Date
21 November 2018

Finance

  • FDIC chair Jelena McWilliams said while profitability was strong, the banking sector had seen heightened exposure to credit and interest-rate risk as lenders searched for higher-yield loans. Photo: Bloomberg

    US banking sector reports US$62 billion profit in Q3: FDIC

    Nov 21, 2018 9:03am
    The US banking sector posted US$62 billion in profits in the third quarter, up 29.3 percent from the same period a year ago, Reuters reports, citing quarterly data from the Federal Deposit Insurance Corporation (FDIC). Profits...
  • In India, Financial services stocks have been hit hard after infrastructure lender IL&FS suffered a debt default, with quality Indian banks caught up in the sell-off. Photo: Reuters

    Catching a falling knife

    - Nov 20, 2018 2:02pm
    Many people will view the prospect of investing in Asian equities right now as something like catching a falling knife. The perfect storm of a trade war, US dollar strength and rising interest rates has driven...
  • If a central bank digital currency were to be issued, it would immediately displace cryptocurrencies, which are not scalable, cheap, secure, or actually decentralized. Photo: Bloomberg

    Why central bank digital currencies would ruin cryptocurrencies

    - Nov 20, 2018 9:45am
    The world’s central bankers have begun to discuss the idea of central bank digital currencies (CBDCs), and now even the International Monetary Fund and its managing director, Christine Lagarde, are talking openly about the pros and...
  • Chna's insurance sector liberalization plan has not been derailed by the Sino-US trade row, according to a report. Photo: Reuters

    China on track to ease foreign ownership rules in insurance JVs

    Nov 19, 2018 9:37am
    China will accept applications early next year from foreign insurers seeking to take control of their local joint ventures and is even weighing giving them full ownership earlier than flagged, Reuters reports, citing people with knowledge...
  • Hong Kong has seen a surge in corporate share buyback activity amid a view that many stocks got oversold in recent months. Photo: Reuters

    Share buyback surge points to bottoming of HK equities

    - Nov 16, 2018 10:57am
    The Hang Seng Index has trended downward since hitting an all-time high at 33,484 on January 29. The benchmark is now more than 7,500 points, or 22 percent, off its peak. While market sentiment remains lackluster,...
  • Bank of East Asia chairman David Li said the family-run bank will put emphasis on financial technology investment and development. Photo: HKEJ

    Bank of East Asia sees fintech as way forward in next 100 years

    - Nov 14, 2018 3:04pm
    The Bank of East Asia (BEA), which is celebrating its 100th anniversary this year, has been a mainstay of the Hong Kong banking industry. Its development in the next 100 years will depend on financial technology...
  • Malaysian Prime Minister Mahathir Mohamad is seeking a “full refund” of the around US$600 million in fees Goldman Sachs earned from raising US$6.5 billion for the state fund 1Malaysia Development Bhd.  Photo: AFP

    Goldman Sachs bankers ‘cheated’ Malaysia over 1MDB: Mahathir

    Nov 14, 2018 10:09am
    Malaysian Prime Minister Mahathir Mohamad said bankers at Goldman Sachs Group Inc. “cheated” the country in dealings with state fund 1MDB and that US authorities have promised to help return the fees the Wall Street bank...
  • Former US President Barack Obama campaigned hard for the Democratic candidates in the midterms. The Democrats regained control of the House but the Republicans strengthened their majority in the Senate. Photo: Reuters

    US midterm elections: few changes, similar challenges

    - Nov 12, 2018 11:36am
    The midterm elections in the United States have produced a result that was very similar to what the surveys estimated. The “blue wave”, an overwhelming victory by the Democratic Party that was predicted by some, did...
  • The Dow Jones Industrial Average posted gains one year after the polls in 22 of the 24 midterm elections under review. The average gain was 13.9 percent. Photo: Reuters

    US stock market outlook after the midterm elections

    - Nov 9, 2018 11:01am
    The Democrats won the House and the Republicans kept the Senate in the US midterm elections. The outcome was basically in line with expectations. But would partisan politics in the US Congress present challenges for President Donald...
  • UBS says it will defend itself in court in a lawsuit filed by US authorities in relation to mortgage-backed securities sales in 2006 and 2007. Photo: Reuters

