Banking

Bloomberg Four payments companies that have joined Facebook Inc as founding members of the Libra Association are wavering over whether to officially sign on to the cryptocurrency project, according to people familiar with the matter. Visa Inc, Mastercard Inc, PayPal Holdings Inc and Stripe Inc are undecided about formally signing onto Libra’s organising charter because they’re concerned about maintaining positive ...

Bloomberg Indian regulators’ ability to come to grips with the nation’s banking crisis has been thrown into doubt amid reports that a cooperative lender had extended outsize loans to an insolvent developer. The Reserve Bank of India took the rare step of limiting withdrawals from Mumbai-based Punjab & Maharashtra Co-operative (PMC) Bank Ltd. Local media reported that loans to Housing ...

Bloomberg Indiabulls Housing Finance Ltd, a major Indian shadow lender that’s caught in the crosshairs of the troubles plaguing the industry, is seeking to bring forward a court hearing on fraud allegations after a record share slump. The development represents an effort to get out ahead of recent headlines that contributed to its share price losing an unprecedented 34 percent ...

Bloomberg Kiatnakin Bank Pcl, one of Thailand’s smallest publicly traded lenders, is open to a merger as competition from other banks and technology firms intensifies. The bank plans to expand its wealth management business, while being more cautious with automobile loans, one of its biggest lending areas, President Philip Chen Chong Tan said in an interview. Thailand’s aging population has ...

Bloomberg Nigeria’s central bank is increasing pressure on lenders to keep providing credit to boost economic growth in Africa’s biggest oil producer. The West African nation’s banking regulator raised the minimum loan-to-deposit ratio to 65 percent from 60 percent to “sustain the momentum” seen in lending since it first lifted the measure in July, it said. Banks have until December ...

Bloomberg Credit Suisse Group AG exonerated Chief Executive Officer Tidjane Thiam as one of his key allies took the fall for a corporate spying scandal that shook Zurich’s financial elite and tainted the bank’s reputation. Chief Operating Officer Pierre-Olivier Bouee, the CEO’s chief lieutenant at three companies for more than 10 years, stepped down after ordering detectives to shadow former ...

Bloomberg Yes Bank Ltd slumped to the lowest level in a decade, leading a selloff in Indian lenders. IDFC Securities Ltd says the blood-letting in the stock isn’t done yet. The brokerage slashed the bank’s target price to 35 rupees, implying a 15 percent drop from Monday’s close of 41.4 rupees. The stock plunged 15 percent to the lowest price ...

Bloomberg Zimbabwe’s central bank has clamped down on mobile money, banning the purchase and sale of cash through the services, in the latest directive aimed at gaining control of a monetary system that’s spiraling out of control. The directive, which the Reserve Bank of Zimbabwe said was necessary because of commissions charged by agents, follows an earlier announcement enforcing the ...

Bloomberg The $125 billion US dollar bond market Down Under is making a comeback, boosted by the recovering housing and banking sectors. US-currency notes issued by Australian REITs and mortgage asset firms are returning 9.1 percent this year compared with a 0.1 percent drop in 2018 as a rebound in property prices has gathered pace since June. Dollar bonds from ...

Bloomberg South Korean authorities sold a net $3.8 billion in the first six months of the year to intervene in the currency market, compared with $187 million in the second half of 2018, according to central bank data. “It is now confirmed that the authorities constantly conducted smoothing operations during the second quarter when the won weakened rapidly,” said Min ...