total number of accounts shut has reportedly increased every year. The number climbed to 343,000 accounts in 2021-22. This translated to the closure of much more than 1,000 bank accounts for every business day. Little or no information UK media has reported that when the accounts are closed, the individuals or organisations get little or no explanation for the action. Banks sometimes say that accounts are closed due to concerns over financial crimes. Farage discovered using a subject access request that his political views had played a part in the closure of his account in Coutts, a subsidiary of NatWest. Farage's case has already made waves. The chief executive of NatWest Group had to stand down in the wake of the controversy. Chief executive of Coutts Peter Flavel was shown the door too. Farage has also demanded that NatWest Group's chair Sir Howard Davies stands aside. Farage interacted with the media on Sunday and demanded an investigation by a royal commission set up, “provided it happened quickly”. “I’ve just been inundated by small businesses, by folk all around the country. People are in absolute fear, and terror, lives being ruined, thousands of businesses being closed. These are people who have done nothing wrong whatsoever,” Farage told GB News. He works as a president there. Also Read | UK: School lists English poet Tennyson as ‘queer’ Isle of White historical figure, draws ire The Guardian reported an estimate that almost 90,000 individuals were categorised as “politically exposed persons”. This has reportedly led to some politicians or their families being turned down by the banks. Anti-Brexit campaigner Gina Miller has called on FCA and the government to ensure that new parties and MPs can access services from banks. Her demand has come after digital bank Monzo recently informed her that the account of her True and Fair party would close in September. Pro-Brexit groups have also reported facing the same problems. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Banks in UK are closing more than 1,000 accounts per day: Report

The European Central Bank increased its interest rate by 0.25 percentage points, or 25 basis points, with the most recent increase. The ECB's current interest rate is now 3.75, a 23-year high, indicating that the battle against inflation is far from over. Although inflation continues to decline, it is still anticipated to stay too high for too long. We are determined to make sure that inflation returns to our two percent medium-term Target in a timely manner.

European Central Bank hikes rates from 3.5% to 3.75%

In an era of extravagant merger and acquisition deals, the compensation offered to the financial advisors involved often makes headlines. However, the $64 billion merger between the Housing Development Finance Corporation (HDFC) and HDFC Bank Ltd, one of the most substantial transactions in Indian history, has drawn attention of all for a different reason.

HDFC Bank merger: Financial advisors to get unusually low fee for $64 billion deal: Report

US bank stocks had been on a promising path to recovery, bouncing back from their recent slump. However, this week, they faced a setback as regulatory challenges emerged as formidable obstacles. The KBW bank index and KBW regional banking index experienced their worst weeks since early may, sending shockwaves through the market. With the federal reserve contemplating higher capital requirements for major lenders, and the impending release of results from the annual fed stress test, uncertainty looms over the banking sector.

Banking shares slide as regulatory pressures mount

The growing geopolitical tensions between China and the united states have had a major casualty -- the US Banking and finance giants. Their ambitions of capturing the 60 trillion dollar China market are in taters.

For US banks, their China dreams turn sour

Shares of US-based bank pacwest bancorp tumbled 56% in extended trading. This happened following the news that the bank is weighing strategic options. The regional bank is assessing various options. Including a possible sale, and bringing in advisors to evaluate longer-term plans for the business. Piper Sandler and Stephens are the two firms advising pacwest.

Yet another US bank on the brink of collapse?

The term “great financial crisis” was penned more than a decade ago during the collapse of Lehman Brothers in 2007-08. The stringent regulatory norms in India has ensured that the banking system in India is not exposed to such risks.

How India evaded the Banking Crisis

European Central Bank supervisors met to tackle growing cracks in the banking system on Friday after a $30 billion lifeline for U.S. lender First Republic Bank eased fears of its imminent collapse.

Large U.S. banks on Thursday swooped in to rescue the San Francisco-based bank, which was caught up in a widening shock triggered by the collapse of two other mid-size U.S. lenders.

The rescue package came less than a day after Credit Suisse clinched an emergency central bank loan of up to $54 billion to shore up its liquidity. Shares in Switzerland’s second-largest bank were lower in Friday morning trading.

The two deals helped restore some calm to global markets, after a torrid week for banking stocks.

“The Supervisory Board is meeting to exchange views and to provide members with an update on recent developments in the banking sector,” an ECB spokesperson told Reuters.

The ECB, which on Thursday raised interest rates by 50 basis points, held another ad hoc supervisory board meeting earlier this week in an unusual move ahead of a scheduled gathering next week.

“French and European banks are very solid,” ECB policymaker and French central bank governor Francois Villeroy de Galhau, told BFM business radio.

Analysts says authorities appear eager to quickly deal with systemic risks, but worry the potential for a full-blown banking crisis is far from over.

Data on Thursday showed banks in the United States sought record amounts of emergency liquidity from the Fed in recent days, driving up the size of the central bank’s balance sheet after months of contraction.

The First Republic deal was put together by top power brokers including U.S. Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and JP Morgan Chase CEO Jamie Dimon, who had discussed the package this week, a source familiar with the situation said.

