Banking

Bloomberg The world’s biggest banks pressed policy makers to pass an urgent Brexit fix to ensure European traders’ access to London derivatives clearinghouses and avoid rupturing 61 trillion pounds ($78 trillion) in contracts. The industry’s top lobbying associations told the European Commission, the European Union’s executive arm, that it must act fast or risk turmoil when the stopgap solution elapses ...

Bloomberg New Zealand’s central bank (RBNZ ) left interest rates unchanged — defying widespread expectations of a cut — saying there are signs the domestic economy will stop slowing and that inflation will pick up. The local currency jumped. “Economic developments since the August Statement do not warrant a change to the already stimulatory monetary setting at this time,” the ...

Bloomberg It took two years, but Home Capital Group Inc shares have regained all their lost ground since the Canadian alternative mortgage lender almost collapsed in 2017. Home Capital has doubled this year to become the sixth-best performing stock on Canada’s benchmark S&P/TSX Composite Index. The Toronto-based lender closed at C$29 on the Toronto Stock Exchange for a market value ...

Bloomberg The European Central Bank (ecb)appointed Imene Rahmouni-Rousseau, a director at the Bank of France, as its next chief of market operations — a key role in implementing monetary policy following the resumption of quantitative easing. Rahmouni-Rousseau will take over as Director General Market Operations on February 1, replacing long-time chief Ulrich Bindseil, who now heads market infrastructure and payments ...

Bloomberg Citigroup Inc said the prospect of rehiring a former trader after he was acquitted of rigging foreign-exchange markets last year is a “non-starter” following the “clearest possible breakdown in trust and confidence.” Rohan Ramchandani was fired after a swift investigation by the bank into his chatroom messages and is suing the bank in an employment tribunal in London, asking ...

Bloomberg Federal Reserve Chairman Jerome Powell is likely to signal again this week that monetary policy is on hold, buttressing the belief that he may steer clear of action through 2020. Surprisingly, that would be an historic anomaly for a US presidential election year. Rather than keeping its head down, the Fed has changed policy in one direction or another ...

Bloomberg China’s local governments are helping inject fresh capital into small lenders across the country, part of an expanding campaign to restore confidence in the world’s largest banking system. At least 10 small Chinese banks have raised money this year by selling shares packaged with non-performing loans, in several cases to buyers controlled by local authorities. In at least one ...

Bloomberg Some of Deutsche Bank AG’s top financial supervisors have doubts that Chief Executive Officer Christian Sewing’s latest pick for the management board is qualified for the job. Several watchdogs are worried that Michael Ilgner, hired as head of human resources from a small non-profit, doesn’t have experience leading large organisations or the banking background needed to join the top ...

Bloomberg French economic growth will cool slightly at the end of the year amid pressure on industry from the global slowdown, the Bank of France said. The softer pace of expansion indicates the euro area’s second-largest economy isn’t immune to the downturn in trade and manufacturing that’s hurting countries across the currency bloc. Until now, France had shown more resilience ...

Bloomberg The European Central Bank (ECB)could consider giving non-banks access to its balance sheet to keep control over money-market rates, according to Executive Board member Benoit Coeure. Speaking at a money-market workshop in Frankfurt, Coeure highlighted a “possible risk” that the new short-term rate called ESTR — designed to provide a more complete picture of actual borrowing conditions — “might ...