Banking

Reuters Egyptian financial services group Beltone Financial will launch a $1 billion investment fund in fixed income instruments in September, its chief executive officer told Reuters on Monday. The investment bank aims to raise $150 million to $200 million in the fund’s first phase, Bassem Azzab said in a telephone interview. The fund will seek to attract Gulf and European …

Bloomberg Bitcoin soared past $4,000 for the first time on growing optimism faster transaction times will hasten the spread of the cryptocurrency. The largest digital tender jumped to a peak of $4,216 onMonday, a gain of nearly 18 percent since Friday, after a plan to quicken trade execution by moving some data off the main network was activated last week. …

Bloomberg If Mario Draghi is worried about the strength of the euro, he’s hiding it well for now. The European Central Bank president has shirked any invitation so far to bemoan the recent appreciation of the single currency in the style of his predecessor Jean-Claude Trichet, who used to complain about “brutal” moves that risk damping growth. Instead, Draghi has …

Bloomberg Bangko Sentral ng Pilipinas Governor Nestor Espenilla called for calm on Sunday after the peso fell to an almost 11-year low against the dollar last week, saying the currency isn’t expected to free fall given the nation’s strong economic fundamentals. “The peso is market-determined. It’s natural for it to show volatility as it adjusts to market conditions and all …

Bloomberg Bank of England policy maker Michael Saunders said the decision to leave the European Union will have a long-term effect on the economy, though there’s still an argument to increase interest rates now. In an interview in the Evening Standard newspaper, the external Monetary Policy Committee member said Brexit probably means the economy will grow “several percentage points less …

Bloomberg Irish banks are set to face mounting pressure from regulators to write off bad loans, a person familiar with the matter said. European authorities that now oversee the biggest Irish lenders have consistently pushed bankers to deal with the legacy of non-performing assets left over from the nation’s financial crash through measures such as loan sales. Regulators are beginning …

Bloomberg Bitcoin needs “Downtown” Josh Brown more than he needs bitcoin. Brown, the chief executive officer of Ritholtz Wealth Management and author of a popular finance blog, has long been skeptical of the digital currency. He finally bought some, he said, “because the goddamn thing won’t go away.” Still, Brown, who helps manage half a billion dollars, isn’t really a …

Bloomberg Denmark’s five biggest banks face as much as $15 billion in new capital requirements under proposed changes to global banking rules, according to an expert panel created by the government. Danske Bank A/S the country’s biggest financial group, and others will together see their capital requirements rise 27-39 percent, equivalent to 64-92 billion kroner ($15 billion), the panel said. …

Bloomberg A pushback against the populist movements that have threatened to destabilise the European Union will help bolster the euro for years, according to Andrew Sheets, chief cross-asset strategist at Morgan Stanley. The US investment bank raised its forecasts for the shared currency on Thursday, projecting it would reach $1.25 early next year, and trade one-for-one against the pound for …

Bloomberg A handful of Democratic lawmakers have renewed their effort to get a powerful House Republican to investigate Deutsche Bank AG’s loans to President Donald Trump and the bank’s role in helping Russians move billions of dollars from Moscow to the West. In a letter to Jeb Hensarling of Texas, chairman of the House Financial Services Committee, Representative Maxine Waters …