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Paraguay lifts key interest rate to 8.25%

  Bloomberg Paraguay’s central bank lifted its benchmark interest rate by a quarter of a percentage point to 8.25% with inflation still in the low teens. Policy makers continued a gradual pace of tightening after hiking by 25 basis points in July. The central bank signalled consumer prices might continue to slow in August. “Lower international oil prices have contributed ...

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TD reaps benefit of climbing rates with more gains to come

  Bloomberg Toronto-Dominion Bank (TD), which has struck two major deals to expand in the US this year, reaped the benefit of higher interest rates and sees more gains to come as central banks continue their fight against inflation. Net interest income rises 17% to C$7.04 billion ($5.45 billion) in the fiscal third quarter, the Toronto-based company said in a ...

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Bank Indonesia debuts operation twist to lure funds, guard rupiah

  Bloomberg Bank Indonesia is undertaking its own version of Operation Twist, selling short-term notes and buying up longer ones, which it says will shore up the rupiah by bringing in foreign inflows. Indonesia’s central bank will sell off shorter-tenor government bonds to boost their yield differential over US rates and attract foreign inflows that would help underpin the currency, ...

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RBC sees rate hikes triggering bigger bills on 80,000 mortgages

Bloomberg Royal Bank of Canada (RBC) said interest-rate hikes may trigger higher monthly payments for about 80,000 customers with variable-rate mortgages. The increases will average about C$200 ($150), a level the lender expects most borrowers can afford, and most of Royal Bank’s variable-rate mortgage customers won’t hit those trigger rates. Less than 0.5% of customers will require so much as ...

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Iceland hikes borrowing costs to a six-year high

Bloomberg Iceland’s central bank raised borrowing costs to a six-year high and indicated more tightening to come, as it seeks to dampen housing market exuberance that has taken inflation to the highest level in more than a decade. The 7-day term deposit rate was raised by 75 basis points to 5.5%, in line with market expectations. It’s Sedlabanki’s eighth hike ...

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India weighs selling at least 51% of $5 billion IDBI Bank

Bloomberg India’s government is considering selling at least 51% of state-backed IDBI Bank Ltd., according to people with knowledge of the matter. Officials in the government and the state-backed Life Insurance Corp of India (LIC), which together own about 94% of IDBI Bank’s shares, are in talks about how much of their stakes they plan to sell, the people said. ...

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BofA adds 2,600 military veterans to workforce

  Bloomberg Bank of America Corp (BofA) said it hired 2,600 military veterans this year on top of a five-year goal to add 10,000. The additions mean a 24% increase in representation of veterans at the bank, according to a memo to staff seen by Bloomberg News. The number of veterans at the company is now more than 15% of ...

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Credit Suisse chases a broader set of global wealthy

  Bloomberg Credit Suisse Group is shifting resources to win business from high-net-worth clients as the lender focuses more heavily on wealth management amid cuts to its troubled investment bank. The Swiss bank is reassigning advisers to its dedicated Private Banking International unit, led by Raffael Gasser, according to an internal memo seen by Bloomberg. The aim is to expand ...

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China plans $29bn in special loans to troubled developers

  Bloomberg China will offer 200 billion yuan ($29.3 billion) in special loans to ensure stalled housing projects are delivered to buyers, people familiar with the matter said, ramping up financing support for its beleaguered property sector. The previously unreported size of the lending program, which was announced with scant details by China’s housing ministry, finance ministry and the central ...

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Euro’s decline below dollar parity brings little cheer to business

  Bloomberg Euro-area businesses spent years wishing for a weaker euro. Now it’s here and it couldn’t have come at a worse time. The currency has slid more than 12% against the dollar this year, taking it below parity for the first time in two decades. That decline is boosting import costs, compounding a damaging surge in energy prices and ...

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