Banking

Bloomberg President Donald Trump wants a weaker dollar to help boost exports, and is counting on the Federal Reserve to help make that happen. But the central bank’s chairman, Jerome Powell, has made clear it’s not his job. It’s a new twist in the broader pressure campaign the president has brought to bear on Powell to cut interest rates to ...

Bloomberg The People’s Bank of China (PBOC) has asked commercial lenders not to lower the interest rate of home mortgages from the current level in order to curb the growth of home loans, according to sources. The PBOC offered verbal guidance to state-owned ban-ks, joint stock banks and other commercial lenders, the people said, asking not to be identified as ...

Bloomberg Singapore will issue as many as five new digital bank licenses to non-bank firms as the island nation seeks to strengthen competition in financial services, according to one of its top regulators. “We welcome firms with innovative value propositions to apply for the new digital bank licenses, even if they have not yet established a track record in banking,” ...

Bloomberg Axis Bank Ltd. is considering raising at least $1.3 billion through a share sale to institutional investors, people with knowledge of the matter said, as the Indian lender seeks to bolster capital ratios and expand lending capacity. India’s third-largest private sector lender, led by Chief Executive Officer Amitabh Chaudhry, is talking to potential advisers about the fundraising, according to ...

Bloomberg Deutsche Bank AG is preparing to start cutting hundreds of jobs in its global equity division, the first major cuts in a broader restructuring after a potential merger with Commerzbank AG collapsed. The German lender is set to finalise a plan that may eliminate positions in equities trading and research, as well as derivatives trading, the people said, asking ...

Bloomberg Bank of America Corp (BofA) the second-biggest US bank, will stop lending to companies that run private prisons and detention centers. “We have decided to exit the relationship’’ with companies that provide prison and immigration-detention services, Vice Chairman Anne Finucane said in an interview. “We’ve done our due diligence that we said we would do at the annual meeting, ...

Bloomberg Three big Chinese banks extended their drop on Wednesday, after a US media report suggested they could face fallout from an investigation into North Korean sanctions violations. China Merchants Bank Co., Bank of Communications Co. and Shanghai Pudong Development Bank Co. fell in Shanghai and Hong Kong trading after the Washington Post said that a US judge found three ...

Bloomberg The Czech central bank took a step back from Europe’s most aggressive campaign of interest-rate increases as global risks to the export-oriented economy overshadow domestic price pressures. After raising borrowing costs last month for the eighth time in two years, the central bank left the benchmark rate at 2 percent on Wednesday, in line with expectations. Policy makers have ...

Bloomberg HDFC Bank Ltd., India’s biggest lender by market value, has picked Bank of America Corp. and Morgan Stanley to manage an initial public offering of its non-bank finance unit, people with knowledge of the matter said. The bank plans to sell the shares in HDB Financial Services Ltd. before March 31 in a deal that may raise about 100 ...

Bloomberg Federal Reserve Chairman Jerome Powell said the downside risks to the US economy have increased recently, reinforcing the case among policy makers for somewhat lower interest rates. “Crosscurrents have reem-erged, with apparent progress on trade turning to greater uncertainty and with incoming data raising renewed concerns about the strength of the global economy,” Powell told the Council on Foreign ...