Banking

Bloomberg The Bank of Japan cut purchases of bonds for the first time since February, taking advantage of a global slide in yields brought on by political risks in Europe and trade tensions. The BOJ trimmed buying of debt maturing in the five-to-10 year zone by 20 billion yen ($183 million) to 430 billion yen at the regular operation. While ...

Bloomberg Wells Fargo & Co. customers who didn’t consent to having 3.5 million accounts created by bankers trying to hit sales quotas are finally getting what a judge called “rough justice.” US District Judge Vince Chhabria agreed to issue final approval for a $142 million class-action accord that will pay an average of $35 for account holders at the center ...

Bloomberg Indonesia’s second interest-rate increase in two weeks may be followed by more policy tightening to stem a slide in the rupiah amid an ongoing rout in emerging markets. While the rupiah strengthened for a fifth day, the central bank isn’t in the clear yet. Much will depend on geopolitical events — from snap elections in Italy to ongoing trade ...

Bloomberg Eurobank Ergasias SA may issue new bonds in 2018 and is also crafting a new plan to reduce its exposure to bad loans for period after 2019. The Athens-based lender issued a covered bond in 2017, its first return to debt capital markets since 2014. “We’re considering issuance of another covered or senior bond during the course of 2018,” ...

Bloomberg Deutsche Bank AG just ended a roller-coaster week. June doesn’t look any less harrowing. Shares of Europe’s largest investment bank are trading near a record low, as short sellers pile on and credit derivative traders once again signal doubts about the firm’s health. It’s part of a painful pattern for the bank and its investors: Another spate of bad ...

Bloomberg Deutsche Bank AG’s new chief executive officer, Christian Sewing, suffered a fresh setback in his efforts to reinvigorate Europe’s largest investment bank as S&P Global Ratings cut the lender’s credit rating. S&P reduced the rating by one notch to BBB+, the third-lowest investment grade, citing “significant execution risk” after several management changes and strategy updates in past years. Shares ...

Bloomberg The UK markets regulator began toughening rules on banks’ 2.3 billion-pound ($3 billion) overdraft business, while leaving more “radical options” for later. Lenders would need to make overdraft fees clearer and alert customers to potential charges under proposals the Financial Conduct Authority. The London-based regulator said it will now consider stiffer measures such as banning fixed fees and tackling ...

Bloomberg The new man who would step into Mario Draghi’s shoes in an emergency has just taken office. Former Spanish Finance Minister Luis de Guindos started his job as European Central Bank vice president. He replaces Vitor Constancio on the same day that the Frankfurt-based institution celebrates its 20th anniversary, in troubled times. Guindos might find himself in a position ...

Bloomberg After five deals in six months, Bank of Nova Scotia is taking a breather. “We’ve got a lot of work to do in terms of execution and integrations now, so I think we’ll be fairly quiet on the acquisition front from here on in,” Chief Executive Officer Brian Porter told BNN Bloomberg in a TV interview set to air ...

Bloomberg Botswana relies on the gemstones for almost a fifth of its gross domestic product and used the revenue generated from sales to transform the nation from an economic backwater into one of the continent’s wealthiest societies. However, their role is set to diminish over the next 20 years and successive governments have struggled to diversify the economy. Although the ...