Banking

  Bloomberg The Chinese central bank will extend the use of three monetary policy tools designed to encourage financial institutions to support green technologies and the logistics sector, the People’s Bank of China (PBOC) said in a statement. The bank will continue to offer cheap funding until the end of 2024 to banks which lend to firms that are helping ...

  Bloomberg Pakistan’s rupee advanced from a record low as the International Monetary Fund (IMF) team is set to start negotiations over the resumption of its $6.5 billion bailout. The rupee climbed 1.7% to 265 per dollar, after sliding to an unprecedented 270, according to the foreign—exchange desk at Arif Habib Ltd. The benchmark stock index climbed 1.9%, snapping a two-day ...

  Bloomberg The rupee’s recent gains may prove to be fleeting because of pressure from India’s persistent current-account gap and the central bank building up its foreign-exchange reserves. The currency has lagged peers from the Thai baht to the Indonesian rupiah this month, gaining only 1.4% even amid sustained dollar weakness. QuantEco Research expects the rupee to slip towards 83.5 ...

  Bloomberg Top investment bankers in Asia ex-Japan at Wall Street’s biggest firms are having their worst payouts since the financial crisis more than a decade ago. On average, managing directors at banks including Goldman Sachs Group Inc., Morgan Stanley and Bank of America Corp. (BofA) have seen their total compensation drop by 40% to 50%, with payouts for senior ...

Bloomberg Pakistan’s rupee slumped to a fresh record ahead of a visit by the International Monetary Fund (IMF) team for negotiations over the resumption of its $6.5 billion bailout program. The rupee fell for a sixth straight day, according to data compiled by Bloomberg. It traded as low as 269 per dollar on Monday, according to the foreign-exchange desk at AKD ...

  Bloomberg Bank of New York Mellon Corp. (BNY) wants to do money managers’ trading for them with a new outsourcing service aimed at helping buy-side firms cut costs. The move builds on the trading that BNY Mellon already handles for $1.8 trillion of assets it manages, the firm said in a statement. The bank will target current and prospective ...

  Bloomberg Americans stashed more money away last month, pulling back on discretionary spending amid a cloudier economic outlook. The saving rate rose for a third month to 3.4% in December 2022, the highest level in seven months, according to Commerce Department data. Last month’s increase from 2.9% in November marked biggest jump since July 2021. Savings are creeping back ...

Bloomberg Dozens of Nigerians queued at an ATM machine in the heart of the country’s commercial hub to get new higher denomination naira notes ahead of a February 10 deadline that will render old bills expired. The ATM belonging to Guaranty Trust Bank Plc was the only one dispensing the new notes on one of the busiest streets in the ...

  Bloomberg Britain’s soaring wage inflation is likely to push the Bank of England (BOE) to another sharp increase in interest rates this week. Investors and economists expect the UK central bank to raise its key rate a half point to 4% on February 2. That would mark the highest since 2008 and the quickest string of hikes in three ...

  Bloomberg Colombia’s central bank slowed the pace of monetary tightening and signalled that interest rate rises are nearing an end as the economy’s growth outlook dims. The bank lifted its benchmark rate by three quarters of a percentage point to 12.75%, governor Leonardo Villar told reporters after the meeting. Five of the seven-member board voted for the move, while ...