Banking

Bloomberg Japan’s currency is taking a larger share of global foreign exchange reserves, in a pattern that’s coinciding with the International Monetary Fund (IMF) gradually incorporating China’s holdings into its published data. The yen is now at its highest proportion since the end of 2002. In the second quarter, it accounted for $429 billion out of the $9.26 trillion worth ...

Bloomberg Banks and regulators in Southeast Asia should strengthen financial-sector rules and guidelines to promote funding for environment-friendly projects in a region threatened by deforestation and climate change, the World Wildlife Fund (WWF) said. Measures to promote sustainable finance in the region are “high level,” and don’t involve the incentives or penalties which would get banks to properly integrate environmental ...

Bloomberg UBS Group AG could employ around 30 percent fewer staff in a decade as technological advances change banking, Chief Executive Officer Sergio Ermotti said in an interview with Bloomberg Markets. “We see a lot of contraction in the number of people in our industry,” he said. UBS, the world’s largest wealth manager, could shrink by that measure, including contractors, ...

Bloomberg Banks poised to channel hundreds—if not thousands—of employees out of the UK expect their Brexit bills to reach $500 million or more, according to people with knowledge of firms’ contingency planning. Costs are climbing in part as they find it more difficult than anticipated to persuade reluctant Londoners to move abroad and reckon with a shortage of experienced bankers ...

Bloomberg Deutsche Bank AG head John Cryan may face pressure from investors if his turnaround of Germany’s biggest lender fails to show results in the next six months, one of the bank’s largest investors told the Sunday Times. “If we don’t see improvement in the next two quarters, pressure will mount on the management board,” Ingo Speich, a senior portfolio ...

Reuters Egypt’s central bank left its main interest rates unchanged at a meeting of its monetary policy committee, reports said. The bank has raised key interest rates by a total of 700 basis points since it floated the pound in November as part of a $12 billion International Monetary Fund loan programme aimed at boosting the economy. Egypt should get ...

Bloomberg China took action to ensure credit reaches small business, rural borrowers and startups, a move tailored to shore up the economy as a vital political transition approaches. The People’s Bank of China announced that it would reduce the amount of cash that banks must hold as reserves from next year, with the size of the cut linked to the ...

FUJAIRAH/ WAM National Bank of Fujairah (NBF), announced the opening of its new branch at the heart of Dubai’s historic Gold Souk in Al Ras. The expansion comes in line with NBF’s strategy to strengthen its nationwide presence, and ensure that its portfolio of convenient banking services and suite of retail banking products are easily accessible to customers. With the ...

Bloomberg A popular digital-coin exchange is drawing scrutiny from US regulators over a June flash crash that erased most of the value in the second-largest cryptocurrency before traders had time to blink their eyes. The Commodity Futures Trading Commission has requested information from Coinbase Inc. about a June 21 incident on its GDAX platform in which the ether digital token ...

Bloomberg China’s central bank said it will reduce the amount of cash lenders must hold as reserves from next year, with the size of the cut linked to the flow of funding to parts of the economy where credit is scarce. The targeted measures apply to all major banks, 90 percent of city commercial banks, and 95 percent of rural ...