Banking

Bloomberg Nigeria’s central bank’s decision to resume the supply of dollars to money changers is raising the risk unscrupulous traders will profit from the country’s multiple exchange rates, according to Rand Merchant Bank. The regulator said that it will sell dollars from September 7 to foreign-exchange agents for the first time since March, when the country closed its air borders ...

Bloomberg China’s mega banks are ramping up their recruitment of fresh graduates as a record number enter the labour market, joining other state-owned firms in boosting employment even as lenders deal with plunging earnings and ballooning bad debt. The four biggest state banks, led by Industrial & Commercial Bank of China Ltd., (ICBC) this month kicked off their autumn campus ...

Bloomberg JPMorgan Chase & Co. needs to pay at least 7 billion yuan ($1 billion) if it proceeds to buy out its counterpart in its Chinese mutual fund business, a pricey premium for the US bank that has ambitions to expand in China’s finance sector. JPMorgan’s business partner Shanghai International Trust Co. said it agreed to sell its 49% stake ...

Bloomberg India’s central bank said demand in the economy is likely to take more time to mend in the absence of greater fiscal support, even as the government is constrained in its ability to provide more stimulus. “An assessment of aggregate demand during the year so far suggests that the shock to consumption is severe,” the Reserve Bank of India ...

Bloomberg Multi Commodity Exchange of India Ltd. (MCX) plans to launch a slew of index-based futures to widen its offerings to the local investors, after starting a bullion index. The Kotak Mahindra Bank Ltd.-backed exchange, the nation’s biggest venue for commodities, began a cash-settled bullion index futures and plans to start a similar product for base metals in a month followed ...

Bloomberg Citigroup Inc. is chalking up its wayward $900 million payment to lenders of the embattled cosmetics giant Revlon Inc. to one thing: human error. The bank — which said it has been in the process of upgrading its loan operations platform after a review it undertook last year — said it mistakenly transmitted the payments after an employee didn’t ...

Bloomberg Credit Suisse Group AG may cut as many as 500 positions in Switzerland as part of plans to restructure its retail business in the country. Andre Helfenstein, chief executive officer of the Swiss Universal Bank and head of Switzerland, announced the cuts on a call with reporters after the bank had earlier signalled changes to its banking business. The ...

Bloomberg Traders of India’s bonds were unnerved after the central bank cued that rising yields are here to stay by offering surprisingly high borrowing costs at a debt sale. The Reserve Bank of India (RBI) sold a 30-year bond at a cutoff yield of 6.75%, versus the 6.65% estimated in a Bloomberg survey. The central bank, which acts on behalf ...

Bloomberg Japan’s biggest lender is planning to raise funds from individual investors to help smaller companies and hospitals tackle the coronavirus (Covid-19) pandemic. Mitsubishi UFJ Financial Group Inc. intends to issue sustainability bonds totalling as much as 150 billion yen ($1.42 billion) in September, after receiving requests from retail investors, according to Isamu Murofushi, a spokesman. The pandemic is boosting ...

Bloomberg Singapore’s large pool of fiscal reserves is proving to be a boon for the nation’s currency. The city state’s dollar advanced to its highest level in six months last week — erasing its pandemic-driven losses — after the government unveiled another stimulus package, financed in part by unused expenditure from earlier budgets. With the total for pledged pandemic aid ...