Banking

  Bloomberg New Bank of Korea Governor Rhee Chang-yong is turning out to be more outspoken than his predecessor as he shows a willingness to leverage his position to stimulate debate on economic challenges ranging from inflation to demographics. Rhee made clear ahead of his first policy meeting this week that he will press for higher interest rates to rein ...

  Bloomberg Thailand’s central bank is confident inflation will return to target next year, signalling there was no rush to change monetary policy settings just yet to check price gains hovering around a 13-year high. “Inflation is no doubt trending higher,” Governor Sethaput Suthiwartnarueput said in an interview with Bloomberg Television’s Haslinda Amin at the World Economic Forum’s annual meeting ...

  Bloomberg HSBC Holdings Plc Chief Executive Officer Noel Quinn said an executive’s remarks playing down the risk of climate change are “inconsistent” with the bank’s strategy and don’t reflect views of senior management. “Our ambition is to be the leading bank supporting the global economy in the transition to net zero,” he said in a post on LinkedIn. “I ...

  Bloomberg Indonesia’s central bank tightened reserve requirements for lenders, while keeping its benchmark interest rate unchanged, as it seeks to withdraw excess liquidity without hurting economy’s recovery from the pandemic. Bank Indonesia plans to raise the reserve requirement ratio for banks to 9% in September from previously announced 6.5%, Governor Perry Warjiyo said in a briefing on Tuesday. It ...

  Bloomberg China’s central bank and banking regulator urged lenders to boost loans as the economy is battered by Covid outbreaks that have threatened growth this year. People’s Bank of China (PBOC) Governor Yi Gang and other officials met with 24 major financial institutions to discuss credit conditions and work, the central bank said in a statement on Tuesday. The ...

  Bloomberg European Central Bank (ECB) President Christine Lagarde said cryptocurrencies are “based on nothing” and should be regulated to steer people away from speculating on them with their life savings. Lagarde told Dutch television that she’s concerned about people “who have no understanding of the risks, who will lose it all and who will be terribly disappointed, which is ...

  Bloomberg Gold stored at the Bank of England (BOE) has been trading at an unusually low price, in a sign that central banks may be shedding some of their holdings. The Bank of England’s vaults contain 5,676 tons of bullion, one of the largest stockpiles in the world, which it holds on behalf of other central and commercial banks. ...

  Bloomberg Deutsche Bank is among a number of investment banks included in a sweeping probe by US regulators to find out how much employees rely on private communication channels such as WhatsApp to conduct business. There’s an “industry-wide” investigation in the US and Deutsche Bank is part of it, legal head Stefan Simon said at the lender’s annual general ...

  Bloomberg The Philippine central bank raised its key interest rate for the first time since 2018 to combat Southeast Asia’s second-fastest inflation. Bangko Sentral ng Pilipinas increased the benchmark rate by 25 basis points to 2.25%, it said in a statement, as forecast by 14 of 21 economists in a Bloomberg survey. The rest saw no change. Philippines joined ...

  Bloomberg Galaxy Digital Holdings Ltd. is anticipating a loss of $300 million in net comprehensive income this quarter, as uncertainty swirls across the broader cryptosphere. The crypto merchant bank revealed the potential hit in a preliminary update “in light of recent market conditions.” Comprehensive income typically combines both a company’s net income as well as any yet-to-be realised financial ...