Banking

Bloomberg JPMorgan Chase & Co., Wells Fargo & Co. and Comerica Inc. are among banks waiving ATM fees for Houston-area customers following flooding from Hurricane Harvey. JPMorgan will also forgo collecting late fees for mortgage, credit card, business banking and auto loans, and will temporarily suspend monthly service and overdraft charges on deposit accounts, the firm said. Wells Fargo also ...

Bloomberg Ghana’s President Nana Akufo-Addo is banking on good news from the International Monetary Fund after his predecessor derailed an economic recovery plan through overspending. As the nation awaits the outcome of a review from the Washington-based lender, which may come as soon as Wednesday, on reforms since Ghana entered a $918 million credit programme with the lender in 2015, ...

Bloomberg The euro advanced to its strongest level in more than two years, hours after North Korea fired a ballistic missile over Japan. Core European bonds rallied as risk-off sentiment spread across the globe. Europe’s common currency gained for a third day even as South Korean President Moon Jae-in ordered a show of force in response, which traders said highlighted ...

Bloomberg Georgian billionaire Bidzina Ivanishvili sued Credit Suisse Group AG in Singapore, New Zealand and Bermuda, alleging the bank must have known about the actions of a former employee who forged trades to cover losses from other customers’ accounts. Ivanishvili, an ex-prime minister of the former Soviet republic, filed the claims in Auckland at the New Zealand High Court on ...

Bloomberg Leaders of the world’s most powerful central banks defended post-crisis reforms at their annual retreat in Jackson Hole, Wyoming, while discussing the causes and consequences of populist waves that have reshuffled the political order in the US and Europe. Monetary policy wasn’t a major focus during the three-day gathering. When it was discussed, the messages from the Federal Reserve ...

Bloomberg The recent fallout from the Commonwealth Bank of Australia’s money-laundering scandal widened, with the banking regulator launching an inquiry into the lender’s culture and governance. The nation’s biggest lender is already facing a court case from the financial crime agency alleging it breached money-laundering and terrorism financing laws more than 50,000 times, an investigation into its disclosure practices by ...

Bloomberg Stocks in Hong Kong and China led gains in Asian equity markets as rising money market rates on the mainland boosted sentiment on lenders. The MSCI Asia Pacific Index added 0.1 percent to 160.62 as of 4:19 p.m. in Hong Kong, after posting its biggest weekly gain in five weeks. The Philippines market is closed for a holiday. The ...

Bloomberg Thomas Jordan might have had the quietest August since he became Swiss National Bank president five years ago. Considered the haven of all havens by foreign exchange traders, the franc typically shoots up against other currencies whenever investors get anxious. This year, with no Greek debt crisis and the prospect that euro-area bond purchases might soon be wound down, ...

Bloomberg Foreigners looking to buy Asia’s best bonds will probably have to wait. Reserve Bank of India’s Governor Urjit Patel is unlikely to raise the quota on debt after inflows surged and muddied policy choices. He can’t allow runaway currency gains because exports are only just recovering from a slump, so he’s buying up the dollars pouring in. This injects ...

Bloomberg Mario Draghi’s message in Jackson Hole recently may not have been dramatic as three years ago but was clear nonetheless: the European Central Bank will go extremely slow about removing its monetary stimulus. While the ECB president startled investors in 2014 by laying the groundwork for quantitative easing, his published remarks at the Federal Reserve symposium in Wyoming included ...