Banking

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 ...

Bloomberg Deutsche Bank AG was given a small fine as a result of a case that led to a big raid on its headquarters a year ago. Frankfurt prosecutors completed their probe in a case of suspected money laundering and ordered the lender to pay 15 million euros ($16.6 million) for failing to flag suspicious transactions in time and lacking ...

Bloomberg The International Monetary Fund (IMF) said the Democratic Republic of Congo’s proposed $10.2 billion budget is “unrealistic,” amid slowing output from the country’s copper and cobalt mines. The government is seeking a budget of 16.9 trillion francs ($10.2 billion) next year, with revenue expected to climb 63% compared to this year. The IMF projects that Congo’s actual revenue this ...

Bloomberg Citigroup Inc’s private bank wants its clients to work on an attitude adjustment. Next year will be “brighter than many expect,” Citi Private Bank said in its 2020 outlook “Staying Positive in a Negative (Yielding) World”. It rejects the idea that a recession is imminent. “The point of view of many family clients I meet is one of a ...

Bloomberg The Bank of Japan (BOJ) will consider downgrading its assessment on factory output at its rate review this month from its view in October, Reuters reported, citing unidentified people. October output was “weak,” with the key worry being the impact of sluggish automobile demand, Reuters cited one person with direct knowledge of the matter as saying. Two other unidentified ...

Bloomberg The European Central Bank is done with cutting interest rates despite persistent downside risks to growth, according to a Bloomberg survey of economists. With officials increasingly concerned about the impact of negative rates and President Christine Lagarde about to announce a strategic review, most respondents said monetary policy is on autopilot for the next two years. That’s a turnaround ...

Bloomberg The International Monetary Fund (IMF) urged Hong Kong’s government to boost spending to support the territory’s convulsing economy, citing a range of risks from trade tensions to political unrest. Greater fiscal support would help bolster growth while maintaining longer-term sustainability, the fund said in its latest regular review of the economy, known as an Article IV Consultation. “Government spending ...

Bloomberg Almost a week after embattled Yes Bank Ltd unveiled details of its plans to raise $2 billion in capital, shareholders remain unconvinced that a deal will take place. Shares of the Mumbai-based lender have fallen about 8% since it announced the names of the investors for its proposed preferential issue. Doubts over key foreign bidders have triggered concerns that ...

Bloomberg The euro is encroaching on the dollar’s territory as the world’s currency of global borrowing, but that doesn’t mean anyone wants to keep hold of it. “No one wants to hold euro cash as an asset anymore but everyone wants it as a liability,” George Saravelos, Deutsche Bank AG’s global head of currency research, wrote in a note. As ...