The nation’s commercial banks and savings institutions reported a 13% rise in net income in the third quarter, hitting a record as institutions’ profits soared and expenses moderated.

Read the Full Article: Source – Wall Street Journal
Time For Truth: (Wall Street Journal) – U.S. Banks Report Record Profit in Third Quarter

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It is midnight and about 30 people are preparing to settle down for the night on the streets of Zimbabwe’s capital, Harare.

Their floral fur-pile blankets are spread out over cardboard boxes on the cold, hard pavement. The women are on one side, the men on the other.

Read the Full Article: Source – BBC News
Time For Truth: (BBC News) – Why Zimbabweans are spending the night outside banks

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There have been chaotic scenes outside banks in India, two days after 500 ($7) and 1,000 rupee notes were withdrawn as part of anti-corruption measures.

Some banks ran out of cash. At others police were called in to manage queues of anxious customers hoping to change their savings for legal tender.

Read the Full Article: Source – BBC News
Time For Truth: (BBC News) – India rupees: Chaos at banks after 'black money' ban

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Major banks have formally told clients to expect volatile currency markets in the aftermath of Tuesday’s U.S. presidential election, with the gap between buying and selling prices that determines the cost of trading expected to widen sharply if Donald Trump were to win.

The warnings issued by the electronic trading platforms run by the market’s largest player Citi and rivals Barclays and Goldman Sachs, seen by clients of the banks, have over the past two years become standard ‘red flags’ ahead of big political and economic set-pieces.

Read the Full Article: Source – Daily Mail
Time For Truth: (Daily Mail) – Banks warn clients to brace for FX volatility after U.S. vote

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Indian Prime Minister Narendra Modi has announced that the 500 ($7.60) and 1,000 rupee banknotes will be withdrawn from the financial system overnight.

The surprise move, announced on Tuesday evening, is part of a crackdown on corruption and illegal cash holdings.
Banks will be closed on Wednesday and ATM machines will not be working.

Read the Full Article: Source – BBC News
Time For Truth: (BBC News) – India scraps 500 and 1,000 rupee bank notes overnight

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