Bloomberg Boris Johnson’s ethics adviser said he resigned because was put in an “impossible and odious position” by the UK prime minister, who he stated was considering a potential deliberate breach of the ministerial code. In his resignation letter, Christopher Geidt didn’t specify the issue Johnson asked him to advise upon and that led him to quit. In his reply ...

  Bloomberg South Korea will expand the role of nuclear energy in order to meet its climate target. President Yoon Suk Yeol’s new government will increase the portion of atomic power in the energy mix to meet its emissions reductions goal, or Nationally Determined Contribution, it said Thursday. It will maintain the target set by the previous administration to cut ...

  Bloomberg Banks are often criticised for the financing they provide to fossil-fuel companies. But it doesn’t stop there. There’s also the funding they offer to companies that are damaging the world’s rainforests and indigenous communities. Since the Paris climate agreement was announced at the end of 2015, seven banks arranged at least $22.5 billion via loans and debt and ...

  Bloomberg The Financial Conduct Authority (FCA) told more than 3,500 lenders they need to provide customers in vulnerable circumstances with more support as the rising cost of living threatens to tip millions into financial difficulty. The UK regulator said on Thursday that it was concerned consumers aren’t getting the support they need across the sector. “Changing pressures on consumers” ...

  Bloomberg A prosecutor has identified more than $60 million that he believes was laundered through Credit Suisse Group AG, in the precursor to what would be an historic Swiss criminal indictment against the bank. Geneva’s top financial-crime prosecutor, Yves Bertossa, identified a series of eight transactions the bank let slide between 2008 and 2014 at a hearing last week, ...

  Bloomberg Hungary unexpectedly raised the country’s key interest rate after the forint fell to a record this week. The one-week deposit rate was increased by 50 basis points to 7.25% on Thursday, the second rate increase in three weeks. All economists in a Bloomberg survey expected no change, in line with central bank messaging to try to keep rate ...

  Bloomberg Development Bank Ghana, which officially starts operations with about $800 million in capital, plans to grow fivefold over the next five years to help end a shortage of funding to small and medium sized enterprises. It will lend money to financial institutions, which should in turn give loans to business owners at an affordable interest rate, Kwamina Duker, ...

  Bloomberg HSBC Holdings Plc fired a trader in London after scrutinizing the personal mobile phones of some staff, in a sign of increased pressure on banks to closely monitor business communications. Earlier this year, the lender’s UK-based compliance team pushed some traders and bankers to hand over their phones so they could examine business messages on platforms such as ...

  Bloomberg A former trader at Bank of America Corp’s (BofA) Merrill Lynch unit has admitted to manipulating Treasury prices through a spoofing scheme. Tyler Forbes, 27, pleaded guilty in federal court in Brooklyn to working to rig the prices of Treasuries traded on the secondary market, consisting mostly of two-and-three-year notes, from January to June 2019.

Bloomberg Index futures signalled a rout in US stocks on Thursday after the Federal Reserve signalled willingness to accept a recession and rise in unemployment in its resolve to contain elevated inflation. September contracts on the S&P 500 and Nasdaq 100 gauges slumped at least 2.4% each, with traders giving up their initial optimism over Fed Chair Jerome Powell’s comments ...