Banking

  AP The British were warned for weeks that a vote to leave the European Union would result in economic pain. Now they’ll find out whether it will. UK financial leaders are scrambling to reassure households, businesses and investors that they can contain the doom and gloom they had predicted in case of a British exit, or Brexit. The pound ...

  Bloomberg Saudi Arabia appointed JPMorgan Chase & Co, HSBC Holdings Plc and Citigroup Inc to arrange its first international bond sale, people with knowledge of the matter said asking not to be identified as the decision isn’t public. The banks declined to comment, while calls to Saudi Arabia’s finance ministry outside office hours weren’t immediately returned. Saudi Arabia is ...

  Bloomberg Marc Lasry, chairman and chief executive officer of hedge fund firm Avenue Capital Group, told Fox Business Network that the Federal Reserve is likely to hold interest rates steady after British voters’ decision to leave the European Union. “I don’t think the Fed’s going to raise rates right now,” Lasry told the business-news channel, according to excerpts from ...

  AP A new Chinese-led development bank has approved its first loans and expects to suffer no impact from Britain’s vote to leave the European Union, the bank’s president said Saturday at its first annual meeting. The Asian Infrastructure Investment Bank, launched in January with 57 member governments, already has received expressions of interest from possible additional members, said Jin ...

  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 ...