Bloomberg Mark Carney thrust the Bank of England (BOE) into the Brexit debate again, saying he’ll give a thumbs up — or down — to any divorce deal that British Prime Minister Theresa May reaches with the European Union. “We will have to give our view on whether or not the arrangements are consistent with our ability to fulfill our ...
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‘Tariff war could spur broad market rout’
Bloomberg BlackRock Inc. Chief Executive Officer Larry Fink said that intensifying global trade tensions may spur a broad market downturn and a slowdown in the US economy. Stocks could drop 10 percent to 15 percent and US gross domestic product would start slowing in 2019 if the Trump administration sees through its threat to levy tariffs on an additional $200 ...
Read More »UBS abandons call for yuan gain in 2018
Bloomberg UBS Group AG abandoned its forecast for the yuan to appreciate this year, anticipating that the trade war will continue to put pressure on the currency, hurt China’s economic growth and spur the country’s policy makers to unleash more liquidity. “With underlying pressures on CNY set to intensify and China’s current-account surplus likely to decline notably, we see CNY ...
Read More »Pakistan lets rupee devalue again as finances wobble
Bloomberg Pakistan’s central bank devalued the rupee for the fourth time since December, according to bankers with knowledge of the matter, as economic pressures persist before a national election in nine days. The currency, whose rate is set by the central bank, dropped as much as 5.3 percent to 128 per dollar at the close, according to State Bank of ...
Read More »Kuwait bank seeks talks to create $92bn Islamic lender
Bloomberg Kuwait Finance House KSCP wants to hold renewed talks with Bahrain’s Ahli United Bank BSC about a takeover, a potential boost to the island kingdom as it seeks financial support from richer neighbours. Shares in Ahli United Bank, or AUB, rose 6.8 percent on Tuesday to the highest levels since April last year, valuing the Manama, Bahrain-based lender at ...
Read More »India’s PNB to receive $290 million capital infusion next week
Bloomberg India is preparing to infuse about 20 billion rupees ($290 million) into Punjab National Bank (PNB) by next week to help it meet dues on its perpetual bonds, people familiar with the matter said. India’s third-largest state-run lender will issue preferential shares to the government, the people said, asking not to be named as the information isn’t public. This ...
Read More »BofA’s profit up on consumer loan growth
Bloomberg US consumers are levering up again, and Bank of America Corp. (BofA) is using that, along with cost cuts, to boost profit. Bank of America’s consumer unit posted its highest earnings in more than eight years in the second quarter, helping the lender top analysts’ estimates. Loans in that business climbed 6.6 percent compared with a year earlier, according ...
Read More »BlackRock sees outflows from equity products
Bloomberg BlackRock Inc. saw outflows from equity products in the second quarter and slower inflows into its exchange-traded funds as investors reacted to market uncertainty. Clients pulled $22.4 billion from BlackRock’s equity products in the period, according to a statement. Inflows into its iShares products totaled $17.8 billion, the lowest since the second quarter of 2016. BlackRock is the world’s ...
Read More »BOE gets vital economic healthcheck before August meet
Bloomberg Bank of England (BOE) policy makers are getting a crucial glimpse of the health of the UK economy before their crunch August meeting. A deluge of numbers on wages, inflation, retail sales and public borrowing are coming over the next five days. While a similar run of reports prompted the bank to back away from an interest-rate increase in ...
Read More »Banks are building super-speed money highway in the Nordics
Bloomberg The biggest Nordic banks expect to launch a new piece of financial infrastructure next year, promising to dramatically speed up international transfers in one of the world’s most technologically advanced regions. The aim is to make it possible to clear payments and settle accounts within seconds, regardless of currency. The P27 project — so-called for the 27 million people ...
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