Banking

  Bloomberg Like they did after the 2008 crash, the UK’s two economic policy heavyweights are playing good cop-bad cop. It’s just that this time they’ve swapped roles. In the years following the financial crisis, the Bank of England (BOE) stuck resolutely to easy money while fiscal policy got tough when Chancellor of Exchequer George Osborne imposed swingeing budget cuts. ...

  Bloomberg Brazil’s central bank will likely slow the pace of interest rate increases as it calibrates one of the world’s most aggressive monetary tightening cycles despite a breakneck surge in local fuel prices. Policy makers will raise the benchmark Selic by 100 basis points to 11.75%, according to 38 of 44 economists in a Bloomberg survey. Four of them ...

  Bloomberg America’s biggest lenders, including JPMorgan Chase & Co, Bank of America Corp and Citigroup, are emerging as major winners from the Federal Reserve’s most aggressive campaign to increase borrowing costs in years. Banks were among the best performing groups in the S&P 500 Index, as the sector rose 3.7% to the highest in two weeks. The KBW Bank ...

Bloomberg Bank of America Corp (BofA) aims to double its underwriting of green bond deals in China over the next two to three years, beefing up its business to capture the fast-growing market, the firm’s China head said in an interview. The Charlotte, North Carolina-based bank plans to underwrite $50 billion of green and sustainability-linked bonds, equities and loans for ...

  Bloomberg Citigroup Inc., the US bank with the largest presence in Russia, will broaden its withdrawal beyond previously announced plans to dispose of consumer operations there. “We have now decided to expand the scope of that exit process to include other lines of business and continue to reduce our remaining operations and exposure,” Edward Skyler, executive vice president of ...

  Bloomberg Nigerian lenders cut the dollar spending limits on local currency cards to free more resources to fund imports after the central bank signalled it will stop foreign-exchange sales to banks. United Bank for Africa Plc (UBA) stopped the use of naira card to withdraw dollars from automated teller machines outside the country or make international payments at point ...

  Bloomberg The Swedish central bank will probably have to raise interest rates earlier than its previous timeline of 2024, Riksbank Governor Stefan Ingves said, signalling a shift on removing stimulus after lagging behind most of its developed peers. “Right now inflation is far too high,” Ingves said in an interview with Swedish Radio, adding the central bank has to ...

  Bloomberg Japan’s top lenders, including the banking unit of Mitsubishi UFJ Financial Group Inc., are pulling their Japanese staff out of Russia due to safety concerns following its invasion of Ukraine. The banking units of Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. are also moving Japanese staff out of the country, according to representatives for the ...

Bloomberg Australia’s central bank said Russia’s invasion of Ukraine has the potential to prolong a period of elevated consumer-price growth and is clouding the economic outlook, minutes of its March 1 policy meeting showed. “The war in Ukraine and the associated increase in energy prices had created additional uncertainty,” the Reserve Bank said in the release on Tuesday. A key ...

  Bloomberg European banks operating in Russia are preparing to separate those business from their main computer systems to reduce their vulnerability to cyber-attacks following the invasion of Ukraine. Commerzbank AG is preparing to cut off its Russian unit from its system as one potential scenario and already has the ability to rapidly sever the connection through what’s internally known ...