Banking

  Bloomberg Hang Seng Bank Ltd, a Hong Kong-based lender majority owned by HSBC Holdings Plc, is seeking an insurance partner after its existing agreement with Australia’s QBE Insurance group Ltd. expired. Hang Seng Bank is working with a financial adviser as it explores a so-called bancassurance partnership, which could be valued at more than $100 million, the people said, ...

Bloomberg Nomura Holdings Inc may use hedges to limit further hits from its ownership of a stake in a US mutual fund manager after booking losses on the investment for two straight quarters. Japan’s largest brokerage will “consider mitigating measures, including hedges” to reduce the earnings impact of its holding in American Century Investments (ACI), spokesman Yoshitaka Otsu said, declining ...

  Bloomberg China’s central bank set its fixing for the yuan weaker, failing to show any overt pushback after the currency slid to a three-month low against the dollar the previous day. The People’s Bank of China (PBOC) set the yuan reference at 6.7730 per dollar, 0.5% lower than the previous print, the largest daily cut since August 3. The ...

  Bloomberg Credit Suisse Group AG is facing a further delay in getting approvals for some of its China operations after a flurry of senior management departures, according to people familiar with the matter. The Swiss bank lost nearly half of the senior personnel management at its China securities ventures in recent months, including Chief Financial Officer Annie Qiu, compliance ...

  Bloomberg The Philippine central bank will sustain its rate-hike cycle this quarter, following a surprise move in July, to quell broadening price pressures, according to Bloomberg survey of economists. The benchmark interest rate is expected to increase by another 75 basis points to 4% by the end of September, a survey showed. Bangko Sentral ng Pilipinas is seen to ...

  Bloomberg Australia’s central bank (RBA) signalled further interest-rate increases would come in the period ahead, while restating it will be guided by incoming economic data and the inflation outlook. “The board expects to take further steps in the process of normalising monetary conditions over the months ahead, but it is not on a pre-set path,” minutes of the Reserve ...

  Bloomberg Uruguay’s central bank raised its key interest rate for a ninth consecutive meeting to 10.25% with inflation expectations remaining stubbornly above its target. Policy makers tightened by 50 basis points and signalled more half point hikes later in the year. The increase marked the first time the central bank lifted borrowing costs into the double digits since it ...

  Bloomberg Mastercard Inc is facing pushback from retailers over a new product that allows customers to pay off their purchases in installments. The payments giant has begun telling merchants and their banks that it will charge retailers 3% of a purchase price each time a consumer opts to use the new program, according to people familiar with the matter. ...

  Bloomberg The dollar’s best days might still be ahead of it. While the greenback has tumbled as riskier assets have rebounded and demand for havens has ebbed, there’s potential for renewed political and economic risks to rekindle its strength. Add to that a dire outlook for Europe and prospects for even more policy tightening by the Federal Reserve, and ...

  Bloomberg Australia’s top economic agencies are collaborating on a project to review the case for a central bank digital currency (CBDC) in the country. The Reserve Bank of Australia (RBA), Treasury and others will oversee the research effort designed to explore the potential economic benefits of introducing such a currency in Australia, the RBA said in a statement. The ...