Banking

Bloomberg African Bank Holdings Ltd. is joining the rush into digital banking to fail-proof the business and provide an exit for shareholders that resurrected the South African lender from its collapsed former parent. The firm’s unusual owners, which includes the South African central bank and six of the nation’s largest lenders, stepped in to save it with an equity injection ...

Bloomberg A federal judge said he’s not ready to sign off on Wells Fargo & Co. collecting $240 million in insurance payments from 20 bank officials in connection with the lender’s unauthorised-accounts scandal — even though the settlement was touted as the largest-ever of its kind. That came just hours after Federal Reserve Chairman Jerome Powell reiterated that the regulator ...

Bloomberg As major central banks scale back plans to raise interest rates amid signs of a weaker economic expansion, some parts of eastern Europe are set to push for measures to cool price growth. Hungary will kick off the deliberations on Tuesday by starting to unwind its monetary stimulus. Two days later, the Czech Republic will debate whether to resume ...

Bloomberg Sweden will likely push through a proposal to force banks to keep offering cash to customers who require it as the Nordic nation grapples with how to balance the rapid transformation into a cashless society. Key lawmakers said in interviews over the weekend that the government will probably seek to enact proposed legislation that had been roundly criticised by ...

Bloomberg The Swiss National Bank (SNB) has cut its inflation forecasts again and warned that the global slowdown could worsen. A dramatic change in fortune for the world economy is making it harder for policy makers across major economies to boost price pressures. In Swi-tzerland, franc’s strength agai-nst the euro has exacerbated the issue, which the central bank has sought ...

Bloomberg Direct lenders are gearing up for more business in the UK as they see banks shrinking their sterling corporate loan books in the wake of Brexit-linked volatility and slower economic growth. Private credit fund managers say they are already witnessing an increase in deal flow as traditional lenders turn more cautious in the run up to Britain leaving the ...

Bloomberg The Bank of England (BOE) said more companies are triggering plans for a no-deal Brexit as it kept policy in a holding pattern while the government takes withdrawal talks to the brink. Around two-thirds of firms surveyed by the central bank said they had started implementing contingencies for a disorderly departure from the European Union. About 80 percent judged ...

Bloomberg Federal Reserve nominee Stephen Moore called the Fed’s December interest-rate hike “a very substantial mistake” while adding that he looks forward to working with Chairman Jerome Powell to help ensure the US economy continues to expand. “Everyone would now acknowledge that what they did in December with the rate increase — it was a very substantial mistake,” Moore said ...

Bloomberg The US imposed sanctions against Venezuela’s national development bank and four financial institutions it controls, alleging it helped prop up the government of the country’s president, Nicolas Maduro. The penalties were imposed on Banco de Desarrollo Economico y Social de Venezuela, or Bandes, the Treasury Department said. Treasury Secretary Steven Mnuchin cited the arrest of opposition leader Juan Guaido’s ...

Bloomberg The Philippine central bank left its benchmark interest rate unchanged in Governor Benjamin Diokno’s first policy meeting, as officials remained cautious even as inflation eases. Bangko Sentral ng Pilipinas held the overnight reverse repurchase rate at 4.75 percent, it said in a statement in Manila, in line with the forecasts of all 21 economists surveyed by Bloomberg. The ratio ...