Banking

Bloomberg Argentina Economy Minister Martin Guzman and Kristalina Georgieva, managing director of the International Monetary Fund (IMF), discussed plans for a “secure and orderly resolution” of Argentina’s debt situation, the IMF said. The conversation on the sidelines of the Group of 20 meeting in Riyadh, Saudi Arabia, also touched on ways to secure more sustainable and inclusive growth for the ...

Bloomberg JPMorgan Chase & Co is planning to enter the UK consumer-banking market in the next few months, offering a range of savings and loan products under its Chase brand, Sky News reported, citing unidentified sources. The Wall Street stalwart has been in discussions with regulators about securing the necessary approvals to operate in UK personal banking, Sky said. The ...

Bloomberg The ousted chief executive of Danske Bank A/S, Thomas Borgen, has been personally targeted in an investor lawsuit arguing he withheld information about potential money laundering that subsequently destroyed the lender’s market value. Deminor, a Brussels-based law firm, said it has filed a legal complaint against Borgen on behalf of 155 institutional investors seeking damages of 358 million euros ...

Bloomberg UBS Group AG Chairman Axel Weber said markets are underpricing the risk that the coronavirus poses to the global economy. “There is going to be quite a bit of impact that is going to go beyond the first quarter and that is where fiscal response, providing businesses with some tax relievers, some emergency funding, that is going to be ...

Bloomberg Banque Misr SAE is seeking to borrow $250 million from international lenders this year to boost financing at home, while it presses on with plans to expand into three countries it’s targeting in sub-Saharan Africa. Egypt’s second-largest state-owned lender will use the debt to finance small- and medium-size enterprises, among other purposes, Chairman Mohamed Eletreby said in an interview. ...

Bloomberg The European Central Bank (ECB) expects the euro-area economy to bounce back from the coronavirus outbreak, Chief Economist Philip Lane said, playing down concerns that the region could slip into a downturn that requires another interest-rate cut. Speaking in an interview with Bloomberg TV in New York, Lane acknowledged that the full impact of the disease remains unknown, and ...

Bloomberg Federal Reserve Governor Lael Brainard called for the adoption of new strategies by the central bank to achieve its 2% inflation goal and fight off future recessions. The Fed should seek above-target price gains to make up for past inflation shortfalls and should cap Treasury debt yields if it’s forced to lower short-term rates as far as they can ...

Bloomberg Royal Bank of Canada (RBC) plans to start a new “direct-to-consumer” business in the US to increase deposits and ultimately broaden out its offerings to a more mainstream clientele. The expansion is likely to come at the end of 2020 or early next year, and will be focused initially on higher-net-worth customers, Chief Executive Officer David McKay said during ...

Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda shrugged off speculation that the yen is losing its status as a safe asset and blamed its depreciation on the dollar. “I don’t think there has been a fundamental change in the situation of foreign-exchange rates,” Kuroda told reporters on Saturday in Riyadh, where he is attending a Group of 20 meeting. ...

Bloomberg United Airlines Holdings Inc and JPMorgan Chase & Co renewed their long-time credit-card partnership through 2029, capping months of negotiations. The new deal, and an amended pact with Visa, gives United an extra $400 million this year, according to a regulatory filing by the airline. United declined to provide additional details on the financial impact of the agreement. Revamping ...