July 11, 2023
United States:
Bank of America to Pay $250 Million to Settle US ‘Junk Fee’ Case
Bank of America Corp. agreed to pay $150 million to regulators and $100 million to customers for improperly charging fees and mismanaging accounts and rewards, the top US consumer watchdog said.
The Consumer Financial Protection Bureau said on Tuesday it was fining Bank of America for “systematically double-dipping on fees imposed on customers with insufficient funds in their account.” The bank also withheld promised reward bonuses and moved to open accounts without customer authorization.
Europe:
Russian Oil Flows Show First Signs of Drop Months After Cuts Vow
Flows of Russian crude are starting to show signs of falling, more than four months after the country was due to slash production.
Crude shipments through Russia’s western ports in the four weeks to July 9 dropped substantially below their average February level for the first time, after volumes surged during the intervening months, according to vessel tracking data monitored by Bloomberg and corroborated by other data sources.
Asia:
China’s Xi Calls for Greater Economic Opening in Charm Offensive
Chinese President Xi Jinping called for greater opening up of the world’s second-biggest economy to focus on foreign cooperation in areas including trade and investment.
“In building a new development pattern and promoting structural opening up, key areas of foreign exchange and cooperation such as investment, trade, and financial innovation should be focused on,” CCTV quoted Xi as saying in a meeting on deepening reform on Tuesday.
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