Banking

Bloomberg Halfway through Tidjane Thiam’s three-year restructuring plan, Credit Suisse Group AG is gaining traction. Switzerland’s second-largest lender reported a 78 percent increase in second-quarter profit, to 303 million francs ($312 million), as clients added about 11 billion francs in new money to its main wealth management units. Lower expenses lifted profit at the global markets trading business, still the ...

Bloomberg The Bank of England took aim at a European Union plan to boost supervisors’ powers to stop cash leaving ailing lenders, adding its weight to mounting criticism of a bill intended to make sure big banks can be wound down without wreaking havoc on the economy. The BOE warned of “very serious consequences” if lawmakers adopt an EU bill ...

Bloomberg The China bond carry trade is making a comeback. The offshore yuan’s 12-month forwards’ implied yield — a measure of the cost to protect against currency swings — has fallen below the yield on bonds issued by China Development Bank. This means that a global fund can make money by buying the debt while being insured against any sudden ...

Bloomberg Indonesia moved a step closer to hunting down tens of billions of dollars it believes its citizens have hidden abroad after passing a law that will give tax officials access to financial data held by other countries. The parliament on Wednesday approved a law in lieu of a presidential decree, fulfilling a requirement to participate under the Organisation for ...

Bloomberg Banks planning to shift parts of their operations from London to other European cities because of Brexit will have to increase salaries because of a skills shortage, according to the head of a recruitment company. Robert Walters, founder and chief executive officer of the eponymous company, said any banks hoping to move work to European cities such as Frankfurt ...

Bloomberg Cell C Pty Ltd. plans to raise as much as $464 million from the sale of two bonds as part of the South African mobile-phone company’s recapitalisation that will enable Blue Label Telecoms Ltd. to buy a stake, according to two people familiar with the matter. The country’s third-largest wireless carrier will sell $184 million of three-year senior secured ...

Bloomberg UniCredit SpA, Italy’s No. 1 bank, said hackers accessed about 400,000 client bank accounts in Italy, taking biographical and loan data in one of the biggest breaches in Europe to date. The breaches occurred in September and October of 2016 and June to July of this year, the bank said on Wednesday in an emailed statement. Unauthorised access through ...

Bloomberg Keith Kueh was expecting Pacific Andes Resources Development Ltd. to pay back the company’s bonds last year so he could finance his son’s college bill and his own retirement. Now it’s 18 months after the Singapore-listed fishing company didn’t honor some obligations and he hasn’t gotten his money yet. “For investors like myself, we are not portfolio managers who ...

Bloomberg The plethora of companies propped up by the European Central Bank will limit policy makers’ ability to withdraw monetary stimulus that’s been supporting the continent’s bond market since the financial crisis, according to strategists at Bank of America Corp. About 9 percent of Europe’s biggest companies could be classified as the walking dead, companies that risk collapse if the ...

Bloomberg A record number of Ghanaians are saving money using mobile phones as lenders push products to lure deposits using technology that is cheaper than building branches. Deposits with mobile-money providers jumped 25 percent to 1.57 billion cedis ($360 million) this year through April, the Accra-based central bank said in a response to questions this month. That compares with 19.6 ...