Banking

Bloomberg Two months after suspending masala bonds sales by local issuers, India lifted restrictions on issuance. That was the easy part. Masala bonds, or rupee-denominated debt securities sold abroad, are still subject to caps on pricing and tenor. Issuers must also compulsorily seek approval from the Reserve Bank of India (RBI) before every sale—constraints that may keep issuance from picking ...

Bloomberg Now that Nigeria’s economy is recovering from its worst slump in 25 years, the central bank can turn its focus to fighting inflation again — and shoring up its currency. The Monetary Policy Committee has kept its interest rate at a record-high 14 percent since July 2016, trying to support the economy, and will probably hold it there at ...

DUBAI / Emirates Business Mashreq Bank, one of the first banks in the Middle East and a leading financial institution in the UAE, partnered with Diebold Nixdorf, the leader in driving connected commerce, to streamline its in-branch cash cycle management processes by implementing the latest in teller automation technology across select UAE branches. The innovative cash recycling systems combined with ...

Bloomberg China’s currency has swung from hot to cold in a matter of weeks, thwarting expectations that policy makers would keep the yuan stable before a crucial Communist Party congress next month. The yuan slumped 0.5% to 6.6210 per greenback as of 5.30pm in Shanghai, taking its decline from an 8 September peak to 2.8%. That’s a sharp reversal from ...

Bloomberg The kiwi and euro declined as weekend elections in New Zealand and Germany left the ruling parties facing tough negotiations to form coalition governments. The yen also fell on a report that Japan’s prime minister is planning a stimulus package. New Zealand’s dollar weakened against all of its major peers after Saturday’s inconclusive election outcome left investors uncertain over ...

Bloomberg Australia’s four largest banks have scrapped cash withdrawal charges for all users, as the banking industry tries to salvage its reputation after a series of scandals. Commonwealth Bank of Australia, the nation’s biggest lender, said on Sunday it would immediately remove the A$2 ($1.60) fee for all users of its 3,400 branded automated teller machines across the country. Westpac ...

Bloomberg Bankers advising the Federal Reserve Board said a lack of follow through in the Trump administration’s economic agenda has resulted in slowing credit demand despite high levels of sentiment. “The post-election expectation was that the gain in confidence and financial market deregulation would spur credit creation,” according to minutes released by the Federal Reserve Board of its Sept. 8 ...

Bloomberg China has notified regional regulators that it aims to stop exchange trading of cryptocurrencies by the end of September, according to people familiar with the matter. The plan was distributed by a People’s Bank of China-led group overseeing Internet finance risks, said the people, who asked not to be named because the information is private. The notice suggests policy ...

Bloomberg Billionaire Shari Arison agreed to sell almost 10 percent of Bank Hapoalim Ltd. in what could become one of the biggest deals in Israel’s financial sector. Arison signed a non-binding agreement to sell 49 percent of her investment and philanthropy arm, Arison Holdings 1998 Ltd., to unidentified North America-based institutional investors and an investment firm, according to a Tel ...

Bloomberg Zimbabwe will access a $600 million credit line from African Export-Import Bank in an effort to stave off a foreign-currency shortage that’s afflicted importers of everything from food to fuel. The southern African nation needs the assistance “especially during the foreign-exchange drought, which runs from October to February next year,” Finance Minister Patrick Chinamasa said at a ceremony Saturday ...