“They will keep the money in First Republic to keep it alive for self interest … to stop the run on banks. Then they will take it away gradually and the bank will play out a slow death,” Mathan Somasundaram, founder at research firm Deep Data Analytics in Sydney, said on Friday.

But while First Republic’s stock closed up 10% on news of the rescue, its shares fell 17% in after-market trading after the bank said it would suspend its dividend and disclosed its cash position and just how much emergency liquidity it needed.

Some of the biggest U.S. banking names including JP Morgan Chase &amp; Co, Citigroup Inc, Bank of America Corp, Wells Fargo &amp; Co, Goldman Sachs and Morgan Stanley were involved in the rescue, according to a statement from the banks.

While the support has prevented an imminent collapse, investors were startled by late disclosures about First Republic’s cash position, even after the injection, and just how much it and others leaned on the Fed this month for support.

“People are concerned that the contagion risk is real, and that rattles confidence,” said Karen Jorritsma, head of Australian equities, RBC Capital Markets.

“I don’t think we are in the crux of a global financial crisis. Balance sheets are much better than they were in 2008, banks are better regulated,” she added.

Credit Suisse became the first major global bank to take up an emergency lifeline since the 2008 financial crisis amid doubts over whether central banks will be able to sustain aggressive rate hikes to rein in inflation.

Lessons from 2008

For now, authorities are confident the banking system is resilient and have tried to emphasise that the current turmoil is different to the global financial crisis 15 years ago as banks are better capitalised and funds more easily available.

The ECB pressed forward with its rate hike, arguing that euro zone banks were in good shape and that if anything, the move to higher rates should bolster their margins.

Focus now swings to the Fed’s policy decision next week and whether it will stick with its aggressive interest rate hikes as it seeks to get inflation under control.

In Asia, Singapore, Australia and New Zealand said they were monitoring financial markets but were confident their local banks were well capitalised and able to withstand major shocks.

While capital remains adequate, analysts say a A$300 billion ($201 billion) refinancing task for Australia’s biggest banks is about to get harder, as appetite for new debt shrinks.

Japan’s finance ministry, financial regulator and central bank said they would meet on Friday to discuss developments.

Banking stocks globally have been battered since Silicon Valley Bank collapsed last week due to bond-related losses that piled up when interest rates surged last year, raising questions about what else might be lurking in the wider banking system.

European banks have lost around $165 billion in market value since March 8, Refinitiv data shows. 
 
(With inputs from agencies) 
 
&nbsp;

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European Central Bank supervisors met to tackle growing cracks in the banking system on Friday after a $30 billion lifeline for U.S. lender First Republic Bank eased fears of its imminent collapse.

European Central Bank supervisors met to tackle growing cracks in the banking system on Friday after a $30 billion lifeline for U.S. lender First Republic Bank eased fears of its imminent collapse. Large U.S. banks on Thursday swooped in to rescue the San Francisco-based bank, which was caught up in a widening shock triggered by the collapse of two other mid-size U.S. lenders. The rescue package came less than a day after Credit Suisse clinched an emergency central bank loan of up to $54 billion to shore up its liquidity. Shares in Switzerland’s second-largest bank were lower in Friday morning trading. The two deals helped restore some calm to global markets, after a torrid week for banking stocks. “The Supervisory Board is meeting to exchange views and to provide members with an update on recent developments in the banking sector,” an ECB spokesperson told Reuters. The ECB, which on Thursday raised interest rates by 50 basis points, held another ad hoc supervisory board meeting earlier this week in an unusual move ahead of a scheduled gathering next week. “French and European banks are very solid,” ECB policymaker and French central bank governor Francois Villeroy de Galhau, told BFM business radio. Analysts says authorities appear eager to quickly deal with systemic risks, but worry the potential for a full-blown banking crisis is far from over. Data on Thursday showed banks in the United States sought record amounts of emergency liquidity from the Fed in recent days, driving up the size of the central bank’s balance sheet after months of contraction. The First Republic deal was put together by top power brokers including U.S. Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and JP Morgan Chase CEO Jamie Dimon, who had discussed the package this week, a source familiar with the situation said. “They will keep the money in First Republic to keep it alive for self interest … to stop the run on banks. Then they will take it away gradually and the bank will play out a slow death,” Mathan Somasundaram, founder at research firm Deep Data Analytics in Sydney, said on Friday. But while First Republic’s stock closed up 10% on news of the rescue, its shares fell 17% in after-market trading after the bank said it would suspend its dividend and disclosed its cash position and just how much emergency liquidity it needed. Some of the biggest U.S. banking names including JP Morgan Chase & Co, Citigroup Inc, Bank of America Corp, Wells Fargo & Co, Goldman Sachs and Morgan Stanley were involved in the rescue, according to a statement from the banks. While the support has prevented an imminent collapse, investors were startled by late disclosures about First Republic’s cash position, even after the injection, and just how much it and others leaned on the Fed this month for support. “People are concerned that the contagion risk is real, and that rattles confidence,” said Karen Jorritsma, head of Australian equities, RBC Capital Markets. “I don’t think we are in the crux of a global financial crisis. Balance sheets are much better than they were in 2008, banks are better regulated,” she added. Credit Suisse became the first major global bank to take up an emergency lifeline since the 2008 financial crisis amid doubts over whether central banks will be able to sustain aggressive rate hikes to rein in inflation. Lessons from 2008 For now, authorities are confident the banking system is resilient and have tried to emphasise that the current turmoil is different to the global financial crisis 15 years ago as banks are better capitalised and funds more easily available. The ECB pressed forward with its rate hike, arguing that euro zone banks were in good shape and that if anything, the move to higher rates should bolster their margins. Focus now swings to the Fed’s policy decision next week and whether it will stick with its aggressive interest rate hikes as it seeks to get inflation under control. In Asia, Singapore, Australia and New Zealand said they were monitoring financial markets but were confident their local banks were well capitalised and able to withstand major shocks. While capital remains adequate, analysts say a A$300 billion ($201 billion) refinancing task for Australia’s biggest banks is about to get harder, as appetite for new debt shrinks. Japan’s finance ministry, financial regulator and central bank said they would meet on Friday to discuss developments. Banking stocks globally have been battered since Silicon Valley Bank collapsed last week due to bond-related losses that piled up when interest rates surged last year, raising questions about what else might be lurking in the wider banking system. European banks have lost around $165 billion in market value since March 8, Refinitiv data shows. (With inputs from agencies) WATCH WION LIVE HERE

