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Yen rallies on reports of Bank of Japan’s intervention plan

Bloomberg The yen rebounded from near a 24-year low on signs the Bank of Japan is preparing an intervention to prop up the currency. The central bank conducted a so-called rate check in the currency market, meaning officials called asking for an indicative price at which it could intervene, according to a person with direct knowledge of the events. The ...

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UBA raises loan costs to protect profit margins

Bloomberg United Bank for Africa (UBA), a Nigerian lender with operations in 20 African countries, plans to increase lending rates by as much as 400 basis points to protect its profit margins. The repricing of loans will affect all corporate, commercial and personal banking credits, Chief Executive Officer Oliver Alawuba said on an investor call in Lagos, the nation’s commercial ...

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China sets yuan fix at strongest bias on record to lift currency

Bloomberg China extended its currency defense by setting its reference rate for the yuan with the strongest bias on record. The People’s Bank of China (PBOC) set the fix at 6.9116 per dollar, 598 pips stronger than the average estimate in a Bloomberg survey of analysts and traders. The strong bias exceeded the previous record of 454 pips seen and ...

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Citigroup hires JPMorgan banker Weir for UK deals

  Bloomberg Citigroup has hired veteran JPMorgan Chase & Co dealmaker Barry Weir as it seeks to beef up its senior ranks in London. Weir, who’s known for his work on natural resources deals, will join Citigroup as a managing director on the UK investment banking team in September, according to a memo. He has more than 22 years of ...

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Citizens Financial buys Planning-services firm

  Bloomberg Citizens Financial Group Inc agreed to buy College Raptor, a firm that helps connect prospective students with colleges based on their academic and financial compatibility. The acquisition will bolster the bank’s exposure to college-age customers, Chris Ebeling, executive vice president and head of student lending at Providence, Rhode Island-based Citizens, said. The deal, for which terms weren’t disclosed, ...

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Crypto traders flee India exchanges to Binance to escape tax

  Bloomberg Binance Holdings Ltd’s billionaire Chief Executive Officer Changpeng Zhao is tightening his grip on India’s market for cryptocurrency trading in the fallout from a major tax change. Downloads of Binance’s app in India jumped to 429,000 in August, the highest this year and almost triple that of runner-up CoinDCX, data from market intelligence firm Sensor Tower show. Only ...

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Euro climbs most since March as ECB helps cool dollar fever

  Bloomberg The euro surged the most in six months against the dollar as European Central Bank (ECB) policy makers underlined the need for further interest-rate hikes and as an anticipated slowdown in US inflation cooled the rampant demand for greenbacks. The common currency rose as much as 1.6% to $1.0198, its biggest increase since March, lent support by more ...

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UK stimulus set to boost lenders: Deutsche Bank

Bloomberg The “extraordinarily loose” fiscal policy announced by UK Prime Minister Liz Truss is set to benefit UK banking stocks, analysts at Deutsche Bank said. The package aimed at combating rising household energy costs will probably prevent a short-term collapse in the economy, and at the same time encourage further interest-rate rises from the Bank of England — adding to ...

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Yen rebounds as BOJ’s Kuroda uses talk to signal frustration

Bloomberg The yen rebounded as traders mulled comments from Bank of Japan Governor Haruhiko Kuroda on the currency’s decline amid a broad dollar selloff. The dollar-yen pair fell 1.3% to around the 142.20 level, after climbing for four straight sessions. Kuroda held a meeting with Prime Minister Fumio Kishida in a sign of the nation’s heightened alert levels. “Sudden moves ...

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