Banking

Bloomberg Australia’s central bank kept the interest rate and yield objective unchanged Tuesday, while broadening securities eligible for its daily liquidity operations to assist the functioning of capital markets and keep rates down across the economy. Reserve Bank of Australia Governor Philip Lowe maintained both the cash rate and three-year bond yield target at 0.25%, as expected by economists and ...

Bloomberg All three of Singapore’s banks are expected to see profit declines for the first time since 2016 as they set aside cash for a potential spike in bad loans stemming from the coronavirus-fueled economic slump. Net income at each lender probably slid between 21% and 28% in the three months ended March 31 from a year earlier, according to ...

Bloomberg Bank of China Ltd., (BoC) facing a public outcry and regulatory scrutiny over the collapse of an investment product linked to oil futures, may shoulder part of $1 billion in losses suffered by its retail clients, according to people familiar with the matter. China’s fourth-largest bank by market value is talking to regulators about not seeking recourse on losses ...

Bloomberg Funding costs in Europe have probably been given the tonic they need to keep easing from the highest level since 2016. Judging by moves in interest-rate futures, the European Central Bank’s (ECB) plan to pump a deluge of cash into the euro area’s banks will drag a key lending rate down on Monday, when most of the region’s markets ...

Bloomberg HSBC Holdings Plc agreed to buy the remaining 50% stake in its Chinese life insurance venture as the Communist Party-ruled nation opens its financial markets. The lender will take full ownership of HSBC Life Insurance Company Ltd. after buying out its partner, The National Trust Ltd., according to an emailed statement. “This transaction supports our ambition to accelerate growth ...

Bloomberg Nigerian banks have more to worry about than the coronavirus: Cratering oil prices and the threat of another naira devaluation are emerging as the biggest risks to how many lenders will emerge unscathed. The industry has already agreed to forgo profit to support the economy as measures to contain the Covid-19 outbreak bring most businesses to a halt. Now, ...

Bloomberg Australia’s central bank (RBA) passed up buying bonds last week in its already reduced QE schedule as the rate it targets appears anchored for now. The calm may prove brief as governments at home and abroad start issuing reams of paper to finance their massive fiscal stimulus. The Reserve Bank is expected to maintain its three-year yield target at 0.25% ...

Bloomberg Visa Inc. shares fared better than the rest of the financials’ sector trading after its earnings report highlighted growth in online and electronic payments, even as purchases plunged across the board while the Covid-19 pandemic unfolded. Analysts continue to fear drawn-out economic consequences from lockdowns. Visa slipped about 0.9% while S&P 500 information tech index shed about 2.3%, and ...

Bloomberg Westpac Banking Corp. deferred its dividend after soaring bad-debt provisions and a potential record anti-money laundering fine sent first-half earnings plummeting to the lowest in almost two decades. Cash earnings fell 70% to $636 million in the six months ended March 31, Sydney-based Westpac said on Monday, its smallest profit since 2002. The bank is also considering selling smaller ...

Bloomberg Lloyds Banking Group Plc has begun to count the cost of the coronavirus pandemic to the British economy — and warned that the turmoil had made its old targets obsolete. Britain’s biggest mortgage lender booked a provision of 1.4 billion pounds ($1.75 billion) for possible soured loans as efforts to halt the spread of the virus crushed the economy. ...