European Central Bank meets over banking stress as US rescue eases immediate fears

Turmoil at Credit Suisse Group AG roiled European bank shares and dented sentiment in the US futures market as investors remain on edge after last week’s regional-bank failures. Treasuries turned higher on haven demand.

Futures sink as Credit Suisse woes weigh on banks

Shockwaves from the collapse of Silicon Valley Bank have pounded global bank stocks further as assurances from US President Joe Biden and other policymakers did little to calm markets and prompted a rethink on the interest rate outlook.

Global bank stock rout deepens after SVB collapse

U.S. regulators shut down Silicon Valley Bank (SVB) on Friday and took control of its deposits after the high-tech lender’s share price nosedived. Just hours before the sudden collapse of the Silicon Valley Bank, the biggest bank failure in the US since the 2007-2008 Global Financial Crisis, US Treasury Secretary Janet Yellen said that the Treasury Department is keeping a close look at a few banks.

Silicon Valley Bank collapse: US Treasury monitoring a 'few banks very carefully'

According to a Wednesday press release by Silvergate Capital Corporation, the holding company of Silvergate Bank, an orderly wind-down of Bank operations and a voluntary liquidation of the Bank is the best path forward.

Silvergate plans to wind down Bank Operations and Liquidate

United States has voted over China giving a 700 million dollar loan to Pakistan as it concerned that like Sri Lanka, Pakistan too might fall for China's debt trap.

China's development bank offers support to Pakistan

Once again, three men are set to lead the Bank of Japan (BOJ), underscoring the hurdles women face in reaching leadership positions in a country that ranks the lowest among advanced economies for gender equality.

Bank of Japan continues to woo men?

Last week, authorities in Yueqing, a Chinese city some 370 km south of Shanghai shared a somewhat bizarre but what most internet users in the country found an amusing case. The story of a woman named Chen Yile who disappeared while working as a 26-year-old bank teller back in 1997 and was found after over two decades of allegedly stealing 3.98 million yuan (US$587,000 today). Reportedly, after she stole more than half a million dollars, she got a plastic surgery done and moved to another province to start a new life.&nbsp;

According to a report by Bloomberg, Chen was working as a bank teller at China Construction Bank Corp when over a weekend back in 1997 she stole at least US$600,000 by inflating bank accounts and withdrawing the amount from different ATMs. Subsequently, Chen spent “tens of thousands” of yuan on plastic surgery and procured a new ID in the nearby city of Wenzhou said the report.&nbsp;

Eventually, she went off the grid and cut all contact with her former husband as well as her family members and settled in Guangdong under the name Jiang Mouhong from Shanghai, as per the ID she bought. After moving&nbsp;to Guangdong, she remarried, had a daughter and also started her own business of cleaning supplies.&nbsp;

The Chinese authorities also said that Chen’s father had reported the crime back in 1997 as she could not carry the entire amount she stole and hid it at home and transferred some amount to relatives’ bank accounts. The sum of money she had stolen was huge then. In her statement, Chen said that she “quickly spent” the money she stole but is willing to return what she took and “make up for the losses”.&nbsp;

While the authorities&nbsp;did not reveal the details of her arrest which took place last week&nbsp;they said that they tracked her down in December and Chen has now been charged with corruption, forgery of documents and bigamy, as per the Bloomberg report. In a WeChat post, prosecutors in&nbsp;Yueqing also reportedly said she confessed to all her crimes and expressed remorse. 
 
Chen also spoke reportedly about how she missed her family while being on the run for 25 years and named her company after a Chinese poem about missing relatives far away every festive day. Sharing the stranger-than-fiction story,&nbsp;the Yueqing People’s Procuratorate said that for over two decades the&nbsp;investigators "never gave up on arresting Chen". Meanwhile, one user&nbsp;on the Chinese social media platform&nbsp;Weibo said, "Putting aside the criminal element, this is the script for how a female protagonist changed her life", as per Vice.&nbsp;

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Last week, authorities in Yueqing, a Chinese city some 370 km south of Shanghai shared a somewhat bizarre but what most internet users in the country found an amusing case.

