Banking

Bloomberg This year won’t see a re-run of nightmare on EM street, according to a trio of top American banks, more than a few money managers and even a former central banker. Goldman Sachs Group Inc. says fundamentals in emerging markets are mostly intact in the wake of the recent stress test from higher US interest rates, a rally in ...

Bloomberg GCB Bank of Ghana Ltd. said it received a 2.2 billion-cedi ($461 million) bond from the central bank for taking over the assets of two failed lenders in 2017. Ghana’s biggest lender by branch network acquired the liabilities and some assets of UT Bank Ltd. and Capital Bank Ltd. in August after the companies collapsed as they failed to ...

Bloomberg Societe Generale SA agreed with US authorities to settle probes into interest-rate manipulation and the bribery of Libyan officials, drawing a line under two of the French bank’s biggest legal headaches. SocGen agreed to pay undisclosed penalties to resolve US investigations that it submitted misleading numbers for the London interbank offered rate and, in a separate case, bribed Libyans ...

Bloomberg Malaysia’s central bank Governor Muhammad Ibrahim offered to resign from his post two years into his term, according to people familiar with the matter, who declined to be identified because the discussions are confidential. The move comes less than a month after Prime Minister Mahathir Mohamad won a surprise election victory and his newly installed finance minister, Lim Guan ...

Bloomberg China’s banks, scrambling to adjust to the government’s deleveraging campaign, are likely to add to pressures on the corporate bond market as they shed more of their massive note holdings and de-risk their balance sheets. Further payment problems are likely in a market that has already seen at least 14 corporate bond defaults this year, according to Logan Wright, ...

Bloomberg Italian bank UniCredit SpA is considering a merger with France’s Societe Generale SA, a move that would combine two of Europe’s largest financial institutions, the Financial Times reported. UniCredit Chief Executive Officer Jean Pierre Mustier, who is French and once worked for SocGen, has been developing the idea for several months, the FT said, citing people close to the ...

Bloomberg Commonwealth Bank of Australia has agreed to pay the biggest civil penalty in Australian corporate history, after admitting to more than 53,000 money-laundering law breaches that allowed drug syndicates to funnel millions of dollars offshore. The nation’s largest lender will pay A$700 million ($530 million) to bring to an end the 10-month saga, which led to the departure of ...

Bloomberg Indian lenders are raising interest rates even before any central bank action as the strongest loan demand in four years amid weak deposit growth pressures funding costs. State Bank of India, ICICI Bank Ltd. and Punjab National Bank are among the nation’s biggest banks that increased their benchmark lending rates last week. The Reserve Bank of India, on the ...

Bloomberg JPMorgan Chase & Co. won the title of world’s largest currency trader by market share, ending Citigroup Inc.’s four-year run at the top, according to a Euromoney Institutional Investor Plc survey that featured a new methodology. JPMorgan took a 12.1 percent share, up from 10.3 percent last year. UBS Group AG came in second with 8.3 percent, and XTX ...

Bloomberg Bubbling tensions between the world’s top two economies over tariffs pose no bar to diving into Chinese stocks, unless a full-blown trade conflict breaks out, according to Deutsche Bank AG. The US is on course to release its final list targeting $50 billion of Chinese imports with tariffs by June 15, with the levies taking effect soon after. And ...