Banking

Bloomberg Punjab National Bank’s (PNB) board has approved plans to raise 60 billion rupees ($816 million) through sale of bonds. The New Delhi-based lender, which has been hit by a slew of scandals of the past years, can raise funds by issuing one or more tranches of Additional Tier 1 or Tier 2 notes that comply with Basel III capital norms, ...

Bloomberg A smaller-than-forecast rate hike doesn’t mean the Russian central bank is turning dovish, with inflation at its fastest pace in half a decade. While quarter-point increase marks a return to more standard rate moves after July’s 100 basis point hike, Governor Elvira Nabiullina said it’s not a given that the next rate raise will end the central bank’s tightening ...

Bloomberg The Reserve Bank of Australia (RBA) pushed ahead with a cautious winding back of its bond-buying program, underlining its confidence in the economy’s recovery prospects once a longer-than-expected virus wave abates. Governor Philip Lowe and his board said they will purchase government securities at a pace of A$4 billion ($3 billion) a week, down from A$5 billion previously, until ...

Bloomberg The private-banking units of Citigroup Inc and Credit Suisse Group AG have stopped accepting the bonds of Fantasia Holdings Group Co as collateral amid rising concerns about the Chinese developer’s financial health, according to people familiar with the matter. The banks have assigned a zero lending value to the notes, meaning their private-wealth clients can no longer use them ...

Bloomberg The head of Poland’s central bank pushed back against rising expectations for interest-rate increases, saying lifting borrowing costs now would be “very risky” despite inflation hitting a two-decade high. In an interview with the PAP news service just three days before the next monetary-policy meeting, Governor Adam Glapinski said the bank isn’t ignoring elevated price growth and won’t allow ...

Bloomberg China’s various industry crackdowns from technology to education mean monetary and fiscal policies will likely remain loose on the margin to offset the drag on economic growth, economists at Goldman Sachs Group Inc said. The economy is in a “micro takes and macro gives” environment, where regulatory tightening in specific sectors will likely be accompanied by supportive policy from ...

Bloomberg Morgan Stanley is bringing its program to hire more Black and female traders and salespeople to London, hoping to replicate the success it’s had on Wall Street. The Morgan Stanley Experienced Professionals Program is aimed at recruiting Black or female candidates already working in other industries that might not have considered a career at a bank. The program has ...

Bloomberg India’s rupee looks set to weaken after its rally in August pushed it to the top of the emerging Asian currency charts, according to technical indicators. The dollar-rupee’s relative strength index dropped to 22.8 last week, the lowest level in 11 months, well below the level of 30 that typically indicates an asset is set to change direction. It ...

Bloomberg The Bank of England (BOE) has reversed a policy encouraging staff to return to the office at least one day a week, a person familiar with the matter said. In July, the central bank’s Chief Operating Officer Joanna Place announced the BOE would be rolling-out a return-to-office pilot program that would encourage regular “team days” in the office. The ...

Bloomberg HSBC Holdings Plc isn’t about to throw away its pandemic-era ways of working. The bank, which is in the midst of a historic pivot and cost cutting program, predicts it will be operating in a profoundly different way after the virus outbreak ebbs, with as many as 70% of its staff backing a hybrid working model and with its ...