Banking

  Bloomberg Bundesbank President Jens Weidmann said the bar should be high for government funds being used in a rescue of Italian lender Banca Monte dei Paschi di Siena SpA. Government funds are intended as a “last resort,” Weidmann said in an interview with German newspaper Bild, with the banker adding that planned measures by the Italian government should only ...

  Reuters European shares were steady with the focus on lenders after Deutsche Bank and Credit Suisse settled mortgage securities fraud suits in the United States, and Italy’s Monte dei Paschi agreed to a bailout. The STOXX Europe 600 was flat at its close and unchanged for the week, but the index still on track for its best month since ...

  TEHRAN / AP At money changers across Tehran, shouting voices accompany each change of the signboards out front showing the value of the Iranian rial, which slips ever lower against the US dollar. This week saw Iran’s currency fall to 41,600 rials to $1, its lowest point ever. While making Iranian exports more attractive to the world market in ...

  Bloomberg China promoted Yin Yong to deputy governor of the central bank from assistant governor and named Liu Guoqiang as an assistant governor of the monetary authority. People’s Bank of China Deputy Governor Guo Qingping and assistant governor Yang Ziqiang will step down, according to a statement on the State Council’s website without giving further details. Yin worked for ...

  Bloomberg Loan bankers in Asia are relying on companies’ merger and acquisition activities and China’s ‘One Belt, One Road’ initiative to fuel loan growth next year after volumes in the region stagnated in 2016. Asia-Pacific ex-Japan loan volume amounts to $451.5 billion year to date, just shy of the $452.3 billion syndicated and clubbed deals completed in 2015, due ...

  Bloomberg Wells Fargo is facing a multimillion-dollar film-finance fraud lawsuit, capping off a 2016 of legal woes for the banking giant. British financiers Vandermolen Film Co. and Bridgeworks Media Capital claim Wells Fargo employees conned them into funding bridge loans and they’re owed at least $14 million, according to a complaint filed in Florida state court last week. “Upon ...

  Bloomberg China Guangfa Bank Co. said on Monday that documents and seals for a letter claiming to guarantee bond payments by the lender were forged, in the second such incident in the nation this month, raising concern about transparency in the world’s third-biggest bond market. The revelation by the bank based in the southern province of Guangdong comes after ...

  JEDDAH / WAM The Islamic Development Bank (IDB) approved finances worth US$863 million for developmental projects in a number of member countries during its 316th meeting here, Saudi Press Agency (SPA) reported. Out of this sum, $208 million goes to road projects in the Republic of Guinea; $170 million for the third phase of a solar generation project in ...

  Bloomberg New York rather than the European Union may be the winner from any exodus of financial services from London unless Brexit negotiators on both sides are pragmatic, UK lawmakers warned. Without early clarity on the future relationship between Britain and the EU, banks and other financial firms may set up subsidiaries and transfer workers abroad, the House of ...

  Bloomberg Relief that Deutsche Bank AG and Credit Suisse Group AG cleared legal hurdles is likely to soon give way to concern over a bigger problem: European lenders are still struggling to make money. While the combined $12.5 billion in settlements the two agreed to pay to resolve US investigations into sales of toxic debt put one dispute behind ...