Banking

  Bloomberg It’s unanimous: All six of Canada’s major commercial lenders now expect the Bank of Canada to move ahead with a jumbo rate hike next week. Canadian Imperial Bank of Commerce, National Bank of Canada and Toronto-Dominion Bank ramped up their calls for the central bank to raise its policy rate by half a percentage point to 1% at ...

Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda won’t change his ultra-low interest rate policy in the coming quarters, even though he’ll come under political pressure to do so over the weak yen, according to one of the country’s former chief currency officials. “The political pressure from the people, parliament and media is going to be a bit higher,” said Hiroshi ...

  Bloomberg China’s central bank vowed to boost confidence and provide more effective support to the economy, amid mounting growth pressure from the country’s worst Covid-19 outbreak since Wuhan. The People’s Bank of China (PBOC) reaffirmed it will step up the magnitude of monetary policy and make it more forward-looking, targeted and autonomous, according to a statement. The central bank ...

  Bloomberg The European Central Bank (ECB) is right to press forward with its plan to normalise monetary policy even as the war in Ukraine creates “elevated uncertainty,” executive board member Isabel Schnabel said. “Continuing the path of policy normalisation is therefore the appropriate course of action,” Schnabel said in a speech in Cernobbio, Italy. “The speed of normalisation, in ...

  Bloomberg Zimbabwe’s central bank lifted its key interest rate to a record high, to halt a decline in its currency and rein in surging inflation amid food and fuel price pressures that have been exacerbated by the war in Ukraine. The monetary policy committee (MPC) hiked the rate to 80% from 60%, Governor John Mangudya said in a statement. ...

  Bloomberg Australia’s largest bank removed secrecy clauses on salaries in its contracts, just days after a similar move by its rival. Commonwealth Bank of Australia told employees they would be free to discuss their pay starting April 11 to boost pay equity, though they shouldn’t pressure co-workers to discuss the topic, the Australian Financial Review (AFR) reported. “As part ...

  Bloomberg The Reserve Bank of Australia (RBA) is under pressure to begin tightening monetary policy in as little as two months as a strengthening economy together with pre-election budget spending fuels inflation concerns. A number of economists have either brought forward their call for the first interest-rate rise or are highlighting risks from Governor Philip Lowe turning hawkish following ...

  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 ...