Banking

  Bloomberg The UK’s 50 pound-note is here to stay, at least for now, according to the Bank of England official who signs the nation’s bills. Chief Cashier Victoria Cleland said in an interview that the BOE has no plans to scrap the bill — its largest — and hasn’t ruled out eventually replacing the current paper note with a ...

  Bloomberg Canada’s financial industry is urging the federal government to consider alternatives to proposals that could require them to take on a greater share of mortgage defaults through a deductible — calling it one of the biggest shakeups to hit housing finance in 50 years. “This submission has questioned whether a deductible is the most effective way to rebalance ...

  Bloomberg The Bank of Japan (BOJ) trimmed purchases of shorter-maturity debt in its first bond-buying operation in March, taking advantage of a drop in yields. The central bank offered to buy 320 billion yen ($2.8 billion) of debt due in one-to-three years on Wednesday, down from 400 billion yen for the same maturities in its previous operation on Feb. ...

  Bloomberg Bank of Nova Scotia said fiscal first-quarter profit rose 11 percent, beating analysts’ estimates, on gains in capital markets. The lender raised its quarterly dividend 2.7 percent to 76 cents a share. Net income for the period ended Jan. 31 climbed to C$2.01 billion ($1.52 billion), or C$1.57 a share, from C$1.81 billion, or C$1.43, a year earlier, ...

  DUBAI / Reuters Barclays Africa Group Ltd. is preparing to list its NewGold ETF on the Nairobi Securities Exchange after receiving regulatory approval to begin trading the securities. “We expect the listing to take place early this year,’’ Michael Mgwaba, head of exchange traded products at Johannesburg-based Barclays Africa’s Absa Capital unit, said in an e-mailed response to questions. ...

  Bloomberg A Societe Generale SA executive will have his testimony in a Libyan bribery lawsuit heard in secret because of the risk he may incriminate himself in a U.S. criminal probe. Judge Nigel Teare refused a request by head of sales for global markets Marc El Asmar to escape testifying, according to the banker’s attorneys, who said on Monday ...

  Bloomberg Bank of England Deputy Governor-designate Charlotte Hogg said Brexit poses the biggest challenge for the economy and warned of the potential for a sharp drop in consumer spending that could hurt growth. BOE policy makers expect real incomes will be eroded this year as the slump in the pound boosts inflation above its 2 percent target. That’s a ...

  Bloomberg The possible departure of Ukraine’s central bank governor unnerved bond investors as questions arose over the fate of vital economic overhauls should she step down. Disappointed by a lack of government reforms, Valeriya Gontareva has told President Petro Poroshenko of her intention to resign, a person familiar with the matter said. Presidential spokesman Svyatoslav Tsegolko declined to comment ...

  Bloomberg Deutsche Bank AG cut its 2016 bonus pool by almost 80 percent, a figure unmatched in the bank’s recent history as it tries to recover from legal expenses that wiped out profit and eroded capital levels. The lender is reducing payouts with an eye toward shareholders and is aware it will be ‘frustrating’ for employees, Chief Administrative Officer ...

  Bloomberg Barclays Africa Group Ltd. said it will receive about $1.1 billion for costs associated with splitting from its U.K. parent and the setting up of a black economic-empowerment program. The UK bank will contribute about 2.1 billion rand ($163 million) towards the inclusion of black shareholders, the Johannesburg-based lender, which trades under the name Absa in South Africa, ...