Banking

Bloomberg Central banks stepped up their emergency efforts to calm financial markets and support their economies in a historic week of market losses as more of the world shuts down to contain the coronavirus outbreak. Meeting into their nights, policy makers at the Federal Reserve launched a program to support money market mutual funds, hours after those at the European ...

Bloomberg Indonesia’s central bank cut its benchmark interest rate for a second straight month and slashed its economic growth forecast, joining global policy makers seeking to shore up their economies amid the coronavirus crisis. Bank Indonesia lowered the seven-day reverse repurchase rate by 25 basis points to 4.50%, in line with the forecasts of 14 of 26 economists surveyed by ...

Bloomberg India’s most-valuable bank is betting big on the nation’s businesses at a time when a slumping economy and souring loans have forced peers to retreat. HDFC Bank Ltd.’s lending to large and small companies surged 63% over the two years through December 31 as India’s economy went from world-leading growth to its slowest expansion in six years. Behind the ...

Bloomberg The Bank of Korea (BOK) said it will purchase 1.5 trillion won ($1.2 billion) in government bonds in order to stabilise markets amid the coronavirus crisis. Futures on the bonds rose after the announcement. The BOK routinely buys government bonds, but the last time it bought them for the stated purpose of market stability was in 2016 when volatility ...

Bloomberg Norway’s central bank said it is ready to intervene after the bottom seemed to fall out of the krone market. “In recent days, there has been an extraordinary situation in the market for Norwegian kroner and movements in the exchange rate have been historically large,” the central bank said. “Against this background Norges Bank is continuously considering whether there ...

Bloomberg The Bank of England (BOE) cut interest rates to a record-low 0.1% and added 200 billion pounds to its asset-purchase program in its latest emergency action to mitigate the economic impact of the coronavirus pandemic. The pound rose. The decision, just days into the tenure of new Governor Andrew Bailey, saw the central bank lower rates by 15 basis points ...

Bloomberg Pressure is intensifying on the Swiss National Bank (SNB) to join policy makers around the world who’ve cut interest rates and increased stimulus in response to the coronavirus (Covid-19) outbreak. The central bank hasn’t dropped a bombshell so far this year, despite the franc being at a five-year high against the euro. Instead, data suggest it’s relied on occasional ...

Bloomberg The World Bank is boosting its coronavirus response package by $2 billion with funds from the International Finance Corporation, its lender to the private sector. The IFC’s planned funds are in addition to the $12 billion announced on March 3 by the bank, the world’s top development institution said in a statement. The assistance is aimed at supporting industry ...

Bloomberg The combined weight of the coronavirus and the monetary easing trend around the world could finally persuade one of Asia’s most cautious central banks to cut rates. Taiwan’s policymakers will likely lower borrowing costs in its first policy-rate move since June 2016, joining the expanding ranks of central banks seeking to shore up a receding global economy. Taipei’s monetary ...

Bloomberg Barclays Plc might struggle to reach its profitability target for the year and could cut discretionary awards as the coronavirus pandemic disrupts its business, joining a string of global lenders. “It’s going to be a tough year for earnings,” Tushar Morzaria, finance director, said on Tuesday at the Morgan Stanley European Financials Conference, held virtually this year. Barclays might ...