Banking

Bloomberg Euro-area inflation was weaker than initially reported in July, raising pressure on European Central Bank (ECB) policy makers to consider more stimulus in September. Eurostat revised its July estimate for consumer price growth to 1%, down from a reading of 1.1% reported on July 31. It’s the second consecutive revision to inflation data. The report adds to negative data ...

Bloomberg India’s central bank Governor Shaktikanta Das said reviving economic growth remains his top priority and urged bankers to pass on past interest rate cuts to borrowers at a faster pace. The six-member monetary policy committee is giving growth the “highest priority,” Das said at a banking conference on Monday in Mumbai. Policy makers, financial sector representatives and bankers were ...

Bloomberg State Bank of India (SBI), the country’s largest lender, expects credit growth to slow in the financial year started April 1 because demand remains subdued, Chairman Rajnish Kumar said. Credit growth in the current financial year will be between 12% and 14%, compared with about 14% in the previous 12 months, he told the media in Kolkata. The financial ...

Bloomberg Swiss National Bank (SNB) data suggest it pumped 3.8 billion francs ($3.9 billion) into markets last week to control the franc, sending its sight deposits to a record high. With the franc at its strongest since 2017 against the euro, sight deposits at the SNB have increased over the past month, suggesting the central bank is making good on ...

Bloomberg China took a major step towards reforming its system of interest rates, in a move aimed at pushing down the cost of borrowing by households and companies as the economic growth slows. From August 20, new loans must be priced “mainly” with reference to a revamped benchmark that tracks the price of credit to banks’ best customers, the so-called ...

Bloomberg Indonesia’s rupiah has braved headwinds both at home and abroad to escape largely unscathed in the recent emerging-market (EM) sell-off, and the nation’s central bank is largely to thank for that. Bank Indonesia’s repeated interventions to maintain currency stability have helped soothe investor nerves, with the rupiah’s 0.8% loss this quarter making for the second-best performance among Asian EM ...

Bloomberg KCB Group Ltd. first-half profit jumped 5% as the East African nation’s largest lender earned more interest income from investing in government securities and providing business loans. Net income in the six months through June was 12.7 billion shilling ($123 million), Chief Finance Officer Lawrence Kimathi told investors. That matched estimates by African Alliance Securities Kenya. Net interest income ...

Bloomberg JPMorgan Chase & Co. has cut its 2020 earnings estimates for US stocks based on the projected impact of incoming tariffs and pinpointed companies that could be particularly affected by the levies. “Tariffs remain the largest source of risk for equities,” strategists led by Dubravko Lakos-Bujas wrote in a note. The bank is reducing its 2020 earnings estimate for ...

Bloomberg Deutsche Bank AG Supervisory Board Chairman Paul Achleitner is searching for his successor after overseeing a tumultuous period marked by multiple restructurings, top management changes and a slumping share price. The search is partly in response to shareholder criticism about succession planning, though Achleitner intends to complete his term expiring in 2022, people with knowledge of the matter said, ...

Bloomberg Berenberg, Germany’s oldest bank, has given up hope that US-China trade tensions will subside any time soon — with severe consequences for export-reliant nations. Economists slashed their 2020 growth forecasts for countries including Japan, Germany, France, Italy and the United Kingdom. They expect the euro area will expand by just 0.9%, down from 1.4% predicted only a few months ...