Banking

  Bloomberg Vietnam set its reference rate for the dong at a record low, setting the stage for more weakness in the country’s currency The State Bank of Vietnam set the currency fixing at 23,281 dong per dollar, the weakest since at least 2005, according to data compiled by Bloomberg. That’s after the dong fell to the lowest in more ...

Bloomberg UBS Group AG has abandoned its plan to acquire US robo-adviser Wealthfront, unwinding what would have been the Swiss bank’s first major acquisition under Chief Executive Officer Ralph Hamers. The companies together decided to terminate their January merger agreement, valued at $1.4 billion, according to statements from both of them that didn’t specify a reason. UBS will purchase a ...

  Bloomberg The dollar steamrolled through Asia Wednesday as bond market bets on higher-for-longer US rates gave fresh fuel to the greenback’s rally, triggering a vocal pushback from regional officials. A gauge of the greenback climbed to a record, helped by what has become the steepest-ever surge in real yields. The yen dropped to a fresh 24-year low, the won ...

  Bloomberg The Bank of Canada is expected to pull off a coveted soft landing, bringing soaring inflation back to near its 2% target without tipping the nation’s economy into a major downturn. A wide-ranging Bloomberg survey of 21 economists on Bank of Canada policy found that the central bank took a credibility hit with a late response to inflation. ...

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 ...