Banking

Bloomberg The World Bank cut India’s economic growth forecast by the most among South Asian nations on Sunday, below the outlook pegged by the nation’s central bank for this year, mainly because of a deceleration in domestic demand. India’s gross domestic product growth is projected at 6% in the fiscal year started on April 1, compared with 7.5% forecast in ...

Bloomberg Chime, an online banking startup with more than 5 million customers, is close to raising new funding from investors at a valuation that could be north of $5 billion, according to a person familiar with the matter. The funding round is slated to be led by DST Global, said the person, who asked not to be identified discussing private ...

Bloomberg Two Senate Democrats are urging three payment processing companies to reconsider their involvement with the Libra cryptocurrency project envisioned by Facebook and a coalition of other groups. Libra poses risks not only to global financial systems, but also to the companies’ broader payments business, Senator Sherrod Brown of Ohio and Senator Brian Schatz of Hawaii said in letter to ...

Bloomberg Revolut has hired JPMorgan Chase & Co to raise $1.5 billion in debt and equity, Sky News reported, without saying where it got the information. The US investment bank has been tasked with selling $500 million worth of shares and $1 billion of convertible loans for the UK bank in the coming months, the report said. The loans could ...

Bloomberg Absa Group Ltd’s corporate and investment banking unit plans to open an office in China as part of an expansion that will also target other parts of Asia and the Middle East. “Next year, we will be seeking strategic approval from our board for an on-the-ground presence in China,” Charles Russon, the division’s chief executive officer, said in an ...

Bloomberg British bank shares jumped amid optimism that a UK deal to leave the European Union would support domestic lenders. Royal Bank of Scotland Group Plc rose as much as 16.4% on October 11, the biggest intraday rise since May 2010, and Lloyds Banking Group Plc gained as much as 12.5%, its largest increase since February 2016. Bonds of both ...

Bloomberg Shares of an Indian shadow lender plunged after the Reserve Bank of India rebuffed its plan to merge with a bank, blocking a path that may have helped other struggling non-bank financiers get better access to liquidity. Indiabulls Housing Finance Ltd plunged 19% to the lowest since March 5, 2014, in Mumbai after the plan to combine with Lakshmi ...

Bloomberg TPG Capital has paused a sale of its stake in privately-held Indian financier Shriram Capital as the country’s lingering shadow banking crisis hurts valuations, according to people with knowledge of the matter. The private equity’s plan to sell its 10% stake has been held back, and will likely resume only as soon as the next financial year starting in ...

Bloomberg Mexico’s antitrust regulator notified top banks that its investigator found probable evidence of cartel-like practices to manipulate government bond prices, according to people with knowledge of the matter. At least one bank received in-person notification that the regulator, known as Cofece, would try the case, said the people, who requested anonymity because the matter is private. Seven financial institutions ...

Bloomberg Julius Baer is recommending Hong Kong’s battered stock market as investor appetite fades after five months of protests, saying “times of crisis” are usually an opportunity to invest. The city’s stocks have appeal as valuations are suppressed and dividend payouts exceed the yields on government bonds by near the most on record, said Yves Bonzon, chief investment officer at ...