Banking

Dhaka / Bloomberg Bangladesh’s Central Bank has suggested the Federal Reserve Bank of New York had a “major lapse” in allowing hackers to transfer $101 million in transactions that it later flagged as suspicious, according to an internal document seen by Bloomberg. The document, dated March 13, sheds new light on Bangladesh Bank’s interpretation of a cyber heist in which ...

Bloomberg The European Central Bank (ECB) and the Bank of Japan (BOJ) are essentially trying to push down the values of their respective currencies with the use of negative interest rates, former Bank of England Governor Mervyn King said. “There are clearly limits” to the effectiveness of negative rates, King said in a interview in New York. “I think you ...

BLOOMBERG HSBC Holdings Plc is discovering the oil crash extends far beyond the deserts of the Gulf, the plains of west Texas and the shale fields of North Dakota. Even a small energy company in Dublin can inflict pain. The lender led a group of banks that extended up to $500 million three years ago to Petroceltic International Plc, helping ...

BLOOMBERG Citigroup Inc., the fourth-largest US bank, should consider breaking itself into smaller pieces because higher capital rules make it difficult to earn acceptable returns, analysts at Keefe, Bruyette & Woods said. A breakup could come in three steps: selling the international consumer businesses excluding Mexico; selling the Mexico franchise; splitting the remaining firm into a US consumer business and ...

Bloomberg Saudi Arabia is telling international banks to publicly disclose financial statements for the first time as the kingdom’s regulator seeks to boost transparency. The Capital Markets Authority (CMA) is requiring financial institutions it regulates to publish the information on their websites from April 1, an official at the Riyadh-based regulator said in an e-mailed response to questions, without giving ...

Bloomberg Egypt’s central bank is weighing tougher regulations on foreign-exchange dealers, part of a broader effort to crack down on the black market and to end a hard currency shortage that’s impeding economic growth. The bank wants to reduce the number of foreign-exchange bureaus from more than 140 and introduce measures to improve transparency, said a person familiar with the ...

BLOOMBERG The Philippines will hold accountable any bank or banker found responsible or remiss in their duties in the $81 million cyber heist of Bangladeshi foreign reserves that wound up in the Southeast Asian nation’s financial system, officials said. “You can be assured that banks that fail to perform their responsibilities will be held accountable,” Bangko Sentral ng Pilipinas Deputy ...

Bloomberg The European Central Bank (ECB) began charging banks interest on deposits in June 2014 to encourage them to lend more to companies and consumers. It hasn’t worked. Deposits at the ECB by euro-area banks in excess of required reserves have jumped six-fold since the introduction of negative interest rates, while lending within the currency bloc has barely budged. Of ...

Beijing / Bloomberg People’s Bank of China (PBOC) Governor Zhou Xiaochuan sounded a warning over rising debt levels, saying corporate lending as a ratio to gross domestic product had become too high and the country must develop more robust capital markets. China still has a problem with illegal fundraising and financial services are insufficient, Zhou said in a speech at ...

BLOOMBERG Banco Popolare SC Chief Executive Officer Pier Francesco Saviotti is studying options including a potential capital increase to meet the European Central Bank’s (ECB’s) requests to back its planned merger with Banca Popolare di Milano Scarl. “Our capital is sound, but considering that we want to do the deal and that the ECB insists in taking actions to improve ...