Last week, authorities in Yueqing, a Chinese city some 370 km south of Shanghai shared a somewhat bizarre but what most internet users in the country found an amusing case. The story of a woman named Chen Yile who disappeared while working as a 26-year-old bank teller back in 1997 and was found after over two decades of allegedly stealing 3.98 million yuan (US$587,000 today). Reportedly, after she stole more than half a million dollars, she got a plastic surgery done and moved to another province to start a new life. According to a report by Bloomberg, Chen was working as a bank teller at China Construction Bank Corp when over a weekend back in 1997 she stole at least US$600,000 by inflating bank accounts and withdrawing the amount from different ATMs. Subsequently, Chen spent “tens of thousands” of yuan on plastic surgery and procured a new ID in the nearby city of Wenzhou said the report. Eventually, she went off the grid and cut all contact with her former husband as well as her family members and settled in Guangdong under the name Jiang Mouhong from Shanghai, as per the ID she bought. After moving to Guangdong, she remarried, had a daughter and also started her own business of cleaning supplies. The Chinese authorities also said that Chen’s father had reported the crime back in 1997 as she could not carry the entire amount she stole and hid it at home and transferred some amount to relatives’ bank accounts. The sum of money she had stolen was huge then. In her statement, Chen said that she “quickly spent” the money she stole but is willing to return what she took and “make up for the losses”. While the authorities did not reveal the details of her arrest which took place last week they said that they tracked her down in December and Chen has now been charged with corruption, forgery of documents and bigamy, as per the Bloomberg report. In a WeChat post, prosecutors in Yueqing also reportedly said she confessed to all her crimes and expressed remorse. Chen also spoke reportedly about how she missed her family while being on the run for 25 years and named her company after a Chinese poem about missing relatives far away every festive day. Sharing the stranger-than-fiction story, the Yueqing People’s Procuratorate said that for over two decades the investigators "never gave up on arresting Chen". Meanwhile, one user on the Chinese social media platform Weibo said, "Putting aside the criminal element, this is the script for how a female protagonist changed her life", as per Vice. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China: Bank teller living under fake identity after stealing $600,000 caught after 25 years

The Amazon Great Republic Day began on 15 January and will go through 20 January, 2023. Large discounts and deals are available across a variety of product categories during this Amazon sale. On TVs and other major household equipment like refrigerators, washing machines, etc., you get up to 60% off. SBI bank card members can get an extra 10% off their purchases in addition to the reduced pricing. Additionally, exchange incentives and no-cost EMI are available to make your purchases more affordable. Amazon is back with a tonne of sales and discounts on a variety of products, including gadgets, TVs, laptops and cellphones. For Prime members, the Amazon Great Republic Day discount is now available. Purchasers will also receive bank offers. A 10% immediate discount is available to SBI bank card users on SBI credit cards and credit EMIs. Bajaj Finserv EMI cards, Amazon Pay ICICI Credit cards, Amazon Pay Later, and a few other debit &amp; credit cards are also eligible for this offer.

<h2>Best Deals on Smartphones&nbsp;</h2>

On Amazon, the iPhone 13 is on sale for Rs 59,999. The cost has decreased from Rs. 65,900. To further sweeten the bargains, consumers may earn up to Rs 18,000 in return of their previous phones. Holders of SBI bank cards are eligible for a 10% immediate cashback offer on their smartphones. On Amazon Great Republic Day, the mid-range OnePlus 10R phone is being offered for Rs. 29,999. The MediaTek Dimensity 8100-MAX SoC, built on a 5nm platform and specifically tailored for the OnePlus 10R, powers the device. On Amazon, the cost of iQOO Neo 6, yet another potent mid-ranger, has decreased. Currently, the price of the smartphone on Amazon is Rs 27,999. SBI card holders can immediately receive a 10% discount on the Neo 6. Additionally, customers may exchange their old phones for up to Rs 18,000 in exchange.

<h2>Best deals on wearables</h2>

It's crucial to record your exercises if you're a fitness fanatic or someone who has just begun working out. Fitness bands and smartwatches can help with this. These gadgets track your exercises and activities in addition to detecting your heart rate and blood oxygen levels. The most recent wristwatch from Samsung, the Galaxy Watch 5 Pro, provides a high-end experience. The price of the smartwatch has been reduced from its initial price of 48,999 to 39,999. For iPhone owners searching for a smartwatch without spending a lot of money, the Apple Watch SE is the ideal choice. The watch is now on sale for 26,400, a reduction from the initial cost of 33,900. The Amazfit T-Rex 2 is a fantastic choice if you're looking for a tough and reliable smartwatch. It was originally listed at 21,999, but is now only available for 14,999.&nbsp;

<h2>Best deals on Smart TV&nbsp;</h2>

A strong processor on Sony Smart Google TV provides an experience that is enhanced for details. It produces powerful low-end sound that is excellent for music, sports, and movies. The Smart TV costs only Rs. 53,490. A dramatic surround sound and immersive viewing experience are provided by the LG 48-inch OLED TV. It is offered at Rs. 67, 490. The price of the OnePlus 50-inch Y series 4K UHD Smart TV is merely Rs. 28,499, while the Samsung 55-inch The Frame Series QLED TV is just Rs. 78,990.

