Banking

  Bloomberg Singapore plans to reduce the role of cash and checks in its economy by encouraging banks to switch to digital payments, according to the head of the country’s central bank. “For consumers, the use of cash for daily payments is high,” Ravi Menon, managing director of the Monetary Authority of Singapore, said at a financial technology conference. “For ...

  Hong Kong / Bloomberg Free rice cookers and suitcases were among the special deals that tempted Chiu Wing-suet into accumulating her 20 credit cards, many of which are crammed into her wallet. She’s unlikely to accept any more such offers. “I’ve come to realize that most of my cards are useless,” said the 30-year-old Hong Kong nurse. “I basically ...

  Bloomberg Goldman Sachs Group Inc. is telling clients not to fret about a sharp selloff in the dollar as the Federal Reserve re-examines the path of interest rates. The market is already far more dovish than policy makers, the bank says. The greenback weakened for a second week after minutes of the Fed’s July meeting showed officials are divided ...

  Bloomberg There is “sufficient chance” the Bank of Japan will add to its unprecedented easing at next month’s policy meeting, central bank Governor Haruhiko Kuroda said in an interview published Saturday in the Sankei newspaper. The BOJ won’t hesitate to act based on discussions on the results of a comprehensive review at its September 20-21 board meeting, Kuroda said ...

  Bloomberg The whistle-blower’s dilemma is usually easy to understand, if hard to solve. Choose the ethically honest path and you face ostracism and the sack; head down the less honest route and you may have more job security and better promotion prospects. Regulators have used a stick and carrot to try to solve this. Whack banks with a fine ...

  Bloomberg Royal Bank of Scotland Group Plc, Britain’s largest taxpayer-owned lender, said some of its biggest trading clients must pay interest on collateral as a consequence of low central bank interest rates. Some of the bank’s institutional clients will need to pay interest on funds pledged as collateral when trading futures contracts, the bank said in an e-mailed statement. ...

  Bloomberg US investment bank JPMorgan will include Islamic bonds, or sukuk, in its emerging markets indices for the first time from later this year, widening the appeal of Islamic instruments among global debt investors. JPMorgan, which runs the most widely used benchmarks of emerging market debt, will include eight sukuk across its index family starting Oct. 31. The decision ...

  Bloomberg JPMorgan Chase & Co., Citigroup Inc. and Morgan Stanley are among 16 banks being sued by funds in the US for allegedly manipulating a key Australian interest rate benchmark to generate hundreds of millions of dollars in illicit profits. The class action, filed in the US District Court for the Southern District of New York, claims the banks ...

  Bloomberg Standard Bank Group Ltd. rose the most in five months after first-half profit from continuing operations at Africa’s largest lender by assets climbed, boosted by higher interest rates in its home market that lifted income, and as fees from the rest of the continent increased. The stock led advances on the six-member FTSE/JSE Africa Banks Index, rising 5.5 ...

  Bloomberg Azerbaijan’s banking regulator gave the country’s lenders a month to draw up plans to end what it described as chronic violations of prudential norms, promising to clamp down on those failing to meet requirements, according to a document seen by Bloomberg. After 10 of 43 banks were already culled this year, the Financial Markets Supervisory Authority said in ...