Bloomberg In the upside-down world of global banking, getting back to normal is bad news for the bottom line. Wall Street churned out massive windfalls during the pandemic, but the economic reopening made possible by widespread vaccinations means this year’s earnings will look weaker by comparison. The big down arrow will be trading revenue, which is expected to show a …

Bloomberg Bank Indonesia could begin tightening monetary policy next year, including potential moves on interest rates, if the economic recovery remains on track and policy makers see signs of inflation, Governor Perry Warjiyo said. The bank’s exit strategy is to gradually reduce liquidity in the financial system “and then later, the end of next year, maybe some interest-rate action,” Warjiyo …

Bloomberg HSBC Holdings’s streamlining drive has reached its top executives, with the bank promising to shake up a “hierarchical culture.” Several hundred managers will have their “leadership bands” altered over the coming months, according to an internal memo from human resources chief, Elaine Arden. Europe’s largest bank found it had a more complicated management system than peers and a lack …

Bloomberg Bank of America Corp (BofA) created a new team dedicated to researching cryptocurrencies, marking Wall Street’s latest push to capitalise on investors’ frenzy for digital assets. Alkesh Shah will lead the effort, which will also cover technologies tied to digital currencies, and report to Michael Maras, who leads fixed-income, currencies and commodities research globally, according to an internal memo …

Bloomberg Credit Suisse Group AG and JPMorgan Chase & Co.’s asset and wealth management business are working together to develop a new investment strategy focused on sustainable nutrition. The fund will invest in public companies that “address the ties between nutrition, health, biodiversity and climate, with a particular focus on nutrition’s societal and environmental aspects,” Credit Suisse said in a …

Bloomberg Kenya’s biggest banks are the key to further gains for the benchmark Nairobi stock index this year as investors bet on the nation’s recovery from the pandemic, according to EFG Hermes Kenya. The Nairobi All Share Index has gained 16% in 2021 to the highest in more than three years. Expectations that the central bank will approve risk-based lending, …

Bloomberg Investors are getting excited about Big Tech again. With resurgent doubts about the strength of the post-pandemic boom, traders are shifting back into the tech behemoths whose dominance of high-growth industries leaves them poised to keep sales and profits rising even if the economy slows. That’s fuelled a run of outperformance since the beginning of June and marks a …

Bloomberg All through the pandemic era, buying stocks when corporate America delivers its quarterly reporting card has been a reliable winning trade. But the streak may be coming to a close. While second-quarter profits may look robust when banks start reporting on July 13, the forecast earnings increase of 64% for all firms in the S&P 500 Index probably marks …

Bloomberg Top officials from the US, Germany and France each expressed confidence that a global tax deal endorsed at the Group of 20 meeting in Venice has enough momentum to overcome political obstacles in Washington and within the European Union (EU) in time for it to be finalised in October. “There’s more work to be done, but I’m really hopeful …

New Delhi / WAM India’s Minister of State for External Affairs, who deals with the Gulf and the rest of the Arab world, V Muraleedharan, has held a meeting with Indian ambassadors in the Gulf to discuss initiatives to resume passenger flights to India from their countries of accreditation. “Our ambassadors were requested at that meeting to take up with …