 
&nbsp;

The Amazon Great Republic Day began on 15 January and will go through 20 January, 2023. Large discounts and deals are available across a variety of product categories during this Amazon sale.

The Amazon Great Republic Day began on 15 January and will go through 20 January, 2023. Large discounts and deals are available across a variety of product categories during this Amazon sale. On TVs and other major household equipment like refrigerators, washing machines, etc., you get up to 60% off. SBI bank card members can get an extra 10% off their purchases in addition to the reduced pricing. Additionally, exchange incentives and no-cost EMI are available to make your purchases more affordable. Amazon is back with a tonne of sales and discounts on a variety of products, including gadgets, TVs, laptops and cellphones. For Prime members, the Amazon Great Republic Day discount is now available. Purchasers will also receive bank offers. A 10% immediate discount is available to SBI bank card users on SBI credit cards and credit EMIs. Bajaj Finserv EMI cards, Amazon Pay ICICI Credit cards, Amazon Pay Later, and a few other debit & credit cards are also eligible for this offer. Best Deals on Smartphones On Amazon, the iPhone 13 is on sale for Rs 59,999. The cost has decreased from Rs. 65,900. To further sweeten the bargains, consumers may earn up to Rs 18,000 in return of their previous phones. Holders of SBI bank cards are eligible for a 10% immediate cashback offer on their smartphones. On Amazon Great Republic Day, the mid-range OnePlus 10R phone is being offered for Rs. 29,999. The MediaTek Dimensity 8100-MAX SoC, built on a 5nm platform and specifically tailored for the OnePlus 10R, powers the device. On Amazon, the cost of iQOO Neo 6, yet another potent mid-ranger, has decreased. Currently, the price of the smartphone on Amazon is Rs 27,999. SBI card holders can immediately receive a 10% discount on the Neo 6. Additionally, customers may exchange their old phones for up to Rs 18,000 in exchange. Best deals on wearables It's crucial to record your exercises if you're a fitness fanatic or someone who has just begun working out. Fitness bands and smartwatches can help with this. These gadgets track your exercises and activities in addition to detecting your heart rate and blood oxygen levels. The most recent wristwatch from Samsung, the Galaxy Watch 5 Pro, provides a high-end experience. The price of the smartwatch has been reduced from its initial price of 48,999 to 39,999. For iPhone owners searching for a smartwatch without spending a lot of money, the Apple Watch SE is the ideal choice. The watch is now on sale for 26,400, a reduction from the initial cost of 33,900. The Amazfit T-Rex 2 is a fantastic choice if you're looking for a tough and reliable smartwatch. It was originally listed at 21,999, but is now only available for 14,999. Best deals on Smart TV A strong processor on Sony Smart Google TV provides an experience that is enhanced for details. It produces powerful low-end sound that is excellent for music, sports, and movies. The Smart TV costs only Rs. 53,490. A dramatic surround sound and immersive viewing experience are provided by the LG 48-inch OLED TV. It is offered at Rs. 67, 490. The price of the OnePlus 50-inch Y series 4K UHD Smart TV is merely Rs. 28,499, while the Samsung 55-inch The Frame Series QLED TV is just Rs. 78,990.

Amazon Great Republic Day Sale 2023: Top Deals on Smartphones, Wearables, Smart TVs, bank offers, discounts

You must have seen bank notes with handwritten messages or drawings on them. Remember the ‘Sonam Gupta bewafa hai’ fiasco? But the pertinent question remains- does scribbling on bank notes make them invalid? Watch this to know more.

Scribbling on bank notes valid or not?

The Swiss National Bank (SNB) estimated on Monday the largest yearly loss in its 116-year existence. The bank lost $143 billion (132 billion Swiss francs) in 2022, as the value of its share and bond portfolio was negatively impacted by declining equity and fixed-income markets. The loss means that the SNB will not be able to distribute any profits to central and regional Swiss governments for 2022.

The preliminary figure released on Monday was far higher than the previous record loss of 23 billion francs recorded in 2015. It represented a reversal from a profit of 26 billion francs in 2021, The Star reported. The loss indicates that the payments to its shareholders will be affected too.

SNB suffered a loss of 131 billion francs from its foreign exchange positions after it purchased over 800 billion francs in stocks and bonds during a protracted drive to devalue the Swiss franc.

Also Read |&nbsp;<a href="http://www.wionnews.com/world/top-swiss-bank-credit-suisse-fined-over-drugs-gang-money-laundering-492505" hreflang="en">Top Swiss Bank 'Credit Suisse' fined over drugs gang money laundering</a>

Last year, as central banks all over the world, increased interest rates to fight inflation, global stock markets weakened and bond prices plunged. Exchange rate losses were caused by the strong Swiss franc, which in July surged above parity against the euro, as per Reuters.

According to analysts, SNB Chairman Thomas Jordan also increased interest rates three times in 2022 in an effort to reduce excessive Swiss inflation.

