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  Bloomberg HSBC Holdings Plc has hired Michael Willoughby, a top mining banker at Standard Chartered Plc, to help build its global resources team, people with knowledge of the matter said. Willoughby, a Singapore-based managing director and co-head of metals and mining for Asia Pacific at Standard Chartered, will join HSBC in August as global head of metals, mining and …

  Bloomberg China’s largest state-owned banks reported profit growth of at least 5% in the first quarter, fuelled by increased lending and improved asset quality before a Covid-19 outbreak triggered broad lockdowns and pummeled the economy. Industrial & Commercial Bank of China Ltd (ICBC) said net income rose 5.7% to 90.63 billion yuan ($13.8 billion) in three months ended March …

  Bloomberg The US consumer watchdog is ordering Bank of America Corp (BofA) to pay a $10 million penalty and repay fees that the lender charged customers when garnishing wages. The Consumer Financial Protection Bureau (CFB) said that the Charlotte, North Carolina-based lender incorrectly froze accounts and garnished customer funds based on out-of-state court orders. The lender should have ensured …

  Bloomberg Brazil’s central bank raised its benchmark interest rate by a full percentage point and opened the door to a longer monetary tightening campaign, with another likely increase of smaller size in June to battle rampant inflation. Policy makers lifted the Selic to 12.75%, extending total hikes to borrowing costs since last year to a whopping 10.75 percentage points. …

  Bloomberg National Australia Bank Ltd’s (NAB) first-half profit beat analyst estimates as Australia’s largest business lender saw the fastest growth in loans to companies since 2008. Cash earnings rose to A$3.48 billion ($2.5 billion) in the six months ended March 31, topping the A$3.41 billion estimate of seven analysts surveyed by Bloomberg. National Australia will pay an interim dividend …

  Bloomberg Sweden’s central bank raised its interest rate and signalled more increases to come, completing a U-turn in monetary policy to join global peers in the fight against inflation. The krona jumped as the Riksbank raised its policy rate to 0.25% from zero, and said it will enact another two or three hikes in 2022. Officials also pledged to …

  Bloomberg Exxon Mobil Corp tripled its share-buyback programme to as much as $30 billion after profits surged amid Russia’s invasion of Ukraine and a rally in worldwide energy prices. The repurchases will be made through the end of next year, Exxon said in a statement. The oil giant more than doubled first-quarter adjusted net income to $8.8 billion, or …

  Bloomberg Shell Plc agreed to buy Indian renewable power supplier Sprng Energy Pvt for $1.55 billion, accelerating the oil giant’s transition to low-carbon energy. The deal will triple Shell’s operational renewables capacity and help it achieve net-zero carbon emissions by 2050, the company said in a statement. The transaction was first reported by Bloomberg. “This deal positions Shell as …

  Bloomberg China will cut import tariffs for coal to zero from May to the end of March to help guarantee energy supplies, the Ministry of Finance said in a statement. Current tariffs range from 3% to 6% depending on the type of coal, the ministry said in a statement and posted to its website. China’s coal imports are down …

  Bloomberg Chevron Corp posted the highest quarterly earnings in almost a decade as soaring energy demand and Russia’s war on Ukraine strained global supplies, ratcheting up prices for everything from natural gas to diesel. Net income adjusted for one-time items was $6.5 billion, the highest since the second quarter of 2012, while free cash flow touched a level not …