Banking

Bloomberg Underlying price pressures in the euro area have stabilised at a low level that isn’t in line with the European Central Bank’s (ECB) goal, according to Governing Council member Olli Rehn. While the institution’s pandemic stimulus has prevented strong deflationary trends from emerging, “the inflation outlook is a concern,” he said in a webinar. He added that core inflation ...

Bloomberg Thailand’s outgoing central bank governor said public debt restrictions should be eased to allow the government to spend more as monetary policy options dwindle with interest rates already at an all-time low. Given the severity of the pandemic-driven downturn, Governor Veerathai Santiprabhob said his “personal view is that the 60% public debt-to-GDP limit can be relaxed.” The limit was ...

Bloomberg Spain’s Banco de Sabadell SA is exploring strategic options as consolidation talks take hold in Europe’s fragmented banking markets. The lender, based in Alicante, has been working with Goldman Sachs Group Inc. in recent months on options including a sale or merger, asset disposals or buying a smaller competitor. The bank is looking at deals that would allow it ...

Bloomberg Credit Suisse Group AG won a bid to stall the release of a report into how it failed to prevent fraud and money laundering by one of its former star bankers, Patrice Lescaudron. A Geneva appeals court issued a suspension order late last month to temporarily keep the two-year-old report by Switzerland’s financial regulator under wraps, the cantonal prosecutor’s ...

Bloomberg JPMorgan Chase & Co. says it’s probing the role of some employees who may have enabled misuse of Covid-relief funds in what it calls potentially illegal activities. The New York-based bank said it has seen “instances of customers misusing Paycheck Protection Program Loans, unemployment benefits and other government programs” and that some “employees have fallen short, too,” according to ...

Bloomberg The Philippine central bank will begin selling its own securities next week, a new instrument that it said will become its main tool to control liquidity in the financial system. Bangko Sentral ng Pilipinas (BSP) will offer 20 billion pesos ($411 million) of 28-day bills on September 18, Governor Benjamin Diokno said on Twitter on Wednesday. “The BSP securities, ...

Bloomberg India’s anti-money laundering agency fined Standard Chartered Plc $13.6 million for breaking foreign exchange rules when it worked on the takeover of a local bank, marking one of the country’s biggest penalties imposed on an overseas lender. An eight-year probe found that Standard Chartered violated the so-called foreign exchange management act — which monitors offshore financial transactions — when ...

Bloomberg Australia’s central bank (RBA) will boost its bond-buying program or cut interest rates to help revive the economy from its first recession in almost 30 years, a survey showed. Seven of 11 economists predict the Reserve Bank will ramp up quantitative easing by expanding its bond purchasing program, with UBS Group AG’s George Tharenou positing that this could begin ...

Bloomberg State Bank of India priced one of the riskiest bank capital securities at a record-low coupon, in the latest sign that investors are confident policy makers’ stimulus steps will help large issuers weather the pandemic. India’s biggest bank will sell 40 billion rupees ($545 million) of the so-called Additional Tier 1 bonds at a coupon of 7.74%. That’s the ...

Bloomberg Danske Bank will pay out as much as $16 million to its private banking clients after failing to warn them that putting their savings into low-risk investments could cost them money. “Our review shows that approximately 900 customers were not adequately informed about the expected negative net return for the affected low-risk strategies,” Bente Nielsen, head of private banking ...