Banking

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 ...

Bloomberg The European Central Bank (ECB) has started supervising some of the world’s top securities firms’ businesses in the region, as they build up their operations across the European Union ahead of Brexit. European units of Goldman Sachs Group Inc, JPMorgan Chase & Co, Morgan Stanley and UBS Group AG entered the ECB’s oversight this year as a result of ...

Bloomberg A prolonged glitch at HDFC Bank Ltd, an Indian lender well known for its digital services, could erode trust and hurt business as clients struggle to perform basic transactions. An unknown number of the Mumbai-based lender’s 49 million customers have been locked out of its online banking platform for the past three days, prompting dozens to vent their anger ...

Bloomberg The pound reached the highest level in almost seven months as traders stepped up bets on a win for the Conservatives in next week’s election. The currency pushed above $1.30 as polls show the ruling Tories holding their lead over Jeremy Corbyn’s left-wing Labour Party. Sterling also advanced against all major peers as US president Donald Trump’s visit to ...

Bloomberg After five years of negative rates imposed by the European Central Bank (ECB), German lenders are breaking the last taboo: Charging retail clients for their savings starting with very first euro in the their accounts. While many banks have been passing on negative rates to retail clients for some time, they have typically only done so for deposits of ...

Bloomberg The Bank of Thailand said it has many tools left to manage capital inflows to curb the local currency’s strength, which is hurting growth prospects in the Southeast Asian economy. The scope and speed of the baht’s appreciation is out of line with economic fundamentals such as the current-account surplus, Don Nakornthab, a senior director in the central bank’s ...

Bloomberg The World Bank sees Tanzania’s economic growth accelerating to 5.6% this year from an estimated 5.4% in 2018, driven by a recovery in exports and growing tourist arrivals. The rate of expansion will also quicken to 5.8% in 2020 and 6.1% in the following year, it said in a report published on Tuesday. “Tanzania was again one of the ...