Banking

  Bloomberg Laurentian Bank of Canada advanced the most in more than a year after a surge in commercial lending helped fiscal second-quarter profit top analysts’ estimates and signaled that the firm’s turnaround is proceeding ahead of pace. The Montreal-based bank is up about 4% this year, the best performance in the eight-company S&P/TSX Commercial Banks Index. Laurentian’s shares top ...

  Bloomberg A slowing US economy and brisk growth in Australia will trigger a rally in the Australian dollar to levels last seen more than a year ago, UBS Group AG’s head of currencies in Asia said. After rebounding from a two-year low set last month, the Aussie could rise 11% from that level to as high as 76 US ...

  Bloomberg The European Central Bank (ECB) will begin a new era of monetary policy this week as officials complete their pivot to confront the threat of inflation running out of control. Armed with new forecasts and with prices rising at a record pace, President Christine Lagarde and her colleagues will end trillions of euros of asset purchases and cement ...

  Bloomberg Goldman Sachs Group Inc. raised $700 million in the US investment-grade market to help fund environmental and social initiatives, its first benchmark sustainable-bond sale in over a year. The New York-based lender sold a sustainability bond maturing in five years, according to a person with knowledge of the matter. The self-led deal yields 1.35 percentage points above Treasuries, ...

  Bloomberg Incoming Philippine central bank governor Felipe Medalla said that the lenders’ reserve requirement ratio may be lowered this year to counter the impact of stimulus withdrawal. The plan is to cut the ratio 2 percentage points to 10% about a month or two before a rule that allowed lending to small businesses be counted as compliance to the ...

  Bloomberg Uganda increased interest rates for the first time since October 2018 to counter accelerating inflation and support the weakening shilling. The monetary policy committee raised the benchmark rate to 7.5% from 6.5%, Deputy Governor Michael Atingi-Ego told reporters. The central bank cut its economic growth forecast for Uganda this year to a range of 4.5% to 5%, compared ...

Bloomberg Billionaire Jack Ma’s Ant Group Co. launched its digital bank in Singapore, as China’s largest online financial platform branches out of its home market amid regulatory headwinds. Anext Bank will provide digital financial services to micro, small and medium-sized enterprises, particularly those with cross-border operations, it said in a statement on Monday. The fintech giant is entering an arena ...

  Bloomberg Deutsche Bank AG and its asset management unit had their Frankfurt offices raided by police, adding to the legal headaches facing Germany’s largest lender. Law enforcement officials entered the twin towers where Germany’s largest lender is headquartered, as well as the nearby premises of DWS Group, according to a statement from the prosecutor that confirmed an earlier Bloomberg ...

  Bloomberg Chinese banks are facing growing pressure to support cash-strapped developers after months of pleas by regulators failed to boost lending to the industry. Local branches at the People’s Bank of China (PBOC) have called for meetings with banks in multiple cities since last week to assess why loans have slowed, along with the difficulties faced by banks and ...

  Bloomberg Deutsche Bank AG is planning a fresh push into private credit across a range of strategies, according to people familiar with the plans. The plans include raising money from external investors to expand its offering in the $1.2 trillion market. The lender is seeking to raise about 2 billion euros ($2.14 billion) initially from new and existing investors ...