Banking

  Bloomberg A decline in core inflation pressures is critical for moderating price gains and returning them to the Reserve Bank of India’s (RBI) 4% midpoint, said a rate-setter at India’s monetary policy panel. The pass through of higher input cost pressures in overall prices may not be complete yet, said Shashanka Bhide, an external member, adding that rising demand ...

  Bloomberg The euro area faces a “very difficult economic situation” that will test individuals and businesses, European Central Bank (ECB) Vice President Luis de Guindos said. “The high inflation rates that we are seeing across Europe are coinciding with an economic slowdown and low growth,” he told the Spanish Confederation of Young Entrepreneurs’ Associations in an interview published on ...

  Bloomberg Vietnam’s Tien Phong Commercial Joint Stock Bank (TPBank) expects its pretax profit to rise 15% next year as the nation’s pioneer in adopting automation technology benefits from cost savings, according to Chief Executive Officer Nguyen Hung. “We see a 15% rise in pretax profit next year is quite doable as we aim to increase using robotic process automation ...

  Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda stressed that the bank’s latest tweaks on its bond yield control program were not the beginning of an exit of monetary easing, but a way to make it sustainable and run smoothly. “This is definitely not a step towards an exit,” Kuroda said in a speech at an event hosted by ...

  Bloomberg The steepest series of interest rate increases in Colombia is nearing an end as inflation is expected to slow sharply with the economy set for a hard landing next year, the country’s central bank chief said. Policymakers have responded to the highest inflation in more than two decades — due mainly to international factors — with a “contractionary” ...

  Bloomberg A turbulent year for the pound is coming to an end with little evidence that 2023 will be much different. Signs of a painful UK economic downturn keep piling up, making analysts doubtful that the currency can extend — or even sustain — a recent rebound against the dollar. The options market also shows skepticism, with traders still ...

Bloomberg European Central Bank (ECB) Executive Board member Isabel Schnabel says interest rates will have to move into “restrictive territory” to bring inflation back to target. The danger of a policy overreaction by the ECB “continues to be limited, as real interest rates are still very low,” Schnabel said. Reflecting on the ECB’s string of four interest rate hikes, Schnabel ...

  Bloomberg Mobile money agents in Ivory Coast halted service for Wave Mobile Money Inc few weeks ago, in an attempt to stymie the growth of the young fintech gobbling up market share across West Africa. The agents — brokers who enable unbanked people to store and send money through cellphones — were unhappy with their commissions and expected the ...

  Bloomberg C6 Bank, the Brazilian digital lender backed by JPMorgan Chase & Co, is planning to double its loan portfolio to midsize firms as it diversifies beyond retail clients. By the end of next year, C6 hopes to increase its loan book to such companies to more than 3.5 billion reais ($675 million) from about 1.8 billion reais now, ...

Bloomberg Brazilian President Jair Bolsonaro signed into law the country’s first framework for cryptocurrency, with ground rules for brokerages that offer crypto as well as the assets’ day-to-day use. Though a formal designation is needed, the central bank is likely to be responsible for regulating and overseeing the new structure, according to the bill’s rapporteurs — the lawmakers who make ...