Banking

  BLOOMBERG The cost for banks wanting to move their U.K. staff abroad after Britain decided to leave the European Union is 50,000 pounds ($65,660) per employee, according to consulting firm Synechron Inc. Synechron’s analysis, which was published on Monday, included the cost of relocating staff, hiring and firing other employees and setting up new offices in cities that could ...

  Bloomberg The Bank of Israel left its benchmark interest rate near zero, as growth slowed, home prices rose and exporters braced for the impact of the U.K.’s vote to leave the European Union — Israel’s largest trading partner. The decision to hold the rate at 0.1 percent was forecast by all 17 economists in a Bloomberg survey. The central ...

  Bloomberg The Central Bank of Kenya maintained its benchmark interest rate at 10.5 percent with an eye on accelerating inflation and concerns that Britain’s exit from the European Union may trigger capital flight. The decision by the monetary policy committee led by Governor Patrick Njoroge was anticipated by seven of eight analysts surveyed by Bloomberg. One economist predicted a ...

  AFP A series of spectacular cyber attacks against banks, resulting in the theft of tens of millions of dollars, has heightened fears for an industry becoming an increasingly attractive target for hackers. Banks in Bangladesh, the Philippines, Vietnam and Ecuador have been victimised over the past year in the attacks on the global interbank service known as SWIFT, and ...

  Bloomberg Nigeria’s naira fell to a record against the dollar as Africa’s largest economy struggles with a scarcity of foreign exchange more than a month after the currency was devalued. The naira weakened beyond 300 to the dollar for the first time on Friday, according to generic data compiled by Bloomberg, tumbling 2.3 percent to 300.25, Nigeria’s commercial capital. ...

  BLOOMBERG Banco Bilbao Vizcaya Argentaria SA, Spain’s second-biggest bank, is weighing a fresh round of job cuts across the company to lower costs, three people with knowledge of the matter said. The bank may eliminate 2,000 positions or more, said the people, asking not to be identified because the matter is private. The cuts would mostly affect branches and ...

  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 ...