Banking

  Bloomberg The US unemployment rate is below five percent, manufacturing is picking up, and jobless claims are falling, but Deutsche Bank AG says there’s still reason to worry about a recession. According to the firm’s Chief US Economist Joseph LaVorgna, looking at the index of leading economic indicators — a measure by the Conference Board that includes economic indicators ...

  Bloomberg China expanded efforts to steady the currency markets, with the central bank adding verbal support to the exchange rate after a week that saw it slip past a key level against the dollar. The People’s Bank of China will work hard to keep the yuan stable against a basket of currencies, Deputy Governor Chen Yulu said at a ...

  Bloomberg PayPal Holdings Inc and Visa Inc just made up after more than a decade sparring over the future of digital payments. The two companies announced an agreement in which PayPal will stop discouraging customers from linking accounts to Visa cards and share more data with the card network in exchange for “long-term Visa fee certainty” and other incentives. ...

  Bloomberg The world’s largest currency trader says forget about the Federal Reserve driving the dollar higher, even if the central bank does raise interest rates later this year. The greenback, which strengthened for a third week for the first time since May, is more likely to trade on evidence of US economic growth than on what the central bank ...

  Bloomberg JPMorgan Chase & Co plans to exit the business of settling government securities for most dealers by the end of 2017, including some transactions in a key corner of the US$1.6 trillion repurchase-agreement market. The departure from the business of facilitating settlement of such trades with 30 dealers and broker-dealers, a fraction of the bank’s hundreds of clients, ...

  Bloomberg Azerbaijan closed down four more banks as the former Soviet Union’s third-largest crude exporter reels from the worst collapse in oil prices in a generation. The Financial Markets Supervisory Authority revoked the licenses of Dekabank, Kredobank, Parabank and Zaminbank to “reduce risks in the banking sector, ensure financial sustainability and increase trust,” Rufat Aslanli, head of the Baku-based ...

  Bloomberg Bank of England policy maker Kristin Forbes said there’s no need to hurry to add stimulus after the UK’S vote to exit the European Union, citing a moderation of the immediate market turmoil, calm consumers and “quite solid” growth before the referendum. “Given the substantial uncertainty and likelihood that growth slows, there is a valid case to ease ...

  Bloomberg Denmark’s biggest bank said profit slipped 1 percent in the second quarter, missing analyst estimates, as income all but stagnated. Danske Bank A/S reported net income of 4.26 billion kroner (US$631 million), missing the 4.32 billion-krone average estimate of analysts. Net interest income was broadly unchanged at 5.49 billion kroner, according to the Copenhagen-based lender. The bank said ...

  BLOOMBERG An increasing number of officials at the Bank of Japan are concerned about the sustainability of the current framework for massive monetary stimulus, according to people familiar with the discussions. Some current and former BOJ officials, including dissenting board member Takahide Kiuchi, have for some time publicly said that the central bank’s unprecedented scale of bond purchases and ...

  Bloomberg Indonesia’s central bank left its benchmark interest rate on hold after four reductions this year, while signaling there’s room for more easing to bolster growth in Southeast Asia’s biggest economy. Governor Agus Martowardojo and his board kept the reference rate at 6.5 percent on Thursday, as forecast by 10 of 26 economists surveyed by Bloomberg. The rest had ...