Banking

BLOOMBERG Industrial & Commercial Bank of China (ICBC), the world’s largest lender by assets, reported profit grew just 0.03% in the third quarter as it was directed to dole out cheap loans to help shore up the struggling economy. The other big banks posted mixed results. Agricultural Bank of China Ltd said profit rose 7.76% in the period, while Bank ...

BLOOMBERG Speculation that the Bank of Japan (BOJ) will make some kind of policy move this month continues to build with the weak yen, higher bond yields and stronger-than-expected inflation fueling the market chatter. A report by the Nikkei business daily helped feed the growing expectations of possible BOJ policy action at its board meeting ending on October 31. The ...

BLOOMBERG Indonesia’s central bank will probably leave its benchmark interest rate unchanged, as policymakers look set to act to support the rupiah only when volatility from global uncertainties become excessive. Thirty of the 31 economists surveyed by Bloomberg expect Bank Indonesia to keep its seven-day reverse repurchase rate at 5.75% for a ninth straight meeting. That is in line with ...

BLOOMBERG Morgan Stanley shares plunged the most since June 2020 after the firm’s dealmakers posted the biggest drop in fees on Wall Street and its wealth management unit had the lowest inflows in more than three years. Investment banking revenue slid 27% and the fixed-income trading business slumped, leading to a drop in profit. Revenue of $6.4 billion from the ...

BLOOMBERG China’s central bank stepped up efforts to support the nation’s economic recovery and debt sales by delivering the largest cash injection since 2020 with one-year policy loans. The People’s Bank of China added a net 289 billion yuan ($39.6 billion) into the financial system via the so-called medium-term lending facility, the largest monthly injection since December 2020. At the ...

BLOOMBERG Citigroup Inc has hired Credit Suisse investment banker Scott Bardo as it seeks to beef up its ranks of health-care dealmakers. Bardo is set to join Citigroup as a managing director and head of medical technology, life sciences tools and diagnostics for Europe, the Middle East and Africa, according to an internal memo seen by Bloomberg News. He will ...

BLOOMBERG Mitsubishi UFJ (MUFJ) Financial Group  Inc has mandated banks to sell dollar-denominated Additional Tier 1 bonds, in what looks set to be the first such offering in the US currency by any Japanese lender. The nation’s banks have long issued AT1 notes in yen because of lower borrowing costs. But they may consider selling such debt in dollars to ...

BLOOMBERG DBS Group Holdings and Citigroup said banking facilities have resumed following a disruption that prevented customers from fulfilling transactions across various platforms. Services are working again after a technical issue at an Equinix Inc data centre used by the lenders was resolved. Payment services were down for several hours, and customers cited the inability to use their cards, access ...

BLOOMBERG Deutsche Bank AG’s sales of foreign-exchange derivatives to small companies in Spain are being examined by securities regulator CNMV, adding to scrutiny of the lender over the matter. The focus of the assessment is whether the sales complied with rules that effectively ban marketing complex derivatives to inexperienced buyers, a spokesman for the regulator said. He declined to provide ...

BLOOMBERG The Bank of England (BOE) warned that house prices are likely to fall further in many economies and flagged significant downside risks in the Chinese property market. A further deterioration in activity and prices could pose risks to the Chinese economy and financial sector, which could spill over into the UK and other jurisdictions, the central bank said in ...