Bloomberg Switzerland’s financial regulator (Finma) started enforcement proceedings against Credit Suisse Group over a spying scandal that led to the ouster of ex-Chief Executive Officer (CEO) Tidjane Thiam. The move marks an escalation of regulatory involvement in the espionage charges, which also triggered probes by Swiss prosecutors. Finma said it will pursue any potential violations of supervisory law, and in …

Bloomberg Australia’s central bank expanded a lending facility for banks as it kept key policies unchanged, and signalled a renewed willingness to explore additional measures to boost an economy still mired in recession. “The board will maintain highly accommodative settings as long as is required,” Reserve Bank chief Philip Lowe said after keeping both the cash rate and three-year yield …

Bloomberg Nigerian naira strengthened to its strongest level in informal trading since at least April as supplies of the US currency surged ahead of an auction set for next week by the central bank. The local unit traded 440 naira per dollar on Wednesday from a peak of 477 naira last week, according to abokifx.com, which collates rates from street …

Bloomberg Deutsche Bank AG Chief Executive Officer (CEO) Christian Sewing says showing skeptical analysts he can hit revenue targets is the lender’s next big challenge after convincing the market on cost and capital goals. Speaking at a conference in Frankfurt, Sewing re-affirmed a target of making a pretax profit this year, even though the bank is expected to make a …

Bloomberg New Zealand central bank (RBNZ) Governor Adrian Orr signalled his intent to continue to loosen monetary policy as required, saying he’s determined to head off unnecessarily low inflation or even deflation. While persistently low interest rates could lead to undue risk-taking and pose financial stability risks, Orr said these were outweighed by the damage that stagnant or falling prices …

Bloomberg Former European Central Bank (ECB) President Mario Draghi urged governments to channel stimulus funds toward sectors that can create new jobs for young people rather than spending money to defend the status quo. “Subsidies will have to go down but at the same time jobs will be created,” Draghi said at an online event. “It’s very good if the …

Bloomberg European stocks extended gains with US equity futures as investors anticipated positive reports on jobs and the economy in Washington. The dollar headed for its best advance in eight sessions. All 19 industry groups pushed higher on the Stoxx Europe 600 Index, with chemicals and technology shares among the top gainers. Infrastructure giant Atlantia SpA jumped as much as …

Bloomberg Tech stocks around the world are pushing all-time highs, spurring headline-grabbing listings by the dozen, yet in Europe the biggest news in the sector is a company looking to leave public markets. Startup factory Rocket Internet SE has brought at least nine initial public offerings (IPOs) to market over the past five years, but said it would be “better …

Bloomberg Global trade is on course to recover more quickly from the coronavirus pandemic than after the 2008 financial crisis, according to Germany’s Kiel Institute for the World Economy. Shipping volumes are already back at levels that took more than a year to reach following the collapse of Lehman Brothers Holdings Inc., hinting at a V-shaped recovery, the institution’s President …

Bloomberg The Trump administration is relaxing Obama-era requirements stemming toxic heavy metal pollution from coal-fired power plants. Under the Environmental Protection Agency (EPA) rule, electricity companies would have more time and flexibility to treat power plant wastewater that contains mercury, arsenic and other toxic heavy metals. Older coal power plants that are shutting down or switching to natural gas by …