May, 2021

• 17 May

  Zimbabwe court nullifies chief justice term of office

  Bloomberg Zimbabwe Justice Minister Ziyambi Ziyambi has alleged “foreign interference” in the country’s judiciary following the High Court’s nullification of an extension of Chief Justice Luke Malaba’s term of office. The State will lodge an appeal on Monday to challenge the court ruling, he said. “I want to make it clear that we do not accept the decision of the ...

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• 17 May

  Barclays faces senior credit trader exodus over bonuses

  

  Bloomberg Barclays Plc has been hit by a string of departures among senior credit traders in New York and London unhappy that their bonuses failed to reflect the pandemic profit surge. The bank has offered promotions to some employees and given assurances over future pay in an attempt to address their concerns, according to people familiar with the matter, who ...

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• 17 May

  DBS kicks off Asia’s first bank-backed crypto trust service

  

  Bloomberg DBS Private Bank started Asia’s first bank-backed trust solution for cryptocurrencies as demand for digital assets increases. The offering will allow private banking clients to invest, custodise and manage these assets in a safe, secure, and structured manner, DBS group Holdings said in a statement. It builds on the DBS Digital Exchange, which launched in December, and offers institutional ...

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• 17 May

  Chile pledges record-low key rate until recovery takes hold

  

  Bloomberg Chile’s central bank held its benchmark interest rate at a record low and said borrowing costs would stay at that level as long as needed for the economic recovery to strengthen. The bank board, led by its President Mario Marcel, kept the overnight rate at 0.5%. In an accompanying statement, policy makers wrote that economic prospects have improved. “The ...

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• 17 May

  ECB pressed by banks to extend capital relief

  

  Bloomberg Banks are lobbying the European Central Bank (ECB) to extend temporary capital relief granted during the pandemic to keep credit flowing to fragile economies, according to people familiar with the matter. Lenders on the continent have been pressing officials to be allowed to keep excluding deposits held at central banks when calculating their leverage ratio. The exemption, set to ...

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• 17 May

  JPMorgan to bring UK staff back to office next month

  Bloomberg JPMorgan Chase & Co. has told UK-based staff that more of them will return to office working starting next month as the country begins to wind down Covid-related restrictions. The American bank said in a memo that more workers would come to its London and Bournemouth sites from June 21. The offices will operate at a maximum of 50% ...

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• 17 May

  Commerzbank boosts outlook after posting surprise profit

  

  Bloomberg Commerzbank AG posted a surprise profit in the first three months and upgraded its full-year revenue outlook, providing support to Chief Executive Officer Manfred Knof after he unveiled a new turnaround strategy to boost profitability. Revenue soared 35% in the first quarter after the bank joined peers in profiting from strong trading and investment banking conditions. That helped drive ...

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• 17 May

  Deutsche Bank overhauls fixed income sales

  Bloomberg Deutsche Bank is rearranging how it sells fixed-income trading products as it seeks to lower costs without sacrificing revenue from the company’s biggest source of income. The new model will divide the coverage team into two groups, one focusing on flow and liquidity and another on client solutions. That’s in an effort to provide purely electronic or voice offerings ...

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• 17 May

  Billionaires are selling mega-sized stock inventory blocks after surge

  

  Bloomberg Stock sales are reaping a windfall for the world’s richest shareholders. Corporate insiders including Amazon.com’s Jeff Bezos and Google co-founder Sergey Brin have ramped up stock sales recently, cashing in on a 14-month long bull market that’s helped boost fortunes to the tune of trillions. US public company insiders offloaded shares worth $24.4 billion this year through the first ...

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• 17 May

  Retail investors losing ground to South Korea’s returning short sellers

  

  Bloomberg Global funds have piled back into short selling South Korean stocks in the two weeks since authorities lifted a ban on the divisive investment strategy. While the benchmark Kospi Index has held up amid a decline in regional peers during this period, pain has been felt in Korean stocks favoured by the nation’s legions of retail traders. Short selling ...

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