Banking

  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, ...

  Bloomberg Sam Woods, head of the Bank of England’s (BOE) Prudential Regulation Authority, said UK supervisors plan to ease capital demands on smaller banks to make it easier for them to compete against larger lenders. Writing in the comment pages of the Financial Times, Woods said the authority is adopting a new approach that will help even out disparities ...

  Bloomberg Intesa Sanpaolo SpA climbed in Milan trading after abandoning the idea of a joint business model with an insurance company as Chief Executive Officer Carlo Messina doesn’t see sufficient value in merging with Assicurazioni Generali SpA, Italy’s biggest insurer. The country’s second-largest bank said that after studying a possible combination under the bancassurance model, it now plans to ...

  Bloomberg One of the smallest parts of Standard Chartered Plc, the UK bank with operations sprawling across Asia and Africa, has become one of its biggest losers. Losses at the unit that houses the Standard Chartered Private Equity business, or SCPE, more than doubled to $650 million in 2016 as its investments lost value, the London-based bank said. The ...

  Bloomberg Royal Bank of Scotland Group Plc, Britain’s largest taxpayer-owned bank, laid out a plan to cut costs by 2 billion pounds ($2.5 billion) over the next four years as it posted its ninth straight annual loss and delayed profitability targets. The net loss widened to 6.96 billion pounds in 2016 from 1.98 billion pounds a year earlier, the ...