Banking

  Bloomberg Mario Draghi said the recovery in the 19-nation euro area isn’t yet strong enough to deliver sustained reflation, and current monetary support will be a “key ingredient” for the economic outlook in coming years. “We do not yet see a consistent strengthening of underlying price dynamics,” the European Central Bank president said in a speech in Frankfurt on ...

  New Delhi / AFP From deploying ‘cash coolies’ to buying Rolex watches, Indians have found unique ways to dodge the government’s surprise move to withdraw high value bills in a bid to tackle widespread corruption and tax evasion. Cash Coolies There have been multiple reports of factory owners and businessmen asking staff — or even hiring casual labourers — ...

  Bloomberg Investing in emerging markets will be trickier in 2017, says Goldman Sachs Group Inc. The New York-based bank laid out its expectations for developing nations in a report. Below are some of the highlights. Downside risks have increased after Donald Trump won the U.S presidential election, which means a rally in local-currency bonds so far this year is ...

  Bloomberg Credit Suisse Group AG’s Swiss unit began life as a legally independent company, enabling the bank to pursue plans to sell part of the business in a public offering next year. In carving out a separate entity, Credit Suisse also fulfills a regulatory requirement to make banks easier to break up in a crisis or insolvency. Credit Suisse ...

  Bloomberg Wells Fargo & Co. is suddenly under an even tighter vise as one of its chief regulators ripped up parts of a recent settlement over bogus accounts, potentially hamstringing new business moves that need government approval. While Wells Fargo is subject to the terms of its settlement, it will face hurdles to making major purchases, such as buying ...

  Bloomberg Aruna Desai has a problem with the thousands of Indian rupees she has with her in the US — she can’t find a bank to exchange her funds and couldn’t give the money away if she tried. Since Indian Prime Minister Narendra Modi removed 500- and 1,000-rupee notes from circulation, currency exchange providers in the US have been ...

  Washington / AFP JP Morgan Chase has agreed to pay $264 million to settle a foreign bribery case dubbed the “princelings case” in which the bank gave prized jobs to friends and relatives of Chinese officials, US officials announced. The multinational bank, now the world’s largest by market capitalization, admitted to taking in more than $100 million after hiring ...

  Bloomberg A contentious reform of international bank capital standards is going down to the wire, as regulators including the U.S. Federal Reserve and the European Central Bank try to bridge a wide gap on key issues before the end of the year. At issue is the way banks measure the risk of mortgages, corporate loans and even the threat ...

  Bloomberg Indonesia’s central bank kept its benchmark interest rate unchanged after six cuts this year, seeking to calm financial markets in the wake of Donald Trump’s upset victory in the US presidential election. Governor Agus Martowardojo and his board held the seven-day reverse repurchase rate at 4.75 percent on Thursday, in line with the forecasts of all but three ...

  New Delhi / AFP India announced new measures on Thursday to allow farmers and marrying couples to withdraw more money from banks, as frustration mounted over a cash crisis triggered by the withdrawal of all high-value notes. The shock move last week, which saw 85 percent of the cash in circulation suddenly withdrawn, has led to huge queues forming ...