28 January 2020

Finance & Property

  • Facebook's Libra plan is among the factors that are prompting central banks to consider issuing their own digital currencies. Photo: Reuters

    More central banks look to issue own digital currencies: BIS

    Jan 24, 2020 9:18am
    A rising number of central banks are likely to issue their own digital currencies in the next few years, research by the Bank for International Settlements (BIS) showed on Thursday, Reuters reports. Some 20 percent of...
  • A reorganized Baoshang Bank will be taken over by an investor group comprising some local governments in China and state controlled firms, according to a report. Photo: Bloomberg

    Baoshang Bank to be acquired by local govts, state firms: report

    Jan 21, 2020 3:00pm
    China’s troubled Baoshang Bank will be taken over by local governments and a group of state firms, Reuters reports, citing an unidentified central bank official. The governments of Inner Mongolia Autonomous Region and Baotou, a major...
  • The proposal values WeWork China at around US$1 billion. Photo: Reuters

    Temasek, Trustbridge eye majority stake in WeWork China: report

    Jan 17, 2020 12:01pm
    Temasek Holdings and Trustbridge Partners have held talks with WeWork China over increasing their stake in the China branch of the troubled co-working startup to take majority ownership, three people familiar with the matter told Reuters....
  • Real estate investment in China grew 9.9 percent last year from the year-earlier period, outpacing a 9.5 percent gain in 2018. Photo: CNSA

    China property investment grows at solid pace

    Jan 17, 2020 11:21am
    China’s property investment hit a two-year low in December even as it grew at a solid pace in 2019, adding to recent signs of a slackening in the sector, Reuters reports. Real estate investment, which mainly...
  • The People's Bank of China has cut the reserve requirement ratio eight times since early 2018 to help shore up the cooling economy. Photo: Bloomberg

    Room limited for further RRR cuts, says PBoC official

    Jan 16, 2020 4:33pm
    China’s reserve requirement ratio (RRR) is at an appropriate level and there is limited room for further cuts, a central bank official said on Thursday. China will make timely adjustments to benchmark deposit rates, and should...
  • The deal aims to address a number of long-standing US complaints regarding investment barriers to China’s financial sector. Photo: AFP

    Trade deal promises to improve access to China financial sector

    Jan 16, 2020 2:35pm
    The long-awaited US-China trade deal touted new wins for US companies looking to access China’s US$40 trillion financial sector, but many of the changes were already in the works with Beijing stepping up the pace of...
  • Many analysts are forecasting a further slowdown in China's property market this year. Photo: Reuters

    China home prices grow at slowest pace in 17 months

    Jan 16, 2020 11:56am
    China’s new home prices grew at their weakest pace in 17 months in December, with broader curbs on the sector continuing to cool the market, Reuters reports. Average new home prices in China’s 70 major cities...
  • Bank of America expects net interest income to decline through the first half of 2020 before picking up. Photo: Bloomberg

    Bank of America quarterly profit falls 4% on lower rates

    Jan 16, 2020 10:04am
    Bank of America reported a 4 percent decline in profit for the fourth quarter, a result attributed to lower interest rates that crimped the net interest income. The earnings — at nearly US$6.8 billion — were...
  • BlackRock has benefited from a rally in global equity markets and strong inflows across business segments. Photo: Bloomberg

    BlackRock profit beats estimates as assets top US$7 trillion

    Jan 16, 2020 9:40am
    BlackRock Inc., the world’s largest asset manager, beat analysts’ estimates for quarterly profit on Wednesday, helped by strong flows into its exchange-traded fund business that boosted overall assets under management to a record US$7.43 trillion, Reuters...
  • Dongguan-based property developer Huijing Holdings saw its HK$1.4 billion initial public offering attract just 32 percent subscription. Photo: Huijing

(09966.HK), which focuses on urban rendevelopment in Dongguan, recorded one of the poorest invest

    Huijing IPO turns cold amid listing frenzy

    - Jan 15, 2020 12:43pm
    They say when it rains, it pours. But some end up with just trickles. Same thing with IPOs. Beijing-based mobile app developer NewBorn Town (09911) saw the retail tranche of its initial public offering oversubscribed 1,400...
  • Over the past two years, the typically more speculative first-tier home market has displayed smaller price gains than the lower tier Chinese cities. Photo: Reuters

