Banking

  Bloomberg Nigeria’s move to outlaw high-value notes is the best thing that’s happened to mobile-money operators in Africa’s biggest economy. In the two months since October, when the Central Bank of Nigeria said it will replace 200-, 500- and 1,000-naira notes with new ones, the value of mobile-money transactions has jumped by a quarter to 2.5 trillion naira ($5.4 ...

  Bloomberg PayPal Holdings Inc is pausing work on its stablecoin as regulators increase scrutiny of cryptocurrencies and a key partner in the project faces a probe by the New York State Department of Financial Services. PayPal had hoped to debut the stablecoin, which will be backed one for one by the US dollar, in the coming weeks, but will ...

  Bloomberg Global investment banks including JPMorgan Chase & Co. and UBS group AG are renewing efforts to gauge investor interest in Chinese developer bond sales, in hopes of revitalizing a key business following a yearlong deal drought. Hong Kong-based debt capital market bankers have been approaching the investors, encouraged by the recent return to the primary market by major ...

  Bloomberg Japanese Prime Minister Fumio Kishida will nominate Kazuo Ueda, a professor and former Bank of Japan (BOJ) board member, to take the helm of the central bank from April, according to people familiar with the matter, in a shock move that sparked sharp moves in the yen. The decision blindsided investors who had expected long-time front-runner and Deputy Governor ...

  Bloomberg NatWest Group Plc plans to further restrict its financing of the oil and gas industry. The UK bank will no longer provide so-called reserve based lending for new customers, it said. From the end of December 2025, NatWest will no longer renew, refinance or extend reserve based lending for existing customers. “We want to ensure our capital is ...

  Bloomberg Flowdesk, a French cryptocurrency trading technology firm backed by Ledger and Coinbase Ventures, plans to more than double its workforce and expand overseas even as the wider digital asset sector reels from last year’s selloff. The company intends to grow its team to 140 employees from 60 by the end of March, with staff distributed across locations in ...

  Bloomberg Mexico and Peru are forecast to extend their biggest-ever series of interest rate rises as they struggle to contain a rebound in price gains. In Mexico, the central bank’s inflation goals have been hampered by soaring food costs, while Peru’s policymakers are trying to keep the economy stable amid the mass unrest which has paralysed swathes of the ...

  Bloomberg The Bank of Canada (BOC) wants to reinvigorate its interest-rate setting process, bringing an outside voice to the table next month amid a broader effort to bolster its credibility. HEC Montréal economics professor Nicolas Vincent will become the first “non-executive” member of the central bank’s six-person governing council ahead of its March 8 decision. He is set to ...

Bloomberg Credit Suisse group AG posted a bigger-than-expected loss for the fourth quarter and unprecedented client outflows, exacerbating the difficulty for Chief Executive Officer Ulrich Koerner in returning to profitability by next year. Shares in the Swiss bank slid 10% on Thursday after it posted a fifth-straight quarterly loss, of 1.39 billion Swiss francs ($1.5 billion). While outflows were concentrated ...

  Bloomberg The Riksbank raised borrowing costs by half a percentage point, pledged to start bond sales and declared it wants a stronger krona, as its new governor set out his inflation fighting credentials. The krona jumped after the decision on Thursday to lift the Swedish central bank’s interest rate to 3% and accelerate the unwind of quantitative easing, in ...