Banking Sector
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Reportedly Apple in Talks with U.S Banks on Developing Mobile Person-to-Person Payment Service

Reportedly Apple in Talks with U.S Banks on Developing Mobile Person-to-Person Payment ServiceMoney transaction systems are becoming easier day by day and according to sources familiar with the matter, Apple Inc. is discussing to develop a payment service with the U.S banks. The system will permit users to transfer money to each other's account through phones rather than depending on either cash or checks.

New Savings Plan, myRA Encourages Retirement Saving

New Savings Plan, myRA Encourages Retirement SavingThe U. S federal government is promoting myRA, a new savings plan which the U. S. Treasury Department has designed to assist citizens save money risk-free way for those who do not have a retirement plan.

The plan has been tested and is known as "myRA" or My Retirement Account.

World Bank says Africa Should Move Ahead with Plans of Developing Transport and Energy Networks

 World Bank says Africa Should Move Ahead with Plans of Developing Transport and Energy NetworksOn Friday, the World Bank said that Africa should move ahead with its plans of developing its transport and energy networks although a slowdown plagued its GDP growth. Better infrastructure is the main ingredient that attracts long term developments according to the head of the World Bank.

New President of African Development Bank Pushes for Energy Access and Better Infrastructure

New President of African Development Bank Pushes for Energy Access and Better InfrastructureAkinwumi Adesina, the new president of African Development Bank said that Africa should make an effort to achieve widespread access to electricity in the coming ten years and also accelerate its process of transformation itself to a continent which exports finished goods and not just the raw materials.

Hudson City Savings Bank Accused of Redlining or Following Racial Discrimination in Lending

Hudson City Savings Bank Accused of Redlining or Following Racial Discrimination in LendingNew Jersey based, Hudson City Savings Bank which is a subsidiary of Hudson City Bancorp, will have to pay almost $33 million as settlement for supposed racial discrimination which they adopted in their mortgage lending practices.

Kiwibank Reported a Profit of $127 Million in the Fiscal Year till June 30

Kiwibank Reported a Profit of $127 Million in the Fiscal Year till June 30The state owned Kiwibank announced $127 million profit after tax for the fiscal year till 30 June. The bank's profit increased twenty seven percent compared to $100million last year.

Kiwi Group Holdings profit's was boosted by added contributions from its Kiwi Wealth Kiwisaver business and the fledgling Kiwi Insurance business to $132million.

Yuan Slips Further Although the Central Bank of China Sets Higher Midpoint

Yuan Slips Further Although the Central Bank of China Sets Higher MidpointThe IRS had said in May, that fraudsters had accessed sensitive information of tax payers which they could use to gain access to the "Get Transcript" authentication process which needs clearing multiple steps.

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