Banking

Bloomberg Scandal-hit Indian lender Punjab National Bank (PNB) alleged it has been cheated — its third complaint since 2018 when it suffered through a $2 billion blow. The state-run bank filed a complaint in October alleging that Jagdish Khattar, founder of Carnation Auto India Pvt, a vehicle repair and servicing company, cheated the bank of 1.1 billion rupees ($15.4 million), ...

Bloomberg After a decade-long debt crisis that made Greece a bond-market pariah, the country now enjoys the luxury of having no financing needs for 2020. Yet the government’s 2020 budget shows it still plans to sell new debt. Despite a cash buffer of some 32 billion euros ($35.6 billion) left over from the country’s bailout programme, Greece wants to maintain ...

Bloomberg The Federal Reserve Bank of New York’s operation to inject cash into the financial system over the end of the year was undersubscribed, which could indicate year-end funding pressures have eased. Primary dealers submitted $28.8 billion in bids for the 15-day term operation, which matures January 7. That was less than the $35 billion on offer. The central bank ...

Bloomberg Japan needs to remain vigilant about its banks’ overseas investments in bundled credit products because the underlying loans may be less spread out across industries or individual companies than they appear, a senior regulatory official said. ‘’Even if banks individually think they are well-diversified, it is possible that overall risks in the market are concentrated in the same sector ...

Bloomberg Special purpose acquisition companies (SPAC), once a last resort for owners looking to exit an investment, have become a popular choice for private companies spooked by the swings in the regular IPO market. This helped lead SPAC volumes to their best year yet with a range of top dealmakers from private equity firm TPG to banker Michael Klein getting ...

Bloomberg Wall Street sleuths are wondering whether the Federal Reserve is quietly doing more to calm the US repo market than just the headline-grabbing liquidity injections that have captivated observers for months. The New York Fed runs something called the foreign reverse repo pool, a place where other nations’ central banks can park cash. The amount outstanding has shrunk by ...

Bloomberg India’s government should avoid a fiscal stimulus to spur the economy, and focus instead on cutting public debt so that financial resources can be freed up for investment, the International Monetary Fund (IMF) said. While the national government has a budget deficit target of 3.3% of gross domestic product in the year through March, a better reflection of the ...

Bloomberg Troubled Chinese conglomerate HNA Group Co repaid a 1.3 billion yuan ($185 million) bond due on Tuesday, according to people familiar with the matter, avoiding what could have been its first default on a publicly issued note. HNA’s move is the latest of a series of developments that have helped calm frayed nerves in China’s debt markets in recent ...

Bloomberg Sri Lanka appointed Weligamage Don Lakshman as the new central bank governor, days before the monetary authority is due to review interest rates. Lakshman is a former adviser to the Mahinda Rajapaksa government and succeeds Indrajit Coomaraswamy, who stepped down earlier citing personal reasons. The announcement on Tuesday is among the top economic appointments by Gotabaya Rajapaksa, who won ...

Bloomberg Mexico’s central bank could take monetary policy action as soon as February if it sees that inflation as well as internal and external risks remain low, Governor Alejandro Diaz de Leon said in an interview. “We have to monitor if conditions in the economy continue having this favorable trend in terms of inflation and lower external and internal risks, ...