Banking

  Bloomberg Listen at the doors of two major gatherings of the world’s central bankers in Switzerland and Portugal next week, and one might hear little but the sound of forecasts being shredded. The world’s monetary guardians will gather at the Bank for International Settlements’ annual meeting in Basel over the weekend, and at the European Central Bank’s yearly policy ...

  Bloomberg Italian and Spanish lenders were the biggest participants in the European Central Bank’s latest new loan programme, increasing their net borrowings by more than 25 billion euros (US$28 billion). Intesa Sanpaolo SpA said it increased borrowings by about 8 billion euros in the first of four targeted longer-term refinancing operations after paying back loans under a previous program, ...

  Bloomberg Global stocks are plunging. The pound is crashing. Economists and policymakers are predicting a recession in the UK and beyond after Britain’s historic vote to leave the European Union. If the fallout from Brexit gets worse, will the biggest US banks be able to weather the shock? The Federal Reserve has provided reason for optimism that they will. ...

  Bloomberg Currencies, stocks and bonds plunged across Africa after the UK’s vote to leave the European Union triggered a slump in oil and other commodities and sent investors scurrying for safe assets. South Africa’s benchmark share index fell the most since May 2010 to a third weekly decline, led by stocks with listings in London and by diversified mining ...

  Bloomberg Britain’s vote to leave the European Union will almost certainly have repercussions for the Federal Reserve — and those could play out over days or months. The severity of the fallout will become clear over three time horizons. The Fed said it’s ready to act with its global central bank partners to shore up liquidity in markets, if ...

  Bloomberg New Zealand’s central bank has reduced its public speaking as it battles the opposing forces of a housing boom and weak inflation. The Reserve Bank has more than halved the number of on-the-record speeches it gives a year, from 18 in 2014 to eight last year and four so far in 2016. Of those, Governor Graeme Wheeler gave ...

  Bloomberg The USA Federal Reserve will raise interest rates as many as six times over the next 18 months and the Bank of Canada should be getting ready with increases of its own, Bank of Nova Scotia Chief Economist Jean-Francois Perrault said. While both central banks will be cautious about snuffing out recoveries, the USA job market will have ...

  Bloomberg Norway’s central bank left its benchmark rate unchanged at a record low amid signs the economy of western Europe’s biggest oil producer will narrowly avoid a recession thanks to record fiscal and monetary stimulus. The rate was left at 0.50 percent, as forecast by 14 of 15 analysts surveyed. The bank raised its outlook for rates looking ahead, ...

  Bloomberg Three of Australia’s largest banks face maximum potential penalties of A$231 million (US$173 million) if they lose civil suits related to alleged rigging of an interest rate benchmark, a fraction of their combined first-half profits of A$10 billion. The Australian securities regulator has filed separate legal actions against Australia & New Zealand Banking Group Ltd, National Australia Bank ...

  Bloomberg Tanzania’s central bank should rally to the defense of the shilling using means at its disposal, including stopping ‘dollarization’ of the economy, President John Magufuli said. The currency of the natural gas-producing country has weakened almost 2 percent against the dollar this year, extending depreciation of 19 percent in 2015. Tanzania held US$3.9 billion of gross international reserves ...