Date
25 January 2020

Finance

  • 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 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...
  • 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...
  • 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...
  • 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...
  • The healthcare sector has underperformed in 2019, becoming the second worst performing sector in the S&P 500 Index, behind energy. Photo: Reuters

    Investment themes for 2020

    - Jan 10, 2020 10:38am
    As we enter 2020, markets have priced in a substantial amount of favorable news, including global central bank easing and quantitative easing, a potential bottoming in economic data and some thawing of geopolitical risks. However, the...
  • Sweden launched its negative rate plan almost six years ago and has now reversed it due to the financial risks that arose from such policy. Photo: Bloomberg

    Sweden ends its experiment of negative rates

    - Jan 3, 2020 10:18am
    Negative rates are the destruction of money, an economic aberration based on the mistakes of many central banks and some of their economists who start from a wrong diagnosis: the idea that economic agents do not...
  • Ant Financial said it has submitted an application to the Monetary Authority of Singapore for a digital wholesale banking license. Photo: Reuters

    Ant Financial applies for Singapore digital banking license

    Jan 3, 2020 8:06am
    China’s Ant Financial, an affiliate of e-commerce giant Alibaba Group Holdings, has joined the race for a digital banking licence in Singapore, Reuters reports, citing a company statement. The Monetary Authority of Singapore (MAS) has said...
  • Stock Connect, which began operating last year, was seen as a major step by China to open up its capital markets as well as linking them globally. Photo: AFP

    China halts British stock link over political tensions: report

    Jan 2, 2020 4:03pm
    China has temporarily blocked planned cross-border listings between the Shanghai and London stock exchanges because of political tensions with Britain, five sources told Reuters. Suspending the Shanghai-London Stock Connect scheme casts a shadow over the future...
  • Employees work on the production line at a TV factory in Shenzhen. The credit impulse in China’s economy is expected to rise further, helping drive an improvement in the global business cycle. Photo: Reuters

    Emerging market outlook for 2020

    - Dec 31, 2019 8:00am
    It has been a turbulent year for financial markets in the emerging world. Not only did investors have to contend with a sharp slowdown in China’s economy in the first half of the year that spilled...
  • Singtel aims to bag a digital full banking license in Singapore through a joint venture with ride-hailing firm Grab. Photo: Bloomberg

    Singtel, Grab to partner for Singapore digital banking license

    Dec 30, 2019 10:12am
    Singapore Telecommunications (Singtel) is partnering with ride-hailing firm Grab Holdings to apply for a digital full banking license in Singapore. The firms said in a joint statement on Monday that they will establish a consortium, with...