Banking

BLOOMBERG One of the most high-profile blockchain systems in traditional banking has added a new feature that lets companies shift cash automatically. JPMorgan Chase & Co’s JPM Coin now allows clients to program their accounts by plugging in a set of key conditions, enabling them to move funds to cover overdue payments and margin calls. Further down the line, it ...

BLOOMBERG China’s iron-clad grip on the yuan has reached a level unseen for well over a decade in its daily reference rate, raising the risk of a buildup of currency pressure that may one day have to be released. The People’s Bank of China (PBOC) kept the so-called fixing for the managed currency little changed on Monday, not reacting to ...

BLOOMBERG Between 2013 and 2017, Peter To claims he made more than $1 million by day-trading Bitcoin during its bull runs. While the world’s largest cryptocurrency has rallied in recent weeks, more than doubling from levels after last year’s epic collapse that helped blow up the FTX exchange, the 34-year-old professional stock trader in New York says it’s not enough ...

BLOOMBERG European Central Bank (ECB) President Christine Lagarde said that slowing inflation is “certainly our forecast” and that the institution is determined to return prices to its target. “We are determined to bring inflation down to 2%,” Lagarde told the Greek newspaper Kathimerini in remarks posted on the ECB’s website. “According to our projections we will get there in 2025.” ...

BLOOMBERG Asia’s emerging-market currencies are proving attractive to investors willing to bet on local central banks keeping interest rates high and the fading strength of the dollar. In the view of Brendan McKenna, an emerging market strategist at Wells Fargo & Co, the Indonesian rupiah, Philippine peso and Thai baht are among the best bets. Other experts point the fact ...

BLOOMBERG JPMorgan Chase & Co Chief Executive Officer Jamie Dimon plans to sell shares currently worth about $141 million, the first such transaction since he took the helm at the Wall Street giant almost 18 years ago. Starting next year, Dimon and his family will dispose of 1 million of the lender’s shares for financial diversification and tax-planning purposes, according ...

BLOOMBERG Industrial & Commercial Bank of China (ICBC), the world’s largest lender by assets, reported profit grew just 0.03% in the third quarter as it was directed to dole out cheap loans to help shore up the struggling economy. The other big banks posted mixed results. Agricultural Bank of China Ltd said profit rose 7.76% in the period, while Bank ...

BLOOMBERG Speculation that the Bank of Japan (BOJ) will make some kind of policy move this month continues to build with the weak yen, higher bond yields and stronger-than-expected inflation fueling the market chatter. A report by the Nikkei business daily helped feed the growing expectations of possible BOJ policy action at its board meeting ending on October 31. The ...

BLOOMBERG Indonesia’s central bank will probably leave its benchmark interest rate unchanged, as policymakers look set to act to support the rupiah only when volatility from global uncertainties become excessive. Thirty of the 31 economists surveyed by Bloomberg expect Bank Indonesia to keep its seven-day reverse repurchase rate at 5.75% for a ninth straight meeting. That is in line with ...

BLOOMBERG Morgan Stanley shares plunged the most since June 2020 after the firm’s dealmakers posted the biggest drop in fees on Wall Street and its wealth management unit had the lowest inflows in more than three years. Investment banking revenue slid 27% and the fixed-income trading business slumped, leading to a drop in profit. Revenue of $6.4 billion from the ...