Banking

  Bloomberg Australia’s central bank (RBA) is all but certain to increase interest rates at its first meeting of the year, with some observers pointing to the risk of a resumption of outsized moves to counter a surprising surge in inflation. Most economists and traders see the Reserve Bank lifting its cash rate by a quarter-point on Tuesday to 3.35%, ...

Bloomberg The Hong Kong dollar is rapidly heading toward the weak end of its trading band against the greenback as traders sell the currency to buy higher-yielding US assets. The local exchange rate is one of the worst performers worldwide in the past two months with a 0.74% drop against the US dollar, and last traded at HK$7.8473. Depreciating past ...

Bloomberg The European Central Bank (ECB) should actively fight inflation until people feel price stability in their everyday lives, according to Governing Council member Robert Holzmann. “The risk of over-tightening seems dwarfed by the risk of doing too little,” Holzmann told a conference Monday in Budapest. “Monetary policy must continue to show its teeth until we see a credible convergence ...

  Bloomberg All it took was a strong US jobs report to expose the fragility of last week’s bond rally in Europe. Within minutes of the print, German bonds had erased almost half of their day-before rally, which had been turbocharged by expectations central banks were nearing an end to their hiking cycles. Jubilation is giving way to fresh anxiety ...

  Bloomberg Swiss prosecutors are investigating a data leak involving thousands of former Credit Suisse Group AG clients who’d reportedly held $100 billion with the bank, in a case set to further discourage whistleblowing in the secretive country. The Attorney General’s Office confirmed it’s investigating suspected acts of corporate espionage, breach of trade secrets and violations of banking secrecy laws ...

  Bloomberg Bank of America Corp (BofA) Chief Executive Officer Brian Moynihan’s total compensation declined 6.3% to $30 million for his work in 2022, a year in which profit tumbled and the shares sank. The board granted Moynihan $1.5 million in salary and $28.5 million in stock-based incentive awards, the Charlotte, North Carolina-based lender said in a filing. A year ...

  Bloomberg The chief of one of Australia’s largest commercial banks warned strength of the nation’s economy suggests that markets and home owners should brace for “a lot more rate rises.” The comments from Australia & New Zealand Banking Group Ltd. (ANZ) Chief Executive Officer Shayne Elliot in local newspapers come ahead of an interest rate decision by the central ...

  Bloomberg State Bank of India’s (SBI) quarterly profit rose 69% from the previous year, surpassing analyst estimates, amid heightened interest in the lender’s exposure to billionaire Gautam Adani. Net income was 142.1 billion rupees ($1.74 billion) in the three months through December, as bad-loan ratio narrowed and income from loans rose, according to a statement from the bank. That ...

  Bloomberg Paytm, India’s leading digital payments brand, posted a narrower third-quarter loss after its drive to add customers boosted revenue. The net loss in the quarter through December shrank to 3.9 billion rupees ($48 million) from 7.8 billion rupees a year earlier, the company said in a statement. Revenue from operations rose 42% to 20.6 billion rupees, while total ...

  Bloomberg The Bank of England (BOE) signalled the fastest pace of interest-rate hikes in three decades may be drawing to a close after it raised its benchmark lending rate a half point. Policy makers led by Governor Andrew Bailey voted 7-2 to raise the benchmark lending rate to 4%, the highest since 2008. The majority said strong pay growth ...