Bloomberg Shares in State Bank of India reached a record after profit at the nation’s largest lender beat estimates, helped by write-backs and fewer provisions for bad loans. Net income in the second quarter jumped 67% to 76.3 billion rupees ($1.02 billion) in the quarter ending September, according to a statement on Wednesday. That exceeded the average estimate of 66.5 …

Bloomberg UBS Group AG is starting a digital wealth manager in the US to grab a bigger share of the country’s market for retirement savings and stock options, in a move that will pit it against the top Wall Street banks on their home turf. The new digital bank will service affluent customers with between $250,000 and $2 million in …

Bloomberg South Korea’s won has regained some ground after a dismal third quarter and a coming interest-rate hike could give it another boost. The won could rise as high as 1,120 per dollar this quarter from around 1,182 now as the Bank of Korea (BOK) moves to normalise policy and uncertainties surrounding the Fed’s tapering eases, according to Kiwoom Securities …

Bloomberg Bank of America Corp (BofA) is planning to apply to set up a securities firm in China, playing catchup to rivals including JPMorgan Chase & Co and Goldman Sachs Group Inc. in an expansion into the $54 trillion financial market. The bank aims to apply for regulatory approval early next year. It plans to submit applications for licenses allowing …

Bloomberg Markets are bracing for a pivotal Federal Reserve meeting that’s expected to lay out a roadmap for tapering pandemic-era stimulus and perhaps provide clues about the timing of a liftoff in interest rates. The prospect of rising borrowing costs to fight inflation has roiled bonds and flattened the Treasury yield curve, suggesting a slower economic recovery lies ahead. But …

Bloomberg Kakao Pay Corp, South Korea’s largest mobile payments app, more than doubled in its debut in Seoul, following a rocky path to public markets that was marked by heightened regulatory scrutiny. Shares of Kakao Pay surged more than 150% in early trading on Wednesday after pricing the offering at 90,000 won. The startup, backed by Jack Ma’s Ant Group …

Bloomberg European stocks fall and US index futures were mixed as an earnings-driven rally stalled amid a deepening supply crunch and coronavirus curbs in China. The Treasury yield curve steepened before the Federal Reserve’s policy meeting. December contracts on the Dow Jones Industrial Average slipped after the underlying gauge surged past the 36,000 mark. Russell 2000 contracts rose. The yield …

Bloomberg In a year already packed with superlatives, the fund industry has a new milestone to celebrate. Inflows into exchange-traded products (ETFs) across the world have just surpassed $1 trillion in 2021, according to data compiled by Bloomberg. The $3.9 billion added by investors in the latest data carried the sum past the magic mark. Even with two months left …

Bloomberg Ryanair Holdings Plc is considering delisting from the London Stock Exchange (LSE) in the latest setback to the UK’s stock market arising from Brexit. The Irish discount carrier cited compliance headaches tied to Britain’s exit from the European Union as it weighs joining a growing list of firms that are disappearing from the bourse. Dublin-based Ryanair is required to …

Bloomberg PT Garuda Indonesia needs at least $1 billion of additional funds to cut debt and stay afloat, as the government says it could give up its majority control of the troubled flag carrier. Garuda is currently in talks with creditors to restructure $6.3 billion worth of debt and expects to reach an agreement in the second quarter of 2022, …