Banking

BLOOMBERG  The Bank of England (BOE) Chief Economist Huw Pill said officials may need to raise interest rates even as inflation falls to prevent resurgence in prices caused by households and companies trying to claw back their lost income. Inflation is set to drop sharply from the current 10.4% level in the coming months due to lower energy prices and ...

BLOOMBERG  The US bank crisis that rattled global markets in March is probably nearing the end, even if more unforeseen failures occur, JPMorgan Chase & Co Chief Executive Officer (CEO) Jamie Dimon said. Only a handful of lenders have the problems that toppled Silicon Valley Bank, and when the industry starts reporting quarterly earnings, the numbers will probably be good, ...

BLOOMBERG  Credit Suisse AG was hit by renewed outflows over several days in March that took it to the brink of bankruptcy, even when it was supposed to have enough funds to cover a month of deposit flight. As Swiss officials and Credit Suisse executives emphasised that the firm’s emergency sale staved off imminent collapse, they highlighted how sharp the ...

BLOOMBERG Signature Bank insiders sold a total of more than $100 million of company stock in the past three years, after the company began attracting cryptocurrency clients, the Wall Street Journal (WSJ) has reported. Chairman Scott Shay, Chief Executive Officer Joseph DePaolo and Chief Operating Officer Eric Howell accounted for about half of the total, the newspaper said, citing its ...

BLOOMBERG Australia’s central bank (RBA) paused its almost yearlong tightening cycle, highlighting policy lags and a “substantial” slowdown in household spending while keeping the door open to further interest-rate increases. The currency and government bond yields slid after the Reserve Bank of Australia kept the cash rate unchanged at 3.6%, in line with a majority of economists and market expectations. ...

BLOOMBERG  Credit Suisse Group AG Chairman Axel Lehmann apologised to shareholders for failing to stem a loss of trust in the bank that he said had built up well before he took over. “We failed to stem the impact of legacy scandals, and counter negative headlines with positive facts,” Lehmann said in remarks prepared for the bank’s annual shareholder meeting ...

BLOOMBERG  Yibin City Commercial Bank Co is considering a Hong Kong initial public offering that could raise about $200 million to $300 million, according to people familiar with the matter. The Chinese lender is working with CCB International Holdings Ltd and ICBC International Holdings Ltd to prepare for the first-time share sale, which could take place as soon as this ...

BLOOMBERG  Toss Bank is considering raising funds from private investors in a fresh round that might boost the South Korean digital lender’s valuation to as much as $3 billion, according to people familiar with the matter. The Seoul-based company is working with a financial adviser to raise $300 million to $500 million, the people said. Both new and existing investors ...

BLOOMBERG  Sri Lanka held its benchmark rate at a two-decade high to keep Asia’s fastest inflation in check while supporting economic recovery after the nation secured a $3 billion International Monetary Fund (IMF) bailout. The Central Bank of Sri Lanka kept the standing lending facility rate unchanged at 16.5%, according to a statement on its website. Seven of eight economists ...

BLOOMBERG  China’s yuan has replaced the US dollar as the most traded currency in Russia, a year after the invasion of Ukraine led to a slew of Western sanctions against Moscow. The yuan surpassed the dollar in monthly trading volume in February for the first time, and the difference became more pronounced in March, according to data compiled by Bloomberg ...