Banking

  Bloomberg The steepest series of interest rate increases in Colombia is nearing an end as inflation is expected to slow sharply with the economy set for a hard landing next year, the country’s central bank chief said. Policymakers have responded to the highest inflation in more than two decades — due mainly to international factors — with a “contractionary” ...

  Bloomberg A turbulent year for the pound is coming to an end with little evidence that 2023 will be much different. Signs of a painful UK economic downturn keep piling up, making analysts doubtful that the currency can extend — or even sustain — a recent rebound against the dollar. The options market also shows skepticism, with traders still ...

Bloomberg European Central Bank (ECB) Executive Board member Isabel Schnabel says interest rates will have to move into “restrictive territory” to bring inflation back to target. The danger of a policy overreaction by the ECB “continues to be limited, as real interest rates are still very low,” Schnabel said. Reflecting on the ECB’s string of four interest rate hikes, Schnabel ...

  Bloomberg Mobile money agents in Ivory Coast halted service for Wave Mobile Money Inc few weeks ago, in an attempt to stymie the growth of the young fintech gobbling up market share across West Africa. The agents — brokers who enable unbanked people to store and send money through cellphones — were unhappy with their commissions and expected the ...

  Bloomberg C6 Bank, the Brazilian digital lender backed by JPMorgan Chase & Co, is planning to double its loan portfolio to midsize firms as it diversifies beyond retail clients. By the end of next year, C6 hopes to increase its loan book to such companies to more than 3.5 billion reais ($675 million) from about 1.8 billion reais now, ...

Bloomberg Brazilian President Jair Bolsonaro signed into law the country’s first framework for cryptocurrency, with ground rules for brokerages that offer crypto as well as the assets’ day-to-day use. Though a formal designation is needed, the central bank is likely to be responsible for regulating and overseeing the new structure, according to the bill’s rapporteurs — the lawmakers who make ...

  Bloomberg Japan’s biggest bank sees value in further share buybacks as its $7.5 billion deal to sell a US regional lender adds to a growing cash pile. “We are always looking for growth investment opportunities,” Hironori Kamezawa, chief executive officer of Mitsubishi UFJ Financial Group Inc, said in an interview, adding that the lender will consider acquisitions in Asia ...

  Bloomberg Credit Suisse Group AG has filed a criminal complaint against a Zurich financial blog, ratcheting up a legal attack begun over readers’ comments attached to a series of stories it ran about the Swiss bank earlier this year. The complaint, which the blog Inside Paradeplatz confirmed, follows a 265-page civil lawsuit filed over comments that the bank said ...

  Bloomberg Nigeria’s currency is poised for its eighth straight day of losses and on track for its longest losing streak since 2020, less than two months before a presidential election. The naira traded at 453.16 to the dollar in the spot market. The currency has dropped 6.3% this year in the official market, where the rate is tightly controlled ...

  Bloomberg Global private banks are rushing to hire advisers for India’s rich, as China’s slowdown and a gloomier global outlook turn the nation into a bright spot for wealth management. UBS Group AG, Deutsche Bank AG, and Julius Baer Group Ltd are among firms hiring private bankers to serve clients from the world’s fifth-biggest economy, which has an estimated ...