Banking

  Bloomberg Customers of failed cryptocurrency exchange FTX sued in bankruptcy court in hopes of being first in line to recover some of the billions lost in the meltdown of Sam Bankman-Fried’s digital-asset empire. A group of four FTX customers asked a bankruptcy judge to rule their holdings in the Bahamas-based exchange belong to them, rather than FTX. They want ...

  Bloomberg Top executives at Japan’s biggest banks are expecting negative interest rates to linger and see little immediate earnings boost after a surprise move by the nation’s central bank pushed lenders’ shares up by 13% last week. Earnings won’t enjoy a meaningful lift unless the Bank of Japan (BOJ) scraps negative interest, according to three senior executives, who asked ...

  Bloomberg Jason Moo, who spent more than two decades at Goldman Sachs Group Inc, will become the new chief at the private banking unit of Oversea-Chinese Banking Corp (OCBC), according to a person with knowledge of the matter. Moo, a Singaporean, will start at Bank of Singapore next year, said the person, who declined to be identified discussing confidential ...

  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 ...