    UBS sued by US govt over crisis-era mortgage securities

    Nov 9, 2018 10:13am
    The US Justice Department has filed a civil fraud lawsuit against UBS Group, accusing the Swiss banking giant of defrauding investors in its sale of residential mortgage-backed securities in the run-up to the 2008-09 global financial...
  • Shanghai bourse's new tech board will adopt a registration-based IPO system, which would make the listing process more transparent and speedy. Photo: Reuters

    China’s new tech board and the potential candidates

    - Nov 7, 2018 4:39pm
    Chinese President Xi Jinping made a surprise announcement on Monday as he unveiled plans to establish a tech and innovation board in Shanghai to help domestic tech start-ups raise capital. The news, among other reactions, stoked...
  • The essence of value investing is buying good quality stocks during market weakness. Photo: Reuters

    Value investing is a lot more than seeking out low PE plays

    - Nov 6, 2018 11:03am
    Investors who practice value investing are typically attracted to shares with low valuations. But a survey of Chinese counters would show that buying into low PE stocks might end up with their valuations falling even lower. By...
  • Hong Kong's new Faster Payment System has been misused by some persons for fraudulent money transfers. Photo: CNA

    Full review needed to close loopholes in new HK payment system

    - Nov 2, 2018 11:30am
    Hong Kong Monetary Authority (HKMA) introduced the Faster Payment System (FPS) in late September. At launch, 21 banks and 10 Stored Value Facilities (SVF) licensees had joined the system that enables users to transfer money almost instantly to...
  • An estimated US$4.5 billion was misappropriated from 1MDB by high-level officials of the fund and their associates between 2009 and 2014, the US Justice Department has alleged. Photo: Reuters

    US charges financier, former Goldman bankers for 1MDB

    Nov 2, 2018 8:16am
    US prosecutors unveiled criminal charges against two former Goldman Sachs bankers and Malaysian financier Low Taek Jho tied to the alleged theft of billions from Malaysian sovereign wealth fund 1MDB, Reuters reports. Prosecutors in the US...
  • Global banks operating in the UK have already moved some staff and reorganized some operations ahead of Brexit, due on March 29. Photo: Bloomberg

    UK, EU close to Brexit deal on financial services, says official

    Nov 1, 2018 5:03pm
    A deal that would give UK-based financial services firms basic access to European Union markets after Brexit is nearly done, Reuters reports, citing a British official. The Times newspaper reported that a tentative deal had been...
  • One bitcoin is now worth around US$6,200. That is a steep 70 percent fall from its all-time high of near US$20,000 in December last year. Photo: AFP

    Early bitcoin investors count winnings after volatile decade

    Nov 1, 2018 8:53am
    Seven years ago, Marshall Hayner gave his grandfather one bitcoin, worth about US$30. On the paper wallet he fashioned to commemorate the gift, the US entrepreneur and software developer wrote: “Do not open until US$100,000.” It...
  • The use of blockchain technology in the banking industry is expected to reduce the risk of fraud in trade finance transactions and cut down on the number of steps used. Photo: Bloomberg

    HSBC, other banks launch HK blockchain trade finance platform

    Nov 1, 2018 8:34am
    A new blockchain-based trade finance platform, developed by HSBC (00005.HK), Standard Chartered (02888.HK) and 10 other banks, was launched in Hong Kong on Wednesday to boost efficiency in the multitrillion-dollar funding of international trade, Reuters reports....
  • ICBC will form a consortium with the central bank and the China Bond Insurance Co. to support private enterprises’ bond financing. Photo: Bloomberg

    China boosting loans to small firms as economy slows

    Oct 30, 2018 5:26pm
    China’s banking and insurance watchdog said on Tuesday that it will soon release new rules to boost financing to the private sector including small companies, and urged banks to keep lending to businesses facing temporary difficulties,...
  • Tobacco is among the sectors that come in for frequent attacks from activists who seek ethical stock investments from fund managers. Photo: Reuters

    Ethical investing: The reality

    - Oct 30, 2018 5:04pm
    Asia has for a long time been considered one of the newcomers to ‘ethical investing’, with Asia (ex-Japan) accounting for just 0.2 percent of global socially responsible investment assets, according to the Global Sustainable Investment Review...
  • Richard Li has revealed that he is now focusing on growing his insurance unit FWD given the huge opportunities in the region. Photo: HKEJ

    Richard Li sees big potential in SE Asia insurance market

    - Oct 30, 2018 4:43pm
    PCCW Ltd. (0008) chairman Richard Li said he is now devoting most of his time and effort to growing his group’s insurance business. In an interview with RTHK program Hall of Wisdom, Li, whose business interests...

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