Bloomberg The Bank of Japan (BOJ) shouldn’t view the issuing of a digital currency as a monetary policy option as doing so could severely damage the economy, according to a former BOJ official who led research into digital money. “Some say that negative interest rates could work more effectively with a digital currency, but I don’t think so,†said ...
Read More »Deutsche Bank sees deeper selloff in US stocks, boosts China call
Bloomberg Deutsche Bank AG is betting the diverging policy paths between the Federal Reserve and the People’s Bank of China will result in US equities correcting further and China’s getting a boost, joining several other Wall Street banks in making the call. The German lender’s international private banking unit downgraded US equities to neutral from overweight last week, scrapping ...
Read More »Polish central bank to welcome stronger zloty
Bloomberg A stronger zloty would amplify the impact of Polish interest-rate increases, central bank Governor Adam Glapinski said, pledging to do whatever it takes to drive down spiraling inflation. “Today, the appreciation of the exchange rate would support monetary tightening and would be consistent with the direction of the central bank’s actions,†he said in response to questions from ...
Read More »RBA chief Lowe flags rate rise possibility this year
Bloomberg Australia’s central bank chief Philip Lowe signalled for the first time that interest rates could rise this year if faster wages growth returns inflation sustainably to the 2-3% target. That is “a plausible scenario†depending on how events unfold, but there are plenty of other scenarios as well, Lowe said in comments that increased his room for maneuver ...
Read More »UBS says $1.2 billion charges best estimate of French tax fine
Bloomberg UBS Group AG Chief Financial Officer Kirt Gardner said the 1.1 billion euros ($1.24 billion) set aside to cover the cost of a French tax-evasion case are the bank’s “best estimate†of the final cost. The Swiss lender is counting on a further reduction of the French penalties after they were cut in December to 1.8 billion euros ...
Read More »TD Bank to eliminate its overdraft fees
Bloomberg Toronto-Dominion Bank’s US retail-banking unit is eliminating charges for overdrafts of $50 or less, joining a parade of lenders revamping their fees amid criticism from politicians, regulators and consumer advocates. TD Bank also is giving customers who overdraw their accounts by more than that amount 24 hours to fix the issue before incurring a fee, the unit of ...
Read More »Santander pledges profitability growth after earnings beat
Bloomberg Banco Santander SA pledged to increase profitability and shareholder payouts as rising interest rates in key markets from the Americas to Europe are set to boost income from lending at the Spanish retail banking behemoth. The bank also signalled it has done strengthening capital buffers after rebounding from steep losses two years ago at the onset of the ...
Read More »Global stocks extend biggest gains since 2020 on earnings
Bloomberg Global stocks headed for the biggest four-day rally since November 2020 as companies from the US to Europe reported better-than-forecast earnings and dip-buying returned to technology shares. Futures on the Nasdaq 100 Index jumped 1.1%, while those on the S&P 500 added 0.4%. Europe’s Stoxx 600 Index traded above its 50-day moving average for the first time since ...
Read More »Bitcoin’s decline from 2-week peak highlights key technical hurdle
Bloomberg Bitcoin slipped back on Wednesday after touching a near two-week high, spotlighting the token’s struggle to vault a key technical hurdle and reclaim the $40,000 level. The world’s largest cryptocurrency retreated about 1.3% to $38,300 as of 3:40 pm in Singapore, after touching $39,267 a day earlier. Ether, the second-largest coin, falls some 1.5%. A Bitcoin price trendline ...
Read More »New UAE labour law comes into effect from February 2
ABU DHABI / WAM The UAE is continuing to advance its laws and procedures to facilitate business and enhance the competitiveness and productivity of the national labour market. The new law represents progress in the efforts to improve the national labour market’s sustainability. Recent statistics issued by the Ministry of Human Resources and Emiratisation revealed the number of registered ...
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