    China property: Why policy easing impact may be different now

    - Jan 15, 2020 8:30am
    China loan prime rate (LPR) is down 16 basis points (bps) compared to half a year ago. Authorities have also cut the reserve requirement ratio (RRR) for commercial lenders, and there could be more such moves....
  • JPMorgan Chase & Co. said its outlook is constructive, underpinned by the strength of the US consumer. Photo: Bloomberg

    JPMorgan posts record annual profit as bond trading rebounds

    Jan 15, 2020 7:56am
    JPMorgan Chase & Co. posted its biggest-ever annual profit as its bond trading business bounced back in the last three months of the year, Reuters reports. Revenue rose at all but one of JPMorgan’s four main...
  • Alibaba-backed MYbank is one of the four online-only banks that have secured a license to operate in China since 2014. Photo: Xinhua

    China to frame rules for online-only banks this year: report

    Jan 14, 2020 1:12pm
    China is working to finalize its first rules to cover online-only banking operations in a push to minimize risk in the financial sector and attract players including foreign lenders, Reuters reports, citing people with direct knowledge...
  • Taiwan's central bank will continue to dialog with the United States, an official said. Photo: Bloomberg

    Taiwan denies using swaps to intervene in currency market

    Jan 14, 2020 11:26am
    Taiwan’s central bank has never used swaps to intervene in the currency market, a senior central bank official told Reuters on Tuesday, after the US Treasury Department cited an analyst report suggesting the island was doing...
  • The new rules extend the powers of CFIUS to review non-controlling investments made by foreigners in key areas like critical technologies, infrastructure and sensitive personal data. Photo: Xinhua

    US exempts some Australia, Canada, UK firms from CFIUS review

    Jan 14, 2020 8:33am
    The Trump administration will exempt some companies from Australia, Canada and the United Kingdom from beefed up scrutiny of foreign investments in the United States, under rules released on Monday, Reuters reports, citing a senior Treasury...
  • The US Treasury Department said China has made “enforceable commitments to refrain from competitive devaluation” and agreed to publish relevant data on exchange rates and external balances as part of the Phase One trade deal. Photo: AFP

    US Treasury removes designation of China as currency manipulator

    Jan 14, 2020 8:18am
    The US Treasury Department said China should no longer be designated a currency manipulator in a long-delayed semi-annual currency report, reversing its August finding, Reuters reports. The widely expected decision came as a high-level Chinese delegation...
  • Visa expects the deal to close in the next three to six months and benefit its adjusted earnings per share at the end of the third year. Photo: Bloomberg

    Visa to buy fintech startup Plaid in US$5.3 billion deal

    Jan 14, 2020 8:08am
    Visa Inc. said it agreed to buy privately held software startup Plaid Inc. in a US$5.3 billion deal that will boost the payments giant’s access to the booming financial technology space, Reuters reports. The transaction highlights...
  • A good rule when investing in Australia at the moment would be to focus on the top three factors that will likely drive growth – affordability, infrastructure development, and foreign participation – in that order of priority. Photo: Reuters

    Global property markets: The 2020 market vision

    - Jan 13, 2020 1:25pm
    The year 2020 is shaping up to become a turning point for several key property markets around the world. The interesting confluence of different factors is driving them through long-term growth and short-term fluctuations. For those...
  • Chief Executive Carrie Lam delivers the keynote address at the opening of the Asian Financial Forum at the Hong Kong Convention and Exhibition Centre in Wan Chai on Monday. Photo: AFF

    Lam: HK strengths as financial hub intact despite protests

    Jan 13, 2020 12:41pm
    Chief Executive Carrie Lam Cheng Yuet-ngor on Monday said Hong Kong’s strengths as a global financial hub have not been undermined by months of pro-democracy protests. Protests in the city escalated in June over a now-withdrawn...
  • The China Banking and Insurance Regulatory Commission said the total assets of the country’s shadow banking sector had fallen by 16 trillion yuan over the past three years. Photo: Bloomberg

    China disposed of US$289 billion of bad loans in 2019: regulator

    Jan 13, 2020 10:18am
    China disposed of around 2 trillion yuan (US$289.11 billion) in non-performing loans over the whole of last year amid a national campaign to restrict high-risk lending, the country’s banking regulator said. The China Banking and Insurance...