Banking

  Bloomberg Australia should follow India’s lead and scrap its biggest bank notes, UBS Group AG said. “Removing large denomination notes in Australia would be good for the economy and good for the banks,” UBS analysts led by Jonathan Mott said in a note to clients on Monday. Benefits would include reduced crime and welfare fraud, increased tax revenue and ...

  Bloomberg Making money from lending remains a tough task for Japan’s biggest banks. Profit at Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. probably fell about 20 percent last quarter as negative interest rates pressured loan income at home and the stronger yen dented earnings abroad, according to analysts surveyed before results due Monday. Sumitomo Mitsui Financial ...

Bloomberg Australian policy makers were publicly frustrated by the currency’s stubborn strength when commodities tumbled earlier this decade. Now they’re conspicuously quiet as it fails to keep pace with resurgent resource prices. Since the end of June, JPMorgan Chase & Co.’s real effective exchange rate for the Aussie has risen 4 percent, while Westpac Banking Corp.’s Australian export commodity index ...

  Bloomberg Deutsche Bank AG Chief Executive Officer John Cryan’s troubles range from the company’s mounting legal costs to stricter regulation that’s eroding returns. And there’s at least one challenge he shares with his German rivals: Europe’s most competitive market. “Deutsche Bank still has a lot to deal with, but the German market as a whole is pretty rotten,” said ...

  Bloomberg Indian banks received 2 trillion rupees ($29.8 billion) of cash after the government’s November 8 surprise move to abolish high-denomination banknotes, as customers queued for hours to deposit or exchange the old bills and ATMs ran dry. With the banned bills accounting for 86 percent of money out of circulation, there is tremendous pressure on the nation’s banking ...

  Bloomberg MetLife Inc., the largest US life insurer, said third-quarter profit tumbled 52 percent on derivative losses and costs tied to the spinoff of a US retail business as Chief Executive Officer Steve Kandarian reorganizes the company. Net income slipped to $571 million from $1.2 billion a year earlier, New York-based MetLife said in a statement. Profit excluding some ...

  Bloomberg China International Capital Corp., the investment bank ex-Premier Zhu Rongji set up two decades ago to help restructure the Chinese economy, is again taking on a role that fits with the government’s agenda. CICC’s $2.5 billion acquisition of China Investment Securities Corp. will plunge the firm into the retail investor market, a segment it had long shunned because ...

  Bloomberg BlackRock Inc., the world’s largest money manager, said that market turmoil resulting from Donald Trump’s presidential victory may cause the Federal Reserve to hold off on an interest rate increase in December. “Any Fed delay in raising rates is a near-term negative,” according to a bulletin released by the New York-based company. Prior to the result, the Fed ...

  NEW DELHI / AP Chaotic scenes played out across India on Saturday, with long lines growing even longer and scuffles breaking out, as millions of anxious people tried to change old currency notes that became worthless days earlier when the government demonetized high-value bills. In New Delhi, the capital, angry scuffles broke out after ATMs ran out of bills. ...

  ShanghaI / AFP Chinese bank lending almost halved month-on-month in October, official data showed, as Beijing moved to rein in credit risks but with national holidays also an issue. New loans extended by banks fell to 651.3 billion yuan ($95.6 billion) last month, compared with 1.22 trillion yuan in September, said the People’s Bank of China, the country’s central ...