Bloomberg Indian central bank Deputy Governor Viral Acharya said injecting new funds into lenders won’t resolve the nation’s stressed asset plight until companies take steps to reduce debt. The Reserve Bank of India is seeking to strengthen the banking system through measures including merging weaker banks and pushing to privatize some state-run lenders as it ramps up efforts to resolve ...

Bloomberg Angela Merkel and Wolfgang Schaeuble want to install a German at the head of the European Central Bank (ECB) when Mario Draghi’s term expires in 2 1/2 years, according to Spiegel magazine. The chancellor and her finance minister are set to push for Bundesbank President Jens Weidmann to become the fourth guardian of the single currency, arguing it’s finally ...

Bloomberg When Federal Reserve Chair Janet Yellen wants to change the cost of borrowing, investors have one main rate to watch. Her Chinese counterpart Zhou Xiaochuan, who’s been juggling multiple policy levers, is trying to focus market attention on just two. The People’s Bank of China said late last week that it will now mainly use seven-day reverse-repo operations and ...

Bloomberg Barclays Plc’s former head of global spot foreign exchange trading was fined $1.2 million and banned from the banking industry for his involvement in rigging currency rates, the Federal Reserve said. The Fed said it imposed the penalties after Christopher Ashton failed to respond to the central bank’s June 2016 allegations that he participated in online chat rooms used ...

Bloomberg Australia should extend its new bank levy to foreign financial institutions in a bid to recoup more than the planned A$6.2 billion ($4.6 billion), according to cross-bench lawmaker Nick Xenophon. Applying the tax to foreign banks as well as the nation’s five biggest lenders may recoup as much as A$800 million, which could help fund compensation for victims of ...

Bloomberg JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he remains optimistic about the global economy and the prospects for regulatory reform under US President Donald Trump. “Japan is growing more than it has grown in 15 years, Europe is doing well all things considered, America is chugging along,” Dimon said in an exclusive interview with Bloomberg TV ...

RIYADH / Reuters US and Saudi Arabian companies signed business deals worth tens of billions of dollars on Saturday during a visit by President Donald Trump, as Riyadh seeks help to develop its economy beyond oil. National oil firm Saudi Aramco said it signed $50 billion of agreements with US firms. Energy minister Khalid al-Falih said deals involving all companies ...

Abu dhabi / WAM Mubadala Investment Company, the Abu Dhabi strategic investment fund, confirmed that it has made a US$15 billion commitment to the Softbank Vision Fund, a major technology and innovation focused fund, alongside a consortium of leading investors. The investors are joining forces to create value from the significant wave of technological change and innovation that is transforming ...

Bloomberg OPEC officials gathering in Vienna to prepare for next week’s ministerial meeting kept their focus on rising US shale oil production, which has been diluting price impact of production cuts. National representatives from the OPEC and officials from several non-members heard a presentation on the outlook for the US industry from Roger Diwan, a Washington-based analyst at IHS Markit ...

Jordan / Emirates Business During World Economic Forum on Middle East and North Africa, global digital transformation enabler SAP announced it will build skills and knowledge among young talents worth $100mn by 2022. The program is centered on public-private partnerships driving economic growth in MENA. Cloud, analytics, mobility, and social media skills are posting double or triple digital growth in ...