Banking

  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 ...

  Bloomberg Visa Inc. is opening a new office in Atlanta as the payments giant proceeds with plans to triple its workforce in the city even as rivals cut back on their staffing. The company has almost doubled its presence in Atlanta in recent years, increasing employees in the Southeastern city to about 350. With the new office, Visa plans ...

  Bloomberg Deutsche Bank AG’s asset management arm is in talks to invest in two German cryptocurrency firms as part of efforts to revive growth. DWS group, led by Chief Executive Officer Stefan Hoops, has held talks about buying a minority stake in Deutsche Digital Assets, a Frankfurt-based provider of crypto exchange-traded products. Another potential target is Tradias, the market-making ...

  Bloomberg The European Central Bank (ECB) won’t need to return to ultra-low interest rates as inflation will settle in a new regime close to its 2% medium-term target, according to Governing Council member Francois Villeroy de Galhau. “I personally believe that once we will have fought inflation and come back to 2% we will be in a new inflation ...

Bloomberg Expect more defaults in the $4 trillion municipal-bond market this year, Bank of America Corp. (BofA) strategists said. Most of the distress will be concentrated in riskier sectors like nursing homes and hospitals. Muni-bond defaults are forecast to total between $1.7 billion and $2.1 billion in 2023, according to a research note of the bank. First-time payment defaults in ...

Bloomberg Societe Generale SA fell short of a pledge to pay out half of its underlying profit to shareholders, even after its fixed-income traders handed Chief Executive Officer (CEO) Frederic Oudea a bigger-than-expected profit. Revenue from buying and selling fixed-income products and currencies jumped 56% in the fourth quarter, beating analysts’ estimates as well as all main rivals so far. ...

  Bloomberg ABN Amro Bank NV reported fourth-quarter profit that beat analysts’ expectations as the Dutch lender restrained costs and announced a $536 million share buyback. Net income of €354 million in the three months through December compared with expectations for profit of €55.1 million, with the result aided by a combination of lower loss provisions and operating expenses, according ...