Banking

Bloomberg Singapore’s dollar is approaching the upper boundary of its trading band as speculation mounts that the central bank will boost the exchange rate for a second time this year to combat inflation. The currency reached a record high against a basket of major trading partners’ currencies, based on HSBC Holdings Plc’s model of the Monetary Authority of Singapore’s managed ...

Bloomberg Deutsche Bank AG’s Japan chief Makoto Kuwahara will leave the German lender after five years in charge of operations in the country, to join Credit Suisse Group AG. Kuwahara, who is also president of local unit Deutsche Securities Inc., is departing to pursue other interests, Deutsche Bank said in a statement. He will be replaced by Tamio Honma, head ...

Bloomberg Bank of Montreal (BMO) set a profit record for its US business, thanks in part to Donald Trump’s tax cuts and lower provisions for bad loans. The lender earned $281 million from its US personal-and-commercial division in the fiscal third quarter, helped by rising revenue, and tax reform gains. Earnings for the US business, which includes Chicago-based BMO Harris ...

Bloomberg A deadline set by India’s central bank to restructure an estimated $52 billion of stressed loans may push dozens more companies into bankruptcy. The Reserve Bank of India in February introduced new rules and a 180-day timeline for banks to recast loans once payments are missed, scrapping previous methods that could take an indefinite amount of time. Companies that ...

Bloomberg China’s yuan was stable in the onshore market following Friday’s surge, after the central bank signalled that it’s taking action to support the currency through its daily fixing. Starting this month, banks resumed using an adjustment in the daily pricing of the currency against the dollar, known as the counter-cyclical factor, to mitigate the bias towards a weaker yuan, ...

Bloomberg President Xi Jinping’s push to spur lending in his economy stands to benefit Postal Savings Bank of China Ltd., whose ubiquitous green-fronted outlets have been luring deposits across the nation. This branch network, the widest in the world, has become a source of cheap funds for the lender, ensuring it’s better placed than rivals amid the government’s crackdown on ...

Bloomberg One under-appreciated indicator is flashing red for some developed markets, Goldman Sachs analysts say. The private-sector financial balance — an economy’s total income minus the spending of all households and businesses — has proven more powerful in predicting crises than the current-account balance, Goldman analysts led by Jan Hatzius, the bank’s global head of economics, wrote in an August ...

Bloomberg Pound investors hoping for a turnaround anytime soon could instead face more turbulence. The UK’s and the European Union’s plan to negotiate Brexit continuously from now on suggests there will be more political headlines, potentially fueling volatility, according to strategists at Royal Bank of Canada and Australia & New Zealand Banking Group Ltd. With UK markets shut for a ...

Bloomberg Nordea Bank AB has recently lost a number of its top sell-side bankers amid complaints that management’s focus on cutting 6,000 jobs is hurting morale in key parts of the business. Examples of recent departures include the head of fixed income at Nordea Markets, Torben Pedersen. He’s in the process of starting his own hedge fund with Erik Bo ...

Bloomberg The Bank of Thailand is giving the baht — the most-loved emerging-market currency this month — one more reason to keep up its outperformance. Piggybacking on a strong current-account surplus, the baht has braved developing-market doldrums and topped returns among 24 currencies tracked by Bloomberg. It is also the sole gainer in Asia this quarter. As investors await the ...