October, 2022

• 22 October

  Erdogan open to talks with Swedish leader on Nato bid

    Bloomberg Turkish President Recep Tayyip Erdogan said he is willing to meet Sweden’s leader to discuss the Nordic country’s bid to join Nato. Erdogan said he instructed his staff to respond positively to a request from Swedish Prime Minister Ulf Kristersson for talks. “We will discuss these topics with him in our country,” state-run Anadolu Agency cited Erdogan as ...

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• 22 October

  A $58.6bn jump in mortgage costs fuels risk for UK lenders

  

    Bloomberg A surge in bad loans awaits UK banks as higher interest rates saddle homeowners with an estimated £52 billion ($58.6 billion) of added mortgage payments over the next three years, an analyst warned as he downgraded his ratings on several lenders. The jump in costs will help push the personal debt service burden towards about 10% of post-tax ...

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• 22 October

  Bank of Japan announces unscheduled bond buying

  

  Bloomberg Japan’s benchmark yield climbed above the central bank’s policy ceiling and monetary authorities announced unscheduled bond purchases to rein it back in. The yield on the 10-year note briefly rises 0.5 basis points to 0.255% as the Bank of Japan (BOJ) held the first unscheduled bond buying operation this month. Global yields have continued to march higher as traders ...

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• 22 October

  Indonesia’s central bank wants to ‘control’ rupiah in tougher stance

  

    Bloomberg Indonesia’s central bank hardened its wording around its currency interventions, saying it would look to “control” the rupiah with the dollar expected to stay strong in the coming months. “What we will continue to do is to control the exchange rate,” Bank Indonesia Governor Perry Warjiyo said after the policy rate decision. “We don’t want the strengthening dollar ...

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• 22 October

  US banks’ credit-card businesses are enjoying Goldilocks moment

    Bloomberg US banks seem to be having a Goldilocks moment with their credit card portfolios. Spending is up — partly due to inflation and partly due to the fact consumers are embracing travel and dining out as the pandemic recedes — and that means fees they collect from merchants each time a customer swipes their cards are also up. ...

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• 22 October

  ING’s unit probed over money laundering case

  

  Bloomberg ING Bank NV subsidiary Payvision is under investigation for violating anti-money laundering regulations. The probe is related to actions dating from the period before ING bought Payvision, the bank said in a statement in response to a report by Dutch newspaper Financieele Dagblad. ING said it is aware of the Payvision probe but is not itself a subject of ...

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• 22 October

  PBOC names new deputy governor

  Bloomberg The People’s Bank of China (PBOC) appointed a new deputy governor, ahead of a possible reshuffle of economic leadership during the Communist Party’s twice-a-decade congress. Xuan Changneng, 55, whose most recent role was deputy head of the State Administration of Foreign Exchange, was appointed as the PBOC’s sixth deputy governor, according to a statement on the central bank’s website. ...

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• 22 October

  French judges tell BNP Paribas to fix women’s unequal pay

  

    Bloomberg BNP Paribas SA was told by French judges it shouldn’t have excluded bonuses from its calculations to close the gender pay gap, in a ruling that’s likely to have ramifications for the local banking industry. A Paris court criticised BNP for only using women’s base salary as a comparison with the median for men in the same jobs, ...

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• 22 October

  Bad news roils social media stocks as $47bn evaporates

  

    Bloomberg First came Snap Inc.’s disappointing results. Then news that US officials were discussing whether they should subject some of Elon Musk’s ventures to national security reviews, including the deal for Twitter Inc. Anxious investors are selling out of social media stocks, putting them on track to lose more than $47 billion in market value as they tumble in ...

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• 22 October

  M&A prospects in UK  jump as stocks look cheap after pound falls

  

    Bloomberg A flurry of mergers and acquisitions in UK companies may be near as a plunge in the pound has made them more attractive to foreign buyers, according to investors participating in different spheres of the market. Private equity giant Blackstone Inc, $5 billion hedge fund Toscafund Asset Management LLP and strategists at Jefferies are united in calling a ...

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