Bloomberg Citigroup Inc said it will wind down its consumer banking business in China, a move which is expected to affect about 1,200 employees in the country. The exit will include products such as deposits, insurance, mortgages, investments, loans and cards, the lender said in a statement. The bank will also explore options for those employees who wish to …

  Bloomberg The Bank of Italy raised its inflation forecasts for the next three years on the continuing increase of energy costs and more pronounced wage growth in 2024, according to its macroeconomic projections. Consumer prices are seen increasing 8.8% this year and 7.3% next year, from previous forecasts of 8.5% and 6.5% respectively. Economic output was revised upwards to …

  Bloomberg Sumitomo Mitsui Banking Corp (SMBC) named Senior Managing Executive Officer Akihiro Fukutome as its next president, as the Japanese lender seeks to attract a younger generation of customers and build up businesses in Southeast Asia. The appointment will be effective from April, according to a statement from the core banking unit of Japan’s second-largest lender Sumitomo Mitsui Financial …

  Bloomberg Norway’s central bank raised borrowing costs to the highest level in more than a decade, and signaled it still plans to hike its key interest rate to 3% at the beginning of next year even as the Nordic country faces a recession. Norges Bank lifted its key deposit rate by 25 basis points to 2.75%, the highest level …

  Bloomberg The Swiss National Bank (SNB) raised its interest rate by 50 basis points, a third salvo against inflation that narrows the gap with the borrowing costs of global peers. Officials raised the benchmark to 1%, as predicted by a majority of economists surveyed by Bloomberg. Further increases can’t be ruled out, the central bank said. “There is a …

  Bloomberg Bulls reeling from the Federal Reserve’s still-hawkish tilt are about to lose a major force that helped tamp down turbulence in US stocks during this week’s macroeconomic drama. An estimated $4 trillion of options is expected to expire in a monthly event that in tends to add turbulence to the trading day. This time, with the S&P 500 …

  Bloomberg US equity-index futures dropped with European stocks amid concern the resolve of central banks to continue their fight against inflation will tip the economy into a recession. Contracts on the S&P 500 and Nasdaq 100 fall at least 1.1% each after the underlying indexes posted their biggest declines since November 2. Europe’s Stoxx 600 slid to a five-week …

Bloomberg Delta Air Lines Inc boosted its fourth-quarter earnings outlook but trimmed the top end of a revenue forecast, keeping a bullish travel forecast even as smaller carriers see weakening demand. The largest US airline by market capitalisation updated its fourth-quarter projection and full-year outlooks for 2022 through 2024 in a statement, ahead of presentations by executives at an investor …

  Bloomberg Embraer SA is in talks with Singapore Airlines Ltd to supply its Scoot unit with regional jets, giving the low-cost subsidiary a smaller aircraft capable of serving more destinations in the region. The airline is considering the Brazilian planemaker’s E-jets, which typically seat 80 to 146 passengers, on services within Southeast Asia, according to people familiar with the …

Bloomberg Amazon.com Inc faces a $280 million lawsuit from a Vietnamese manufacturer of warehouse storage systems that alleges the e-commerce giant abruptly scaled back orders after online spending growth cooled this year, leaving the manufacturer saddled with excess production capacity and raw materials. Gilimex Inc said it was a key partner of Amazon from 2014 to 2022, investing tens of …