Watch | No claimants for Swiss Bank accounts

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While the loss is “regrettable,” interim profits had predicted such an outcome, the conference of cantonal finance chiefs told SDA, according to Bloomberg.

The SNB's gold holdings were the only bright spot -- they totalled 1,040 tonnes at the end of 2021 and increased in value by $400 million francs in 2022.

It’s unlikely that the SNB will make amends in its policy, Reuters reported. The bank is slated to release the detailed annual figures on March 6.

(With inputs from agencies)

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The Swiss National Bank (SNB) estimated on Monday the largest yearly loss in its 116-year existence. The bank lost $143 billion (132 billion Swiss francs) in 2022, as the value of its share and bond portfolio was negatively impacted by declining equity and fixed-income markets.

The Swiss National Bank (SNB) estimated on Monday the largest yearly loss in its 116-year existence. The bank lost $143 billion (132 billion Swiss francs) in 2022, as the value of its share and bond portfolio was negatively impacted by declining equity and fixed-income markets. The loss means that the SNB will not be able to distribute any profits to central and regional Swiss governments for 2022. The preliminary figure released on Monday was far higher than the previous record loss of 23 billion francs recorded in 2015. It represented a reversal from a profit of 26 billion francs in 2021, The Star reported. The loss indicates that the payments to its shareholders will be affected too. SNB suffered a loss of 131 billion francs from its foreign exchange positions after it purchased over 800 billion francs in stocks and bonds during a protracted drive to devalue the Swiss franc. Also Read | Top Swiss Bank 'Credit Suisse' fined over drugs gang money laundering Last year, as central banks all over the world, increased interest rates to fight inflation, global stock markets weakened and bond prices plunged. Exchange rate losses were caused by the strong Swiss franc, which in July surged above parity against the euro, as per Reuters. According to analysts, SNB Chairman Thomas Jordan also increased interest rates three times in 2022 in an effort to reduce excessive Swiss inflation. Watch | No claimants for Swiss Bank accounts While the loss is “regrettable,” interim profits had predicted such an outcome, the conference of cantonal finance chiefs told SDA, according to Bloomberg. The SNB's gold holdings were the only bright spot -- they totalled 1,040 tonnes at the end of 2021 and increased in value by $400 million francs in 2022. It’s unlikely that the SNB will make amends in its policy, Reuters reported. The bank is slated to release the detailed annual figures on March 6. (With inputs from agencies) WATCH WION LIVE HERE:

Swiss National Bank estimates record $143 billion loss in 2022

In India, December 2022 has a number of public holidays and bank holidays. A total of 13 days, including weekends on the second and fourth Saturdays and all Sundays, would see banks across India closed in December.

In India, December 2022 has a number of public holidays and bank holidays. A total of 13 days, including weekends on the second and fourth Saturdays and all Sundays, would see banks across India closed in December. In December 2022, the second and fourth Saturdays are observed as regular bank holidays. The fourth Saturday comes on December 24, whereas the second Saturday is on December 10. Just to add value information let us inform that if a month contains five Saturdays, the fifth Saturday is a working day. Christmas, which is observed on 25 December is a well-known public holiday observed annually throughout much of the nation in the month of December. Date Day Holiday State 1-Dec-22 Thursday State Inauguration Day/Indigenous Faith Day Nagaland, Arunachal Pradesh 3-Dec-22 Saturday World Disabled Day/Feast of St. Francis Xavier Tripura & Goa 5-Dec-22 Monday Sheikh Muhammad Abdullah Jayanti Jammu and Kashmir 10-Dec-22 Saturday Second Saturday 12-Dec-22 Monday Pa Togan Nengminza Sangma Meghalaya 18-Dec-22 Sunday Death Anniversary of U SoSo Tham/Guru Ghasidas Jayanti Meghalaya, Chandigarh 19-Dec-22 Monday Goa Liberation Day Goa 24-Dec-22 Saturday Christmas Eve Mizoram, Meghalaya 25-Dec-22 Sunday Christmas Day All over India 26-Dec-22 Monday Shaheed Udham Singh Jayanti Haryana 26-Dec-22 Monday Christmas Holiday Mizoram, Meghalaya and Telangana 30-Dec-22 Friday Tamu Losar/U Kiang Nangbah Sikkim & Meghalaya 31-Dec-22 Saturday New Year's Eve Manipur Are these Holidays countrywide? No, while some of these holidays are specific to certain states, others apply to the entire nation. In December 2022, there are numerous state-specific regional holidays in addition to Christmas. What will remain closed on Bank Holidays? ATM services will be accessible while banks will be closed physically. A lot of people will continue to carry out online banking however they must schedule their financial operations in accordance with the list of holidays. All bank services will be available digitally. Internet banking and UPI payment applications like Google Pay will remain operational. However, there could be certain tasks on your to-do list, though, that need going in person to a bank location. Therefore, you should schedule your bank-related tasks accordingly.

Bank Holidays for December 2022 in India: Check out the extensive list

Investors are worried about the future of Credit Suisse. The bank's shares have fallen by 60% in a year. Is credit Suisse in trouble? Priyanka Sharma brings you an assessment.

Gravitas: Will this bank trigger the next financial crisis?

