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Recession fears sink Canadian banks into 20% drop from high

  Bloomberg Canadian banks fall about 20% from their record high set in early February as recession fears send investors fleeing. The S&P/TSX Commercial Banks Index, which tracks the country’s eight largest lenders, dropped, adding to another day of losses after inflation in Canada surged to a four-decade high and US data pointed to rising unemployment and slumping manufacturing and ...

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Barclays agrees to buy mortgage lender Kensington for $2.8b

  Bloomberg Barclays Plc has agreed to buy Kensington Mortgage Company Ltd, expanding the reach of its offering in Britain’s housing market. The lender’s UK unit will pay about £2.3 billion ($2.8 billion) for the specialist mortgage lender that is owned by Blackstone Inc. and Sixth Street, according to a statement. Kensington, which is based in Maidenhead, England, and has ...

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Goldman says signs are here of belt-tightening impact to profits

  Bloomberg The first hints that consumer belt-tightening is passing through to corporate earnings are coming in, posing a bigger risk to US equities than stock-selling by American households, according to Goldman Sachs Group Inc. High inflation and declining asset prices have started to strain household finances, Goldman strategists led by David Kostin wrote. They cited the 0.3% drop in ...

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Payments firm SumUp reaches $8.4b valuation

  Bloomberg SumUp has achieved an 8 billion euro ($8.4 billion) valuation in its latest funding round, raising 590 million euros in a deal split between debt and equity in a bid to develop new products and gain clients. Bloomberg News first reported in January that SumUp was considering raising a fresh round of funding. People with knowledge of the ...

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Credit Suisse may replace top lawyer

  Bloomberg Credit Suisse Group is considering replacing its top lawyer Romeo Cerutti, as the troubled lender struggles to resolve legacy legal issues and focus on looming court battles, people familiar with the matter said. The Zurich-based lender is considering hiring former UBS Group AG general counsel Markus Diethelm, the people said. Diethelm is fresh from exiting as chief legal ...

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Zimbabwe fines 12 banks

  Bloomberg Zimbabwe penalised 12 banks for “financial indiscipline” that fueled inflation and undermined the currency, the Herald newspaper cited President Emmerson Mnangagwa as saying. The unidentified institutions have received unspecified “hefty penalties,” Mnangagwa told supporters of the ruling party after opening a gold-processing facility, according to the Harare-based paper. The central bank probed a total of 16 lenders suspected ...

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Oversupply of India bonds to drive yields to 8%: StanChart

  Bloomberg A supply glut is set to hit India’s government bond market, and drive benchmark yields towards 8% by year-end, according to Standard Chartered Plc. The lender estimates that excess supply of sovereign and state debt may total as much as 6.3 trillion rupees ($81 billion) this fiscal year. That’s likely to further upset a market that’s struggling to ...

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Indonesia’s central bank holds interest rate at record low

  Bloomberg Indonesia’s central bank held its benchmark interest rate at a record low again, saying inflation remains manageable as it cemented its place as an outlier on monetary policy. Bank Indonesia left the seven-day reverse repurchase rate unchanged at 3.5%, as predicted by 24 of 33 economists surveyed by Bloomberg. The rest expected policy makers to kick off the ...

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Buy-now-pay-later lenders to get tighter regulation in UK

  Bloomberg The UK government is tightening rules on buy now, pay later loans to try to prevent borrowers from taking on unaffordable debts. After months of consultations, the Treasury confirmed that lenders will be required to carry out affordability checks on customers and ensure advertisements are fair. Providers will need to be approved by the Financial Conduct Authority and ...

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AIB set to face record Irish fine over mortgages scam

  Bloomberg AIB group is set to be hit with a possible record fine from Ireland’s central bank for its role in a mortgage overcharging scandal, according to three people familiar with the matter. The central bank is preparing to sanction the bank for its role in charging thousands of customers the wrong interest rate on mortgages that tracked the ...

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