Bloomberg Mitsubishi UFJ Financial Group Inc.’s next banking unit chief vowed to target business in Asia, while signaling the potential for cutbacks in developed markets as plunging interest rates dent profitability. “In Asia, we will pursue growth,” Junichi Hanzawa, 55, told reporters after being appointed president of MUFG Bank Ltd. “In Europe and the US, where interest rates are very ...

Bloomberg The Federal Reserve, showing confidence in how banks are weathering the pandemic, gave industry leaders a green light to resume billions of dollars in stock buybacks. Lenders including JPMorgan Chase & Co. and Goldman Sachs Group Inc. said they’ll take the Fed up on its offer. The loosening of restrictions marks a partial but significant win for firms that ...

Bloomberg Mexico’s central bank needs more time to confirm if inflation is slowing toward target before resuming a monetary easing cycle, Governor Alejandro Diaz de Leon said after the institution left the key interest rate unchanged. Policy makers want to see if deep shopping discounts akin to Black Friday during November in Latin America’s second-largest economy will subside or persist, ...

Bloomberg Optimistic about a return to economic growth, fund managers have been slashing their cash positions and embracing risk assets to an extent that’s raising red flags for strategists at Bank of America Corp. (BofA). Money managers overseeing $534 billion in total are underweight cash for the first time since May 2013, with levels down to 4%, according to a ...

Bloomberg JPMorgan Chase & Co. said Lee Raymond, the company’s longest-serving director, is resigning from the board. Raymond, the former Exxon Mobil Corp. boss who’s been on the board of the biggest US bank for more than three decades, notified JPMorgan of his intention to resign effective December 31, according to a regulatory filing. The decision was “not the result ...

Bloomberg The Bank of Russia warned growing risks of higher inflation may leave no room for further monetary easing after it kept the key rate unchanged at a third consecutive policy meeting. The key rate was kept at 4.25%, the lowest level on record, after 200 basis points of cuts earlier this year. The central bank left the door open ...

Bloomberg The problem with writing an annual retrospective on the luxury cars that should have been better in 2020 is that the worst of them weren’t actually bad, they were just forgettable. Or underwhelming. When you consider that the worst cars in past decades would actually break down, blow up, or impale you upon impact, complaining about being forgettable or ...

Bloomberg Apple Inc. plans to build a self-driving car for consumers and is targeting 2024 to produce the vehicle, Reuters reported. The company is developing its own battery technology that could reduce the cost of power packs and extend the vehicle’s range, Reuters said Apple is tapping outside partners for elements of the system, including lidar sensors that provide autonomous ...

Bloomberg International Business Machines Corp. (IMBM) ought Expertus Technologies Inc., a Canadian financial-technology firm that helps process more than $50 billion in transactions a day, to bolster its electronic-payments capabilities. Closely held Expertus has been added to the IBM Global Business Services unit, the Armonk, New York-based buyer said in a statement. Financial terms of the deal weren’t disclosed. Banks worldwide ...

Bloomberg Facebook Inc. is building a new video product that will let people pay content creators or celebrities for the chance to interact with them during a live broadcast. The tool, called Super, will let creators, entrepreneurs or celebrities host live, interactive video events. Viewers can tip creators by buying them digital gifts, or pay to “appear” alongside a creator ...