Banking

Ursula von der Leyen won a second term as president of the European Commission on the back of an ambitious list of promises for her next five years.But in securing enough support in the European parliament on Thursday, she has stretched her executive to-do list and raised expectations across the EU’s political spectrum on a host of issues that have long frustrated Brussels officials.Mujtaba Rahman, of consultancy Eurasia Group, warned that von der Leyen could be “setting herself up for failure” by offering commitments “that aren’t particularly coherent” to secure...

FRANKFURT, Germany (AP) — The European Central Bank left its key interest rate benchmark unchanged Thursday as its rate-setting council and President Christine Lagarde take their time to make sure stubborn inflation is firmly under control before lowering rates again.The decision leaves the deposit rate at 3.75%, where it has stood after a single quarter-point cut rate at the previous meeting on June 6.That means home buyers and businesses hoping for lower interest rates in Europe are going to have to wait at least until the bank’s September meeting for...

Stay informed with free updatesSimply sign up to the UK banks myFT Digest -- delivered directly to your inbox.The UK’s financial regulator has told banks to make sure politicians and their families are “not treated unfairly” after a review conducted in the wake of Nigel Farage’s “debanking” scandal found some lenders were “getting the balance wrong”.The Financial Conduct Authority said that “all firms could improve” the way they handle politically exposed persons (PEPs), a group of potentially higher-risk clients that can include politicians, senior civil servants and their relatives, as...

European Central Bank (ECB) president Christine Lagarde attends a press conference following the Governing Council's monetary policy meeting, in Frankfurt, Germany July 18, 2024. Jana Rodenbusch | ReutersRecent data has broadly supported its medium-term outlook for inflation to converge at 2%, it added.The decision — which keeps the key ECB interest rate at 3.75% — was widely expected amid ongoing concern over inflationary pressures, particularly from the labor market.Euro zone headline inflation dipped to 2.5% in June from 2.6% previously, but the core print — excluding the volatile components of energy,...