Banking

Bloomberg The Philippine peso is heading for its best quarter in 15 years but the bulk of its rally may already be over. Growing headwinds facing the currency include accelerating inflation, rising oil import costs and a worsening trade balance. Technical signals also indicate the peso is approaching a level of resistance that may prove a barrier to further gains. ...

  Bloomberg US Treasury Secretary Janet Yellen says inflation will be much lower by the end of next year, as long as there are no unanticipated shocks to the economy. “I believe inflation will be lower,” Yellen said during an interview on CBS’ “60 Minutes.” “I am very hopeful that the labour market will remain quite healthy so that people ...

  Bloomberg Berenberg has laid off about 10 employees in New York, cutting the German investment bank’s headcount in the country by half over the past 12 months in a dramatic reversal of its previous growth plans. The staff worked for Berenberg’s US unit and they left in recent days, a spokesperson said in an emailed statement. Most of them ...

  Bloomberg China’s credit expanded at a slightly slower pace than expected in November after plunging in the previous month, despite efforts by the central bank to boost lending and ease restrictions on property loans. Aggregate financing, a broad measure of credit, was 2 trillion yuan ($287 billion) last month, the People’s Bank of China (PBOC) said, marginally below the ...

  Bloomberg Goldman Sachs Group Inc and JPMorgan Chase & Co are likely to be among the beneficiaries of the government’s financial services reforms through a proposed relaxation of ring-fencing capital rules that will boost their UK savings arms. The government said it intends to consult next year on the possibility of increasing the threshold above which lenders must ring-fence ...

  Bloomberg XTX Markets has become the last major global market maker to take the plunge into crypto despite its founder’s dislike for the digital asset space. Chief Executive Officer Alex Gerko tweeted that the company has filled one of the four crypto positions advertised in October. The roles are on the operations team and trading desk, and based in ...

  Bloomberg Ghana’s currency took the title of the world’s best performer against the dollar this week amid optimism the debt-distressed country is moving closer to unlocking an International Monetary Fund bailout. The cedi has rallied 10% in the past five days, the biggest advance among about 150 currencies tracked by Bloomberg. That’s a turnaround for an exchange rate that ...

  Bloomberg Peru’s new President Dina Boluarte named a US-educated economist who has spent most of his career at the central bank as economy minister, potentially soothing investor nerves after last week’s political chaos. The new finance chief, Alex Contreras, served as deputy economy minister under former President Pedro Castillo. Contreras worked at the central bank between 2007 and 2019, ...

  Bloomberg China should pursue any transition to green economic activity in an orderly manner and avoid any “campaign-style” carbon reductions at its financial institutions, a deputy central bank governor said. Financial institutions must resist exit from high-carbon assets by enhancing their ability to identify green and low-carbon economic activities and coping with financial risks linked to climate change, the ...

  Bloomberg Venezuela President Nicolas Maduro ordered his economic team to take measures to defend the bolivar following a sharp fall against the dollar this month. In a tweet, Maduro said that facing an attack from the “criminal dollar,” his government would move to protect the official exchange rate ahead of the holidays. He blamed criminal groups in Miami for ...