Portugal's Financial Independence Hangs by a Thread
Nearly two years after Portugal left an $88 billion bailout program, its financial independence continues to hang by a thread, with a little-known Canadian firm, DBRS, the only rating company to maintain an investment-grade rating on the country’s debt.
Inside Credit Suisse, Finger-Pointing Over $1 Billion Loss
Current and former executives at Credit Suisse Group, stretching from New York to the Swiss lender’s top ranks in Zurich, are sparring over who was responsible for the bulk of almost $1 billion in losses in recent months.
Deutsche Bank Profit Sinks but Beats Expectations
Deutsche Bank shares rose after profit beat estimates despite being pressured by difficult market conditions and the impact of the bank’s decision to exit certain areas.
Big China Banks Relax on Liquidity to Do More Lending
Grappling with stagnant growth, China’s largest banks are reducing the amount of cash they are required to set aside to cover bad loans in a move that offers fresh funds for lending—and brings new risks.
Barclays to Sell Assets in Spain, Portugal
Barclays said it had agreed to sell its Portuguese and Spanish credit card business to local lender Bancopopular-e, while shareholders gave the go-ahead for a disposal of African assets.
Deutsche Bank AG Supervisory-Board Member Thoma Resigns
Georg F. Thoma, who had overseen the board’s integrity committee, resigned Thursday, the German lender said in a statement.
World Bank Is Suspending Direct Financial Aid to Mozambique
The World Bank is suspending direct financial aid to Mozambique, joining the International Monetary Fund in cutting off budgetary assistance after learning of more than $1 billion in previously undisclosed loans, a person familiar with the matter said.
Mexico Enacts Law to Control Local-Government Debt
Mexican President Enrique Peña Nieto signed Wednesday a new law aimed at controlling the expansion of state and municipal debt as the federal government is reining in spending in response to the drop in oil prices.
ECB Leaves Door Open for Further Interest Rate Cuts
The European Central Bank left its policy mix unchanged, but President Mario Draghi said the central bank was ready to take fresh action if needed while defending ECB policy from German criticism.
ECB Meeting Draws Muted Market Reaction
The European Central Bank’s policy meeting barely caused a ripple in financial markets Thursday after the bank left interest rates unchanged. Investors had expected a quiet meeting after the ECB unveiled a wide-ranging package of stimulus measures in March to boost sagging inflation back toward its target of close to 2%.
Japan Stocks Extend Winning Streak
Japan shares extended a winning streak as the yen weakened, oil prices edged up and hopes rose for more monetary stimulus.
Hot Emerging-Market Bet: New Leaders
Investors applauded leadership changes in Brazil and Argentina. What countries could be next?
European Stocks Yet to Take Off
Investors started 2016 with big bets that monetary stimulus would send European stocks soaring above their U.S. counterparts this year. But U.S. stocks have left European shares trailing.
Turkey's Central Bank Chief Cuts Key Rate in Inaugural Move
Turkey’s central bank cut a key interest rate, with incoming Governor Murat Cetinkaya kicking off his tenure by accelerating a policy-easing cycle in the face of slowing inflation and a stabilizing domestic currency.
Saudi Arabia Returns to Global Credit Markets
Saudi Arabia is set to secure a $10 billion loan from international banks as the kingdom seeks to address a budget shortfall caused by the decline in oil prices.
Malaysia Prime Minister's Confidant Had Central Role at 1MDB Fund
Jho Low controlled hundreds of millions of dollars of money through a network of contacts, and amassed riches himself.
Cost of Insuring Malaysian Bonds Climbs on 1MDB Worries
The cost of insuring against losses on Malaysian government bonds rose on concerns that the national government could be on the hook for billions of dollars of debt owed by state development fund 1MDB.
Nippon Life Chief Says Negative Rates Hurting Company
The head of Japan’s biggest private life insurer said negative interest rates were hurting the company’s sales and bottom line, joining a growing chorus of influential people criticizing the central bank’s latest aggressive easing policy.
