Bloomberg Argentina’s Ualá, the fintech company backed by George Soros, Steve Cohen and Tencent Holdings, will begin offering loans for its clients in Mexico through its alliance with Mexican bank ABC Capital. The service will be offered through ABC and allow for loans of up to 20,000 mexican pesos ($1,011) between 12 and 36 months, according to Ualá chief ...
Read More »Banking
Grupo Mexico in advanced talks to acquire Citigroup’s retail unit
Bloomberg Tycoon German Larrea’s conglomerate Grupo Mexico SAB is in advanced talks on a potential acquisition of Citigroup Inc’s Mexican retail bank Banamex, people with knowledge of the matter said. The mining magnate is trying to finalise terms of a potential deal with Citigroup, the people said, asking not to be identified because the information is private. No final agreements ...
Read More »US dollar erases more than half of 2022’s gains on rates
Bloomberg The US dollar has erased more than half of this year’s gains amid growing expectations the Federal Reserve will temper its aggressive rate hikes, and as optimism grows over China’s reopening plans. The Bloomberg Dollar Spot Index has pared its 2022 advance to about 7%, after gaining as much as 16% earlier, as slower-than-expected gains in consumer prices and ...
Read More »Deutsche Bank hit with EU bond cartel complaint
Bloomberg Deutsche Bank AG and Rabobank received formal complaints from the European Union’s antitrust watchdog for their alleged roles in a cartel for euro-denominated bonds, setting them up for potential fines from the regulator. The European Commission said it sent the banks a so-called statement of objections laying out concerns that the banks colluded “to distort competition†in trading ...
Read More »JPMorgan reveals worst greenwash risk for firms
Bloomberg Regulators look set to reserve their harshest interventions for firms caught making misleading statements about climate strategies, according to an assessment by JPMorgan Chase & Co analyst Jean-Xavier Hecker. “Climate change is likely to become the ESG theme where the crackdown on greenwashing will be the hardest, given that it represents a theme where scientific knowledge is widely ...
Read More »ECB likely to raise borrowing costs by half-point: Makhlouf
Bloomberg The European Central Bank (ECB) will probably lift borrowing costs by a half-point this month, according to Governing Council member Gabriel Makhlouf, slowing the pace of its increases after inflation moderated for the first time in 1 1/2 years. A rise of 50 basis points “is about where we’ll end up,†Makhlouf told reporters in Dublin, saying that if ...
Read More »Swiss say its $8b of frozen Russian assets is ‘only a fraction’ of total amount
Bloomberg A group of about 100 Russians and businesses reported nearly $50 billion in Swiss deposits, the government said in its most detailed disclosure yet of Russian wealth stashed in the country’s banks. Following Russia’s invasion of Ukraine, Switzerland banned banks from taking more than 100,000 Swiss francs ($106,000) from Russians and said all existing deposits must be reported to ...
Read More »ECB’s Villeroy calls on banks to remain cautious on buybacks
Bloomberg Bank of France Governor Francois Villeroy de Galhau urged commercial banks to exercise caution on share buybacks — raising the pressure on lenders as they prepare their shareholder-payout plans for 2022. Addressing a conference in Paris, Villeroy reiterated that while French banks remain solid and should benefit from rising interest rates, heightened volatility and slower economy growth in ...
Read More »Bitcoin sinks 70% more in StanChart list of ’23 upsets
Bloomberg Speculators cleaving to the view that the crypto rout is mostly over are at risk of a rude awakening in 2023, according to Standard Chartered. A further Bitcoin plunge of about 70% to $5,000 next year is among the “surprise†scenarios that markets may be “under-pricing,†the bank’s Global Head of Research Eric Robertsen wrote in a note. ...
Read More »Vietnam PM orders raising loan quotas for some banks
Bloomberg Prime Minister Pham Minh Chinh directed the central bank and credit organisations to immediately raise loan limits for banks and to businesses in good health to boost economic growth, job creation and inflation control, the government website reported. The State Bank of Vietnam, which currently limits the credit growth of the banking system to 14% and has said ...
Read More »