Hong Kong’s cash-for-residency scheme has opened up opportunities for local family office operators, with many joining hands to launch a US$100 million fund to manage investments for the applicants. Wings Capital, a local family office which has taken the initiative…
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A top U.S. bank regulator warned on Wednesday the agency may begin pushing back against the “worrisome trend” of states adopting laws meant to police national bank activities on political grounds. Michael Hsu, head of the Office of the Comptroller…
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The booming non-bank financial industry has created excessive leverage that poses financial stability risks and more reforms are needed to tackle it, including improving disclosure of positions, a Bank of England regulator said on Thursday. Non-bank financial institutions (NBFIs), including…
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Standard Chartered (STAN.L), opens new tab has hired more than a dozen new bankers to its private banking teams in Singapore, Hong Kong and the United Arab Emirates in a bid to grow the affluent business, a bank statement said on Thursday.…
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Goldman said second-quarter profit jumped 150% from a year earlier to $3.04 billion, or $8.62 per share; the bank’s results a year ago were hamstrung by write-downs tied to commercial real estate and the sale of a consumer business. Companywide revenue rose…
Read moreGold jumped to a record Tuesday as rising expectations of a September interest rate cut bolstered demand for bullion. Gold futures settled up 1.6% to an all-time closing high of $2,467.8 per ounce, after also hitting a new intraday record high…
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The South African Revenue Service (SARS) has officially opened tax season 2024, with the two-week pre-season auto-assessment rollout window now closed. Taxpayers who have not received an auto-assessment—or who did not accept the assessment from SARS—will not be required to…
Read moreSwedish bank Handelsbanken (SHBa.ST), opens new tab beat second-quarter net profit expectations on Wednesday as robust interest income and credit quality helped take some of the sting out of lingering high costs, sending its shares sharply higher. Net profit fell to 6.79…
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Morgan Stanley’s (MS.N), opens new tab second-quarter profit beat expectations on Tuesday, driven by a surge in investment banking and trading revenues that overcame muted results in wealth management. The bank joined other Wall Street lenders, including Bank of America (BAC.N), opens new…
Read moreA resurgence in investment banking helped Morgan Stanley’s (MS.N), opens new tab profit beat Wall Street expectations for the second quarter, but weakness in its key wealth business sent the bank’s shares nearly 3% lower before the bell on Tuesday. Revenue growth…
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