ECB to keep policy loose this year despite high inflation risks
The European Central Bank will not change the total size of its asset purchase program at its June 10 meeting. But it will start tapering its pandemic purchases later this year. They also showed inflation risks to the upside, according to a recent poll data. In recent weeks, with an economic recovery underway and price […]
SNB Chairman sees only modest inflation risk in Switzerland-Schweiz am Wochenende
Swiss National Bank (SNB) Chairman Thomas Jordan sees only modest inflation risk in Switzerland. This is because the central bank maintains cautious optimism for global economic recovery. This was derived from a newspaper interview. Jordan said in the interview with Swiss newspaper Schweiz am Wochenende that in Switzerland, they believe the inflation risk is modest. […]
Swiss Bank Julius Baer to pay $79.7 MLN in FIFA corruption settlement
The Swiss bank Julius Baer will pay $79.7 million in a settlement with the U.S. Department of Justice. This is after being implicated in a sprawling corruption probe surrounding FIFA, the world’s soccer governing body. Julius Baer’s three-year deferred prosecution agreement resolves a money laundering conspiracy charge. They call for the Zurich-based bank to pay […]
BoE’s Vlieghe sees rates rising in 2022 if economy recovers
BoE policymaker Gertjan Vlieghe said that the Bank of England could raise interest rates as soon as the first half of next year. This is if the job market bounces back faster than expected, but it is more likely to wait until later in 2022. Sterling strengthened against the dollar and euro. After Vlieghe’s remarks, […]
Deutsche Bank overhaul ahead of plan, CEO tells investors
Deutsche Bank’s multi-year overhaul is ahead of plan and remains its primary focus said Chief Executive Christian Sewing to the shareholders, promising an era of more sustainable profit. Due to the pandemic situation, the bank’s annual shareholder meeting was held online. This meeting took place in a more relaxed atmosphere than in recent years. Which […]
BoE’s Kashyap wants forensic investigation of Archegos collapse
The Bank of England policymaker Anil Kashyap said that the financial regulators should undertake a detailed cross-border probe into how the collapse of U.S. investment fund Archegos cost mostly foreign banks more than $10 billion. Kashyap is a finance professor at Chicago Booth business school. And also, he is an external member of the BoE’s Financial Policy […]
Bank of England aims for greener corporate bond portfolio
The Bank of England set out plans to make its 20 billion pounds ($28.4 billion) of holdings of sterling corporate bonds better aligned with government goals to achieve net zero carbon emissions. However, the central bank will not embark on an immediate sell-off of bonds issued by businesses that have high carbon emissions, such as […]
Bank of England tells banks to quantify climate risks
Bank of England executive director Sarah Breeden said that by 2050, banks and insurers are underestimating the potential impact of climate change on their business and should quantify risks from targeting net zero carbon emissions. For companies that face physical risks like fires and floods due to climate change, the banks and insurers hold assets […]
BOJ’s Kuroda signals readiness to extend pandemic-aid scheme
Governor Haruhiko Kuroda said that the Bank of Japan will consider extending its pandemic-relief programme beyond September deadline if necessary. This is because the country struggles with a spike in covid infections that is crippling the economy. He also said that the world’s third-largest economy remains on a path toward recovery. This is because robust […]
Deutsche Bank sets targets for sustainable investments, women leaders
German lender Deutsche Bank said that it would pump more than 200 billion euros ($244 billion) into so-called sustainable financing and investments by 2023. This is two years earlier than initially planned. The bank is aiming at more female leaders within its ranks. Because by 2025, women will make up 35% of managing director, director […]