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IMF agrees $236m for Kenya, urges to keep reform program

  Bloomberg The International Monetary Fund (IMF) approved the disbursement of a $235.6 million loan to Kenya as the East African nation met the lender’s targets and made progress in addressing debt vulnerabilities. The approval brings the IMF’s total disbursements to Kenya to $1.21 billion, out of a total of about $2.34 billion available under a 38-month program approved in ...

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UK audit watchdog slams firms for ‘quality of work’

Bloomberg The UK’s accounting watchdog blasted Mazars and BDO for the “unacceptable” quality of their audits after carrying out an annual review of the industry’s seven largest firms. The Financial Reporting Council (FRC) said that four of the eight audits reviewed at Mazars and five of the 12 audits reviewed at BDO required more than limited improvements. The regulator added ...

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‘New crypto bill unlikely to get Senate vote’

  Bloomberg A sweeping piece of legislation that would overhaul how the cryptocurrency industry is regulated by Washington is unlikely to be voted on this year by the US Senate, according to one of the lawmakers driving the effort. Wyoming Senator Cynthia Lummis said that the full bill she released last month with Democrat Kirsten Gillibrand would probably not be ...

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Barclays joins peers in targeting German firms for growth

  Bloomberg Barclays Plc aims for a bigger slice of the business with German companies after adding employees and hiring a new country head. The London-based lender, which gets the majority of its revenue in Germany from retail clients, wants to double its market share in investment and corporate banking to around 6%, Ingrid Hengster, who took over as country ...

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China adds liquidity for first time since June as risks grow

  Bloomberg China’s central bank injected additional liquidity into the financial system for the first time since June as a growing mortgage-payment boycott and a virus flareup leads to a sense of crisis. The People’s Bank of China (PBOC) boosted the size of its daily short-term cash operation to 12 billion yuan ($1.8 billion) from 3 billion yuan, resulting in ...

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Investors bet euro will continue slide to $0.9

  Bloomberg The European Central Bank’s (ECB) battle to restore its credibility with the financial markets just got a whole lot harder. After a week marked by a fresh crisis in Rome, MLIV readers warn Italian debt risks hitting the danger zone once more — just as a near-imminent recession intensifies the epic plunge in the euro to levels not ...

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Nordea profit beats estimates as lending growth continues

  Bloomberg Nordea Bank Abp’s profit beat estimates in a turbulent second quarter for financial markets, as demand for loans and rising interest rates herald higher income from lending for the biggest Nordic bank. Second-quarter net income rises 2.8% from a year earlier, to 1.05 billion euros ($1.1 billion), according to a statement on Monday. Analysts polled by Bloomberg had ...

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India’s forex reserves fall to their lowest in 15-months

Bloomberg India’s foreign exchange reserves dropped to their lowest in 15 months as the central bank probably stepped up its intervention to support the rupee that is testing new lows amid foreign capital outflows. The reserves falls by $8.06 billion to $580.3 billion, data released by the central bank showed. This is the second straight week of decline and comes ...

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LatAm currency declines threaten more rate hikes

  Bloomberg Latin American central banks may need to extend already long and deep rate hiking cycles to shore up battered currencies that are threatening financial stability, Goldman Sachs Group Inc. analysts said in a report. The region’s currencies, notably the Chilean and Colombian pesos, “are still vulnerable to an intensification of recession fears, a deterioration of economic activity in ...

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Citi profit beats as tumult spurs currencies, commodities

  Bloomberg Citigroup Inc is collecting a windfall from tumultuous international markets, even as a dimming economic outlook and Russia’s invasion of Ukraine pose billions of dollars in risks. The bank’s second-quarter profit soared past analysts’ estimates, driven by unexpectedly large hauls from currencies, commodities and interest-rates trading and its shuttling of corporate money over borders. Net income amounted to ...

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