Banking

Bloomberg Bank of Korea (BOK) Governor Rhee Chang-yong signalled the end may be near for the country’s unprecedented streak of policy tightening to curb inflation, returning to a smaller interest-rate hike as concerns grow over economic growth and credit markets. “I am aware that the pain among economic players is deepening as rates rise and the economy weakens,” Rhee said ...

  Bloomberg The company that’s reprinting Britain’s banknotes following the accession of King Charles III saw its shares tumble 25% after it issued a profit warning. De La Rue Plc slumped after it said full-year adjusted operating profit would miss market expectations, days before a shareholder vote on the future of the money printer’s chairman that comes amid a battle ...

  Bloomberg Morgan Stanley Private Equity Asia is considering selling Chinese financial education company Coinage International. The buyout firm could seek a valuation of about $500 million for the education business in a deal. Morgan Stanley PE Asia has received interest from companies in the industry and financial sponsors. Deliberations are preliminary and the private equity firm could decide against ...

  Bloomberg Credit Suisse Group AG clients pulled as much as 84 billion Swiss francs ($88.3 billion) of their money from the bank during the first few weeks of the quarter, underlining ongoing concerns over the bank’s restructuring efforts after years of scandals. The Zurich-based bank warned on Wednesday that it will face a loss of up to $1.6 billion ...

  Bloomberg New Zealand’s central bank (RBNZ) raised interest rates by a record 75 basis points and signalled further tightening ahead, stepping up its inflation fight even as it forecasts a recession next year. Short-maturity bond yields surged after the Reserve Bank’s Monetary Policy Committee lifted the official cash rate to 4.25% from 3.5% on Wednesday in Wellington, as predicted ...

  Bloomberg Nigeria unveils redesigned high-denomination banknotes as the central bank confirmed a January deadline to roll out the new bills despite calls for an extension. “We will not shift the deadline,” Governor Godwin Emefiele said at a briefing in the capital, Abuja. Critics of the move have argued that the six-week window will cause massive lines at banks and ...

  Bloomberg Goldman Sachs Group Inc. will pay $4 million to settle US regulators’ claims that its asset-management unit didn’t properly weigh environmental, social and governance (ESG) factors in some of its investment products. The Securities and Exchange Commission (SEC) said that the Goldman Sachs Asset Management unit “had several policies and procedures failures involving the ESG research its investment ...

  Bloomberg The world’s central banks must keep raising interest rates to fight soaring and pervasive inflation, even as the global economy sinks into a significant slowdown, the Organisation for Economic Co-operation and Development (OECD) said on Tuesday. The unexpected surge in prices and its impact on real incomes is hurting people everywhere, creating problems that will only worsen if ...

  Bloomberg Australia & New Zealand Banking Group Ltd (ANZ) plans to withdraw from Myanmar by next year citing increasing “operational complexity”, underscoring how global companies are turning cautious on the country after a 2021 military coup. The move to cease operations in Myanmar is subject to local regulatory approval and the lender has been “working with its Institutional customers ...

Bloomberg Private equity firms and pension funds will soon face a reckoning as they adjust their private holdings to reflect lower valuations, according to the chief investment officer of BMO Global Asset Management. There’s “going to be a big markdown,” Sadiq Adatia said in an interview. “That might be worse than getting that pain gradually over the year.” Stocks are ...