Banking

Goldman ramps up credit business in India, targets rich diaspora

BLOOMBERG Goldman Sachs Group Inc plans to ramp up its credit business in India and sees an increasing opportunity to target the nation’s wealthy diaspora as global investors shift their focus from China to what is now the world’s fastest-growing major economy. The investment bank wants to broaden the range of loans it offers through its shadow banking unit, according ...

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Fed rate-cut pivot carries pitfalls for chief Powell

BLOOMBERG Federal Reserve Chair Jerome Powell’s pivot towards interest-rate cuts is spreading holiday cheer in the White House, where the improved prospects for an economic soft landing are a boon for President Joe Biden’s bid for another term. Biden has seen his poll numbers sag amid voter anxiety over a surge in the cost of living, and he would face ...

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Dollar drops to weakest since August

BLOOMBERG The dollar dropped to a four-month low as traders digested the clearest signal yet that the Federal Reserve’s aggressive hiking campaign is over. The Bloomberg Dollar Spot Index dropped as much as 0.5% to its lowest since August on Thursday, extending losses from the day prior after Fed officials penciled in a sharper pace of rate cuts than they ...

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Peso set to ride remittance wave on Philippine holiday spending

BLOOMBERG The Philippine peso has outperformed its Asian peers this year and a seasonal pick-up in overseas remittances ahead of Christmas will likely extend the gains. Remittances are a key pillar of the nation’s economy, which typically receives the highest cash transfers in the last month of the year as workers send money home for holiday spending. The inflows have ...

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Societe Generale to revive sale of UK private bank unit

BLOOMBERG Societe Generale SA is reviving a potential sale of its private UK bank Kleinwort Hambros, according to people familiar with the matter, a move that would allow the French lender to free up capital. The French bank is working with advisers to explore interest in the unit, said the people, who asked not to be identified discussing private matters. ...

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ECB gets new powers from EU over climate, crypto bank risks

BLOOMBERG Europe’s top banking watchdog will become more powerful as European Union (EU) lawmakers expand its remit to include risks linked to climate change and the rise of digital assets. As sweeping update of regulation detailed this week mandates the European Central Bank to monitor how lenders plan to transition to a net-zero carbon economy over the next three decades. ...

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Jefferies opens Canada investment-banking unit in global push

BLOOMBERG Jefferies Financial Group is starting an investment-banking unit in Canada as part of an international expansion of its core Wall Street operations. The company will offer investment-banking and capital-markets services to its corporate, institutional and government clients in Canada, Jefferies said in a statement. The office in Toronto will employ more than 40 people across investment banking, equity research, ...

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Nigeria central bank plans sweeping changes to get its grip on inflation

BLOOMBERG Nigeria’s central bank pledged major changes to get a grip on inflation and steady the country’s battered currency, signaling tighter monetary policy ahead. The Central Bank of Nigeria will switch to inflation targeting instead of trying to control money supply in its battle to slow price increases, Governor Olayemi Cardoso said in a speech to bankers. The central bank ...

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DBS seeks private credit foothold by originating deals

BLOOMBERG DBS Group Holdings Ltd is looking to cash in on the boom in private credit by originating and distributing deals, according to the global head of fixed income at Southeast Asia’s largest bank. While the company is looking to pair up clients with private credit providers, it will steer clear of doing direct lending transactions itself to avoid conflicts ...

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Goldman Sachs sees resilient US economy tempering dollar decline

BLOOMBERG The outlook is set to darken for the dollar in 2024, but the sturdy US economy and high yields will likely support the currency’s valuation, according to Goldman Sachs Group Inc strategists led by Kamakshya Trivedi. The greenback is still up about 1.6% this year, after slipping from its 2023 highs set last month. It’s on track for a ...

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