Bank of America accelerates timeline for $20 minimum wage

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Bank of America on Monday pledged to raise its minimum wage to $20 per hour more than a year ahead of schedule.

In a press release, the company said it would move to $20 per hour by the first quarter of 2020. As previously reported by FOX Business, Bank of America had promised to move to a $20 minimum wage by 2021.

“As part of our commitment to being a great place to work, we are saying thank you, and sharing our success with our teammates who serve our clients and communities every day,” Sheri Bronstein, chief human resources officer at Bank of America, said in a statement.

The company’s current minimum rate is $17 per hour.

Since 2010, the bank has raised its minimum wage by more than $8 per hour.

CITIGROUP RAISES MINIMUM WAGE TO $15 FOLLOWING POLITICAL

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Buffett’s Berkshire Boosts Its Stake in Bank of America to 11.8% | Investing News

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(Reuters) – Warren Buffett’s Berkshire Hathaway Inc

said on Thursday it has bought another $522 million of stock in Bank of America Corp

, boosting its already large stake in the second-largest U.S. bank by assets.

Berkshire bought about 21.2 million Bank of America shares from July 28 to 30, according to a regulatory filing.

Following those purchases, Berkshire owned a total of 1.02 billion shares in Bank of America which roughly represents an 11.8% stake in the company.

Berkshire has spent more than $1.7 billion on 71.5 million Bank of America shares since July 20, including the latest purchases, according to regulatory filings.

Berkshire began investing in Bank of America in 2011, a time many investors worried about the bank’s capital needs, when it acquired $5 billion of preferred stock plus warrants to buy 700 million common shares.

By the end of March, Bank of America had become Berkshire’s

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It’s official: Varo Money has national bank charter

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The i’s have been dotted and the t’s crossed on a national bank charter for Varo Money.

CEO Colin Walsh and Brian Brooks, the acting comptroller of the currency, will participate in a signing ceremony at Varo’s offices in San Francisco at 10 a.m. Pacific time on Friday, both sides said. Varo is the first fintech provider among several similar applicants to obtain a national bank charter.

Varo Bank N.A. had received conditional approval from the Office of the Comptroller of the Currency in September 2018, provided it met several criteria — including an OK from the Federal Deposit Insurance Corp., which it obtained in February of this year. The company now has official approval in hand from the OCC, FDIC and Federal Reserve Board.

It’s been a three-and-a-half-year journey, and Walsh says the company has filed more than 5,000 pages of paperwork.

“It’s a historic thing,” Walsh said. “We’re

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1700 jobs at risk at sports retailer | Metro Bank agrees to buy rival lender | Insurance giant Hiscox swings to loss

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Sports retailer and gym group DW Sports has said it is to tumble into administration, with 1,700 employees at risk.

The company was expected to appoint insolvency specialists after its income was wiped out by the protracted closure of stores and gyms during lockdown.

DW Sports, which was founded by former Wigan Athletic owner Dave Whelan, operated 73 gyms and 75 retail sites across the UK but announced plans to shut 25 of its stores last month.

The company said it will now wind down its retail business for good, with its website ceasing trading with immediate effect and closing-down sales starting at its 50 remaining stores.

READ MORE: Glasgow firm has helped keep lights on amid coronavirus lockdown

It plans to protect as many jobs and gyms as possible through the restructuring process.

DW Sports stressed that Fitness First, which is a sister company of DW, will continue to

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British bank NatWest swings to a 2nd-quarter loss of $1.7 billion as income tumbles and impairment charges soar

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Alison Lithgow wearing a suit and tie smiling and looking at the camera: RBS


© RBS
RBS

  • NatWest posted sharply lower profits last quarter as less income and a hefty impairment charge weighed on its business.
  • The British bank’s total income tumbled 34% year-on-year to £2.7 billion ($3.5 billion) and its impairment losses soared to over £2 billion, meaning it swung from a pre-tax profit of £1.7 billion ($2.2 billion) to a £1.3 billion ($1.7 billion) loss.
  • “Our performance in the first half of the year has been significantly impacted by the challenges and uncertainty our economy continues to face as a result of Covid-19,” CEO Alison Rose said in the earnings release.
  • NatWest’s net interest margin fell and its loan impairment rate soared, but it also shored up its finances, increasing both its liquidity coverage ratio and common equity tier one (CET1) ratio.
  • Visit Business Insider’s homepage for more stories.

NatWest suffered a sharp slump in second-quarter profits as pandemic-related lockdowns and travel

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Frozen bank accounts, travel ban: Kuwait pursues 10 influencers for money laundering

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Kuwait’s Attorney General ordered the immediate seizure of all the assets of the 10 social media influencers charged with money laundering and banned them from travel, leading Kuwaiti newspaper, al-Qabas reported on Sunday.

The central bank froze the 10 suspects’ bank accounts and the Ministry of Interior circulated their names to all authorities at land border crossings and airports to ensure they cannot flee, according to al-Qabas.

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The Kuwaiti newspaper released the names of the 10 influencers accused of money laundering, citing an unnamed source, they are: Fouz al-Fahad, Abdulwahab al-Essa, Dana al-Tuwarish, Mishari Buyabis, Halema Bouland, Maryam Reda, Farah Hadi, Jamal al-Najada, Shifa al-Kharaz, and Yaqub Boushehri.

“The awaited decision is to arrest the accused,” al-Qabas cited a source with knowledge of the investigation as saying.

On Monday, the newspaper cited sources close to

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Why bank ATM fees are now higher than ever (And what it could cost you)

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If you often grab cash from the closest ATM while you are out and about without paying attention to the fine print of the out-of-network ATM withdrawal fee— now is a great time to start.

Hopefully you are one of the more and more Americans who have stopped wasting money on these out-of-network fees, which is the price you pay to take your money out of an ATM that doesn’t belong to your bank. But if you are not, you should know that by remaining in the club you are now paying more than ever to get your hands on your own money.

The cost of the average out-of-network ATM withdrawal has reached a new record high of $4.72, according to the latest Bankrate.com Checking Account and ATM Fee Study released on Wednesday. This all-in fee, which includes the

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Deutsche Bank Says ‘Monopoly Money’ Is Whizzing Across Asia

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A construction site in Shenzhen in southern China’s Guangdong province, on November 9, 2018.


AFP via Getty Images

Even as Asian countries appear to be the first to escape the economic ravages of coronavirus, activity is still below normal.

But money supply growth is a notable exception. Growth in the M2 measure of money supply—that’s all cash in circulation plus savings instruments like money-market funds—is nearly 2 standard deviations above the five-year average, according to
Deutsche Bank
strategists Mallika Sachdeva and Bryant Xu.

There isn’t just one reason for it. Large fiscal transfers in the form of welfare cash handouts and income support, in Thailand and Singapore for example, have boosted deposits, they point out.

Credit guarantees by governments to banks, in India and Malaysia for example, have encouraged loans to small- and medium-size businesses.

And central banks across the region have been purchasing debt, both government securities

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MONETA Money Bank a.s. Stock Price (MONET)

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