Banking

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 ...

Bloomberg The Philippine peso advanced closer towards the psychologically significant level of 48 per dollar after central bank Governor Benjamin Diokno said the market was free to determine its level. Asia’s best-performing currency this year advanced to as strong as 48.62 on Monday after Diokno told Bloomberg Television: “If that’s where the market is going, we can’t do anything about ...

Bloomberg Indonesia’s bond and currency markets, risk benchmarks that tend to move in tandem, are diverging in signs that the nation’s pandemic response is deterring global funds. The rupiah is the worst-performing Asian currency this quarter while the nation’s benchmark sovereign bond is outperforming peers. The two markets are usually aligned due to heavy foreign debt holdings. That dynamic started ...

Bloomberg Credit Suisse Group AG faces a criminal probe for helping more than 2,600 Belgian clients to hide untaxed earnings in Swiss accounts, L’Echo reported. The inquiry into Swiss lender concerns money laundering and acting as an illegal financial intermediary, the newspaper said, citing a spokesman for Belgium’s Federal Prosecutor’s office. Prosecutors obtained the bank details of unidentified Belgian clients ...

Bloomberg People’s Bank of China (PBOC) Governor Yi Gang urged banks to support smaller companies through innovations in financial services and products. The current economic situation is “complex and severe,” Yi told a seminar in the eastern city of Hefei, according to a statement posted on the central bank’s website. The governor said banks should adapt financial services and products, ...