Bloomberg China’s largest state-owned banks reported profit growth of at least 5% in the first quarter, fuelled by increased lending and improved asset quality before a Covid-19 outbreak triggered broad lockdowns and pummeled the economy. Industrial & Commercial Bank of China Ltd (ICBC) said net income rose 5.7% to 90.63 billion yuan ($13.8 billion) in three months ended March ...

  Bloomberg The US consumer watchdog is ordering Bank of America Corp (BofA) to pay a $10 million penalty and repay fees that the lender charged customers when garnishing wages. The Consumer Financial Protection Bureau (CFB) said that the Charlotte, North Carolina-based lender incorrectly froze accounts and garnished customer funds based on out-of-state court orders. The lender should have ensured ...

  Bloomberg Brazil’s central bank raised its benchmark interest rate by a full percentage point and opened the door to a longer monetary tightening campaign, with another likely increase of smaller size in June to battle rampant inflation. Policy makers lifted the Selic to 12.75%, extending total hikes to borrowing costs since last year to a whopping 10.75 percentage points. ...

  Bloomberg National Australia Bank Ltd’s (NAB) first-half profit beat analyst estimates as Australia’s largest business lender saw the fastest growth in loans to companies since 2008. Cash earnings rose to A$3.48 billion ($2.5 billion) in the six months ended March 31, topping the A$3.41 billion estimate of seven analysts surveyed by Bloomberg. National Australia will pay an interim dividend ...

  Bloomberg Sweden’s central bank raised its interest rate and signalled more increases to come, completing a U-turn in monetary policy to join global peers in the fight against inflation. The krona jumped as the Riksbank raised its policy rate to 0.25% from zero, and said it will enact another two or three hikes in 2022. Officials also pledged to ...

  Bloomberg The US trade deficit widened to a record in March, reflecting a surge in imports as companies relied on foreign producers to meet solid domestic demand. The gap in goods and services trade grew 22.3% to $109.8 billion, Commerce Department data showed. The median estimate in a Bloomberg survey of economists called for a $107.1 billion deficit. The ...

  Bloomberg German factory orders fall more than anticipated after Russia’s invasion of Ukraine darkened the prospects for the economy by adding to inflation pressure and disrupting global supply chains. Demand plunged 4.7% in March from the previous month, driven by a decline in orders from broad. That’s worse than all but one forecast in a survey of economists by ...

  Bloomberg Commercial real estate lending bounced back to pre-pandemic levels in 2021, ending more than a year of Covid-driven turbulence. New lending volume rose 48% year-on-year to 49.8 billion pounds ($62 billion), according to a survey of 76 major UK lenders by Bayes Business School. The data also shows that 2021 was the strongest year in the market since ...

  Bloomberg Telecom Italia SpA is near to signing a memorandum of understanding with state lender Cassa Depositi e Prestiti SpA — the carrier’s second-largest investor — for a national single-network project that would merge the company’s landline grid with the one owned by smaller rival Open Fiber. “I’m confident we can reach an agreement on the single network in ...

  Bloomberg Facebook parent company Meta Platforms Inc. is slowing or pausing hiring for some mid- to senior-level positions, part of a broader plan to cut costs and cope with the challenges facing the social media giant. “We regularly re-evaluate our talent pipeline according to our business needs and in light of the expense guidance given for this earnings period, ...