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Kim steps up missile barrage with two more test-launches

  Bloomberg North Korea fired what were believed to be two short-range ballistic missiles, adding to one of its biggest barrage of tests since Kim Jong-un took power a decade ago. South Korea’s Joint Chiefs of Staff said the military “detected two projectiles that appeared to be short-range ballistic missiles,” fired at around 8 am Thursday from around North Korea’s ...

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Kenya revises law to prop political coalitions ahead of vote

Bloomberg Kenyan lawmakers approved legislation backed by President Uhuru Kenyatta and opposition leader Raila Odinga, which will allow the formation of political coalitions without stripping constituent parties of their identities. Deputy President William Ruto and his allies opposed the Political Parties Amendment Bill as it will aid his main rival, Odinga, to set up a formidable alliance made up of ...

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Deutsche Bank plans to boost dividend after 3-year drought

  Bloomberg Deutsche Bank AG plans to further increase its dividend after resuming payouts following a huge restructuring that saw it exit equities trading and cut thousands of jobs. The decision to pay out 700 million euros ($790 million) through buybacks and dividends is an “important first step” in the bank’s commitment to pay out 5 billion euros ($5.60 billion) ...

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TD hiring 2,000 tech employees in 2022

  Bloomberg Toronto-Dominion Bank (TD) plans to hire more than 2,000 technology workers this year, more than six times the number added last year, pitting the lender against fintech firms in the war for talent. The hires come as the bank works to become more digitally focused, according to a statement, and follow the 300-plus technology roles added in 2021. ...

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ECB wipes 45% off home prices in harshest bank climate test

  Bloomberg European banks have been told to assume that real-estate assets most exposed to flood risk could lose almost half their value, as the sector’s resilience to climate change is stress-tested over the coming months. The European Central Bank (ECB) is factoring in a 45% slump over a single year for property values in areas that are likely to ...

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Wells Fargo sees broad loan growth in 2022

  Bloomberg Wells Fargo & Co said it expects a key measure of lending to pick up this year, a sign that clients are starting to take on debt again as government stimulus wanes. The bank said net interest income may rise about 8% this year. The firm also reported net income of $5.8 billion, beating analysts’ expectations and the ...

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Hungary set for another rate increase

  Bloomberg Hungary will probably raise its base interest rate for an eighth consecutive month after inflation failed to slow in line with the central bank’s forecasts. The National Bank of Hungary will boost the required reserve rate to 2.7% from 2.4%. It may also raise the ceiling on its interest-rate corridor, which is currently at 4.4%. That would make ...

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NatWest to fold three businesses into one in push for growth

  Bloomberg NatWest Group Plc is bringing together its commercial, securities and international units into a single franchise, hoping to improve relations with customers. NatWest Markets and RBS International, whose assets are kept separate from the bank’s retail operations under British ring-fencing rules, will become a single unit along with the ring-fenced Commercial arm by July, the London-listed lender said ...

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Bear markets show pain across Asia equities as Fed hikes near

  Bloomberg Weeks of fretting over the Federal Reserve’s plan to combat inflation with higher interest rates is coming to fruition as Asian stock markets tumble into the bear markets and technical corrections. The MSCI Asia Pacific Index slid as much as 2.7% on Thursday, pushing it down more than 17% from its recent high, after Fed Chair Jerome Powell ...

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LG Energy doubles in debut after Korea’s biggest IPO on record

  Bloomberg South Korea’s LG Energy Solution soared in its first day of trading in Seoul, following the country’s biggest initial public offering on record. The world’s second-largest battery maker soared to close 68% above its IPO price of 300,000 won, even as the nation’s benchmark Kospi tumbled into a bear market. Now worth over $98 billion, it’s bigger than ...

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