Bloomberg Societe Generale SA is shrinking its markets business and cutting an additional 500 million euros ($567 million) of costs to combat the market rout that sent trading revenue tumbling. The Paris-based bank is replacing global markets head Frank Drouet and cutting about 8 billion euros ($9.1 billion) of risk-weighted assets. SocGen will review less profitable fixed-income and currencies activities …

Bloomberg Romania left borrowing costs unchanged as the central bank complains that surprise tax measures to shore up the budget are restricting its ability to function. The benchmark was kept at 2.5 percent for a sixth straight meeting, matching the predictions of all but one economist surveyed by Bloomberg. The fiscal package, which triggered the country’s biggest market crash since …

Bloomberg The secret behind Federal Reserve Chairman Jerome Powell’s surprise U-turn on monetary policy can possibly be found in comments he made in New York a year and a half ago. Asked how he’d respond to what was then a hypothetical scenario of below target price rises and low unemployment, Powell replied: “My own view would be that we have …