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Credit Suisse taps brakes on China growth, delays local bank

  Bloomberg Credit Suisse Group AG is tapping the brakes on its China expansion, postponing its biggest mainland project, in a sign that weakness in Asia’s largest economy is prompting global banks to temper ambitious growth plans. The Zurich-based lender has delayed the targeted launch of its locally incorporated bank by a year to 2024, the second postponement since the ...

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Wells Fargo declines on report of probe into fake interviews

  Bloomberg Wells Fargo & Co shares declined after a report that the bank is the target of a criminal investigation into whether it violated federal law by conducting fake job interviews of minority candidates to satisfy in-house diversity guidelines. The San Francisco-based firm is being investigated by the civil-rights unit of the Manhattan US attorney’s office, the New York ...

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UK’s biggest lenders are no longer too big to fail, says BOE

  Bloomberg The Bank of England (BOE) has concluded that emergency planning at the UK’s biggest banks means none should require a public bailout in event of a crisis. The central bank’s long-awaited response to the self-assessments of eight lenders, including HSBC Holdings Plc and Barclays Plc, found that their internal systems should avert the kind of state intervention needed ...

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BOJ to stand pat unless yen breaches 140: Economists

Bloomberg The Bank of Japan (BOJ) is expected to hold firm next week with expectations of policy adjustments this year weakening among economists unless the yen breaches the 140 mark against the dollar. All but one of 45 analysts said the bank will leave its yield curve control program and asset purchases untouched at the conclusion of a two-day meeting ...

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Peru lifts key rate half-point to 5.5 percent

  Bloomberg Peru raised borrowing costs for an 11th straight month with a half percentage point interest rate hike to curb the fastest inflation in a quarter century, which triggered rioting in the recent months. The central bank increased its policy rate to 5.5% from 5%, in line with forecasts. The new rate is the highest since 2009. Central banks ...

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Euro traders signal skepticism over ECB’s rate-hike plans

  Bloomberg Even the prospect of an historic rate hike isn’t enough to bolster the euro, which is feeling the weight of risks from the region’s uneven economic recovery and the war in Ukraine. The common currency shrugged off the European Central Bank’s (ECB) most hawkish messaging in more than a decade and its planned reversal from an era of ...

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India raises key interest rate for a second straight month

  Bloomberg India’s central bank raised the key interest rate for a second straight month and pledged to withdraw the pandemic-era accommodation as it steps up its fight to tame prices that have been running above its target band since beginning of year. The Reserve Bank of India’s rate setting panel unanimously raised the repurchase rate by 50 basis points ...

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RBA wrongfoots market with outsized increase, sending yields soaring

  Bloomberg Australia’s central bank surprised investors by raising interest rates by twice as much as forecast and committing itself to “doing what is necessary” to rein in broadening inflationary pressures. Bond yields soared and stocks falls as the Reserve Bank of Australia (RBA) raised its cash rate by 50 basis points — the biggest increase in 22 years — ...

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BOJ’s Kuroda sees progress on prices while sticking with easing

Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda pointed to some positive changes that suggest progress is being made toward his stable inflation target while making clear that policy tightening still isn’t an option for now. Several data sets are showing rising inflation expectations and a higher tolerance for price increases among households, the governor said in a speech. “This ...

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Deutsche Bank moving Russian IT staff to Berlin

  Bloomberg Deutsche Bank AG is moving hundreds of IT staff in Russia to Berlin as the lender braces for a potential closure of its technology center in the country, people familiar with the matter said. The bank has made offers to relocate to all of its about 1,500 employees at the Russian IT center in Moscow and St. Petersburg ...

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