Banking

Bloomberg Singapore’s economy will slow in 2019, reflecting a weakening in key trading partners and a further cooling of the electronics sector, the central bank said. The city state is set to expand slightly below the midpoint of a 1.5 percent to 3.5 percent forecast range for this year after growing 3.2 percent in 2018, the Monetary Authority of Singapore ...

Bloomberg The US Treasury Department indicated that the government will need to borrow less than previously estimated as the Federal Reserve slows the reduction of its asset portfolio on its balance sheet. The department expects to issue $30 billion in privately held net marketable debt between April and June, assuming a cash balance of $270 billion at the end of ...

Bloomberg HSBC Holdings Plc spent 150 years building a financial fortress around Hong Kong that touches nearly every aspect of life in the former British colony. One of the bank’s biggest threats? A pack of upstart virtual lenders, which barely existed two months ago, backed by the likes of Standard Chartered Plc and Chinese internet insurer ZhongAn Online P&C Insurance ...

Bloomberg The two biggest banks in the Nordic region saw their market values shrink on Tuesday after publishing first-quarter results that disappointed investors. Danske Bank A/S said it now expects net interest income to be lower this year than in 2018 as the higher cost of funding brought on by its money-laundering scandal erodes its top line. Its shares plunged ...

Bloomberg Standard Chartered Plc is buying back ordinary shares for the first time in more than 20 years as Chief Executive Officer Bill Winters seeks to put misconduct and profitability woes behind the Asia-focussed lender. The $1 billion purchase plan comes weeks after a settlement between the bank and US regulators over its repeated violations of sanctions with Iran. Standard ...

Bloomberg Banco Santander SA relied on its increasing commitment to fast-growing Latin American markets to make up for sluggish European units that weighed on first-quarter profit. Net income fell 10 percent, hit by a charge of 108 million euros ($121 million) for restructuring in the UK and Poland as well as an inflation-adjustment expense in Argentina. That slightly beat analyst ...

Bloomberg Shares in Yes Bank Ltd. slumped as much as 30 percent on Tuesday, the first day of trading after the lender headed by newly appointed Chief Executive Officer Ravn-eet Gill reported a surprise quarterly loss. Yes Bank said it incurred a net loss of 15.07 billion rupees ($216 million) for the quarter that ended on March 31, after setting ...

Bloomberg There’s a flaw at the heart of central banking’s approach to inflation targeting that’s become a hot issue for the Federal Reserve as it takes a long, hard look at its strategy. For decades, central bankers have pursued price goals while saying financial stability risks are better curbed by regulation. The contradiction is that monetary policy is often the ...

Bloomberg Deutsche Bank AG cut its outlook for full-year revenue after suffering its ninth straight quarter of contraction, underscoring the need to put Europe’s largest investment bank on a stronger footing following the collapse of merger talks with Commerzbank AG. The bank said it expects business to be flat this year, after previously predicting a slight increase. Income from buying ...

Bloomberg China’s largest lenders posted increases in first-quarter profit and higher interest income as authorities encouraged fresh lending to support the economy. Industrial & Commercial Bank of China Ltd., Agricultural Bank of China Ltd., Bank of Communications Co. and Bank of China Ltd. reported net income rose as much as 4.9 percent in the three months that ended on March ...