Banking

  Bloomberg Citigroup Inc is among underwriters that have temporarily paused initial public offerings of new US special purpose acquisition companies until they get more clarity on the potential legal risks posed by recently proposed rules, according to people with knowledge of the matter. The New York-based bank is awaiting feedback from legal advisers regarding underwriter liability among other topics, ...

  Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda is determined to stick with targeting long-term bond yields near zero, even as it leaves him increasingly at variance with global peers and propels a depreciating exchange rate. At stake for Kuroda is the credibility of his five-year-old policy framework, designed to secure sustained 2 percent inflation. The BOJ has been ...

  Bloomberg Commerzbank AG warned that risks to its outlook have increased following Russia’s invasion of Ukraine and the sanctions imposed on Moscow. Geopolitical risks could impact economic growth through higher prices for raw materials and sanctions, while Russian “countersanctions” might affect Commerzbank’s portfolios, Germany’s second-biggest listed lender said in its annual report. “There are numerous risk factors that could ...

  Bloomberg UK credit card borrowing jumped at its strongest pace in records dating back to 1993, adding to evidence that a surge in the cost of living is straining household finances. Borrowing on charge cards rose 1.5 billion pounds ($2 billion) in February alone, the Bank of England said. That drove up the value of unsecured credit including personal ...

  Bloomberg JPMorgan Chase & Co’s fledgling digital bank is going after more customers in the UK with a new savings account. Chase, which launched in the UK last September, will offer a variable interest rate of 1.5%, the company said. That’s more than double the rate offered by similar online banks including Goldman Sachs Group Marcus. Deposits will be ...

  Bloomberg Ecobank Transnational Inc, the pan-African lender with operations in 35 countries, foresees slower growth this year as a devaluation of local currencies pushes up its costs and make it more difficult for its clients to do business. The Togo-based lender predicts revenue growth will slow to 1% to 3% this year, from 5% in 2021, while loan extensions ...

  Bloomberg The Philippine central bank, which held interest rates steady, warned inflation may breach its target this year and that it stands ready to respond to a build up in price pressures. Bangko Sentral ng Pilipinas left the benchmark rate at a record low 2%, as predicted by all 23 economists in a Bloomberg survey. Its last rate move ...

  Bloomberg The Czech Republic is likely to extend its aggressive campaign of interest-rate increases as the war in Ukraine fuels already rampant inflation and overshadows risks to economic growth. The Czech National Bank will raise the key rate by at least a half-point to 5%, according to a large majority of analysts in a Bloomberg survey, adding to a ...

  Bloomberg Chinese authorities are considering a plan to raise several hundred billion yuan for a new fund to backstop troubled financial firms. The People’s Bank of China (PBOC) is leading the effort, seeking to shore up confidence in the $60 trillion financial system as the economy slows and a debt crisis in the property industry spreads. The stability fund ...

  Bloomberg The European Central Bank (ECB) said it is in daily contact with banks on how they’re dealing with implications from sanctions against Russia over its invasion of Ukraine. “In particular, we are assessing whether banks have implemented adequate internal governance arrangements and controls to adhere to the sanctions,” Andrea Enria, who leads the ECB’s supervisory board, said during ...