Banking

  Bloomberg Global banking regulators are standing by a key reform of capital rules in defiance of opposition from Europe, potentially complicating efforts to complete work on the post-crisis framework by the end of the year. Basel Committee on Banking Supervision Chairman Stefan Ingves said “good progress” was made during talks in Santiago, Chile, this week and the “contours” of ...

  Bloomberg A 53-year-old Swiss man who lost more than 6,000 francs ($5,900) in cash when it fell out of his car has reclaimed it, according to the Zurich police. The man, who hails from eastern Switzerland, was able to reclaim the bundle of large-denomination notes from the city’s lost-and-found office on Wednesday after an 85-year-old pensioner discovered the stash ...

  Bloomberg Kenya has invited banks to submit proposals on how it can tap international markets for as much as $1.5 billion to finance a budget deficit and boost foreign-currency reserves, according to a person with direct knowledge of the matter. East Africa’s largest economy will return to the international debt market in the first quarter of 2017, when it ...

  Bloomberg India’s new central bank Governor Urjit Patel is facing fires on multiple fronts as he prepares for next week’s monetary policy review. A cash shortage triggered by Prime Minister Narendra Modi’s decision to void 86 percent of currency in circulation and an accompanying surge in banking liquidity as Indians deposit their worthless bank notes threatens one of the ...

  Bloomberg Australia & New Zealand Banking Group Ltd. has axed its traditional A$1,000 ($746) share bonus for staff this year, citing the need to cut expenses. In an intranet post seen by Bloomberg News, management told employees that 2016 had been a “challenging year” and that in an “environment of lower growth and lower returns, ANZ needs to reduce ...

  London / AFP A petition calling for the Bank of England (BoE) to remove a new banknote from circulation had on Tuesday received more than 70,000 signatures, with critics angry it is produced with animal product. The polymer £5 notes ($6.2, 5.9 euros) were unveiled in September, with the Bank of England extolling the new banknotes for being waterproof ...

  London / AFP The Royal Bank of Scotland is the worst prepared among Britain’s lenders for another financial crisis, the Bank of England said on Wednesday, forcing the state-rescued lender to raise more cash. The BoE, revealing its latest stress tests on Britain’s top seven banks, added that two — Barclays and Standard Chartered — also missed key hurdles ...

  Reuters Al Rayan Bank is expanding its product range and adding an office in Scotland, its top executive said, after a year of strong growth for Britain’s only Islamic retail lender despite uncertainty stemming from Brexit. Islamic retail banking is still a rarity in the West, but the experience of Al Rayan could encourage other Islamic banks to explore ...

  Bloomberg Falling commercial real estate prices after the U.K.’s vote to leave the European Union pose a threat to bank stability because of the market’s reliance on foreign capital, Bank of England said. Values have declined 2.6 percent since the referendum and may drop further from their current high levels, according to the central bank’s twice-yearly assessment. Continuing declines ...

  Bloomberg Weak global growth and uncertainty over interest rates are among rising ‘headwinds’ that threaten to drag on Singaporean banking profits, according to the city’s central bank. The potential for spillover from vulnerabilities in China’s financial system into Asia and anti-globalization sentiment are also among challenges highlighted in the Monetary Authority of Singapore’s annual assessment of the financial sector ...