Banking

Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda said the government’s intervention in the foreign exchange market last week was appropriate given the recent volatility in the yen. The government’s action didn’t contradict with the BOJ’s ongoing monetary stimulus as the former is aimed at countering rapid, one-sided slide in the yen while the central bank’s monetary easing needs to ...

  Bloomberg A wide gap has emerged between Nigeria’s official and parallel market exchange rates of the naira, the widest since 2016, as central bank failure to meet increasing dollar demand puts pressure on the currency. The local currency unit weakened to 715 naira against the dollar in the unauthorised parallel market, according to Umar Salisu, a bureau de change ...

  Bloomberg Further Swiss National Bank interest rate hikes can’t be excluded, central bank chief Thomas Jordan said, stressing his determination after his institution’s latest move fell short of market expectations. Although inflation in Switzerland is lower than elsewhere, “in this country, too, it has still increased much more than was generally expected”, Jordan said at the University of Lucerne, ...

  Bloomberg The European Central Bank (ECB) will raise borrowing costs next month by at least a half-point as inflation pressures worsen, according to Governing Council member Gediminas Simkus. “Based on data I see now, the inflationary trends are intensifying,” the Lithuanian central bank chief told reporters on Monday in Vilnius. “There are a few options on the table” for ...

  Bloomberg The Reserve Bank of Australia (RBA) is working to identify business models and uses for a central bank digital currency, or eAUD, and is likely to conduct a pilot early next year. The project, which began in July, will help “further understanding of some of the technological, legal and regulatory considerations associated with a CBDC,” the RBA and ...

  Bloomberg China Construction Bank Corp (CCB) will set up a 30 billion yuan ($4.2 billion) fund to buy properties from developers, as policy makers beef up efforts to contain a real estate crisis that’s weighing on the economy. The fund will “invest in existing assets” of real estate companies and renovate the properties into rental housing, the lender said ...

Bloomberg Barclays Plc was sued by shareholders who claim they suffered significant losses after the British lender disclosed that paperwork errors led it to accidentally issue billions of dollars more in structured and exchange-traded notes than it had registered for sale. The bank and its executives “made materially false and misleading statements” and failed to disclose important information about both ...

  Bloomberg Citigroup Inc is seeking a second and perhaps final round of bids for its Mexican retail arm Banamex by the end of October in what could be one of the year’s biggest banking deals, according to people familiar with the matter. Carlos Slim’s Grupo Financiero Inbursa, the Mexican bank Grupo Financiero Banorte and mining tycoon German Larrea are ...

  Bloomberg Klarna Bank AB, months after announcing major job cuts and taking a $39-billion hit to its valuation, is planning to restructure parts of its business further to suit a slower-growing, smaller operation. In a meeting this week, a manager in the internal engineering unit of the Swedish buy-now-pay-later company told staff, some of whom were about to lose ...

Bloomberg Japan intervened to prop up the yen for the first time since 1998, after its central bank sparked further declines in the currency by sticking with ultra-low interest rates as its global peers hiked. The yen rose as much as 2.5% against the dollar, pulling back sharply from the lows of the day when it had breached a key ...