Bloomberg Hungary’s defense minister said an overhaul of senior-level military brass was underway in the NATO member state, which he called necessary to open the way for a new generation of leadership. The timing of the changes — with war raging on in neighboring Ukraine — has sparked criticism from opposition ranks that see it as an attempt to ...

  Bloomberg The Bank of England (BOE) has agreed a 3.5% pay rise for its 4,200 staff and a one-off 1% salary top-up this year under a sub-inflation deal that has been accepted by the union. The increase in the overall pay pot will be targeted at lower paid staff to protect them against the worst of the living standards ...

Bloomberg Bank of America Corp (BofA) is rewarding the majority of its employees with a pool of restricted stock, boosting compensation to retain workers in an otherwise gloomy economic environment. The incentive, which comes on top of regular compensation, goes to staff who earn up to $500,000 in total annual pay, according to a memo from CEO Brian Moynihan. About 96% ...

Bloomberg The central bank of Nigeria expects at least 2 trillion naira ($4.3 billion) of cash to return to banks by January 31 when the deadline to replace high-value currency notes ends. Residents exchanged as much as 1.5 trillion naira of the old notes as of last week, Governor Godwin Emefiele told reporters in Abuja. “We are hoping that getting ...

  Bloomberg Barclays Plc is appointing Taylor Wright and Credit Suisse Group AG veteran Cathal Deasy as its new investment banking chiefs in a major reshuffle of its top dealmaking ranks. John Miller and Jean-Francois Astier, the current co-heads of investment banking at the UK firm, are set to leave those roles, according to an internal memo seen by Bloomberg ...

  Bloomberg Sri Lanka kept its benchmark interest rate unchanged for a fourth straight meeting as Asia’s fastest inflation showed signs of cooling while bankrupt economy seeks to turn the corner pending a crucial bailout. The central bank of Sri Lanka held the standing lending facility rate at 15.5% on Wednesday, a move predicted by all five economists in a ...

  Bloomberg BNP Paribas SA’s Frankfurt offices were raided by German prosecutors as part of their vast investigation into the controversial Cum-Ex scandal that has swept up Wall Street’s biggest banks. A spokesperson for the bank confirmed the search and said it’s cooperating. A Cologne prosecutors’ spokesman said that the agency raiding a bank in Frankfurt since January 24 without ...

  Bloomberg The Philippine central bank will likely end its monetary tightening with one or two more rate increases this quarter that will bring the key rate to around 6%, according to its governor. “The most likely scenario is that the last increase is the March meeting,” Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla said in an interview in his ...

  Bloomberg Equity markets slipped on Wednesday after tech giant Microsoft Corp. and a slew of other major firms forecast slowing earnings, while lackluster US business activity data reminded investors of the likelihood of recession in the world’s biggest economy. Contracts for the Nasdaq 100 fell more than 0.5%, after a two-day rally in the underlying index ground to a ...

  Bloomberg Bitcoin is flirting with its first back-to-back drop since the start of the year following a poor revenue outlook from technology bellwether Microsoft Corp. that dented wider investor sentiment. The largest token fell as much as 2.5% and was trading at about $22,650 as of 6:11 am in London on Wednesday after edging lower in US hours. A ...