Banking

  Bloomberg Hyundai Heavy Industries Co, the world’s biggest shipbuilder, received an initial approval from its creditor KEB Hana Bank to raise 2.6 trillion won ($2.2 billion) selling assets, according to a person familiar with the plan. The shipbuilder plans to sell stakes in other companies and real estate projects, the person said, asking not to be identified as the ...

  Lagos / AFP Investors won’t necessarily be surprised if the Federal Reserve embarks upon another edition of quantitative easing when the next US recession hits. What would come as a shock is if the central bank decided to purchase assets before exhausting its more traditional form of accommodation: rate cuts. But that approach might be just what the doctor ...

  Bloomberg Federal Reserve officials spent 2015 pining for a pickup in US wage gains. For the heads of the district banks, anecdotal evidence existed in their own paychecks. Fed presidents saw a 4 percent average salary increase last year, following a 6.6 percent bump in 2014, according to the central bank’s annual report released. Those gains follow a pay ...

  Bloomberg Deutsche Bank AG has emerged as a focus of a probe into whether traders rigged auctions for USA government debt, the New York Post reported, citing unidentified people familiar with the matter. No bank has been accused of wrongdoing, but investigators are narrowing their focus after requesting documents and communications from all of the 22 primary dealers in ...

  Bloomberg China Construction Bank Corp is planning to sell asset-backed securities tied to non-performing loans, said a person familiar with the matter. Industrial & Commercial Bank of China Ltd is also planning an offering, other people said. CCB is preparing to make an offering of ABS tied to soured loans, and the size and price haven’t yet been decided, ...

  Bloomberg The European Central Bank will keep using all instruments at its disposal to counter the risk of low inflation in the euro region, Governing Council member Ignazio Visco said. “For monetary policy, the main challenge remains the persistence of excessively low inflation,” Visco, who is also governor of the Bank of Italy, said in a speech delivered on ...

  Bloomberg Saudi Arabia hired HSBC Holdings Plc banker Fahad Al Saif to start a debt management office that will be responsible for the kingdom’s first international bond sale, two people with knowledge of the matter said. Al Saif joined the Ministry of Finance on an open-ended secondment from HSBC’s Saudi British Bank, the people said, asking not to be ...

  Reuters Egypt’s central bank kept the pound steady against the dollar at its official foreign currency auction on Tuesday, central bank data showed, and the currency was stable on the black market. The central bank sold US$118.6 million at a cut-off price of 8.78 dollar, unchanged from last week. The central bank has kept the pound artificially strong since ...

  Bloomberg Australian lending to businesses is growing at the quickest pace since the global financial crisis in a sign that the ‘animal spirits’ long sought by the country’s central bank are finally stirring. Loans to companies climbed 7.4 percent in April from a year earlier, the most since January 2009, according to the Reserve Bank of Australia. Record low ...

  Bloomberg Danske Bank A/S is pitching a new product to help clients net their currency transactions and reduce the need for human traders. The second-biggest Nordic bank won a contract last week with Sweden’s government to provide the service and is now using that success to attract corporate clients. “For Danske Bank to be the primary, one-and-only supplier of ...