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Biden meets Zelenskiy on surprise Kyiv trip nearly year into war

  Bloomberg US President Joe Biden made a surprise visit to Kyiv and met with his Ukrainian counterpart Volodymyr Zelenskiy, declaring “unwavering support” in a dramatic show of solidarity as Russia’s invasion nears the one-year mark. Biden, who was originally slated to visit neighboring Poland this week, appeared in the Ukrainian capital at 8 a.m. on Monday as police sealed ...

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China blasts US for ‘hegemony’ as ties sour

  Bloomberg China laid out a fresh laundry list of problems it has with how the US uses its power, underscoring how tensions between the two nations have worsened over issues from the alleged spy balloon dispute to Russia’s war in Ukraine. The official Xinhua News Agency published a 4,000-word article on Monday titled “US Hegemony and Its Perils” that ...

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North Korea fires more ballistic missiles as Kim warns US

  Bloomberg North Korea fired a barrage of suspected ballistic missiles and issued a warning to the US over joint military exercises, less than two days after Pyongyang launched a long-range rocket designed to hit the American mainland. South Korea’s Joint Chief of Staff said North Korea fired two short-range ballistic missiles between 7 and 7:11 a.m. on Monday from ...

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Chinese banks hold rates as analysts bet easing to come

Bloomberg Chinese lenders followed the central bank by keeping their benchmark lending rates unchanged on Monday, with analysts expecting possible reductions in coming months to support the economic recovery. The one-year loan prime rate was held at 3.65% for a sixth consecutive month, in line with the forecasts from all 13 economists surveyed by Bloomberg. The five-year rate, a reference ...

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StanChart to hire up to 500 staff in Hong Kong

  Bloomberg Standard Chartered Plc plans to hire 300 to 500 staff in Hong Kong this year, in anticipation of an increase in wealth management and lending as the city reopened its borders to mainland China. The lender expects “double-digit” growth in wealth management income and “single-digit” loan growth, according to a spokeswoman. The lender’s headcount in Hong Kong has ...

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BofA Securities joins Citigroup in turning bullish on Indian rupee

Bloomberg Bofa Securities Inc. is predicting more gains for the Indian rupee in the near term, joining Citigroup Inc., as the narrowest trade deficit in a year augurs well for the nation’s external finances. “The recent correction in rupee valuation and near-term improvement in current-account and capital flows tilt the risk-reward in favour of rupee appreciation,” Abhay Gupta, a strategist ...

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Bank of Baroda willing to keep lending to Adani group: CEO

  Bloomberg One of India’s biggest state-backed lenders is willing to consider lending additional money to the beleaguered Adani group including for a project to remodel a slum that is among the world’s largest. Bank of Baroda will extend loans to the conglomerate if it meets the lender’s underwriting standards, said Sanjiv Chadha, chief executive officer and managing director, adding ...

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Deutsche Bank’s regulators criticise its internal probe

  Bloomberg Deutsche Bank AG’s top supervisors are critical of how the lender handled an internal investigation into mis-selling of derivatives, raising questions about its findings. The European Central Bank (ECB) and German regulator BaFin have told Germany’s largest bank that the probe, known as Project Teal, took too long and wasn’t wide enough in their view, according to people ...

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BOJ watchers flag outside risk of March surprise to help Ueda

  Bloomberg Bank of Japan (BOJ) watchers are flagging the outside risk that Governor Haruhiko Kuroda may surprise international markets one last time next month with adjustments to smooth the transition process for his nominated successor Kazuo Ueda. The central bank’s yield curve control program already presents a complicated challenge for Ueda. As soon as he takes the BOJ’s helm, ...

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CIBC to pay $770mn to settle Cerberus lawsuit

  Bloomberg Canadian Imperial Bank of Commerce (CIBC) agreed to pay Cerberus Capital Management LP $770 million to settle a lawsuit with origins in the 2008 financial crisis. The settlement amount is $85 million less than CIBC had set aside in a pretax provision in its fiscal first quarter to cover damages and prejudgment interest after a court ruled against ...

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