Bloomberg Venezuelans went to polls on Sunday in regional elections poised to strengthen President Nicolas Maduro as the country’s political opposition slips further into disarray. The country of 28 million will elect mayors, governors and local officials from roughly 70,000 candidates in the first elections that are being contested by opposition parties since 2017, and monitored by the European Union ...

Bloomberg Two of Europe’s banking giants picked the leaders who will help chart their next era as they named successors for the chairmen who steered them through a decade of restructuring. UBS Group nominated former Morgan Stanley President Colm Kelleher to succeed Axel Weber as chairman next year. A day earlier, Deutsche Bank AG proposed Dutch insurance veteran Alexander Wynaendts ...

Bloomberg Banks must report major cyberattacks to regulators within 36 hours if the incident is likely to disrupt their business, according to a new rule from US regulators. Any “computer security incident” that threatens a lender’s operations, services to customers or the stability of the financial system has to be disclosed to the bank’s primary government watchdog, according to a ...

Bloomberg Credit Suisse Group AG completed Europe’s first commercial real estate collateralised loan obligation, according to lawyers involved in the deal, breaking into a market that’s more than doubled in the US. The bank sealed a deal with commercial real estate lender Starz Real Estate, according lawyers at Reed Smith who represent the borrower. The agreement, denominated in euros and ...

Bloomberg Iceland’s central bank delivered its biggest hike since the coronavirus crisis struck in a bid to quell inflation and a rampant housing market. Policy makers in Reykjavik lifted seven-day term deposit rate by 50 basis points to 2%, highest level since March 2020. “The inflation outlook has deteriorated somewhat since August, owing in part to more persistent global price ...

Bloomberg Banks will play a key role in helping drive a reduction in carbon emissions through advising clients on how best to address their environmental footprint, according to a senior executive at HSBC Holdings Plc. “Catalyst is the word I use, but it’s in a very proactive sense,” Colin Bell, who leads HSBC’s European unit, said in a panel discussion ...

Bloomberg LGT, a private bank owned by the Princely House of Liechtenstein, plans to double staff in Japan as it joins global rivals targeting $17 trillion of household wealth in the Asian country. LGT Wealth Management Trust Inc, which kicked off services in Japan last month, wants to build a workforce of 70 to 80 over the coming three years, ...

Bloomberg One of the biggest risks banks face when it comes to cryptocurrencies is being left out of the market altogether. That’s the view from Commonwealth Bank of Australia (CBA) Chief Executive Officer Matt Comyn, who says although the digital assets are “very volatile and speculative”, banks need to be involved in the adoption of technology underpinning crypto and the ...

Bloomberg One exchange-traded fund (ETF) shows how investors are increasing bets on a rebound in Chinese property junk bonds. Surging inflows have lifted total assets of the iShares USD Asia High Yield Bond Index ETF to $1.87 billion from $383 million at the end of August, an increase of 388%. In October alone, the fund attracted a record $773 million. ...

Bloomberg Investors are running away from companies that stand to benefit from a return to normalcy as Covid-19 cases mount in the US and the virus wreaks havoc in Europe. Cruise ship operators Carnival Corp, Royal Caribbean Cruises Ltd. and Norwegian Cruise Lines Holdings Ltd each closed down more than 2% as investors piled into less risky assets. The S&P ...