Banking

Bloomberg China’s yuan is set for its longest losing streak since June even after the central bank sought to support the currency with stronger-than-expected fixings in every single session for nearly a month. The onshore yuan slid for the fourth straight day to trade just 0.5% shy of the weak end of its allowed trading range with the greenback following ...

  Bloomberg JPMorgan Chase & Co won a competitive auction for a municipal-bond deal sold by a Texas school district, marking a major step for the bank after it paused most public-finance work in the state because of a new Republican law targeting Wall Street’s gun policies. Frisco Independent School District, about 30 miles (48 kilometres) north of Dallas, awarded ...

  Bloomberg Thailand’s central bank and the finance ministry will soon meet to discuss the baht after it tumbled to the lowest in nearly 16 years, signalling growing concerns among officials that the currency slump can threaten a tepid recovery and stoke inflation. The ministry and Bank of Thailand (BOT) will discuss the baht’s weakness as the nation needs “to ...

Bloomberg UK Prime Minister Liz Truss’s new government has looked at changing the Bank of England’s (BOE) money-printing program to save the UK taxpayer billions of pounds at a time when the public finances are under increasing strain. Under the option, interest paid on some deposits held by commercial lenders at the BOE would be scrapped, potentially saving more than ...

  Bloomberg Royal Bank of Canada (RBC) is merging its RBC Ventures partnership group with its RBCx technology banking and innovation arm in a bid to capture more business from entrepreneurs at all stages of their startups’ growth. Sid Paquette, who has led both RBCx and Ventures since April, will head the combined business, the Toronto-based bank said in a ...

  Bloomberg Rakuten Group Inc has chosen Goldman Sachs Group Inc and Daiwa Securities Group Inc as lead managers for its banking unit’s initial public offering, people familiar with the matter said, as the online retailer chases fintech growth to counter mounting losses. Rakuten is preparing to list its banking unit with a valuation of around 300 billion yen ($2.1 ...

  Bloomberg Bank of America Corp expects initial public offerings in India will regain their recent momentum as soon as in the first quarter of next year, bolstered by the underlying strength of the market. “I think IPOs have taken a breather but it will be probably three to six months away from coming back,” Debasish Purohit, co-head of India ...

  Bloomberg Chubb Ltd is in advanced talks to form an insurance partnership with Hang Seng Bank Ltd, a Hong Kong-based lender majority owned by HSBC Holdings Plc, according to people familiar with the matter. The parties are hammering out the details of a transaction that could be agreed over the coming weeks, the people said, asking not to be ...

Bloomberg Chinese banks kept their main lending rates unchanged after the central bank paused its monetary easing and defended a weakening yuan, though a cut is still expected by economists in the coming months to counter headwinds to growth. The one-year loan prime rate (LPR) was left at 3.65%, according to a statement by the People’s Bank of China (PBOC). ...

Bloomberg The Bank of England (BOE) has limited power to stop the downward spiral in the UK pound, said strategists at TD Securities, who are predicting more losses in the coming months. The pound and euro are trapped in a “doom loop” caused by soaring energy prices that feed into weaker economic growth and lower currency values, wrote strategists including ...