Banking

  Bloomberg Goldman Sachs Group Inc said that investigations and inquiries into its credit-card business has expanded beyond the Consumer Financial Protection Bureau (CFPB) to include other government agencies. The bank, which has card tie-ups with Apple Inc and General Motors Co, made the disclosure in a regulatory filing. It had said last year that the CFPB is looking into ...

  Bloomberg South Africa’s rand is on track for a sixth consecutive week of declines versus the dollar — but there are indications the selloff may be about to ease. One of this year’s worst emerging-market performers, the rand has carried a heavy risk premium amid concerns about the nation’s growth as state-owned power company Eskom Holdings SOC Ltd deploys ...

  Bloomberg Federal Reserve officials may need to raise interest rates as high as 6.5% to defeat inflation, according to new research that was sharply critical of the central bank’s initially slow response to rising prices. In a paper presented at a conference in New York, a quintet of Wall Street economists and academics argue that policymakers still have an ...

  Bloomberg Canadian Imperial Bank of Commerce’s (CIBC) traders gave the bank’s earnings a boost last quarter amid a strong stretch for interest-rate products. Revenue from the capital-markets division rose to C$1.48 billion ($1.09 billion) in the three months through January, up 14% from a year earlier, the Toronto-based bank said. Overall profit topped analysts’ estimates for the fiscal first ...

  Bloomberg North Carolina investment firm founder Greg E Lindberg, who is awaiting retrial on charges he tried to a bribe state official, was indicted in a separate case alleging he orchestrated a $2 billion insurance fraud scheme. Lindberg, 53, and two others were indicted by a federal grand jury in Charlotte, court records show. They’re accused of improperly taking ...

  Bloomberg Bank of Japan (BOJ) Governor nominee Kazuo Ueda warned against any magical solution to produce stable inflation and normalise policy as he largely stuck to the existing central bank script in the first parliamentary hearing to approve his appointment. During a session that lasted almost three hours, Ueda said the BOJ should continue with stimulus for now, while ...

  Bloomberg China is considering installing veteran banker Zhu Hexin as its next central bank governor, while a close ally of Xi Jinping is a likely candidate to become its Communist Party chief, the Wall Street Journal reported. He Lifeng, expected to replace Liu He as China’s vice premier responsible for economic policy in a government reshuffle next month, is ...

Bloomberg The European Central Bank (ECB) reported zero profit for 2022, deploying buffers it set aside in earlier years to dodge a loss linked to stimulus-driven bond-buying. Tapping those reserves became necessary after asset purchase-related interest payments to the euro area’s national central banks jumped to about €2 billion ($2.1 billion). That was due to borrowing costs being raised to ...

  Bloomberg Bank of Korea (BOK) Governor Rhee Chang-yong sought to keep the door open to resuming policy tightening to counter inflation after the board kept interest rates unchanged on Thursday for the first time in a year. Rhee told reporters that five of the six board members he polled were open to borrowing costs reaching a peak of 3.75% ...

  Bloomberg Profitability of local lenders in Bangladesh will likely come under strain from rising funding costs amid a liquidity squeeze in the banking system, according to Moody’s Investors Service. “A spike in imports, declines in remittance inflows and high inflation have drained liquidity,” analysts led by Chong Jun Wong said. The funding costs “have increased materially because demand has ...