Banking

  Bloomberg Foreign holdings of Egyptian treasury bills have grown since the pound was floated three month ago, while renewed trust in the currency has sent billions of dollars into local banks. Foreigners held 10.2 billion pounds ($540 million) worth of T-bills in December, state-run news agency MENA reported, citing central bank data and without specifying how much of that ...

  Bloomberg The adoption of credit-card chip technology by US retailers is having an unintended consequence: Criminals are moving from brick-and-mortar stores to the internet. The use of stolen card data to pay for merchandise on websites, in mobile apps and by dialing call centers surged 40 percent last year, according to a report from Javelin Strategy & Research released ...

  Bloomberg Morgan Stanley capped off the best start to a year in Canadian-dollar corporate-bond sales since 2013 as an improving global economy amid low interest rates creates the right conditions for borrowers and investors alike. The New York-based bank sold C$1 billion ($768 million) of debt, double the minimum originally indicated, to drive corporate-bond issuance in Canada’s domestic market ...

  Bloomberg Frankfurt and Dublin are emerging as the biggest winners at London’s expense as banks prepare for Brexit by planning new hubs in the European Union. Standard Chartered Plc and Barclays Plc are set to choose Ireland’s capital as their EU base for ensuring continued access to the bloc, according to people with knowledge of their contingency plans. Goldman ...

  Bloomberg Deutsche Bank AG was fined $629 million by UK and US authorities for compliance failures that saw the bank help wealthy Russians move about $10 billion out of the country using transactions that were likely thinly veiled attempts to cover up financial crime. The UK Financial Conduct Authority issued a 163 million-pound ($204 million) fine on Tuesday hours ...

  Bloomberg India’s currency is poised to weaken this year as the central bank seeks to cushion the economy from excessive appreciation, according to Deutsche Bank AG. Though the rupee hit a record low in November, it was broadly stable through the year, slipping just 2.7 percent against the dollar. In real effective terms, which adjust for inflation differences and ...

  Reuters Aktif Bank, Turkey’s largest privately-owned investment bank, received regulatory approval to sell up to $120 million via Islamic bonds, or sukuk, in what could be a rare deal in the international sukuk market. Turkey has seen steady issuance of sukuk from the government and the country’s Islamic banks, known domestically as participation banks, but corporate issuance remains rare ...

  Bloomberg UniCredit SpA, Italy’s biggest bank, expects an 11.8 billion-euro ($12.6 billion) net loss for 2016 after setting aside more money for bad loans and booking one-time charges related to its turnaround plan. UniCredit took an additional charge of 1 billion euros, on top of the 12.2 billion euros announced December 13, as it booked a higher writedown of ...

  TOKYO / AP Japan’s central bank upgraded its outlook for growth in the coming year on Tuesday but hedged its bets by keeping its lavish monetary easing unchanged. The Bank of Japan (BOJ) cited easy lending conditions, rising exports and stronger government and corporate spending, in part linked to the 2020 Tokyo Olympics, as reasons to expect more robust ...

  Bloomberg UniCredit SpA dropped in Milan trading after it said the European Central Bank had demanded an improved plan for dealing with bad loans by the end of February. The bank’s strategy for shoring up its finances may not adequately address the ECB’s concerns about credit quality, according to a filing on Monday detailing UniCredit’s plans for a 13 ...