Banking

  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 ...

  Bloomberg Canadian banks have already raised more cash in bond markets than in the whole of 2021 as jitters about the global economy and conditions in the financial markets run high. With almost seven months to go in 2022, Canadian bank sales of corporate bonds in the domestic and international markets are close to C$168 billion dollars ($133.6 billion) ...

  Bloomberg The European Central Bank (ECB) must pare back stimulus as inflation is too strong and too broad, Governing Council member Francois Villeroy de Galhau said. In a speech at an economics conference in Paris, the Bank of France chief said that even a measure of core inflation — which strips out the impact of surging prices of food ...

  Bloomberg Hungary raised its key interest rate after the currency falls close to an all-time low following the central bank’s decision to slow the pace of some of its monetary tightening. The one-week deposit rate was raised by 30 basis points to 6.75%, highest effective rate in the EU and matching the median estimate in a Bloomberg survey. Deputy ...

  Bloomberg Mexico’s central bank cut its growth forecast for this year and next, as the country’s recovery continues to sputter amid supply chain shortages and the impact of Russia’s invasion of Ukraine. Banxico, as the central bank is known, sees gross domestic product expanding 2.2% for this year in the main scenario of its quarterly inflation report released Wednesday. ...

  Bloomberg The Philippine peso has weakened beyond a key level of support to a three-year low, paving the way for further declines. The currency slid past support around 52.50 per dollar that had held since the middle of March as it tumbled as much as 0.5% to 52.76, the weakest since March 2019. The peso came back under pressure ...