Bloomberg Bank of Japan (BOJ) Governor Haruhiko Kuroda just gave investors a glimpse of what to expect when the world’s boldest experiment with ultra-loose monetary policy comes to an end. In the face of sustained market pressure, Kuroda shocked markets by saying he’ll now allow Japan’s 10-year bond yields to rise to around 0.5%, double the previous upper limit ...

  Bloomberg UK regulators have fined TSB Bank Plc £48.7 million ($59.2 million) for risk management and governance failures after technical failures in the lender’s IT system resulted in customers being unable to access banking services. The lender failed to organise and control an April 2018 IT upgrade adequately, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority said. ...

  Bloomberg For European banks, home is no longer such a bad place to be. Lenders such as Spain’s BBVA that sought to escape Europe’s negative interest rates by expanding in emerging markets are looking at domestic deals again. France’s BNP Paribas SA is planning to reinvest proceeds from the sale of a US unit in Europe as it builds ...

  Bloomberg The UK’s largest lenders have set up a company to encourage the spread of shared banking hubs to make sure consumers can still access cash as branch closures accelerate. Nine firms including Barclays Plc and HSBC Holdings Plc have incorporated Cash Access UK Ltd, a non-profit designed to protect cash access, according to a Companies House filing. So ...

  Bloomberg Credit Suisse Group AG shares are hovering near record lows as some analysts question the lender’s credibility due to a lack of visibility on its ambitious turnaround plan. The stock slipped as much as 3.9% on Tuesday, declining for a seventh straight session, after Citigroup Inc, alongside RBC Capital Markets LLC, flagged future uncertainties. The banks’ sell-side analysts ...

  Bloomberg Six of the UK’s biggest lenders will start offering mortgages for high-rise flats affected by the cladding scandal in a move that could help thousands of Britons sell their homes. Barclays Bank Plc, HSBC Holdings Plc, Lloyds Banking Group Plc, Nationwide Building Society, NatWest Group Plc, and Banco Santander SA will consider new mortgage applications for buildings affected ...

  Bloomberg The World Bank Group’s private-sector arm is divesting its holdings in one of Myanmar’s largest banks nearly two years after a military coup, according to the lender’s largest shareholder. First Myanmar Investment Co has agreed to buy the International Finance Corp’s 4.5% stake in Yoma Bank Ltd, according to Tun Tun, FMI’s executive director and chief operating officer. ...

  Bloomberg The Bank of Japan’s (BOJ) unexpected hawkish shift sent shock waves through global markets as the developed world’s last holdout for rock-bottom interest rates inches towards policy normalisation. Japanese government bonds and Treasuries both slumped, while the yen surged after the BOJ raised its cap on benchmark 10-year yields to around 0.5% from 0.25%, surprising every economist surveyed ...

  Bloomberg In 2021, a Swedish property company was one of Europe’s top stocks. It’s ending 2022 at the very bottom of the leaderboard, with a 73% slump that underpins a sector-wide reset. The reversal of fortunes for Samhallsbyggnadsbolaget i Norden AB — known as SBB — illustrates the woes of Swedish real estate stocks as they grapple with the ...

Abu Dhabi / WAM Emirates Global Aluminium (EGA), the largest industry company in the UAE outside of oil and gas, has agreed to supply CelestiAL solar aluminium to Kobe Steel to make automotive body sheet for Nissan The agreement with Kobe Steel will see the supply of EGA’s CelestiAL solar aluminium to one of the largest rolling mills in Japan. ...