Banking

Bloomberg Uganda’s central bank held its benchmark rate at 9% saying subdued inflation provides room to shield the economy from global headwinds and increasing domestic needs for private-sector financing. The monetary policy stance remains accommodative and supportive, Governor Emmanuel Tumusiime-Mutebile told reporters in the capital, Kampala. The central bank cut the key rate for the first time in more than ...

Bloomberg The National Bank of Kazakhstan kept interest rates on hold at a second consecutive meeting, but warned that inflation may pick up in the first quarter of next year. The base rate stayed unchanged at 9.25%, the National Bank of Kazakhstan said in a statement. The decision was forecast by six economists polled by Bloomberg. Inflation may accelerate to ...

Bloomberg Mexico’s inflation slowed to slightly below the central bank’s target for the first time since 2016, bolstering economists’ expectations that policy makers will keep cutting interest rates this month. Consumer prices rose 2.97% in November from a year earlier, less than the 3% forecast by economists in a Bloomberg survey, Mexico’s statistics agency reported on Monday. Prices increased 0.81% ...

Bloomberg Truist Financial Corp is officially a thing. The $28 billion deal combining BB&T Corp and SunTrust Banks Inc — the largest US bank merger in more than a decade — was completed after trading closed last week. That poised the rebranded Charlotte, North Carolina-based firm to start trading on the New York Stock Exchange under the ticker TFC. For ...

Bloomberg HSBC Holdings Plc has begun to reshape top management, laying the groundwork for a new direction under its next boss. The bank is expected to announce the retirement within days of Marc Moses, chief risk officer and board member, said people familiar with the situation, who asked not to be named as the details aren’t public. The qualified accountant ...

Bloomberg Ukraine sealed a preliminary $5.5 billion loan programme with the International Monetary Fund (IMF), giving President Volodymyr Zelenskiy a boost before peace talks with Russia. The staff-level agreement includes policies to be carried out by Ukraine’s government to underpin the three-year programme, IMF Managing Director Kristalina Georgieva said in a statement after a phone call with Zelenskiy. “The president ...

Bloomberg First there was the financial crisis of 2008. Then years of negative interest rates. Now, banks face what one financial regulator calls the “real game changer.” Jesper Berg, the head of the Financial Supervisory Authority in Denmark, says the next big threat for banks is the rapid spread of big tech into financial services. The competitive tool is personal ...

Bloomberg Goldman Sachs Group Inc said investors should diversify their long-term bond holdings with gold, citing “fear-driven demand” for the precious metal. “Gold cannot fully replace government bonds in a portfolio, but the case to reallocate a portion of normal bond exposure to gold is as strong as ever,” Goldman analysts including Sabine Schels said. “We still see upside in ...

Bloomberg It’s starting to look like India’s sovereign bond market is on the brink of a prolonged rout. Traders have shied away from the long-end of the curve since July on concern the government will expand record bond sales. Sentiment towards the short-end, which closely tracks policy rates, turned negative after the central bank surprised by holding off on easing. ...

Bloomberg Goldman Sachs Group Inc could end up paying less than $2 billion to resolve US criminal and regulatory probes over its role in raising money for scandal-ridden Malaysian investment fund 1MDB, said three people familiar with the negotiations. The justice department and other federal agencies, in internal discussions held in recent weeks, have weighed seeking penalties between $1.5 billion ...