Banking

  Bloomberg UBS Group AG will allow some of its US employees to work remotely full-time, offering flexibility to staff as it seeks to lure and retain talent. The Swiss bank expects about 10% of its workers in the US to go remote as the program is implemented in phases, starting at the wealth unit, Tom Naratil, president of UBS ...

  Bloomberg Barclays Plc plans to step up its financing of renewable energy as Russia’s war on Ukraine adds to the urgency of moving away from fossil fuels. “The appalling invasion of Ukraine has made it even more imperative to accelerate the energy transition,” Barclays Chairman Nigel Higgins said. Barclays expects that recent events will boost “demand for investment in ...

  Bloomberg Banco de Sabadell SA is pulling out of a credit facility for Trafigura Group, highlighting the growing nervousness about the commodity trading sector as soaring prices create a liquidity squeeze. While the Spanish bank is just one out of more than 100 institutions that fund Trafigura and is not a major lender to the trading house, its move ...

  Bloomberg Thailand’s banking system remains resilient with high levels of capital buffer to withstand future risks and uncertainties, the nation’s central bank said, a day after S&P Global Ratings downgraded the top lenders citing increased systemic risks. The capital adequacy ratio of Thai banking system stands at 20% and lenders have increased provisioning against bad loans by $12.8 billion ...

  Bloomberg Hungary resumed raising the effective interest rate after the central bank said that the war in neighbouring Ukraine will lead to a sharply deteriorating inflation outlook. The 30 basis-point increase brought the one-week deposit rate to 6.15%, matching the median estimate in a Bloomberg survey. But it disappointed currency traders after policy makers spoke of the need of ...

Bloomberg Switzerland’s central bank refrained from sounding the alarm about the exchange rate despite the first breach of parity with the euro since 2015, as it warned that the war in Ukraine could hurt economic growth. Reflecting a restrained reaction to gains in the currency since the Russian invasion of Ukraine, the Swiss National Bank (SNB) stuck with its description ...

  Bloomberg Banks in the world’s third-biggest polluting nation are poorly prepared to combat rising global warming risks, according to a new study by local research and advisory group Climate Risk Horizons. None of the 34 Indian banks surveyed in the report have a long-term net zero target year with an implementation plan covering so-called scope 1, 2 and 3 ...

  Bloomberg New Zealand’s central bank should continue with the swift normalisation of monetary policy to curb a growing inflation threat, according to the International Monetary Fund (IMF). “Given New Zealand’s strong cyclical position and inflationary pressures, significant increases in the official cash rate in the near term are appropriate,” the IMF said in the Concluding Statement of its Article ...

  Bloomberg Russia’s highly regarded central bank Governor Elvira Nabiullina sought to resign after Vladimir Putin ordered an invasion of Ukraine, only to be told by the president to stay, according to four people with knowledge of the discussions. Nominated for a new five-year term last week, Nabiullina’s current views couldn’t be learned. She is left to manage the fallout ...

  Bloomberg Argentina’s central bank raised its benchmark rate for the third time this year as the inflation continues to speed up. Officials increased the key, 28-day Leliq rate by 200 basis points to 44.5%, according to a statement. The announcement comes after President Alberto Fernandez declared a “war on inflation” last week, adding days later that the government will ...