Banking

Bloomberg China’s yuan is headed for a record monthly plunge as an intensifying trade war with the US damages investor confidence. The currency has plummeted 3.9% this month against the dollar, the biggest loss since January 1994, when the modern exchange-rate regime was adopted. The slump past the 7 level for the first time since the financial crisis comes as ...

Bloomberg Colombia has no leeway to join central banks around the world that are lowering interest rates to bolster growth, according to Ana Fernanda Maiguashca, a member of the central bank board. “Our inflation outlook, while not alarming, just doesn’t give us much space to provide greater stimulus to the economy,” Maiguashca said in a telephone interview. Central banks in ...

Bloomberg The stock market is starting to look good again to JPMorgan Chase & Co. After August’s sell-off, the time to buy stocks is approaching, strategists led by Mislav Matejka wrote in a note, saying equities will move higher starting with an up trend in September. Benchmarks including the S&P 500 Index, the Stoxx Europe 600 Index and the MSCI ...

Bloomberg A Berlin-based fintech company backed by Goldman Sachs Group Inc. is acquiring one of its crosstown rivals as it tries to capitalise on the 12 trillion euros pension and retirement savings market in Europe. Raisin, originally a marketplace for bank-savings products, is buying 100% of Fairr’s share capital in exchange for Raisin shares as well as cash. Fairr, co-founded ...

Bloomberg Germany’s central bank is buffing up its green credentials as part of an international effort to spur lenders to brace for the fallout from climate change. The Bundesbank is heading a review of central-bank strategies to support sustainable investments, and scrutinizing the dynamics of the quickly growing market. Together with its peers, it’s working on a handbook on the ...

Bloomberg European Central Bank (ECB) policy makers will need to muster a broad consensus in favour of more monetary stimulus in September to make it credible, Governing Council member Peter Kazimir said. While expectations among investors and economists are growing for a package of measures in September, there’s a risk of a split among officials on how comprehensive their response should ...

Bloomberg Goldman Sachs Group Inc. sought regulatory approval to buy a majority stake in its investment banking joint venture in China, following rivals including UBS Group AG and setting the stage for eventually gaining full control. Goldman has applied to boost its stake in Goldman Sachs Gao Hua Securities Co. to 51% from 33%, a spokesman said. Beijing Gao Hua ...

Bloomberg Societe Generale SA is cutting about 25 investment banking jobs in Frankfurt as part of a companywide redundancy programme. The cuts affect the leveraged finance team as well as staff working on mergers and acquisitions, people familiar with the matter said. The French lender also closed the desk dedicated to advising on deals in the chemicals industry and a ...

Bloomberg Five years after Mario Draghi turned the world of European banking upside down, lenders are considering breaking a last taboo: Negative interest rates for the masses. Banks have long tried to pass on the cost of negative rates to corporations and wealthy individuals, but they’ve shied away from making regular folks pay to have money in the bank. Yet ...

Bloomberg Most Germans live by the credo that saving is a virtue, but the European Central Bank’s (ECB) negative interest rates risk making a mockery of the national obsession, prompting politicians to seek ways to insulate thrifty citizens and keep the burden on the country’s beleaguered banks. Finance Minister Olaf Scholz says he’ll look into whether it’s possible to prevent ...