Banking

Bloomberg New Zealand’s central bank decided not to raise interest rates last week because of communication challenges, not economic risks, Assistant Governor Christian Hawkesby said. It would have been difficult to explain an increase in the official cash rate on the same day the country entered a lockdown to combat a Covid-19 outbreak, Hawkesby told Bloomberg in a telephone interview ...

Bloomberg Goldman Sachs Group Inc is boosting the pay of junior staff in its sales, trading, research and asset management divisions as the wave of pay rises spreads beyond investment banking, according to Financial News. Goldman Sachs will pay starting salaries of $110,000 in these units, up from $85,000, while second years will receive $125,000, Financial News reported, citing people ...

Bloomberg Hungary will probably raise interest rates for the third time in as many months as policy makers continue their campaign to stem one of the European Union’s highest inflation rates. The central bank is poised to increase benchmark rate by 30 basis points to 1.5%, matching the pace of hikes in June and July, according to all but one ...

Bloomberg HSBC Holdings Plc Chairman Mark Tucker, speaking in Hong Kong after passing through the city’s rigid three-week quarantine, said the opportunities in China are “too big to ignore” even as geopolitical tensions escalate. “We’re moving to a new status quo in Sino-US relations,” Tucker said in a video obtained by Bloomberg News of a discussion last week at a ...

Bloomberg Elevated commodity prices and expectations for earnings growth are igniting bullish bets on emerging-market equities after more than a decade of underperformance that left them approaching a 20-year low against developed-nation stocks. Goldman Sachs Group, Bank of America Corp (BofA) and Lazard Asset Management expect a boost for developing equities as investors capitalise on cheap valuations once vaccine rollouts ...

Bloomberg China’s digital yuan will help banks become more competitive in the payments sector after steadily losing out to popular technology platforms over the years, according to Moody’s Investors Service. “We expect adoption of e-CNY to help reinforce banks’ position in the payments system because it will enhance their data collection ability and broaden their user bases,” analysts led by ...

Bloomberg UBS Group AG’s wealthy Asian clients are pouring billions of dollars into sustainable assets as the region’s swelling ranks of millionaires jump on a global push into socially responsible investing. Assets under management in fully sustainable discretionary portfolios for Asia-Pacific private banking jumped to $4.5 billion as of the end June, up from $1 billion at the start of ...

Bloomberg Morgan Stanley is stepping up efforts to ensure employees comply with its rule that they be vaccinated to enter its buildings. The firm told vaccinated staff to provide documentation of their shots by October 1, after previously letting them attest to their status. The extra step is meant to “provide greater comfort for those working in the office,” it ...

Bloomberg Citigroup Global Markets says Treasury yields are set to rise, and there’s a way to screen out one of the main risk factors that may push them lower by betting against the yuan. The US brokerage recommends its clients position for higher US rates and also use options to wager against any strength in China’s currency. The rationale is ...

Bloomberg Lloyds Banking Group Plc could buy 50,000 UK homes in the next decade as it looks to become a major player in the country’s rental market. An internal job advertisement seen by the Financial Times for the bank’s newly launched Citra Living unit details ambitions for Lloyds to purchase 10,000 houses by the end of 2025 and 50,000 by ...