Banking

Bloomberg Danske Bank A/S said it will be able to absorb “large” fines as Denmark’s biggest bank awaits the outcome of criminal investigations into its role in one of Europe’s worst ever money laundering scandals. The bank, which said it faces a “huge task” trying to restore trust with customers and investors, hasn’t yet set aside provisions for a potential ...

Bloomberg It’s not just Italian lenders that should be worried about Europe’s toughest-ever bank test: German firms will also feel the pain. Deutsche Bank AG will be particularly hard hit because of the more severe stress scenario applied to German lenders, according to two people familiar with the matter, who asked not to be named because the results haven’t been ...

Bloomberg India is the latest country to see age-old tensions between governments and central banks flare up as the era of easy money draws to a close. Prime Minister Narendra Modi’s government sent the central bank letters that cited a never-used power to overrule the Reserve Bank of India in a bid to push through measures that would unleash spending ...

Bloomberg The Bank of Japan stayed the course on monetary stimulus while confirming in updated forecasts that it won’t meet its inflation target for years to come. The central bank left its policy interest rates and asset-purchase targets unchanged, while forecasting that inflation will remain below its 2 percent target until at least early 2021. This will leave it even ...

Bloomberg The European Central Bank won’t make much progress raising interest rates because it’ll tighten just as the US economy slows, predicts Pacific Investment Management Co.’s Andrew Bosomworth. “I don’t think Europe will get very far above zero,” Bosomworth, a managing director at Pimco, said in an interview in Frankfurt this week. “There’ll be a very short window in which ...

Bloomberg Standard Chartered Plc is working on a three-year plan to improve profitability as a share slump this year puts pressure on the emerging markets lender to boost returns. While operating expenses fell by 1 percent in the third quarter and were below estimates, its key measure of profitability is still lagging. The bank said on Wednesday that it will ...

Bloomberg UBS Group AG is weighing acquisitions and joint-ventures for its asset management business to help it compete with larger rivals, people with knowledge of the matter said. Targets may include UK and US asset managers focussed on retail clients and specialised asset managers in areas such as real estate, the people said, asking not to be identified because the ...

Bloomberg India sought to defuse growing tensions with its central bank following reports that the government had cited a never-used legal provision in trying to resolve disagreements with the monetary authority. The Finance Ministry said in a statement on Wednesday it respects the autonomy of the Reserve Bank of India. That was after news broke that government officials had written ...

Bloomberg The ultimate guarantor of job security for presidential whipping boy Jerome Powell may lie not in Washington, but on Wall Street. President Donald Trump could confront a huge blow back from the financial markets — with stocks, bonds and the dollar all going down — if he made a serious move to oust the Federal Reserve chairman, market professionals ...

Bloomberg The South African Reserve Bank sees higher interest rates in the next two years to help contain accelerating inflation. The central bank’s quarterly projection model forecasts a benchmark rate of 7.7 percent by the end of 2020 compared to 6.5 percent currently, it said in its six-monthly Monetary Policy Review released in Pretoria, the capital. While policy will remain ...