Banking

  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 ...

  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 ...