Banking

  Bloomberg New Zealand central banker Graeme Wheeler is going to need more than a plain-vanilla rate cut if he wants a weaker local currency. Investors are certain the Reserve Bank will reduce its official cash rate Thursday by at least a quarter point to 2 percent, a record low, and most expect it will deliver another cut to 1.75 ...

  Bloomberg DBS Group Holdings Ltd.’s second-quarter profit declined 6 percent as provisions for troubled energy-services firm Swiber Holdings Ltd. overshadowed gains in interest and fee income. Net income fell to S$1.05 billion ($780 million) from S$1.12 billion a year earlier, Singapore’s largest bank said in an exchange filing Monday. That compared with the S$1.07 billion average of five analysts ...

  Bloomberg Deutsche Bank AG’s Spanish asset-management unit is buying a shopping mall in Barcelona for 493 million euros ($547 million) from Northwood Investors LLC. The Diagonal Mar mall has shops operated by companies including Primark Stores Ltd. and Hennes & Mauritz AB and comprises 90,000 square meters (969,000 square feet) of leasable space, Deutsche Asset Management said in a ...

  Bloomberg The French economy is set to return to growth this quarter, the nation’s central bank said, as President Francois Hollande aims to cement a turnaround ahead of next year’s general election. Gross domestic product will rise 0.3 percent in the three months through September, the Bank of France (BoF) said on Monday. That’s more optimistic than economists in ...

  Bloomberg Uganda’s central bank reduced its benchmark interest rate by 100 basis points for a third consecutive time, to 14 percent, citing an unfavorable growth outlook due to global economic uncertainty. While warning that drought may hurt food prices, a major component on the inflation index, the monetary policy committee expects both headline and core inflation to slow toward ...

  Bloomberg The outlook for most commodities remains shaky even after investors poured more than $50 billion into raw materials this year, and it may take fiscal stimulus to get things going, not more central bank easing, according to Barclays Plc, which reached for the history books to make a case. Additional monetary easing by the central banks is unlikely ...

  Bloomberg The Philippine central bank has slapped a 1 billion-peso ($21.3 million) penalty on Rizal Commercial Banking Corp. for violations of banking rules in connection with the $81 million theft of Bangladesh Bank reserves. The amount is the largest fine meted out to a lender by the Bangko Sentral ng Pilipinas, it said, without detailing the violations committed by ...

  Bloomberg New York’s top banking regulator asked Goldman Sachs Group Inc. to supply more information about its work for a Malaysian investment fund amid investigations into whether any money laundering, sanctions violations or other misconduct occurred. Maria Vullo, the head of New York’s Department of Financial Services, asked in a letter Thursday for a meeting with bank officials by ...

  Bloomberg Bank of America Corp., which spends about $1 billion a year handling cash, will save money and require fewer employees as more customers make payments electronically, Chief Executive Officer Brian Moynihan said. “This is just the reality: the more electronification, the less people,” Moynihan, 56, said in an interview on Bloomberg Television. “It’s the way we’ve gone from ...

  Bloomberg Ratings for Nova Ljubljanska Banka d.d., Nova Kreditna Banka Maribor d.d. and Abanka d.d may be raised by Moody’s Investors Service as Slovenia’s economy gathers strength, improving lenders’ funding conditions following a reduction in wholesale borrowing. All long-term ratings and rating inputs of Nova Ljubljanska and Abanka d.d. were placed on review for upgrade while the long-term deposit ...