Banking

Bloomberg Indonesia’s central bank said the New York Federal Reserve will provide it with a $60 billion repurchase facility to help with liquidity needs amid a dollar shortage triggered by the coronavirus outbreak. Bank Indonesia has no plan yet to use the facility, Governor Perry Warjiyo told investors on a conference call. The agreement on the credit line was a ...

Bloomberg As risk assets regain their mojo amid optimism the coronavirus spread is beginning to level off, Bitcoin’s back above $7,000. The largest cryptocurrency gained as much as 6.4% to $7,193, its highest in nearly a month. That’s its biggest one-day gain in two weeks and caps a near 11% rally for Bitcoin so far in April. “Risk-on mode was ...

Bloomberg Republic Bank Ghana Ltd. is urging the government to cut tax rates to cushion the economy from the fallout of the coronavirus. The government should consider easing corporate-income tax to 20% from 25% and give workers relief, Benjamin Dzoboku, the Accra-based lender’s general manager for finance and strategy, said by phone. Banks, insurers, telecommunications firms, breweries and miners pay ...

Bloomberg The Federal Reserve said it will create a program to help speed the flow of funds to small companies through the government’s coronavirus stimulus, marking its latest step to shield the US economy from the pandemic. The facility will provide term financing to banks against loans issued under the Small Business Administration’s Paycheck Protection Program, the Fed said in ...

Bloomberg New Zealand’s central bank is open to increasing the size and scope of its asset-purchase program to boost stimulus as the coronavirus pandemic threatens to throw the economy into a deep recession. “We’re in a rapidly evolving situation, the assessment of the economy in financial markets is moving very quickly, and that’s what we will have to take into ...

Bloomberg India’s sovereign bond yields are climbing just as the government is kicking-off its record borrowing plan, in a sign of market discomfort with the heavy debt supply. The benchmark 10-year yield extended rise on April 7, after jumping by the most in over a year in the previous session, in reaction to the government’s 4.88 trillion rupees ($64 billion) ...

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, ...