• Australian neobanks are cutting the interest rate on their high-yield savings accounts.
  • This move highlights the need to pivot their business model by finding other customer acquisition and deposit incentives.
  • Insider Intelligence publishes hundreds of research reports, charts, and forecasts on the Banking industry with the Banking Briefing. You can learn more about subscribing here.

Three Australian neobanks—86 400, Up, and Xinja—are planning further cuts to their savings account interest rates or savings thresholds, according to Finder.

Australian Neobanks' Interest Rate Cuts

Australian neobanks are cutting interest rates.

Business Insider Intelligence


Up Bank will cut its interest rate to 1.10% effective November 1, down from its current rate of 1.60%. 86 400 recently cut the amount of money you can earn bonus interest on from $300,000 to $150,000. And Xinja’s Stash account will be cutting its bonus variable rate from 1.65% to 1.50%. Xinja hasn’t taken on new customers since March and hasn’t indicated when

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(Bloomberg) — Solar manufacturers and installers fell sharply Monday after President Donald Trump moved to eliminate a loophole his administration granted in 2019 that’s helped companies avoid tariffs on double-sided panels.



a close up of a building: Photovoltaic panels are seen near the U.S.-Mexico border in this aerial photograph taken over the Mount Signal Solar Farm in Calexico, California, U.S. on Friday, Sept. 11, 2020. As the threat of blackouts continues to plague California, officials are pointing to battery storage as a key to preventing future power shortfalls. But the Golden State is going to need a lot more batteries to weather the next climate-driven crisislet alone to achieve its goal of a carbon-free grid.


© Bloomberg
Photovoltaic panels are seen near the U.S.-Mexico border in this aerial photograph taken over the Mount Signal Solar Farm in Calexico, California, U.S. on Friday, Sept. 11, 2020. As the threat of blackouts continues to plague California, officials are pointing to battery storage as a key to preventing future power shortfalls. But the Golden State is going to need a lot more batteries to weather the next climate-driven crisislet alone to achieve its goal of a carbon-free grid.

Manufacturer Canadian Solar Inc. dropped as much as 11%, the most in intraday trading in a month. Sunrun Inc., America’s largest residential solar company, also fell as much as 11% and JinkoSolar Holding Co. slipped as much as 9.6%.

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There has been a record number of dividend cuts during the ongoing coronavirus crisis, particularly in the energy sector, which is one of the most severely beaten sectors. A bright exception has been the group of U.S. refiners, which have defended its dividends so far. However, as Valero (VLO) is poised to post material losses this year, it is likely to cut its dividend, given also the uncertainty arising from the pandemic. On the other hand, the stock has been beaten to the extreme and thus it has collapsed at its 7-year lows. In this article, I will analyze why Valero has become a conviction buy around its current price.

The effect of the pandemic

The pandemic has caused an unprecedented collapse in the demand for refined products this year. According to the Energy Information Administration [EIA], the global demand for refined products is expected to slump by 8.3 million

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LITTLE ROCK — The 2017 federal tax cuts, which U.S. Rep. French Hill championed, eliminated the top income tax bracket, the Little Rock Republican’s campaign said Thursday.

A claim to the contrary, contained in a campaign news release earlier in the day, was erroneous, said J.R. Davis, a media consultant working on the three-term incumbent’s reelection bid.

Titled “Hill Calls Out Elliott for Making False Claims in Latest TV Advertisements,” the release accused Democratic challenger and state Sen. Joyce Elliott of misrepresenting Hill’s record.

“Repeatedly, Elliott has falsely claimed that Congressman French Hill voted to cut Medicare and Social Security to pay for the Tax Cuts and Jobs Act of 2017 (TCJA), and there is no basis for this untrue statement to central Arkansans,” the release stated.

Hill never voted to cut Medicare and Social Security to “fund a tax break for the wealthy,” it said.

“The Tax Cuts and

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In a major push for Atmanirbhar Bharat (self-reliant India), chemicals major Gujarat State Fertilizers & Chemicals Limited (GSFC) on Thursday started selling locally made calcium nitrate — a 100-per cent imported water-soluble fertilizer.

Building up on its capabilities to make caprolactam and its by-product nitric acid, GSFC found economic viability to make calcium nitrate at its facility near Vadodara. The first consignments of the locally-made calcium nitrate and boronated calcium nitrate was sent to Solan in Himachal Pradesh and Bhavnagar in Saurashtra.

