Banking

  Bloomberg The rupiah looks poised to test a key support level in the coming months as falling commodity prices, a potential tax on nickel exports and the slow pace of interest rate hikes in Indonesia weigh down the currency. An earlier-than-expected hike from Bank Indonesia last week did little to support rupiah, with the 25-basis-points increase easily overshadowed by ...

Bloomberg UK credit card borrowing rose at its strongest pace since 2005, and mortgage interest costs jumped to the highest in six years, indicating growing strain on household budgets. The Bank of England (BOE) said annual growth in credit card debt rise 13%, which was the most in 17 years. The average interest rate on new mortgages rose 18 basis ...

  Bloomberg Kenya’s Nairobi Securities Exchange expects its first main-market segment listing in more than three years to happen before end of December and boost activity on the bourse. The All-Share index of the market valued at 2.15 trillion shillings has dropped 17% since January, according to data compiled by Bloomberg. “We have one application right now that’s being processed,” ...

  Bloomberg Bank of Montreal (BMO) became another victim of the slowdown in capital markets last quarter, as a slump in equity and debt issuances reduced investment-banking fees. Capital-markets revenue fell 20% to $974 million in the fiscal third quarter, the Toronto-based company said in a statement on Tuesday. Overall profit missed analysts’ estimates. Bank of Montreal, which generates a ...

  Bloomberg Mexico’s central bank (Banxico) board is debating how closely to follow US interest rate rises, as members grapple with slowing growth and the fastest inflation in two decades. One of the five board members argued that Mexico’s interest rate increase had to match that of the US Federal Reserve to preserve the spread between rates in the two ...

  Bloomberg The European Central Bank (ECB) is prepared to at least repeat the half-point increase in interest rates it delivered last month, with an even bigger move not to be excluded as inflation nears yet another record. That’s the message from ECB officials who joined the Federal Reserve’s annual Jackson Hole symposium, which wrapped up Saturday. Fed Chair Jerome ...

  Bloomberg Agricultural Bank of China Ltd, the nation’s third-largest bank by assets, said it’s facing 1.23 billion yuan ($178 million) in overdue loans, nearly double a previous estimate, from a mortgage boycott on unfinished projects that has swept the country. After reporting a small gain in earnings on Monday, the Beijing-based lender revealed that the overdue loans are linked ...

  Bloomberg IDBI Bank Ltd’s chief executive officer (CEO) said the lender is likely to recoup 195 billion rupees ($2.4 billion) on soured debt in his pitch to potential buyers amid India’s planned auction of the firm. “We are sitting on about 780 billion rupees of fully provided for bad loans, including written-off loans, and around 25% is likely to ...

  Bloomberg Morgan Stanley’s stock short selling practices are being inspected by South Korea as part of a broader effort by the nation’s financial watchdog to clamp down on bets against equities. The Financial Supervisory Service (FSS) also plans to examine Bank of America Merrill Lynch over how it conducts stock short sales. Morgan Stanley was picked due to the ...

  Bloomberg The bolivar is plummeting, breaking a rare stretch of stability for Venezuela’s battered currency. It has lost a third of its value so far this month, hitting 9.08 bolivars per US dollar on the parallel exchange market, according to data compiled by Bloomberg. That’s the steepest monthly decline since January 2021. Controlling the exchange rate has been a ...