Banking

  Bloomberg The Bank of Korea (BOK) is set to raise its key interest rate one more time, with policymakers then seen bringing their 18-month tightening cycle to a close amid rising concerns about the economic outlook. Eleven of 16 economists surveyed expect the central bank will hike the benchmark to 3.5%, while the remaining five expect it to hold at ...

  Bloomberg European Central Bank (ECB) Governing Council member Mario Centeno said increases in borrowing costs must persist until inflation is on a sustainable path to officials’ 2% target. Despite moderating for two straight months, price gains are “still too high,” Centeno told lawmakers in Lisbon, where he heads Portugal’s central bank. “How can we respond to this problem?” Centeno ...

Bloomberg The six biggest Wall Street banks are expected to slash their corporate bond issuance in 2023 for a second year in a row, offering a bright spot for investors nursing record losses from the debt last year. The biggest US banks could sell a total of $20 billion to $25 billion across currencies this month after they post earnings, ...

  Bloomberg Credit Suisse Group is considering cutting the bonus pool for 2022 by about half, according to people familiar with the matter, capping a grim year in which the bank was forced to raise $4 billion after a string of losses. The Swiss lender is set to make even more drastic cuts to variable compensation after the 32% decline ...

  Bloomberg HSBC Holdings Plc’s Chairman Mark Tucker sees a significant boost to the global economy and a rebound in Hong Kong from China’s reopening. “China’s reopening, announcements of a package of measures to stabilise the property market will be positive for both its economy and the global economy,” said Tucker, speaking from New York on a panel at the ...

  Bloomberg Crypto startups are facing a harrowing time attracting private financiers after the collapse of digital-asset exchange FTX. Venture capital (VC) investment in the industry plunged to its lowest level in almost two years during the fourth quarter of 2022, according to data from research firm PitchBook. Overall, VC firms invested $2.3 billion in crypto startups during the quarter, ...

  Bloomberg Johannesburg’s stock exchange plans to fine Steinhoff International Holdings NV former CEO Markus Jooste $882,000 for violating listing rules and submitting false financial statements. South Africa’s main stock exchange also barred Jooste from holding an office in a listed company for 20 years, according to a statement. The move comes almost five years after the firm’s near collapse and ...

  Bloomberg Several senior dealmakers are leaving Nomura Holdings Inc. in Asia as the investment bank reacts to a slump in fees with broader global cuts, according to people familiar with the matter. Hong Kong-based managing directors Maryann Tseng, who joined the equity capital markets team last year, and Wallace Wong in mergers and acquisitions are both departing, the people ...

  Bloomberg US consumer borrowing climbed in November by more than forecast as credit-card balances increased by the most in three months. Total credit rises $28 billion from the prior month, Federal Reserve figures showed. The median forecast in a Bloomberg survey of economists called for a $25 billion advance. The figures aren’t adjusted for inflation. Revolving credit outstanding, which ...

  Bloomberg European Central Bank Executive (ECB) Board member Isabel Schnabel said borrowing costs must be lifted much further, with inflation only just having dipped back into single digits. “Interest rates will still have to rise significantly at a steady pace to reach levels that are sufficiently restrictive to ensure a timely return of inflation to our 2 percent medium-term ...