Banking

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 ...

Bloomberg After spending a year trying to prevent benchmark yields from rising above zero percent, the Bank of Japan (BOJ) now faces the challenge of stopping them from falling too low. Japan’s 10-year yield has gone from a one-year high in February to slipping below the BOJ’s targeted zero percent level earlier this month amid a bout of global risk ...

Emirates Business In September Saxo Bank celebrates it 25 year anniversary and boosts its journey from an early online trading pioneer to a leading facilitator of global capital market access by becoming sponsor of Copenhagen Fintech Lab. Together with Copenhagen Fintech Lab Saxo are opening the door to connect and foster relationships with Fintech startups on a global scale. Saxo ...

Bloomberg Poland’s government expects JPMorgan Chase & Co. to open an operational center in Warsaw, swelling the ranks of banks attracted by Poland’s lower costs amid competition by European cities for jobs set to move away from London. The US bank, which is poised to hire ‘several thousand people,’ according to Polish Deputy Prime Minister Mateusz Morawiecki, adds to list ...

Bloomberg UBS Group AG, the world’s largest wealth manager, told clients worldwide to take some profit on their stocks as rising values make it more difficult to generate “significant” further gains. “Although we continue to believe that global stocks can grind higher, underpinned by robust economic growth and increasing earnings, rising valuations are reducing the possibility of significant further upside,” ...

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 ...