Banking

  Bloomberg Singapore’s dollar is emerging as the top bet for Wall Street’s biggest banks as wagers the central bank will extend policy tightening bolsters demand for Southeast Asia’s top-performing currency. Goldman Sachs Group Inc favours the Singapore dollar the most among Asian currencies, along with Thailand’s baht. Citigroup Inc. recommends buying the currency on dips, while RBC Capital Markets ...

  Bloomberg Credit Suisse Group AG faces a capital gap of at least 4 billion Swiss francs ($4.1 billion) to improve its financial strength, fund its restructuring and support growth, according to Deutsche Bank AG. The size of any equity raise would be determined by the Swiss bank’s ability to quickly sell its securitised-products trading business, Deutsche Bank analysts wrote ...

  Bloomberg UBS Group AG is letting go of half a dozen mainland China-focused employees in Hong Kong as turmoil in the world’s second-largest economy hammers deal-making, prompting global banks to rein in their presence in the once lucrative market. The Swiss bank has trimmed bankers in businesses including debt capital markets, investment banking and real estate. Investment banking revenue ...

  Bloomberg The Bank of Uganda raised interest rates for a third straight meeting and signalled its willingness to boost rates further if inflation isn’t reined in. Policy makers facing the most significant cost pressures in six years lifted the benchmark rate to 9% from 8.5%. That takes the increase in borrowing costs to 250 basis points since June. “The ...

  Bloomberg Standard Chartered Plc’s joint venture with an arm of Singapore’s biggest trade union group started digital banking services in the city-state, adding to rivalry in the space where tech giants are also seeking to make their mark. Trust Bank, in which the UK firm holds 60%, is offering savings accounts, credit cards and insurance products, targeting workers and ...

Bloomberg Citigroup Inc joined rivals in trimming the ranks of its mortgage workforce as rising interest rates continue to crimp demand in the housing market. Fewer than 100 positions were eliminated, according to a person familiar with the matter, who asked not to be named discussing internal information. “Citi has made a small number of staffing reductions within our mortgage ...

Bloomberg Russia is considering a plan to buy as much as $70 billion in yuan and other “friendly” currencies this year to slow the ruble’s surge, before shifting to a longer-term strategy of selling its holdings of the Chinese currency to fund investment. The offshore yuan briefly extended gains against the dollar after the news, rallying to a session high. ...

  Bloomberg The yen declined to its lowest since 1998, prompting warnings from Japanese government officials, as the yield gap between the US and Japan widened to heap more pressure on the currency. It falls as much as 0.5% to 139.68 per dollar in Thursday trading — a hair’s breadth from the key psychological level of 140, before paring the ...

  Bloomberg China’s biggest banks, including Industrial & Commercial Bank of China Ltd., reported slowing earnings growth and eroding margins after being enlisted by Beijing to help stave off a deeper slump in the world’s second-biggest economy. ICBC, the world’s biggest bank by assets, reported net income grew 4.9%, the slowest in two years, in the first half of the ...

Bloomberg China took the most aggressive step yet in its latest battle to bolster the yuan, setting its reference rate for the currency with the second-strongest bias on record. The People’s Bank of China (PBOC) fixed the yuan against the dollar at 249 pips stronger than the average estimate in a survey of market participants — which Bloomberg started compiling ...