Banking

South Korea is redoubling efforts to shore up the local credit market as yields surge to decade highs and default risks spread, extending efforts to support markets after the country already stepped in earlier this year to slow a tumbling won. Authorities will swiftly resume buying corporate debt via a 1.6 trillion won ($1.1 billion) bond stabilisation fund established at ...

India is pushing for a valuation of around 640 billion rupees ($7.7 billion) for state-owned IDBI Bank Ltd. in what could be the biggest sale of the government’s stake in a lender in decades, according to a person familiar with the matter. The government earlier this month invited bidders for a 60.72% stake in the Mumbai-listed lender. The valuation target ...

Deutsche Bank AG has given its clearest indication yet of how it plans to deliver on the commitment it made last year to reach net-zero financed emissions by 2050. Germany’s biggest bank said in a statement that it will “significantly” reduce its so-called Scope 3 emissions, which are also known as financed emissions, by 2030 and announced a set of ...

  Bloomberg A surge in bad loans awaits UK banks as higher interest rates saddle homeowners with an estimated £52 billion ($58.6 billion) of added mortgage payments over the next three years, an analyst warned as he downgraded his ratings on several lenders. The jump in costs will help push the personal debt service burden towards about 10% of post-tax ...

Bloomberg Japan’s benchmark yield climbed above the central bank’s policy ceiling and monetary authorities announced unscheduled bond purchases to rein it back in. The yield on the 10-year note briefly rises 0.5 basis points to 0.255% as the Bank of Japan (BOJ) held the first unscheduled bond buying operation this month. Global yields have continued to march higher as traders ...

  Bloomberg Indonesia’s central bank hardened its wording around its currency interventions, saying it would look to “control” the rupiah with the dollar expected to stay strong in the coming months. “What we will continue to do is to control the exchange rate,” Bank Indonesia Governor Perry Warjiyo said after the policy rate decision. “We don’t want the strengthening dollar ...

  Bloomberg US banks seem to be having a Goldilocks moment with their credit card portfolios. Spending is up — partly due to inflation and partly due to the fact consumers are embracing travel and dining out as the pandemic recedes — and that means fees they collect from merchants each time a customer swipes their cards are also up. ...

Bloomberg ING Bank NV subsidiary Payvision is under investigation for violating anti-money laundering regulations. The probe is related to actions dating from the period before ING bought Payvision, the bank said in a statement in response to a report by Dutch newspaper Financieele Dagblad. ING said it is aware of the Payvision probe but is not itself a subject of ...

Bloomberg The People’s Bank of China (PBOC) appointed a new deputy governor, ahead of a possible reshuffle of economic leadership during the Communist Party’s twice-a-decade congress. Xuan Changneng, 55, whose most recent role was deputy head of the State Administration of Foreign Exchange, was appointed as the PBOC’s sixth deputy governor, according to a statement on the central bank’s website. ...

  Bloomberg BNP Paribas SA was told by French judges it shouldn’t have excluded bonuses from its calculations to close the gender pay gap, in a ruling that’s likely to have ramifications for the local banking industry. A Paris court criticised BNP for only using women’s base salary as a comparison with the median for men in the same jobs, ...