Banking

  Bloomberg Spain is seeking to tax banks for windfall profits made from net interest and fees charged to clients, in the boldest move against lenders by any major European Union nation to offset the impact of a worsening cost-of-living crisis. A bill introduced to parliament aims to set a 4.8% tax on Spanish banks. It also seeks to charge ...

  Bloomberg The yen catapulted higher against major peers as lowered expectations for rate hikes caused hedge funds to cover short bets from one of the biggest global macro trades of the year. In early trading the yen strengthened more than 1% to 135.11 per dollar, as hedge funds liquidated long positions in the greenback, according to Asia-based currency traders. ...

  Bloomberg HSBC Holdings Plc and Standard Chartered Plc maintained their best lending rates Thursday even as the city’s monetary authority raised its base rate to keep pace with the Federal Reserve, a move that will likely stave off some pressure on homeowners and businesses for now. Hours after the Hong Kong Monetary Authority (HKMA) said it would raise its ...

  Bloomberg The Reserve Bank of India’s (RBI) intervention in the foreign-exchange market to protect the rupee that tested a series of record lows in recent months is pushing shorter rates to multi-year highs. The government’s borrowing costs for a three-month Treasury bill surged to the highest in three years at an auction. The weighted average call rate, an interbank ...

  Bloomberg Visa Inc said it will dole out annual raises for more-junior employees earlier as it seeks to help staffers battling once-in-a-generation levels of inflation. The payments giant will award the pay increases to employees at the level of senior vice president and below during its fiscal fourth quarter, which ends on September 30, Chief Financial Officer Vasant Prabhu ...

  Bloomberg Banco Santander SA earnings beat expectations, as rising revenue helped the Spanish retail-banking giant offset the impact of increased costs and surging inflation. Spain’s biggest lender posted net income of 2.35 billion euros ($2.4 billion) in the second quarter, exceeding the analyst consensus of 2.25 billion euros as net interest income jumped 7.9% from the first three months ...

  Bloomberg Deutsche Bank AG’s asset management unit saw outflows for a second consecutive quarter, marking an abrupt end to a period of growth that saw assets under management touch a record last year. DWS group’s clients pulled $25.4 billion in the three-month period, according to a statement. That missed the 403.3 million-euro consensus of inflows forecast by analysts polled ...

  Bloomberg Deutsche Bank AG scrapped an efficiency target for the year and warned a key profitability goal was getting harder to reach, as the economy weakens and the war in Ukraine, surging inflation and litigation drive up expenses. The muted outlook, published on Wednesday along with second-quarter results, overshadowed a strong performance at the corporate bank, which benefited from ...

  Bloomberg Credit Suisse Group AG posted its third straight quarterly loss after investment banking revenue declined and clients pulled money, underscoring the Swiss firm’s challenges in exiting its worst slump since the financial crisis. The Zurich-based bank reported a net loss of 1.59 billion Swiss francs ($1.6 billion) in the three months through June, driven by a loss at ...

  Bloomberg South Korea’s Financial Supervisory Service (FSS) is probing $3.4 billion worth of “abnormal” foreign-exchange transactions at two of the country’s largest commercial banks for possible links to illegal crypto-related activities. Unusual transactions totalling 1.6 trillion won ($1.3 billion) took place at five branches of Woori Bank between May 3, 2021 and June 9 this year, the regulator said ...