Banking

Bloomberg The Philippine peso has a secret weapon that has made it one of Asia’s best-performing currencies this year: bumper real yields. While the central bank has cut interest rates three times this year to spur growth —which typically saps demand for a currency — slowing inflation has ensured that real yields on the nation’s bonds have remained among the ...

Bloomberg Yes Bank Ltd, the Indian lender that’s been courting investors following management turmoil and scrutiny of bad loans, posted a bigger-than-expected second-quarter loss as soured debt increased and the firm took a one-time charge. The loss totalled 6 billion rupees ($84.7 million) for the three months ended on September 30, compared with net income of 9.65 billion rupees a ...

Bloomberg JPMorgan Chase & Co and Amazon.com Inc have begun testing the new health-care venture they’re developing with Warren Buffett’s Berkshire Hathaway Inc, rolling out some of the new offerings to employees in a handful of states. Under the program, called Haven Healthcare, JPMorgan is offering its 30,000 workers in Ohio and Arizona two plans for 2020 run by Cigna ...

Bloomberg Danske Bank A/S will target its fixed-income and currencies unit for job cuts as part of a sweeping plan to revive profits amid rising compliance costs and entrenched negative interest rates. Denmark’s biggest bank, which is being investigated for money laundering across Europe and in the US, missed analysts’ profit estimates, third-quarter results showed. It acknowledged its result this ...

Bloomberg Zimbabwe’s central bank is preparing to release new Z$2 ($0.13) and Z$5 banknotes that will come into circulation this month after a decade-long absence, according to a release in a government gazette. Since the reintroduction of the Zimbabwe dollar as the sole legal tender in June, transactions have been conducted in bond notes and coins, which, until February, had ...

Bloomberg The International Monetary Fund’s(IMF) executive board completed a sixth review of Sri Lanka’s economic performance, enabling the disbursement of about $164 million in supporting funds. This brought total disbursements under the Extended Fund Facility arrangement to about $1.31 billion, the IMF said in a statement dated November 1 on its website. Sri Lanka’s economy is gradually recovering from the ...

Bloomberg A former Citigroup Inc currency trader told a jury that he plotted with rivals at other banks in chat rooms, on the phone and at social gatherings to rig currency trades while their customers were led to believe they were actually competing with each other. “The purpose was to try to make more money trading,” Christopher Cummins testified in ...

Bloomberg Australia & New Zealand (ANZ) Banking Group Ltd profit was little changed as the lender faced a slowing economy and higher customer-compensation costs. Cash profit from continuing operations was A$6.47 billion ($4.46 billion) in the year ended on September 30, compared to A$6.49 billion the year before, the Melbourne-based lender said. “This has been a challenging year of slow ...

Bloomberg Goldman Sachs Group Inc leaders have been coy about backing up their recent assertion that the Apple Inc card is the industry’s most successful credit card launch ever. Regulatory filings offer a first glimpse into the numbers that had the bank gushing. After a full roll-out of the card last quarter, credit lines the bank has extended to Apple ...

Bloomberg Christine Lagarde’s first day as the new president of the European Central Bank in Frankfurt protesters were brandishing a sign reading: “If the Earth was a bank you’d have long rescued it.” The march by some 150 people to the ECB’s headquarters — following a similar demonstration at the Bank of England last month — highlighted how technocrats tasked ...