Banking

  Bloomberg China’s central bank pledged financial support for logistics firms and truck drivers to ensure the country can maintain supply chain stability amid the worst Covid outbreak in two years. The People’s Bank of China will ask lenders to “reasonably” extend and renew loans for the industry, it said in a statement, following a central bank meeting on coordinating ...

  Bloomberg Standard Chartered Plc plans to cut half of its existing office space in Singapore’s financial district, according to people familiar with the matter, in what is set to be the biggest floor reduction by a bank in the city-state in recent years. The London-based bank is giving up nine of the floors it leases at Marina Bay Financial ...

  Bloomberg The Bank of Japan (BOJ) is likely to consider notable changes in its inflation and growth forecasts later this month mainly due to soaring oil and commodity prices, gains that aren’t viewed as sustainable, according to people familiar with the matter. The central bank will probably raise its projection for growth in key consumer prices to between around ...

  Bloomberg The Bank of Korea (BOK) added to a wave of global action against inflation this week by raising its key interest rate, brushing aside concerns about a leadership vacuum at the bank and global risks to the export-dependent economy. The central bank raised its seven-day repurchase rate by a quarter percentage point to 1.5% in the board’s first-ever ...

  Bloomberg The former boss of one of Switzerland’s top banks was sentenced to three years and nine months in jail after being found guilty of multiple charges including embezzlement, fraud and forgery of documents. Pierin Vincenz, ex-chief executive officer of Raiffeisen Switzerland, and bank consultant Beat Stocker were convicted for making unlawful gains during Vincenz’s 15-year tenure as CEO, ...

  Bloomberg British banks plan a sharp cut in mortgage lending over the next three months amid fears that borrowers will start to default on their debts. The Bank of England’s (BOE) quarterly credit conditions survey showed lenders plan to reduce the supply of mortgages at the fastest rate since the start of pandemic in early 2020. Excluding the Covid crisis, ...

  Bloomberg India’s central bank would have to gradually hike the benchmark interest rate to its highest in three years as it battles to curb inflation that’s hovering above its targeted range, economists said. The Reserve Bank of India (RBI) might change its stance to neutral from accommodative in the June policy, topping it up with a 25 basis points ...

  Bloomberg The Bank of Canada is poised to become the first in the Group of Seven to hike interest rates by a half-percentage point as it moves more aggressively to wrestle inflation down from a three-decade high. Governor Tiff Macklem is expected to raise the central bank’s policy rate to 1%, followed by a series of additional hikes that ...

  Bloomberg India is rolling out the world’s shortest equity trade-settlement cycle. A pain-free transition for foreign investors would spur others to follow, according to Deutsche Bank AG, the largest custodian bank in the country. Higher currency transaction costs and the risk of operational delays are among concerns that have been flagged as the nation’s exchanges leapfrog peers in New ...

  Bloomberg China’s central bank is expected to cut its key policy interest rate for the second time this year on Friday and reduce the reserve requirement ratio within days to help bolster a faltering economy under strain from Covid lockdowns. Sixteen of the 22 economists surveyed by Bloomberg predict the People’s Bank of China will lower the interest rate ...