HSBC Holdings, the biggest commercial lender in Hong Kong, on Wednesday reported 2 per cent profit growth for 2024, as gains from its wealth-management business and cost savings from restructuring offset the impact of interest-rate cuts. Net profit rose 2.2 per cent to US$22.9 billion or US$1.25 per share from US$22.4 billion a year earlier, […]
Binance, one of the world’s largest cryptocurrency exchanges, is shaking up its trading platform once again. The exchange has announced the removal of five spot trading pairs as part of its regular market review. This change, set to take effect on February 21, 2025, at 03:00 (UTC) where applicable, is aimed at keeping the platform efficient and user-friendly. According […]
This represents a 26.4 percent year-on-year (YoY) increase when compared with $14.83 billion recorded in the corresponding period of 2023. Breakdown of the Central Bank of Nigeria, CBN, Monthly Economic Report for the review period showed that exports fell by 1.98 percent YoY to $51.18 billion from $52.23 billion in the same period of 2023. […]
A little-known biotech company stunned the industry last spring when Summit Therapeutics announced its experimental cancer drug showed greater effectiveness than Merck’s Keytruda. The drug was licensed from Chinese company Akeso Inc., highlighting a growing trend of U.S. companies sourcing breakthrough medicines from China. Almost 30% of Big Pharma deals with at least $50 million […]
The Bank of New York Mellon (BK.N), opens new tab has agreed to pay $5 million to settle U.S. Commodity Futures Trading Commission charges for repeatedly failing to correctly report millions of swap transactions, violating a previous order, the regulator said in a statement on Monday. BNY repeatedly failed to correctly report at least 5 million swap […]
Private equity firms Summit Partners and Vista Equity Partners are exploring a potential sale of Trintech that could value the financial software provider at about $2 billion, including debt, according to people familiar with the matter. Trintech’s owners are working with investment bankers at Deutsche Bank on a sale process that could attract interest from […]
Australia’s bank regulator on Friday raised the amount of spare cash that No. 3 lender ANZ (ANZ.AX), opens new tab must keep on hand due to suspected wide-ranging misconduct at its bond trading unit, the first financial fallout from the growing scandal. The Australian Prudential Regulation Authority (APRA) had been due to review a A$500 million ($335 […]
Citigroup’s (C.N), opens new tab addition of a new section concerning its multi-year reorganization to its quarterly report filed with the U.S. Securities and Exchange Commission in August, followed queries from the markets regulator. The SEC’s letter to Citi, which was sent in June and disclosed on Wednesday, had asked the bank to revise future filings. In […]
Canada’s big six banks will probably set aside a total of C$4.5 billion in loan loss provisions in the third quarter, analysts predicted, up nearly 27% from a year ago, as insolvencies rise and lenders prepare for credit card and other delinquencies in a challenging economy. The banks, which control a big chunk of the […]
The yen rose sharply on Monday and the euro touched its highest this year as the dollar retreated broadly with traders bracing for dovish signals from Federal Reserve meeting minutes and Chair Jerome Powell’s speech at Jackson Hole. The minutes of the Fed’s July meeting, due on Wednesday, and Powell’s speech on Friday are likely […]