Business

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 ...

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 ...

Kraft Heinz Co. and Jeff Bezos-backed startup NotCo are following through with their bet on plant-based foods. Eight months after announcing their joint venture (JV), the companies are unveiling their first products: animal-free cheese slices and mayonnaise. Not Cheese will first appear on shelves in a small market test in Cleveland in early November, with a national rollout to follow ...

London’s Heathrow Airport said businesses at the hub need to embark on a massive hiring spree to rebuild depleted staffing ranks that contributed to a chaotic travel season across much of Europe this past summer, even as passenger numbers will need at least until the middle of the decade to return to pre-pandemic levels. Heathrow served 81 million passengers in ...

Credit Suisse Group AG reported its fourth straight loss as its investment bank continued to struggle, wealthy clients fled and the lender booked a charge related to a critical overhaul that’s been in the making for months. The net loss of 4.03 billion Swiss francs ($4.08 billion) in the three months through September included a 3.7 billion-franc impairment of deferred ...

JPMorgan Chase & Co. is building out teams that handle card transactions and other payments for businesses by recruiting staff across key Asian markets amid the boom in digital commerce. The New York-based lender has begun providing services within its merchant-acquiring unit in Australia, India, Japan, Singapore, South Korea and New Zealand this year, with Hong Kong planned by the ...