Union Minister of State for Chemicals and Fertilisers, Mansukh Mandaviya on Thursday launched the product online. “We identified about 79 chemicals where import substitution could take place. Of these, there are 39 chemicals, where we are 70-100 per cent dependent on imports. GSFC has identified 21 such chemicals to make in India and take a big leap to achieve the goal of Atmanirbhar Bharat,” the minister said in

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House Speaker Nancy Pelosi of Calif., tears her copy of President Donald Trump’s s State of the Union address after he delivered it to a joint session of Congress on Capitol Hill in Washington, Tuesday, Feb. 4, 2020. Vice President Mike Pence is at left.


  • JPMorgan adviser Colleen O’Callaghan told CNBC’s “Trading Nation” Thursday that she is telling her clients to reduce their exposure to equities and hold more cash due to the fiscal stimulus gridlock in Washington. 
  • O’Callaghan, who advises high-net worth customers said: “We really need to see that stimulus package. If we don’t see that stimulus, I do think there’s going to be more volatility and we need to prepare for that.
  • She said she plans to employ the cash once there is greater clarity on the US economic recovery. 
  • A Biden victory won’t necessarily be bad for markets, as increasing corporate taxes won’t
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(RTTNews) – American Airlines Group Inc. (AAL) will be forced to discontinue service to additional U.S. markets unless new coronavirus relief package is received, CEO Doug Parker told CNBC on Thursday.

The airline has already cut service to 13 cities through the month of November.

The airlines received aid under the federal Payroll Support Program or PSP under the CARES Act passed by Congress in March, that banned furloughs. They were hoping for an additional $25 billion in funding.

However, House Speaker Nancy Pelosi on Thursday said that there won’t be a stand-alone airline aid package without a larger coronavirus stimulus package.

Early this month, with the expiration of US federal payroll program on September 30, American Airlines and United Airlines started to furlough their employees, that is expected to affect around 32,000 workers in total.

However, the companies in their memos to employees reportedly said they will be recalled

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(Bloomberg) — Danske Bank A/S plans to cut 1,600 jobs — more than 7% of its entire workforce — in a cost-saving maneuver that pushed its stock higher but drew dire warnings from staff representatives.



a person standing in front of a building: Pedestrians pass a Danske Bank A/S bank branch in Aalborg, Denmark, on Monday, Sept. 14, 2020. Denmark is re-introducing a number of coronavirus-related restrictions following the worst spike in infections since the height of the pandemic.


© Bloomberg
Pedestrians pass a Danske Bank A/S bank branch in Aalborg, Denmark, on Monday, Sept. 14, 2020. Denmark is re-introducing a number of coronavirus-related restrictions following the worst spike in infections since the height of the pandemic.

Copenhagen-based Danske says the cuts are necessary to save money amid spiraling compliance costs and long-term negative interest rates.

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“It is never easy to reduce the number of colleagues, and we will do our best to ensure that we do this in the most decent and respectful way,” Chief Executive Officer Chris Vogelzang said. “However, we need to adapt to the structural changes that the financial sector is experiencing.”

“We simply have to reduce our

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US oil and gas giant ExxonMobil announced Monday it would slash 1,600 jobs in Europe, more than 11 percent of its workforce in the region, as it struggles with the hit from the coronavirus downturn.

“The impact of Covid-19 on the demand for ExxonMobil’s products has increased the urgency of the ongoing efficiency work,” the Texas-based company, said in a statement.

The company said the job cuts would happen by the end of next year but did not any additional details saying only that “Country-specific impacts will depend on the company’s local business footprint and market conditions.”

Facing decreased demand for crude caused by the coronavirus pandemic as well as the growing shift to green energy, ExxonMobil has seen its share value on Wall Street plummet by more than half this year.

Last week, the company was briefly overtaken in market capitalization by NextEra Energy, a green-era power company which

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a man in a suit standing in front of a store: Saskatchewan Party leader Scott Moe says his party will drop the small business tax rate if he's elected.


© Albert Couillard / Radio-Canada
Saskatchewan Party leader Scott Moe says his party will drop the small business tax rate if he’s elected.

Saskatchewan Party leader Scott Moe promised to cut the small business tax rate if his party is re-elected.

“We know we need to give small businesses a break right now to ensure they can stay on their feet and recover from this global pandemic,” he said, speaking Saturday in Prince Albert.

“That’s why we’re reducing their taxes for the next three years.”

FULL COVERAGE: 2020 Saskatchewan Election

Moe said his new government would drop the small business tax rate from two per cent to zero per cent for two years. That cut would be retroactive to Oct. 1 of this year.

The rate would rise to one per cent on July 1, 2022, and return to two per cent a year later.

Moe said the move would

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