Banking

Bloomberg HSBC Holdings Plc’s dividend suspension threatens to cost the lender some of its core investor appeal in Hong Kong. Payouts have been an important reason to own HSBC shares in the city. Its stock price has lagged the Hang Seng Index by more than 600 percentage points since 1986, the earliest available Bloomberg-compiled data from when a unified Hong ...

Bloomberg India must keep public finances relatively healthy to stave off a possible second wave of risks in the financial sector once the coronavirus crisis abates, said a former central bank governor. While calls for a stimulus are rising, India cannot risk a significant widening of its perpetually high budget deficit, Urjit Patel wrote in the Financial Express newspaper. He ...

Bloomberg Credit Suisse Group AG dropped off the initial public offering (IPO) of one of China’s top online health-care startups, dealing a fresh blow to its business taking companies in the region public after the Swiss bank was sued for its role on Luckin Coffee Inc.’s US share sale. The Swiss bank is no longer working on the WeDoctor deal, ...

Bloomberg Wells Fargo & Co. said it can’t fully meet demand from small businesses rushing to participate in a US relief program because of constraints imposed by the Federal Reserve on the bank’s growth. The company has capacity to lend $10 billion to small-business clients under the $349 billion US program, but customers already have expressed more interest than that, ...

Bloomberg African central banks have joined the global wave of emergency meetings and unusual measures to cushion their economies against the impact of the coronavirus pandemic. While many of the central banks in the region target inflation and have to prop up volatile currencies, they’ve also used non-traditional policy tools in addition to aggressively cutting interest rates to salvage economic ...

Bloomberg The Bank of Japan (BOJ) set itself up to buy more bonds in the key 5-to-10 year maturities, showing an intent to maintain yield-curve control amid growing expectations of further debt-fueled stimulus from the government. The central bank offered to buy 350 billion yen ($3.2 billion) of the tenor on Monday, the same as the previous regular operation. That’s ...

Bloomberg The People’s Bank of China (PBOC) cut the amount of cash that some banks have to put aside as reserves, injecting liquidity to encourage lending as the world’s second-largest economy is set for the slowest growth since 1976. The required reserve ratio (RRR) for rural banks and small city commercial banks will be lowered 1 percentage point, the PBOC ...

Bloomberg The Federal Reserve has further dialed back the pace at which it plans to buy Treasuries under its unlimited quantitative easing program. The US central bank, which has been aggressively purchasing Treasuries in a bid to offset the economic and market fallout from the coronavirus pandemic said that it would dial back the daily pace of buying to $50 ...

Bloomberg JPMorgan Chase & Co. agreed to buy out its local partner to get full control of a Chinese mutual fund joint venture, taking advantage of the latest move by Beijing to open up the nation’s asset management and securities businesses to foreign firms. The US bank is buying a 49% stake held by Shanghai International Trust Co. to take ...

Bloomberg Citigroup Inc. made more than $100 million trading a huge swath of the highest-rated collateralised loan obligations as market turmoil prompted asset managers in need of liquidity to unload securities at steep discounts. Citigroup bought roughly $2 billion of AAA rated CLO bonds in late March at around 90 cents on the dollar from PGIM, the investment management business ...