Banking

Bloomberg Indonesia’s new central bank chief joined his counterpart in India in calling on the Federal Reserve to be more mindful of the global repercussions of policy tightening amid a rout in emerging markets. In his first interview with international media since he took office two weeks ago, Bank Indonesia Governor Perry Warjiyo said the pace of the Fed’s balance ...

Bloomberg An effort by the nation’s largest banks to boost their lobbying clout in Washington is leaving three industry titans on the sidelines: Goldman Sachs Group Inc, Morgan Stanley and Credit Suisse Group AG. Though the three firms were initially slated to be included in a newly merged trade association, they were blocked after some executives argued that adding more ...

Bloomberg Emerging markets struggling with higher US interest rates are likely to get little sympathy from the Federal Reserve. Currencies of such nations have been hammered in a spreading selloff amid worries that their economies won’t cope with higher US borrowing costs. That’s prompted central bankers in India and Indonesia to raise interest rates and urge Fed caution. There are ...

Bloomberg Deutsche Bank AG is cutting onshore sales and derivatives coverage in individual markets across Asia-Pacific as part of a restructuring of its equities business in the region, according to a person familiar with the matter. The move will involve unspecified staff reductions, the person said, requesting anonymity because the changes haven’t been announced. The German bank plans to focus ...

Bloomberg Reserve Bank of India Governor Urjit Patel signalled that the interest-rate hike was not aimed at defending the rupee. Analysts say that the move will still provide the much-needed support to the currency. For HSBC Holdings Plc and Nomura Holdings Inc., it bolsters the RBI’s credentials on the inflation-fighting front, which they say will have a rub-off effect on ...

Bloomberg The new global head of macro research at Nordea Bank AB says it’s now clear that the extreme monetary policies that followed the global financial crisis are making the rich richer and everyone else more indebted. Kristin Magnusson Bernard, who used to work with financial stability at the European Central Bank, says the lessons learned from cutting interest rates ...

Bloomberg India’s central bank raised its benchmark interest rate for the first time since 2014 to curb rising price pressures and calm financial markets as policy tightening in the US rattles emerging markets. All six members of the Monetary Policy Committee voted to increase the repurchase rate to 6.25 percent from 6 percent, the Reserve Bank of India said in ...

Bloomberg Credit Suisse Group AG agreed to pay a $47 million penalty to the US Department of Justice to end a probe into whether it hired employees in Asia in exchange for government contracts and other favors. Credit Suisse’s Hong Kong unit reached a non-prosecution agreement with the DOJ regarding its recruitment practices in Asia between 2007 and 2013, according ...

Bloomberg Circle Internet Financial Ltd., one of the world’s most valuable cryptocurrency platforms, is looking to make a big leap into the highly regulated realm of US banks and brokerages. The venture, partly backed by Goldman Sachs Group Inc., plans to seek a federal banking license to provide more services to customers. It also intends to pursue registration as a ...

Bloomberg European Central Bank Chief Economist Peter Praet confirmed that next week’s policy meeting will be pivotal for reaching a decision on when to end the institution’s bond-buying program. His comments reinforce the view that the ECB is close to settling the question of how long it will keep buying debt to support the euro-area economy. Bloomberg reported that policy ...