June, 2022

• 17 June

  Banks flow billions to companies involved in damaging rainforests

  

    Bloomberg Banks are often criticised for the financing they provide to fossil-fuel companies. But it doesn’t stop there. There’s also the funding they offer to companies that are damaging the world’s rainforests and indigenous communities. Since the Paris climate agreement was announced at the end of 2015, seven banks arranged at least $22.5 billion via loans and debt and ...

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• 16 June

  UK regulator tells banks to support customers

  

    Bloomberg The Financial Conduct Authority (FCA) told more than 3,500 lenders they need to provide customers in vulnerable circumstances with more support as the rising cost of living threatens to tip millions into financial difficulty. The UK regulator said on Thursday that it was concerned consumers aren’t getting the support they need across the sector. “Changing pressures on consumers” ...

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• 16 June

  Credit Suisse prosecutor finds $60mn in money laundering

  

    Bloomberg A prosecutor has identified more than $60 million that he believes was laundered through Credit Suisse Group AG, in the precursor to what would be an historic Swiss criminal indictment against the bank. Geneva’s top financial-crime prosecutor, Yves Bertossa, identified a series of eight transactions the bank let slide between 2008 and 2014 at a hearing last week, ...

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• 16 June

  Hungary unexpectedly raises key interest rate

    Bloomberg Hungary unexpectedly raised the country’s key interest rate after the forint fell to a record this week. The one-week deposit rate was increased by 50 basis points to 7.25% on Thursday, the second rate increase in three weeks. All economists in a Bloomberg survey expected no change, in line with central bank messaging to try to keep rate ...

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• 16 June

  Development Bank Ghana sets $4 billion capital target

  

    Bloomberg Development Bank Ghana, which officially starts operations with about $800 million in capital, plans to grow fivefold over the next five years to help end a shortage of funding to small and medium sized enterprises. It will lend money to financial institutions, which should in turn give loans to business owners at an affordable interest rate, Kwamina Duker, ...

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• 16 June

  HSBC fires trader over personal messages to client

    Bloomberg HSBC Holdings Plc fired a trader in London after scrutinizing the personal mobile phones of some staff, in a sign of increased pressure on banks to closely monitor business communications. Earlier this year, the lender’s UK-based compliance team pushed some traders and bankers to hand over their phones so they could examine business messages on platforms such as ...

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• 16 June

  Former BofA trader pleads guilty to Treasury spoofing

    Bloomberg A former trader at Bank of America Corp’s (BofA) Merrill Lynch unit has admitted to manipulating Treasury prices through a spoofing scheme. Tyler Forbes, 27, pleaded guilty in federal court in Brooklyn to working to rig the prices of Treasuries traded on the secondary market, consisting mostly of two-and-three-year notes, from January to June 2019.

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• 16 June

  Stocks, Treasuries decline as recession fears return

  

  Bloomberg Index futures signalled a rout in US stocks on Thursday after the Federal Reserve signalled willingness to accept a recession and rise in unemployment in its resolve to contain elevated inflation. September contracts on the S&P 500 and Nasdaq 100 gauges slumped at least 2.4% each, with traders giving up their initial optimism over Fed Chair Jerome Powell’s comments ...

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• 16 June

  Korea set to increase onshore FX trading hours to lure investors

  

  Bloomberg South Korea will extend trading hours for its onshore foreign-exchange market to 2 am local time in a bid to attract more foreign investors. The move is part of a plan to eventually allow the onshore market to trade around the clock, the finance ministry said in a statement without detailing when the new hours will take effect. The ...

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• 16 June

  Global oil supply will struggle to meet demand in 2023: IEA

  

    Bloomberg Global oil supply will struggle to meet rising demand next year, meaning consumers will continue to face tight fuel markets, the International Energy Agency (IEA) said in its first assessment of 2023. A resurgent Chinese economy will bolster consumption, while tighter sanctions on Russia will curtail oil output, the agency forecast in its latest monthly report. The Opec+ ...

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