Bloomberg European Central Bank (ECB) Governing Council member Francois Villeroy de Galhau said uncertainty about the length of the current oil shock and the economic impact of Russia’s invasion of Ukraine mandate a cautious approach to monetary and budgetary policies in Europe. The oil shock “is very strong in its intensity, we don’t know its duration yet,” the Bank ...

  Bloomberg Reserve Bank of Australia (RBA) No. 2 Guy Debelle is stepping down from his position in an unexpected move that sees the departure of a potential future governor from the central bank. Debelle, who sits on the RBA’s policy-setting board, will join Fortescue Future Industries, a clean energy arm of iron ore miner Fortescue Metals Group, as chief ...

  Bloomberg Banco BPM SpA is considering a possible sale or partnership for its payments unit, as Italy’s third-largest bank shifts strategy in a bid to maximise shareholder value. “We are examining all the options for our merchant-acquiring business, including a disposal or a joint venture agreement,” Chief Financial Officer Edoardo Ginevra said. “In past Banco BPM’s moves to value ...

  Bloomberg Demand for green bonds and other financing tied to climate and environmental projects is growing and should expand further, said Bank of America Corp.’s (BofA) chief Brian Moynihan. “It’s a pretty amazing thing to see how much capital is coming in, and yet we’re getting started,” Moynihan said at the IIF Sustainable Finance Summit. “You’re going to see ...

  Bloomberg HDFC Bank, the country’s largest private sector bank by assets, said India’s banking sector regulator had lifted restrictions on the launch of new digital business-generating activities. “We are fully committed to ensuring continued adherence to the highest standards of compliance with RBI recommendations,” HDFC Bank said in a statement Saturday, adding the Reserve Bank of India had notified ...

Bloomberg Three of China’s largest smartphone brands have opened discussions with Indian manufacturers about making phones locally for global export, a concrete step towards establishing the country as a hub for electronics production. Xiaomi Corp, Oppo and Vivo are holding talks with Indian contract phone-makers, hoping to take advantage of cash incentives readily available to local firms. If they go ...

Bloomberg Panasonic Corp is gearing up to become a major manufacturer of a new, more powerful battery championed by Tesla Inc. that the Japanese electronics maker says meets the demands of its high-flying customer. Over the past year and a half, Panasonic has been working to develop a bigger “4680” battery it intends to sell to the American electric carmaker. ...

  Bloomberg AT&T Inc, which is returning to its roots as a pure telecom company, showed investors how it plans to balance expanding broadband services while paying for network upgrades and a $8 billion dividend. AT&T Chief Executive Officer John Stankey says the spinoff of WarnerMedia in the coming weeks will mark the “starting line of a new era” for ...

  Bloomberg Ford Motor Co projects a 12% drop in US sales this year as production bottlenecks worsen, Automotive News reported. Executives told dealers they now see US deliveries of 1.66 million vehicles this year, down from 1.9 million in 2021, the publication said, citing two people present at the meeting. The US automaker has already lost 100,000 units of ...

  ABU DHABI / WAM The UAE has participated in the third ministerial meeting of the Coalition for the Sahel, which was held virtually to review the guidelines of a collective action to achieve stability in the Sahel region, and provide a framework for developing a roadmap for the coalition. During the meeting, the UAE affirmed its commitment to joint ...