Ukraine has reclaimed the key logistics hub of Leyman. In response, Russia launched a drone attack on Zelensky's hometown. Interestingly, thousands of mobilised Russian troops have also been sent back home. Why? Priyanka Sharma explains in detail.

Gravitas: Why has Russia sent thousands of mobilised men back home?

Banks in Lebanon have said they will close for three days next week, after depositors stormed several branches on Friday, holding employees hostage and forcibly demanding to withdraw their savings.

Lebanese banks to close next week as depositors storm several branches

HSBC took pride in being the world's local bank at one point of time but in reality it may get more localized if the proposal for bank to restructure itself and breaking up its business goes through.

HSBC's Breakup: Cites costs, risks in opposing calls to break up

The accusations against a <a href="https://www.wionews.com/world/salman-rushdie-articulate-after-stabbing-attack-responding-to-investigators-report-507441">Lebanese</a> man who took bank employees hostage last week in Beirut to demand access to his frozen savings have been dismissed, and he has been released from detention.

Bassam al-Sheikh Hussein, who assaulted a Federal <a href="https://www.wionews.com/south-asia/us-refuses-to-release-7-billion-afghan-funds-but-usaid-will-commit-40-million-for-girls-education-507658">bank</a> branch in Beirut with a rifle, was ordered to be released by Judge Ghassan al-Khoury after the bank withdrew its accusations against him, according to a report from the state-run National News Agency on Tuesday.

Last Thursday, following an hour-long struggle, Hussein surrendered after the bank permitted him to withdraw $30,000 from his more than $200,000 in frozen savings, according to media sources.

According to state media, he made the dramatic decision to use his savings in order to pay for his father's surgery.

The event was the most recent between furious depositors who couldn't access their frozen savings since 2019 and Lebanese banks.

Many in Lebanon, who hold the<a href="https://www.wionews.com/sports/stranded-at-tashkent-gokulam-kerala-fc-beg-for-political-support-for-players-stuck-in-the-uzbek-capital-507723"> political</a> and banking elite responsible for the nation's financial crisis, which the World Bank has dubbed one of the worst in recent times, have welcomed Hussein as a hero.

The World Bank accused government officials of utilising a "Ponzi" scheme approach to public financing during the previous 30 years, benefiting important political and economic actors at the expense of normal depositors, in a study released this month.

It described the current economic crisis as a "deliberate depression" and claimed that the government had repeatedly and severely strayed from an orderly and disciplined fiscal policy to further its greater goal of securing political economic goals.

(With inputs from agencies)

Also watch |&nbsp;The West Asia Post: Decoding Lebanon's bank hostage standoff

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The accusations against a Lebanese man who took bank employees hostage last week in Beirut to demand access to his frozen savings have been dismissed, and he has been released from detention.

The accusations against a Lebanese man who took bank employees hostage last week in Beirut to demand access to his frozen savings have been dismissed, and he has been released from detention. Bassam al-Sheikh Hussein, who assaulted a Federal bank branch in Beirut with a rifle, was ordered to be released by Judge Ghassan al-Khoury after the bank withdrew its accusations against him, according to a report from the state-run National News Agency on Tuesday. Last Thursday, following an hour-long struggle, Hussein surrendered after the bank permitted him to withdraw $30,000 from his more than $200,000 in frozen savings, according to media sources. According to state media, he made the dramatic decision to use his savings in order to pay for his father's surgery. The event was the most recent between furious depositors who couldn't access their frozen savings since 2019 and Lebanese banks. Many in Lebanon, who hold the political and banking elite responsible for the nation's financial crisis, which the World Bank has dubbed one of the worst in recent times, have welcomed Hussein as a hero. The World Bank accused government officials of utilising a "Ponzi" scheme approach to public financing during the previous 30 years, benefiting important political and economic actors at the expense of normal depositors, in a study released this month. It described the current economic crisis as a "deliberate depression" and claimed that the government had repeatedly and severely strayed from an orderly and disciplined fiscal policy to further its greater goal of securing political economic goals. (With inputs from agencies) Also watch | The West Asia Post: Decoding Lebanon's bank hostage standoff

Lebanese man who held up bank for trapped savings walks free

Eurozone inflation rose to another record high in July and its peak could still be months away, keeping pressure on the European Central Bank to opt for another big interest rate increase in September.

WION Dispatch: Eurozone inflation at record high; consumer prices jump 8.9% in July

Credit Suisse is considering how it could cut costs further after a dismal performance by the embattled bank in the past quarter, SonntagsZeitung reported, citing senior sources.

Credit Suisse eyes more cost cuts: Reports

The US police&nbsp;in Georgia are on a hunt for a man disguised himself as an old lady to rob a bank. Wearing a floral dress, white sneakers, orange latex gloves, a white wig and a dark face mask or neck "gator", the unidentified successfully pulled off the heist. According to CBS46 news TV, the suspect is described as a Black man, around 6 feet tall and slim.

According to the police, the incident took place in Henry County, southeast of Atlanta, on Monday.

The man in disguise arrived at Chase Bank in the city of McDonough carrying a pink bag and armed with a gun. He then reportedly gave a note to a member of staff demanding money, The Atlanta Journal-Constitution&nbsp;reported citing police.

