Banking

Bloomberg Australia’s top bankers including Andrew Thorburn, Shayne Elliott and Brian Hartzer would have almost half of their pay deferred for four years under proposed laws to clean up the country’s scandal-ridden financial services industry. Executives and board members earning A$500,000 ($400,000) or more will have to defer a portion of their remuneration under the Banking Executive Accountability Regime Bill ...

Bloomberg Mario Draghi said Europe must address youth unemployment by creating a more open, vibrant labor market if it wants its democratic values to live on. “In several countries the weight of the crisis has fallen disproportionately on the young people, leaving a legacy of failed hopes, anger and ultimately mistrust in the values of our society and in the ...

Bloomberg European Central Bank (ECB) Vice President Vitor Constancio laughed off any concern that bitcoin might challenge his institution’s control of euro-area money. Speaking on a panel that included Dutchmen Steven Maijoor, chair of the European Securities and Markets Authority, and Lex Hoogduin, chairman of LCH Clearnet, the ECB official jokingly drew a parallel with a 17th-century bubble.“I’m surrounded by ...

Bloomberg Commerzbank AG may not be your first pick if you’re looking to expand in European banking. Bailed out by the government in 2009, it’s still struggling to make money in Germany’s notoriously cut-throat consumer market. Yet the Frankfurt-based company, weighed down by bad shipping loans and in the process of cutting thousands of jobs, is suddenly attracting suitors from ...

Bloomberg Uncertainty around Brexit may be mounting as political leaders from the UK and the European Union clash on the terms of separation, but that isn’t slowing down foreign investors from betting on Britain’s top peer-to-peer lenders. Varengold Bank AG, a Hamburg-based private banking firm, will provide £45 million (S$82.06 million) in annual funding for loans to small businesses arranged ...

Bloomberg The Swiss National Bank (SNB) gets flak for everything ranging from its investments to the strength of the franc. One group that can’t complain this year: its stockholders. Since January the SNB’s shares have more than doubled in value, touching a peak of 3,825 francs ($3,980) on Sept. 14. With some 48 percent of the central bank’s total stock ...

Bloomberg Australia’s central bank expects to see solid employment growth ahead as the economy gradually picks up, while noting risks from housing debt outpacing household income. In minutes of this month’s policy meeting, where interest rates were left unchanged, the Reserve Bank of Australia gave no signal policy was set to change any time soon. Employment growth had been broadly ...

Bloomberg A public rift between Thailand’s central bank and government on interest rates shows just how much of a dilemma the baht has become for the economy. The Finance Ministry is pushing the Bank of Thailand to cut interest rates to stimulate growth, in light of the strength of the currency and low inflation. That’s clashing with the bank’s aims ...

Bloomberg The pound’s dramatic reversal of fortunes this month has left analysts racing to catch up. Strategists are revising their estimates for the currency after its best week since 2009 saw it gain almost 3 percent as the Bank of England signaled it would look to withdraw stimulus “over the coming months.” Sterling touched $1.36 on Monday, while the median ...

Bloomberg The bitcoin rally is proving hard to stop. The cryptocurrency has breached $4,000, soaring more than 20% from the lows reached Friday, as concern eases that a crackdown by Chinese regulators will hinder the growth of the alternative method of exchange. After reaching a record high of $4,921 on 1 September, the digital currency fell as low as $2,975 ...