Banking

Bloomberg Philippine central bank Governor Felipe Medalla signaled readiness for as many as three more quarter-point increases to interest rates, depending on the pace of the Federal Reserve’s monetary tightening. In a scenario where the Fed increases rates by 75 basis points and delivers one more hike after that, Bangko Sentral ng Pilipinas will probably be doing not more than ...

Bloomberg Mitsubishi UFJ Financial Group Inc. plans to sell about 86 billion yen ($608 million) worth of Marelli Holdings Co. loans to Deutsche Bank AG, as the auto-parts supplier undergoes a court-led rehabilitation. The Japanese bank has already written off most of the amount, and is seeking to recover income by selling the debt. The bank is seeking to complete ...

  Bloomberg HSBC Holdings is trimming the number of bankers focused on Chinese debt issuance amid a slump in bond deals from the world’s second-largest economy. Two vice presidents, who covered China debt markets, are leaving the firm, according to people familiar with the matter. With that the Hong Kong-based team covering Greater China debt capital markets will shrink to ...

  Bloomberg Crypto.com, the digital currency app that was fronted by Matt Damon in a Super Bowl TV ad, is seeking the return of about A$10.5 million ($7.2 million) it accidentally transferred to a woman in Melbourne. But some of it has already been spent, including on a A$1.35 million five-bedroom property in suburban Melbourne. The firm discovered during an ...

  Bloomberg Australia’s central bank raised interest rates by a half-percentage point for a fourth consecutive meeting and signalled further hikes ahead in its drive to rein in inflation. The Reserve Bank of Australia (RBA) took the cash rate to 2.35%, the highest level since 2015, in a widely expected announcement on Tuesday. The tightening is Australia’s quickest in a ...

Bloomberg France is considering changes to mortgage lending rules to ensure credit to households as the European Central Bank delivers sharp rate increases to counter surging inflation. At present, French regulations cap rates that banks can offer based on average rates in the past quarter plus an extra premium. Some banks have become reluctant to accept loan applications as rates ...

  Bloomberg China has reduced the amount of foreign-exchange deposits banks need to set aside as reserves for the second time this year to boost the yuan after the currency hit a two-year low. Financial institutions will need to hold 6% of their foreign-currency deposits in reserves starting from September 15, the People’s Bank of China (PBOC) said in a ...

  Bloomberg The Malaysian ringgit tumbled to a 24-year low as a stronger dollar and domestic political risks damped sentiment. The ringgit falls as much as 0.2% to 4.5015 per dollar as it breached the 4.5002 mark reached in January 2017. The Malaysian currency is now at its weakest level since January 1998, during the Asian Financial Crisis. A resurgent ...

Bloomberg The Reserve Bank of India (RBI) is in the currency market almost everyday with the twin objective of curbing volatility and anchoring expectations for rupee depreciation, the central bank’s Governor Shaktikanta Das said. “Exchange rate stability is an intrinsic element of our overall macroeconomic and financial stability,” Das said in Mumbai. “Our endeavour, amidst the extraordinary events unfolding globally ...

  Bloomberg Australia’s central bank risks raising interest rates too far too fast in its efforts to contain inflation, opening up the possibility of tipping the economy into recession, senior economists warned. Unlike many international counterparts, Australians feel the impact of rate hikes quickly because about 60% of home loans are at variable rates, said Diana Mousina, a senior economist ...