Bloomberg The European Central Bank (ECB) is imposing higher capital requirements on lenders including BNP Paribas SA and Deutsche Bank AG, arguing that they have ignored warnings to cut risk in the lucrative business of leveraged finance, according to people familiar with the matter. The French and German investment banks are among a handful of institutions who are ...

Bloomberg India’s banking regulator asked a unit of Paytm to resubmit its application for approval required to provide payment aggregator services, a potentially lucrative business the company is trying to expand into. The Reserve Bank of India (RBI) asked Paytm Payments Service Ltd. to resubmit its application after seeking necessary approvals from its parent to comply with foreign direct investment ...

  Bloomberg Goldman Sachs Group Inc. plans to set up shop in Munich to strengthen its coverage of Germany’s biggest, and newest, companies. The US investment bank is close to signing a lease for an office on upmarket Maximilianstrasse from the end of 2023, people familiar with the matter said, asking not to be identified discussing confidential information. It will ...

  Bloomberg Pakistan unexpectedly raised its benchmark interest rate by a full percentage point to prevent stronger-than-anticipated inflation from spiraling out of control. State Bank of Pakistan increased the target rate to 16%, a move expected by just one of 44 economists in a Bloomberg survey while the rest had predicted no change. The authority also raised its annual inflation ...

  Bloomberg China’s central bank cut the amount of cash lenders must hold in reserve for the second time this year, ramping up support for an economy racked by surging Covid cases and a continued property downturn. The People’s Bank of China (PBOC) reduced the reserve requirement ratio for most banks by 25 basis points, it said in a statement. ...

  Bloomberg The UK is on course to botch the shift away from the combustion engine and end up a carmaking minnow. This week, mostly UK-based electric-van startup Arrival announced its CEO and president were stepping down. Last week, the CEO of Britain’s biggest auto manufacturer, Jaguar Land Rover, resigned after making little headway on an all-electric shift announced almost ...

  Bloomberg Foxconn Technology Group has begun offering 10,000 yuan ($1,400) to any workers who choose to leave, an unusual decision intended to appease disgruntled new hires who played a central role in violent protests that rocked the world’s largest iPhone factory. Apple Inc.’s main global production partner said in an online notice the sum, to be paid out in ...

  Bloomberg BMW AG is doubling its investment at its Hungarian factory to $2.1 billion, adding a high-voltage battery assembly facility that will create more than 500 jobs. Locating the battery assembly at the Debrecen plant will help BMW streamline logistics for production of its next generation electric cars that will use the ‘Neue Klasse’ underpinnings, the carmaker said. Output ...

  Bloomberg Mercedes-Benz Group AG cut prices on two electric car models in China by as much as $33,000, as heated competition in the world’s biggest EV market impacts sales. The luxury automaker said in a statement that it was reducing prices on certain models from its EQ range, and that it would provide subsidies to customers who recently bought ...

QUETTA / WAM Pakistan’s Army Chief of Staff General Qamar Javed Bajwa opened the Sheikh Mohamed bin Zayed Al Nahyan Institute of Cardiology, which was implemented in the city of Quetta, the capital of Balochistan province. The building is constructed on an area of 121,406 square metres, and at a cost of $27.30 million funded by the Abu Dhabi Fund ...