Banking

  Bloomberg The Bank of Japan (BOJ) responded to market pressure this week by unexpectedly increasing its band for the 10-year bond yield. The new ceiling is already coming under threat. The benchmark yield jumped to as high as 0.48%, the day after the BOJ doubled the top of its allowable range to 0.5%. Similar-maturity swap rates have increased to ...

  Bloomberg Nigeria is seeking lawmakers’ approval to take on an additional loan from the central bank that would increase the government’s obligation to $52 billion, putting further pressure on public finances. The administration also asked that senators allow for the restructuring of the so-called ways and means borrowing from the Central Bank of Nigeria, converting the debt to 40-year ...

  Bloomberg Indonesia’s central bank slowed the pace of its monetary tightening, in a move seen to support growth as inflationary pressures ease. Bank Indonesia (BI) opted to raise the key rate by a quarter-point to 5.5%, marking a shift to “more measured” moves after three successive half-point actions to tame inflation. As the outlook for the global economy deteriorates ...

Bloomberg European Central Bank (ECB) Vice President Luis de Guindos said interest-rate hikes like half-point move seen at this month’s meeting may become the standard as officials maintain their fight with soaring inflation. Despite forecasts for a winter recession in the 19-nation euro zone, monetary-policy tightening must continue, Guindos told France’s Le Monde in an interview published on the ECB’s ...

  Bloomberg A former senior trader at Credit Agricole in New York sued the bank alleging he was subject to “stereotypically offensive, overtly racist, and degrading comments” as a Latinx person and denied career advancement and monetary rewards. Jose Ruiz, onetime head of emerging-markets foreign-exchange trading at Credit Agricole, filed suit in federal court in Manhattan. The complaint named as ...

  Bloomberg JPMorgan Chase & Co is upping its climate ambitions, announcing a slew of new emissions reductions targets for its financing to carbon-intensive businesses, including airlines and cement manufacturers. The largest US bank said in this year’s climate report that it plans to reduce the carbon intensity of its aviation financing portfolio by 36% by 2030 from a 2021 ...

Bloomberg Deutsche Bank AG is considering giving some of its top earners in Germany and other key markets an elevated salary increase to help offset surging inflation, while cutting bonuses for investment bankers who’ve seen weaker performance. For staff not covered by standard wage agreements, base pay is likely to rise by as much as 4% on average, people familiar ...

  Bloomberg Reserve Bank of India (RBI) Governor Shaktikanta Das warned that failing to regulate cryptocurrencies could ignite the next financial crisis and urged the adoption of a new e-Rupee for digital banking needs. “Cryptocurrency has certain huge inherent risks for our macroeconomic and financial stability,” Das said at an event in Mumbai, pointing to the implosion of FTX as ...

  Bloomberg Chinese lenders have leaped ahead of their Wall Street peers in global rankings for initial public offerings, as China wraps up a record year for listings which bucked one of the worst slowdowns in deals history. CITIC Securities Co pushed ahead of Goldman Sachs Group Inc as the top underwriter of IPOs this year, followed by China International ...

  Bloomberg The Treasury Department’s top official for financial markets and stability expressed little urgency over the federal government’s need to prepare for the potential launch of a digital US dollar. Regulators need to examine whether a central bank digital currency — or CBDC — would actually improve the speed or cost of real time interbank payments, which the Federal ...