Banking

  Bloomberg India’s largest mortgage financier used an unusual trade to hedge some of its borrowings against interest rate volatility as it sought to expand its range of tools to manage risk. Housing Development Finance Corp, (HDFC) the nation’s biggest rupee-bond issuer this year, used a so-called total return swap to hedge rate risks on a debt issuance which closed ...

  Bloomberg Credit-card spending is slowing down as US consumers feel the impact of rising rents and other increased costs, according to Bank of America Corp (BofA). Spending on credit and debit cards per household increased in July by 5.3% from a year earlier, down from 5.7% in June, Bank of America Institute said in a report. That pace lags ...

  Bloomberg Thailand plans to overhaul its digital rules to confer more powers on the central bank and tighten the oversight of platforms offering cryptocurrencies and other tokens after a recent market rout left retail investors reeling from losses. The planned amendments to the regulations will “bring the central bank to be part of it,” Finance Minister Arkhom Termpittayapaisith said ...

  Bloomberg Serbia lifted its benchmark interest rate to the highest level in more than three years, seeking to strike a balance in taming accelerating inflation without undermining economic growth. The central bank raised its one-week repurchase rate by a quarter percentage point to 3%, in line with expectations of most analysts in a Bloomberg survey. The decision marked the ...

Bloomberg Nigeria’s anti-graft agency said it would arrest foreign currency traders found to be hoarding the dollar after a plunge in the country’s currency last month. The Economic and Financial Crimes Commission called foreign exchange dealers to a meeting in a bid to end “brazen foreign exchange speculation” that’s causing “a run on the value of the naira,” the agency ...

Bloomberg India’s central bank released guidelines for digital lending, targeted at bringing transparency and data protection to the business after complaints started mounting over unfair recovery practices, with many players capitalizing on borrowers’ lack of financial literacy. The Reserve Bank of India (RBI released the guidelines on Wednesday, which direct operators to display all inclusive costs of the digital loan ...

Bloomberg Indonesia’s rupiah will advance to strongest level in almost a year as the country’s trade surplus and attractive yields lure overseas investors to local stocks and bonds, according to TD Securities. The currency will appreciate to 14,057 per dollar in the next three months, matching the high set in October 2021, said Mitul Kotecha, head of emerging-market strategy at ...

  Bloomberg ABN Amro Bank NV said it expects to see the benefits from higher interest rates in the second half of the year, joining European peers in cheering the end of negative rates. The Dutch lender reported higher-than-expected profit as improvements in its loan book allowed it to release provisions for bad debt. While net interest income continued to ...

  Bloomberg Commonwealth Bank of Australia (CBA), the country’s largest lender, posted an 11% jump in profit but warned that steeper borrowing costs and inflation were hitting consumer demand. The Sydney-based bank warned of a challenging outlook as the twin economic pressures worsened the cost-of-living burden, when it reported full-year earnings. It posted a cash profit of $6.7 billion for ...

  Bloomberg In the midst of the UK’s worst inflation crisis for four decades, Bank of England (BOE) Governor Andrew Bailey has found himself at the heart of a growing political storm. After a little more than two years in the job, Bailey is under attack from members of the ruling Conservative Party and the press. It’s a dramatic turnaround ...