BLOOMBERG Germany will send a federal minister to Taiwan for political talks for the first time in 26 years next week, a trip which could anger the government in Beijing at a time of growing tensions between China and Europe. Bettina Stark-Watzinger, who oversees the education and research portfolios in Chancellor Olaf Scholz’s ruling coalition, plans a two-day trip to ...

BLOOMBERG Cryptocurrency market data provider Kaiko plans to relocate its Asian headquarters to Hong Kong from Singapore, drawn by the city’s push to establish a global hub for the digital-asset industry. Hong Kong’s pro-crypto policy pivot and emergence from Covid-related curbs contributed to the Paris-based company’s decision, Chief Executive Officer Ambre Soubiran said in an interview. Kaiko feeds data to ...

BLOOMBERG UBS Group AG and Credit Suisse Group AG are opposed to a forced combination, even as scenario planning for a government-orchestrated tie-up continues, according to people with knowledge of the matter. UBS would prefer to focus on its own wealth-centric standalone strategy and is reluctant to take on risks related to Credit Suisse, the people said, asking not to ...

BLOOMBERG A trio of hawkish European Central Bank (ECB) policymakers came out in force to restate the case for hiking interest rates further, once financial-market volatility subsides. In the wake of a 50 basis-point increase accompanied by no clear signal on future moves, governors from Estonia, Lithuania, and Slovakia suggested the economy still needs another phase of tightening after global ...

BLOOMBERG Banks borrowed a combined $164.8 billion from two Federal Reserve backstop facilities in the most recent week, a sign of escalated funding strains in the aftermath of Silicon Valley Bank’s (SVB) failure. Data published by the Fed showed $152.85 billion in borrowing from the discount window  — the traditional liquidity backstop for banks — in the week ended on ...

BLOOMBERG First Republic Bank shares fell again on Friday, set for their worst week ever, as sentiment around the lender remained fragile even after proposals for $30 billion of aid from Wall Street’s biggest banks. Shares in First Republic fell as much as 15% in US premarket trading, underperforming fellow regional banks, having already fallen by a record 60% so ...

BLOOMBERG US equity-index futures were steady on Friday and Treasuries gained, capping a tumultuous week for global markets amid lingering concern that the financial turmoil which has roiled bonds and stocks is not over. Contracts on the S&P 500 fluctuated after the index rallied 1.8% as larger banks threw a lifeline to First Republic Bank, the latest US lender to ...

BLOOMBERG South Korea needs to take the politically sensitive step of fully lifting curbs on stock short selling to ensure inclusion in a key global index, the head of the country’s securities exchange said. Asia’s sixth-largest equity market is seeking to be upgraded in MSCI Inc.’s equity gauge to developed status from emerging, part of efforts to revitalise the sector ...

BLOOMBERG Power traders in China’s Shandong province can now ask to be paid for taking electricity as the province’s growing rooftop solar capacity threatens to overwhelm the grid. The province officially set the lowest price on its spot market below zero, according to a draft rule released by Shandong Development and Reform Commission. Negative prices that encourage generators to switch ...

BLOOMBERG Coal India Ltd., which accounts for about four-fifths of the nation’s output of the fuel, is aiming to boost supplies to power plants this summer as unusually hot weather drives electricity demand. The state-run miner is increasing coal output and building stockpiles at its mines this month to meet supply commitments, the company said. Electricity consumption is set to ...