Australian Banks Tighten Mortgage-Lending Requirements for Foreigners
Australian lenders, who have enjoyed years of relatively low levels of bad debts, are losing their appetite for risk as the country’s red-hot housing market shows signs of slowing and stresses mount for resources companies.
CIMB Chairman Takes Leave of Absence
The chairman of Malaysia’s CIMB Group Holdings, Nazir Razak, said he has decided voluntarily to take a leave of absence immediately to facilitate an independent review of a money transfer to his account from Malaysia Prime Minister Najib Razak.
1MDB and Abu Dhabi Feud Over Coming Bond Payment
A dispute between Malaysia’s and Abu Dhabi’s sovereign-wealth funds over missing billions of dollars is coming to a head this week, with the potential to send ripples through currency and bond markets.
Wanda Says Investors Could Triple Investment After China Relisting
Conglomerate Dalian Wanda Group is telling private investors joining its $4 billion property-arm buyout deal that they could triple their money when it lists domestically, the latest example of lofty expectations for Chinese companies rushing home.
China Halting Creation of New Investment Businesses
Chinese authorities are quietly halting the creation of new investment businesses, amid a rash of local failures that have left millions of mom-and-pop investors facing potential losses, people working in the industry say.
Spanish Bank Deals in Portugal Raise Hackles
Many of Portugal’s lawmakers, businessmen and influential commentators are voicing concern about the number of Spanish banks buying the country’s troubled lenders.
Emerging Markets Get Surprise Lift
Interest-rate cuts by emerging-market countries are helping extend a sharp rally in their stock and bond markets, delivering investors returns that few had forecast heading into 2016.
Chinese Lender's Woes Expose Its Global Tentacles
The problems at Shanghai Kuailu Investment Group underscore the risks of a loosely regulated financing industry that relies on mom-and-pop investors.
Japan's Negative-Rate Experiment Is Floundering
Japan’s experiment with negative interest rates is producing some unexpected results—the latest evidence of how once-unthinkable policies are playing out around the world. Trading has withered in money markets, investors are clamoring for government bonds that yield less than zero, and the yen has been on a tear.
How One Danish Couple Gets Paid Interest on Their Mortgage
As central bankers push deeper into the world of negative interest rates, the once-unthinkable policy is playing out on the ground. In Denmark and Sweden, real estate is booming; some homeowners are even getting paid interest on their mortgages.
China Is Set to Allow Banks to Swap Bad Loans for Equity in Borrowers
China is planning a debt-for-equity swap program that could provide large companies mired in overcapacity a way to reduce their debt burdens, People’s Bank of China Gov. Zhou Xiaochuan said.
Finance Ministers Renew Fight Against Tax Evasion
European finance ministers urged their counterparts in the Group of 20 advanced economies to share more information about the owners of offshore companies and trusts in an effort to clamp down on tax dodging.
Currencies Across Asia Fall Sharply Against U.S. Dollar
Currencies across Asia including the Chinese yuan dropped sharply against the U.S. dollar, with markets caught off-guard as the Singapore central bank restrained the appreciation of its currency to stoke growth.
Singapore Central Bank Unexpectedly Eases Policy
Singapore’s central bank unexpectedly relaxed its currency policy as it expects the pace of economic growth to ease more than expected.
New Zealand Central Bank's Rate Decision Was Leaked
The Reserve Bank of New Zealand confirmed Thursday that its surprise decision to cut interest rates in March was leaked ahead of the official announcement.
How One Swiss Bank Learned to Live in a Subzero World
As central bankers push deeper into the world of negative interest rates, the once-unthinkable policy is playing out on the ground. In Switzerland, one bank said it would charge depositors. Within months, its number of account holders had grown.
India Frustrates Two Billionaire Hinduja Brothers
Two of the billionaire brothers who run U.K. conglomerate Hinduja Group say they want to buy distressed assets in India but find that banks and founders holding the projects are reluctant to let go.
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