Banking

Bloomberg The Indian rupee’s most appealing trait for traders is fast deteriorating, helping turn the currency into emerging Asia’s worst performer over the past month. Twelve-month implied rupee yields — typically a reflection of interest rate differentials with the US — fell to the lowest since 2009. That’s bad news for carry traders, who seek profits from capturing the difference ...

  Bloomberg Reserve Bank of Australia (RBA) Governor Philip Lowe called on the nation’s lenders to intensify efforts to reduce the cost of payments and increase their speed, including for cross-border transactions. “Slow progress by the major banks imposes a cost on the rest of the industry,” Lowe said in a speech, referring to delays in launching a direct-debit service ...

  Bloomberg Mitsubishi UFJ Financial Group Inc is in talks to invest about $200 million in Akulaku Inc, an Indonesian online lender backed by Jack Ma’s Ant Group Co, according to people familiar with the matter. MUFG, as Japan’s biggest lender is known, is negotiating the terms of a potential financing for Akulaku as it seeks to expand its presence ...

  Bloomberg Luis Esguevillas, a senior equity capital markets (ECM) banker at Citigroup Inc. in Europe, is leaving the bank after almost 20 years. Citigroup announced his departure in an internal memo seen by Bloomberg News. During his time at the bank, London-based Esguevillas led its ECM business in regions including Iberia, Italy, France and South Africa. Prior to joining ...

  Bloomberg India could attract close to $10 billion in renewable energy investment in 2023, a bright spot as public markets remain largely shut to big-ticket capital raising, according to Bank of America Corp’s top executives in the country. Deals and investments will continue to flow into areas such as electric vehicles and green hydrogen, Kaku Nakhate, the lender’s president ...

  Bloomberg The Bank of England (BOE) has recommended the UK take swift regulatory action to strengthen the pensions market after recent bond market turmoil exposed shortcomings in its oversight. The central bank’s Financial Policy Committee said the pensions regulator and Financial Conduct Authority (FCA) should work with overseas regulators to ensure liability-driven investment (LDI) funds are more resilient to ...

  Bloomberg Goldman Sachs Group Inc aims to cut at least a few hundred more jobs as the Wall Street titan restructures its struggling consumer business and braces for an uncertain economy in the year ahead. The bank is drafting plans that could eliminate at least 400 positions from its loss-making retail banking operations, according to people familiar with the ...

  Bloomberg A sharp increase in China’s Covid infections following an abrupt end to strict pandemic control measures suggests investors may need to pare back on reopening trades, according to Morgan Stanley. “We would recommend that investors put on hedges in the markets where investors are almost fully pricing in reopening trades,” strategists including Min Dai and Gek Teng Khoo ...

Bloomberg Credit Suisse Group AG lost two senior executives in China and Italy, adding to a string of departures as the troubled Swiss lender embarks on a comprehensive restructuring. Carsten Stoehr, chief executive officer of Greater China, is leaving Credit Suisse effective from December 15, according to an internal memo that was confirmed by a Hong Kong-based spokeswoman. He had ...

  Bloomberg Availability of credit as central banks hike interest rates along with the ability of Indian corporates to tap capital markets to raise funds will be key to driving growth in the local deal market, Amitabh Malhotra, head of global banking for HSBC India, said. “Indian companies are very robust in terms of their balance sheets, so I feel ...