Banking

Bloomberg The pound slumped more than 1% after UK prime minister Boris Johnson moved to change the law to guarantee the Brexit transition phase isn’t extended beyond the end of next year, reviving the threat of a no-deal split. Sterling dropped by the most since July as traders reacted to the news. Johnson’s planned legislation will include legal text to ...

Bloomberg A German court paved the way for the trial of six people including three former London-based investment bankers for their role in the nation’s Cum-Ex tax scandal. The ruling by a court in the city of Wiesbaden sets up a second trial in the country over the trading strategy that’s triggered multiple probes by German prosecutors involving about 500 ...

Bloomberg Nigeria’s inflation rate rose in November as food prices continued climbing following border closures. Consumer prices rose 11.9% from a year earlier compared with 11.6% in October, the Abuja-based National Bureau of Statistics said in a report published on Tuesday. The median of three economists’ estimates in a Bloomberg survey was 11.8%. Nigeria’s central bank held its benchmark rate ...

Bloomberg The Federal Reserve Bank of New York’s operation to inject cash into the financial system over the end of the year was oversubscribed on Monday, an indication that demand for funding through the beginning of 2020 remains ravenous. Primary dealers submitted $54.25 billion in bids for the Fed’s 32-day term repo operation, which matures January 17. That was more ...

Bloomberg India this week joined a select club of countries offering fund transfers around the clock, a move that will give banks more flexibility to manage their liquidity requirements, the central bank said. The National Electronic Funds Transfer (NEFT) sees transactions worth 800 billion rupees ($11.3 billion) daily and the round-the-clock service is expected to boost online transactions for customers ...

Bloomberg The Credit Suisse Group AG spying incident surrounding the departure of former wealth management head Iqbal Khan might not be an isolated case. The bank may have spied on former Chief Human Resources Officer Peter Goerke, Swiss newspaper NZZ reported, citing documents it obtained as part of an investigation. A former Credit Suisse employee in the US also recently ...

Bloomberg Hong Kong dollar bears are abandoning bets the currency will weaken, squeezed by the longest streak of gains in more than five years. The local dollar rose as much as 0.13% to 7.7867 versus the greenback on Monday, taking its six-day gain to about 0.5% — a large move for a pegged exchange rate. Supporting the advance are bets ...

Bloomberg India’s central bank governor Shaktikanta Das said there’s more room for easing monetary policy, but a lot depends on how these actions are timed. “It’s a very clear forward guidance,” Das said at the Times Network India Economic Conclave in Mumbai on Monday. “While taking a pause, we very carefully and definitively said there’s space for further monetary action, ...

Bloomberg UBS Group AG plans to restructure the unit that serves the bank’s top billionaire clients in the first sweeping changes under its new co-head of key wealth management Iqbal Khan. Khan and co-head Tom Naratil are seeking to break apart the ultra high net worth unit led by Joseph Stadler and move some less rich clients into the regional ...

Bloomberg The pound pared earlier advances following disappointing economic data, as the gloomy economic picture countered the optimism in the market following the decisive Conservative victory in last week’s election. Sterling returned to the flatline after purchasing managers’ indexes from UK factories posted their weakest performance in more than seven years. The currency had earlier advanced against all its major ...