Banking

Bloomberg The House Financial Services Committee confirmed that former FTX Chief Executive Officer Sam Bankman-Fried will testify at a hearing next week on the disintegration of his crypto empire. He is now listed as a witness alongside current FTX CEO John J Ray III, according to a media advisory the committee. The hearing will be split into two parts, each ...

Bloomberg Canada’s banking regulator increased a key capital requirement for large banks — and raised the potential range of the measure — giving it more power to protect the country’s financial system from elevated risks. The Office of the Superintendent of Financial Institutions (OSFI) said that it’s lifting the domestic stability buffer to 3% by February 1, up from its ...

Bloomberg Euro-area banks are returning another €447.5 billion ($472 billion) in cheap loans to the European Central Bank after officials toughened the terms of the program to help fight double-digit inflation. The repayment will shrink the outstanding amount of so-called TLTRO loans, which were used during the pandemic to keep credit flowing to households and businesses, by about 25%. The ...

  Bloomberg Xiamen International Bank Co, set up almost four decades ago with both local and foreign investors, is considering a Hong Kong initial public offering that could raise about HK$10 billion ($1.3 billion), according to people familiar with the matter. The Chinese lender is working with advisers for preparation of the share sale, which could take place as soon ...

Bloomberg The UK government will bring forward a consultation on the case for a central bank digital currency “in the coming weeks,” Chancellor of the Exchequer Jeremy Hunt said. The Bank of England will also release a paper setting out technology considerations informing the potential build of a digital pound, Hunt said in a written statement to Parliament. Hunt announced ...

  Bloomberg Indonesia is one step closer to requiring the central bank to come to the government’s aid through crisis bond-buying, while dropping earlier proposals to expand the monetary authority’s role. A parliament commission has approved a draft of the financial sector omnibus law that retained a provision calling on Bank Indonesia (BI) to undertake debt monetisation in times of ...

  Bloomberg Three prime ministers, four finance ministers and one ill-fated budget dragged the pound within an inch of parity versus the US dollar in 2022. It was a wild ride for the currency, which suffered as political chaos engulfed the UK throughout the year. But everything went into overdrive in September, when the government’s gamble on a huge tax ...

Bloomberg Citigroup Inc is seeing countries around the world roll into recessionary environments, with the US economy on track to follow them in the second half of next year, said Chief Executive Officer Jane Fraser. The New York-based bank is worried in particular about Europe, which Fraser said has already entered a recession. It may take years for countries across ...

  Bloomberg The yuan rally spurred by China’s reopening optimism is set to face a reality check as doubts grow on whether any economic rebound will match the currency’s rapid gains. The yuan wiped out nearly a third of its yearly loss last month before surging past the key 7 per dollar level. Its appreciation beyond 6.95 would suggest the ...

  Bloomberg Australia is keeping an open mind on a central bank digital currency, a senior Reserve Bank official said, while adding it remains to be convinced there’s a case for one in a country with easy financial and cash access. RBA Assistant Governor Brad Jones laid out the pros and cons of a CBDC in a speech in Sydney, ...