Banking

Bloomberg Credit Suisse Group SA has told its staff in Hong Kong not to come into the office for at least 14 days if they’ve just visited mainland China, according to a memo seen by Bloomberg News. Employees who’ve visited the mainland in the past two weeks should discuss with their division manager and HR before returning to work after ...

Bloomberg The Thai baht has gone from being Asia’s top-performing currency in 2019 to dead last in January. Finishing in the middle of the pack may be the best that can be expected this year as the central bank and a host of other forces line up against it. The currency’s 9% surge in the 12 months through December was ...

Bloomberg Changing weather patterns are pushing up food prices and will drive inflation in Rwanda for the first few months of this year, central bank Governor John Rwangombwa said. Unexpectedly heavy rains in the second half of 2019 caused some crop damage and food inflation reached 23.8% in December, the highest in almost three years. “Because of the bad rains ...

Bloomberg Federal Reserve policy makers will keep interest rates on hold this year and next, and will wind up their efforts to boost excess bank reserves by June, economists said in a Bloomberg survey. In the January 21-23 poll, the mean forecast from 28 respondents predicted no move in the federal funds rate until at least 2022, the same as ...

Bloomberg If you want to know what long-term negative interest rates are doing to banks, watch Denmark in the coming months. Danes have lived with subzero rates longer than anyone else, after the central bank resorted to the policy in 2012 to defend its currency peg. But according to the country’s financial watchdog, it’s only now that the real cost ...

Bloomberg The head of India’s biggest lender said he’s certain “some solutions will emerge” to steady Yes Bank Ltd, which has been on a prolonged quest to raise new capital. “Yes Bank is a significant player in the market with an almost $40 billion balance sheet,” State Bank of India (SBI) Chairman Rajnish Kumar told Bloomberg Television in Davos. “I ...

Bloomberg A bond fund manager who correctly predicted that India’s central bank would introduce a US Federal Reserve style Operation Twist, now says that the nation needs more foreign capital to fund its record borrowing. India’s borrowing may rise to 7.6 trillion rupees ($107 billion) for the fiscal year starting from April 1, according to Suyash Choudhary, head of fixed ...

Bloomberg Ever since she moved to Frankfurt as European Central Bank (ECB) president three months ago, Christine Lagarde has been working hard to charm the locals. The institution’s new chief has sought to turn a new leaf with Germany after years of cooler relations under her predecessor, Mario Draghi. His stimulus policies, including negative interest rates that erased returns on ...

Bloomberg The Reserve Bank of Zimbabwe has frozen the bank account of a Chinese company that the central bank alleges has been manipulating the foreign exchange market. The bank escalated the matter to the Financial Intelligence Unit for investigation and it has so far identified one company — China Nanchang — “which has used its bank account to inject millions ...

Bloomberg European Central Bank (ECB) president Christine Lagarde warned investors not to assume that current monetary policy is locked in for the foreseeable future just because officials are focused on reviewing their strategy. “To those who think it’s on autopilot, that’s ridiculous,” she said in a Bloomberg Television interview at the World Economic Forum in Davos, Switzerland. “Let’s look at ...