Bloomberg JPMorgan Chase & Co’s new UK digital lender has attracted more than 500,000 customers and gathered about $10 billion in deposits since launching in September. Chase UK, its British digital-only bank, is “off to a strong start,” JPMorgan said in an investor presentation. But such growth hasn’t come cheap with losses at US lender’s overseas digital banks likely ...

  Bloomberg New Bank of Korea Governor Rhee Chang-yong is turning out to be more outspoken than his predecessor as he shows a willingness to leverage his position to stimulate debate on economic challenges ranging from inflation to demographics. Rhee made clear ahead of his first policy meeting this week that he will press for higher interest rates to rein ...

  Bloomberg Thailand’s central bank is confident inflation will return to target next year, signalling there was no rush to change monetary policy settings just yet to check price gains hovering around a 13-year high. “Inflation is no doubt trending higher,” Governor Sethaput Suthiwartnarueput said in an interview with Bloomberg Television’s Haslinda Amin at the World Economic Forum’s annual meeting ...

  Bloomberg Hedge funds globally are bracing for nearly $20 billion of investor redemptions for the rest of 2022, even after seeing a net inflow in the first quarter, according to a report from Citco Group Ltd. Investors are already scheduled to withdraw $13.5 billion from the industry in the current quarter and another $6.3 billion the rest of the ...

  Bloomberg Snap Inc plunged 43%, posting its biggest-ever one-day drop and dragging down social media peers, after the company cut its revenue and profit forecasts, blaming the weaker economic outlook for a sudden slowdown of its advertising business. “We continue to face rising inflation and interest rates, supply chain shortages and labour disruptions, platform policy changes, the impact of ...

  Bloomberg HSBC Holdings Plc Chief Executive Officer Noel Quinn said an executive’s remarks playing down the risk of climate change are “inconsistent” with the bank’s strategy and don’t reflect views of senior management. “Our ambition is to be the leading bank supporting the global economy in the transition to net zero,” he said in a post on LinkedIn. “I ...

  Bloomberg Indonesia’s central bank tightened reserve requirements for lenders, while keeping its benchmark interest rate unchanged, as it seeks to withdraw excess liquidity without hurting economy’s recovery from the pandemic. Bank Indonesia plans to raise the reserve requirement ratio for banks to 9% in September from previously announced 6.5%, Governor Perry Warjiyo said in a briefing on Tuesday. It ...

  Bloomberg China’s central bank and banking regulator urged lenders to boost loans as the economy is battered by Covid outbreaks that have threatened growth this year. People’s Bank of China (PBOC) Governor Yi Gang and other officials met with 24 major financial institutions to discuss credit conditions and work, the central bank said in a statement on Tuesday. The ...

  Bloomberg Stocks declined on Tuesday after a profit warning from Snap Inc weighed on technology shares and fuelled concerns about risks to economic growth. Tech shares were among the worst performers in Europe’s Stoxx 600, while Nasdaq 100 futures tumbled more than 2% and Chinese tech stocks by more than 4%. S&P 500 futures fall, just as the benchmark ...

Bloomberg The selloff in equities will reach a bottom once the Federal Reserve signals the end of tightening, which may not happen until recession is apparent, according to Goldman Sachs Group Inc. “It may be necessary for the market to become more confident than it is that financial conditions tightening has been sufficient and that the Fed has delivered and ...