Banking

The People’s Bank of China’s (PBOC) Governor Yi Gang reaffirmed a pledge to make the yuan exchange rate more flexible, while vowing to improve the monetary policy. The central bank will keep the yuan basically stable at a reasonable equilibrium level, Yi reiterated in a meeting held to study the Communist Party’s twice-a-decade congress, according to a statement published by ...

HSBC Holdings Plc and Standard Chartered Plc raised their main lending rates in Hong Kong again on Thursday, a move that will push borrowing costs higher for property owners as the economy continues to face massive strain. HSBC, the city’s biggest lender, said it is raising its prime rate by 25 basis points to 5.375% after the Hong Kong Monetary ...

Norway’s central bank slowed the pace of interest-rate increases amid signs the economy is cooling, delivering a move forecast by just half the economists surveyed. Norges Bank lifted its key deposit rate on Thursday by 25 basis points to 2.5%, the smallest increase in its benchmark rate since June. The hike brings the rate to its highest level since 2009, ...

The Swiss National Bank (SNB) reported a loss of 142.4 billion francs ($143 billion) for the first nine months as turmoil in global currency markets took a toll on the value of its foreign-exchange portfolio. The central bank’s foreign-currency positions resulted in a loss of 141 billion francs, and it also saw a valuation loss on its gold holdings and ...

US financial institutions reported nearly $1.2 billion on likely ransomware-related payments last year, most commonly in response to breaches originating with Russian criminal groups, according to the Treasury Department. The payments more than doubled from 2020, underscoring the pernicious damage that ransomware continues to wreak on the private sector. The Financial Crimes Enforcement Network, or FinCEN, said its analysis “indicates ...

The naira slumped to a record low against the dollar on the widely used illegal market as Nigerians rushed to buy greenbacks a week after the central bank said it would redesign higher-value notes. Currency traders in the unauthorised parallel market offered as much as 830 naira per dollar in Lagos, said Umar Salisu, a bureau de change operator who ...

Barclays Plc has asked UK courts to shutter nearly 100 businesses in recent months as it seeks to recover money loaned under a government Covid-19 program that’s been blighted by fraud. The bank has sought winding-up petitions, which liquidate companies to pay debts, against at least 97 businesses since September, according to official records. The requests relate to loans of ...

Credit Suisse Group AG’s long-term rating was downgraded by S&P Global Ratings to just one level above junk status, underscoring the bank’s challenges after it laid out a radical restructuring plan last week. The Swiss bank’s long-term rating was cut to BBB- from BBB, with a stable outlook. That’s just one notch above the BB “speculative grade.” The US ratings ...

American Express Co. is joining the small but growing number of companies choosing to post salary ranges with job listings across the US, even where doing so isn’t required by law. The credit-card giant has pay included in postings for positions in New York City, ahead of a requirement that goes into effect for all companies with four or more ...

Nigeria’s President Muhammadu Buhari said the central bank’s plan to replace high-value currency notes will help the economy deal with currency counterfeiting, excess cash in circulation and address inflation, which climbed to a 17-year high in September. The central bank has Buhari’s support to launch the new currency designs and he “is convinced that the nation will gain a lot ...