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Bloomberg Japanese banks have spent more than three years trying to flee negative interest rates at home by ramping up lending abroad. Now their escape routes are closing. Declining global rates are buffeting the country’s three largest lenders as they prepare to post fiscal first-quarter results next week. And with central banks around the world now in monetary easing mode, ...

Bloomberg Nigeria is facing the risk of never recovering about 5.5 trillion naira ($15 billion) of bad loans taken over during a banking crisis more than a decade ago. The money is almost 80 percent of the West African nation’s revenue target for 2019 and 62 percent of planned spending by president Muhammadu Buhari, amounting to 8.9 trillion naira. That ...

Bloomberg Bank of Jinzhou Co said it is in talks to introduce strategic investors after a report that China’s financial regulators are seeking to resolve its liquidity problems pushed down the lender’s dollar-denominated debt. Officials including those from the People’s Bank of China (PBOC) and China Banking and Insurance Regulatory Commission recently held a meeting with financial institutions in Bank ...

Bloomberg When Christine Lagarde chairs her first meeting as European Central Bank (ECB) president in November, she might wonder which of her colleagues don’t really want her there. As the Governing Council signed off on the decision by governments to appoint the former International Monetary Fund chief, not all of the 21 voting members backed her, according to two euro-zone central ...

Bloomberg Hong Kong has appointed a veteran central banker as the next chief executive of its monetary authority, signalling continuity remains the priority as the city faces ongoing political turmoil. While the social unrest over the government’s botched extradition bill won’t be Eddie Yue’s responsibility, and may even have dissipated by the time he takes office in October, maintaining the ...

Bloomberg Jack Ma’s online bank is leading a quiet revolution in the way China lends to small businesses, taking aim at a credit bottleneck that has held back Asia’s largest economy for decades. Using real-time payments data and a risk-management system that analyses more than 3,000 variables, Ma’s four-year-old MYbank has lent 2 trillion yuan ($290 billion) to nearly 16 ...

Bloomberg Social unrest gripping Hong Kong has affected the city’s economy and businesses, and the unemployment rate is likely to rise from current levels, financial secretary Paul Chan said. In the Chinese-language post on his website, Chan said many local retail and catering businesses had experienced a “sharp decline” in business, and he warned that the longer the historic protests ...

Bloomberg Tencent Holdings Ltd, Singaporean sovereign wealth fund GIC Pte and BlackRock Inc increased their stakes in Weimob Inc through a share sale that’s said to have netted $180 million. Weimob, which has a market value of about $1.2 billion, will use the proceeds to bankroll technology development, it said in an emailed statement. The six-year-old company, which went public ...

Bloomberg It once looked like Anil Agarwal could shake up the mining industry by amassing the biggest stake in Anglo American Plc. But in the end the Indian tycoon’s lack of financial firepower forced him to unwind his investment. For two years, Agarwal kept insiders and Anglo executives guessing about why the billionaire decided to take a position in the ...

Bloomberg A unit of Reliance Communications (RCom) Ltd, tycoon Anil Ambani’s distressed telecom firm, is seeking an extension from holders of its dollar-denominated bonds maturing on August 1, the company’s spokesman said. Global Cloud Xchange is in discussions with holders of its 7 percent $350 million notes for a deal that would provide the issuer more time to discuss options ...