Banking

  New York / AFP The yen weakened sharply amid reports that the Bank of Japan (BOJ) is mulling cutting the rates on some loans to banks into negative territory. Such a move would support the banks’ earnings but also serve as stimulus by possibly pushing more money into the economy. The news sent the yen tumbling 2.1 percent against the ...

  BLOOMBERG Svenska Handelsbanken AB needs to take a bigger share of the wealth market to reach its ‘natural’ size in the business area, according to its chief executive officer, Frank Vang-Jensen. The bank is buying Dutch firm Optimix, which will add about $2.3 billion to its assets under management. Vang-Jensen says he also wants to invest more in 10 ...

  Frankfurt / AFP European Central Bank (ECB) held its key interest rates steady on Thursday, but analysts believe it could pave the way for new stimulus measures soon, despite growing resistance in Germany. The ECB’s governing council voted, as expected, to keep the benchmark “refi” refinancing rate at its current all-time low of zero percent, after cutting it to ...

  MILAN / Reuters Italy’s market regulator gave the green light on Thursday for struggling lender Banca Popolare di Vicenza to list on the Milan stock exchange with a 1.76 billion euros ($2 billion) initial share offer, to be underwritten by a new bank bailout fund. Popolare di Vicenza, Italy’s eighth-largest lender, needs to raise the money to plug a ...

  Ankara / AFP Turkey’s central bank cut a key interest rate at the debut meeting of its new governor in a move aimed at reassuring skittish investors but that disappointed the government. The bank said the overnight marginal funding rate was trimmed 50 basis points, as expected by analysts, to 10 percent from 10.50 percent. It left the one-week ...

  SYDNEY/ Reuters Australian banks on Thursday promised unprecedented reforms to protect consumers and boost transparency following revelations of misconduct and ahead of a federal election set to be fought partly over calls for tougher sector oversight. The package includes reviewing sales commissions, supporting whistle-blower employees and black-listing individuals for poor conduct, the Australian Bankers Association (ABA) said. The politically ...

  Bloomberg Indonesia’s central bank has paused its monetary policy easing ahead of adopting a new benchmark interest rate in August aimed at spurring lending and growth in Southeast Asia’s biggest economy. Governor Agus Martowardojo and his board kept the reference rate at 6.75 percent, Bank Indonesia said Thursday, in line with the forecasts of 23 of the 26 economists ...

  Reuters Oman has chosen five banks to arrange the sultanate’s first international bond issue in almost 20 years, sources aware of the matter said on Thursday. The upcoming US dollar-denominated issue comes as Oman, like other Gulf states, looks to tap international bond markets to shore up state finances pressured by low oil prices. Oman has chosen Citi, JP ...

  Bloomberg Commonwealth Bank of Australia, the country’s largest mortgage lender, has tightened criteria for home loans to foreigners just as the central bank warned buying by Chinese posed an ‘indirect risk’. Commonwealth Bank, which accounts for one in every four mortgages in the country, will no longer approve applications that cite self-employed foreign income, it said in a note ...

  Bloomberg Commerzbank AG Chief Executive Officer Martin Blessing said a “slow” first quarter will make it more difficult to achieve last year’s profit, just a month after the bank projected an increase in full-year earnings. “The result for the first three months is likely to be lower than in the previous quarter,” Blessing, 52, told shareholders at the annual ...