Banking

Bloomberg Poland’s financial industry regulator quit after a newspaper reported that he made an improper offer to the owner of a troubled bank, triggering a government investigation. Financial Supervision Authority Chairman Marek Chrzanowski said allegations by Gazeta Wyborcza were a “dishonest and groundless” provocation, but that he must resign to ensure stability in the banking industry, he told Poland’s PAP ...

Bloomberg Denmark’s prime minister says he feels “deceived” and “let down” after backing free-market policies that helped make life easier for a financial industry now mired in scandal. Lars Lokke Rasmussen, who leads a center-right coalition, told lawmakers in the Danish parliament that his country’s banks “didn’t behave at all,” leaving him feeling “completely let down.” Denmark is trying to ...

Bloomberg Interest-rate hikes are still on the table in Asia as market volatility returns, with Sri Lanka unexpectedly increasing its benchmark rate. Sri Lanka’s central bank raised the standing lending facility rate to 9 percent from 8.5 percent on Wednesday, and almost half of the analysts surveyed are calling for another increase in the Philippines on Thursday. A hike could ...

Bloomberg Karan Dua, an electronics shop owner in south-central Mumbai, placed his hope of crackling sales on Diwali — the Hindu festival of lights when Indians splurge on everything from clothes to cars and jewellery to houses. It hardly lit up business for the 35-year-old shop owner. Businesses like Dua’s are seeing sluggish sales this festive season in part because ...

Bloomberg Geneva prosecutors are investigating whether a Credit Suisse Group AG unit failed to stop money laundering in a widening fraud case tied to a defunct asset manager, according to people familiar with the probe. Prosecutors added the bank to the criminal investigation late last week after two former employees were named as suspects over the summer, said the people, ...

Bloomberg Federal Reserve Bank of San Francisco President Mary Daly said US policy makers ought to be gradually lifting interest rates to bring an economy that’s running above potential in for a soft landing. “It wouldn’t be surprising to me that we would need to go up again in December and at least a couple of times next year,” Daly ...

Bloomberg The Bank of Japan’s (BOJ) massive asset purchase program has taken it into uncharted territory, with its ballooning holdings now larger than the country’s annual economic output. Its hoard reached a staggering 553.6 trillion yen ($4.9 trillion), figures show, compared with nominal gross domestic product of 552.8 trillion yen at the end of June. Data due on Wednesday is ...

Bloomberg Union Bancaire Privée SA (UBP has hired a group of about 15 private bankers from BNP Paribas SA as it steps up expansion in Asia, according to a person familiar with the matter. Some of the bankers will report to Alfred Tsai, who was BNP’s Hong Kong-based head of China wealth management before he joined UBP, said the person, ...

Bloomberg Poland’s prime minister ordered an investigation into the regulator of the country’s financial industry after a newspaper reported that its chairman made an improper offer to the owner of a troubled bank. The Financial Supervision Authority rejected as “untrue” a report in Gazeta Wyborcza that Marek Chrzanowski suggested to Leszek Czarnecki, the owner of Getin Noble Bank SA, how ...

Bloomberg Danish lawmakers want to find out whether the Estonian unit at the center of a massive money laundering scandal was used for illicit trades before it was bought by Danske Bank A/S more than a decade ago. Danske took over the banking assets of Sampo Oyj in 2007. That purchase, which included a tiny Estonian unit, left Denmark’s biggest ...