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Danske Bank crisis has a warning for all banks

COPENHAGEN: Danske Bank A/S has been dealing with negative interest rates longer than any other major bank. That’s why its latest crisis, which cost a top executive his job, carries an important warning for its peers in Europe.

Denmark’s biggest bank is best known for its role at the center of a vast money laundering scandal. But last month, it got caught in another embarrassment, namely overcharging retail clients for investment products and causing them to lose money.

India expects economy to rebound this year

NEW DELHI: India expects economic growth to rebound this year from a five-year low, as political stability aids a pickup in demand and investments.

Maybank offers cashless service for SMEs

KUALA LUMPUR: Malayan Banking Bhd (Maybank) is upping its fintech game with the introduction of Tap2Phone, an app which enables merchants to accept credit card payments from customers without the need for a point-of-sale terminal.

Deutsche Bank explores selling unwanted assets

NEW YORK: Deutsche Bank AG is sounding out potential buyers for a wide range of unwanted assets as it lays the groundwork for its most dramatic overhaul in recent history, people with knowledge of the matter said.

BoJ policymaker sees no need for immediate easing

HIROSHIMA: The Bank of Japan (BoJ) does not need to ramp up monetary stimulus for now as a moderate recovery is expected later in the year but should be ready to loosen policy further if external pressure on the economy intensifies, board member Yukitoshi Funo said yesterday.

The comments from Funo were the most direct signal to date by a BoJ policymaker that the central bank was in no rush to expand stimulus as long as the economy sustains a moderate recovery.

EU picks Lagarde to head ECB

LONDON: Eurozone bond yields hit new record lows yesterday after a decision by European Union leaders to pick France’s Christine Lagarde as next European Central Bank (ECB) chief reassured markets that the central bank’s dovish stance would remain in place.