After taking the money, the man drove off in a small, white SUV that police believe could have been a recent Lexus model. A tag wasn’t spotted.

Photos of the disguised accused were shared on Facebook by&nbsp;McDonough Police Department.

"Based on CCTV recordings and photos taken inside the bank, the department was able to confirm that the suspect was wearing a floral dress, a wig, and a black mask," the department wrote.

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The Facebook post, which has photos of the accused, as expectedly, drew a slew of reactions on social media, with some even praising him for single-handedly pulling off the heist.

“The funny part in all of this is, no one saw his strange getup as 'ODD' in any way. Just normal for Atlanta,” wrote another.

Another user said, "Now you know... I would have already pushed the panic button before she/ he reached the counter."

While the third user commented, "Hoping they find this man real soon. He's going to do it again and get aggressive.”&nbsp;

(With inputs from agencies)

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The US police in Georgia are on a hunt for a man disguised himself as an old lady to rob a bank. Wearing a floral dress, white sneakers, orange latex gloves, a white wig and a dark face mask or neck "gator", the unidentified successfully pulled off the heist.

The US police in Georgia are on a hunt for a man disguised himself as an old lady to rob a bank. Wearing a floral dress, white sneakers, orange latex gloves, a white wig and a dark face mask or neck "gator", the unidentified successfully pulled off the heist. According to CBS46 news TV, the suspect is described as a Black man, around 6 feet tall and slim. According to the police, the incident took place in Henry County, southeast of Atlanta, on Monday. The man in disguise arrived at Chase Bank in the city of McDonough carrying a pink bag and armed with a gun. He then reportedly gave a note to a member of staff demanding money, The Atlanta Journal-Constitution reported citing police. After taking the money, the man drove off in a small, white SUV that police believe could have been a recent Lexus model. A tag wasn’t spotted. Photos of the disguised accused were shared on Facebook by McDonough Police Department. "Based on CCTV recordings and photos taken inside the bank, the department was able to confirm that the suspect was wearing a floral dress, a wig, and a black mask," the department wrote. × The Facebook post, which has photos of the accused, as expectedly, drew a slew of reactions on social media, with some even praising him for single-handedly pulling off the heist. “The funny part in all of this is, no one saw his strange getup as 'ODD' in any way. Just normal for Atlanta,” wrote another. Another user said, "Now you know... I would have already pushed the panic button before she/ he reached the counter." While the third user commented, "Hoping they find this man real soon. He's going to do it again and get aggressive.” (With inputs from agencies) WATCH WION LIVE HERE

Man dressed as elderly woman robs bank in US, police launch manhunt

Two suspected bank robbers were killed in a shootout with police in western Canada on Tuesday (June 28). The encounter left six police officers injured. Local authorities said that a possible third suspect was still missing.

"This remains an ongoing police incident with the heavy police presence in the area," said Saanich police chief Dean Duthie at a press conference.

The armed suspects entered the bank around 1800 GMT. The bank is located in the city of Saanich which has a population of about 114,000 outside the British Columbia capital of Victoria, police said in a statement.

"Multiple officers responded to the scene and encountered the armed suspects who fired at police. Two suspects were shot by police and died at the scene," the statement said, adding that no bank employees or members of the public were physically injured.&nbsp;

"It's hard because we have members in the hospital right now suffering from serious injuries," Duthie said.

Three of the six police officers were undergoing a surgery as of late Tuesday. Other three police officers may be released from the hospital.

Earlier in the day, an evacuation order was issued for the buildings surrounding the bank because of a suspected explosive device found in the suspects' vehicle.

The day's events will "shake a lot of people," said Duthie, adding that federal police had been called to assist.

(With inputs from agencies)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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&nbsp;

Two suspected bank robbers were killed in a shootout with police in western Canada on Tuesday (June 28). The encounter left six police officers injured. Local authorities said that a possible third suspect was still missing.

Two suspected bank robbers were killed in a shootout with police in western Canada on Tuesday (June 28). The encounter left six police officers injured. Local authorities said that a possible third suspect was still missing. "This remains an ongoing police incident with the heavy police presence in the area," said Saanich police chief Dean Duthie at a press conference. The armed suspects entered the bank around 1800 GMT. The bank is located in the city of Saanich which has a population of about 114,000 outside the British Columbia capital of Victoria, police said in a statement. "Multiple officers responded to the scene and encountered the armed suspects who fired at police. Two suspects were shot by police and died at the scene," the statement said, adding that no bank employees or members of the public were physically injured. "It's hard because we have members in the hospital right now suffering from serious injuries," Duthie said. Three of the six police officers were undergoing a surgery as of late Tuesday. Other three police officers may be released from the hospital. Earlier in the day, an evacuation order was issued for the buildings surrounding the bank because of a suspected explosive device found in the suspects' vehicle. The day's events will "shake a lot of people," said Duthie, adding that federal police had been called to assist. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Canada: Two suspects who tried to rob bank killed during shootout

Brazil's antitrust watchdog will fine Citibank, Societe Generale for exchange rate manipulation. Citibank has committed to pay $13.78 million and Societe will pay $1.07 million in fines.

Brazil's antitrust watchdog fines Citibank, Societe Generale

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