Banking

Bloomberg The People’s Bank of China will raise borrowing costs in the open market if the US Federal Reserve decides to increase rates this week, according to a Bloomberg survey. A majority of 31 economists said the PBOC will increase by five basis points the rate it charges on reverse-repurchase agreements, which guide funding costs in financial markets, after the ...

Bloomberg Buy the euro, sell bonds. That’s the takeaway from strategists who expect that the European Central Bank President Mario Draghi will announce on Thursday an end to the institution’s asset-purchase program as the immediate risks surrounding Italian politics subside. Analysts have become more bullish on the euro following recent hawkish comments from ECB officials, with Credit Agricole SA forecasting ...

Bloomberg The Bank of England told banks to be ready for war against the mounting threat of crippling cyber attacks. “I would like our firms to be on a WAR footing: withstand; absorb; recover,” Lyndon Nelson, deputy chief executive of the BOE’s Prudential Regulation Authority, said in a speech. The PRA expects firms to set out their own tolerances for ...

Bloomberg Asian central bankers grappling with wobbly markets, higher energy costs and simmering trade tensions are getting relief from an old foe: food prices. In a region vulnerable to volatile price swings, food inflation has been largely contained, thanks in part to favourable weather and increased investment in production, storage and distribution. For developing nations like India and China — ...

Bloomberg Whatever Mario Draghi says about the European Central Bank’s bond-buying program this week, he’s not likely to provide much more clarity about his plans for interest rates. The ECB president and his colleagues will discuss, and may announce, an end to asset purchases when they meet on Thursday. But they’ve so far brushed off questions on how they might ...

Bloomberg Berlin-based Solarisbank AG wants to reach a break-even on a monthly basis by the end of next year, CEO Roland Folz said in an interview with Bloomberg News. “Until then, we do not plan any further rounds of financing to keep all options open for our shareholders, including a profitable ‘keep it up’, additional investments or also an IPO,” ...

Bloomberg Wells Fargo & Co. customers hoping to use their credit cards to buy Bitcoin will have to look elsewhere. While putting a prohibition on such cryptocurrency purchases for now, Wells Fargo “will continue to evaluate the issue as the market evolves,” Shelley Miller, a spokeswoman, said in an emailed statement. Wells Fargo joins Citigroup Inc., JPMorgan Chase & Co. ...

Bloomberg Fixing HSBC Holdings Plc’s troubled US division will be one of the toughest parts of the lender’s new $17 billion strategy, Chief Executive Officer John Flint said. “Of all the things we have to execute on in the next three years, this is one of the most challenging pieces,” Flint said on a call with reporters. “We’ve struggled with ...

Bloomberg Deutsche Bank AG will probably report another quarter of declining revenue for the three months through June as it scales back investment-banking operations and cuts thousands of jobs. The lender will probably do “a little worse” than peers who have indicated they expect a flat top line, “given the quarter that we’ve had and the transition that we’ve been ...

Bloomberg The message came from one of Bank of America Corp’s (BofA) most powerful board members across large video screens: “We’re not going to do anything crazy to the customer — and we’re not going to do anything crazy for the customer.” The declaration by Frank Bramble Sr. kicked off the firm’s shareholder meeting in April. It wasn’t just for ...