Asia’s foreign reserves have dropped this year as central banks have intervened to support their currencies, with Japan, Indonesia and South Korea leading the declines. Foreign reserves across 12 countries, from Japan to India, fell about $50 billion to $7.5 trillion by the end of June. They had risen 2.2% in the same period last […]
Several U.S. mid-sized and regional banks reported a fall in their second-quarter profit, as income from charging customers interest was squeezed by higher deposit costs and tepid demand for loans. Most U.S. banks are expecting a decline in net interest income (NII) this year as high interest rates have impeded loan activity, while efforts to […]
THE cut-off yield on the latest Singapore six-month Treasury bill (T-bill) fell to 3.64 per cent, based on auction results released by the Monetary Authority of Singapore on Thursday (Jul 18). This was a 0.1 percentage point drop from the 3.74 per cent offered in the previous six-month auction, which closed on Jul 4. Demand […]
Google parent Alphabet GOOGL -1.58%decrease; red down pointing triangle is in advanced talks to acquire cybersecurity startup Wiz for roughly $23 billion, according to people familiar with the matter, in what would be its largest acquisition ever. A deal could come together soon, assuming the talks don’t fall apart, the people said. Source: WSJ
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 on the fund, said the initial target is to raise US$100 million from applicants of […]
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 of the Currency (OCC), said in a speech that such measures are pushing “greater fragmentation” […]
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 hedge funds, private credit providers and insurers, have become increasingly important. They accounted for $218 […]
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. The hires includes Nicholas Cheng, who joined as managing director, head of private markets group. […]
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 a more modest 17% to $12.73 billion on growth in the bank’s core trading, advisory, […]
Gold 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 of $2,474.5 during the session. Gold futures prices have climbed more than 19% this year. […]