TAIPEI — The Taiwanese financial conglomerate SinoPac Holdings is entering the Cambodian banking industry by acquiring a local institution that is majority-held by Western investors, the latest example of the diversification of Taiwanese investment into Southeast Asia. SinoPac announced over the weekend that its subsidiary Bank SinoPac will acquire 100% of Amret, Cambodia’s largest microfinance […]
LONDON/HONG KONG — Concerns by shareholders of an HSBC split with Asia resurfaced at the annual meeting on Friday after HSBC Chief Executive Noel Quinn’s abrupt resignation this week. One shareholder asked about the possibility of another attempt to spin off the Asian business of Europe’s largest bank — a question quickly dismissed by Chairman Mark […]
TOKYO — Mitsubishi UFJ Financial Group seeks to invest in an Indian nonbank lender affiliated with top local lender HDFC Bank, aiming to capture retail financing demand in the South Asian country’s growing economy. Negotiations are underway to acquire around 20% of shares in HDB Financial Services for 200 billion yen to 300 billion yen ($1.3 billion to $1.96 […]
HONG KONG — A Tokyo-based law firm is set to reboot efforts to enlist investors hit by the sudden wipeout of certain bonds issued by the now-defunct Credit Suisse, adding to a growing movement to launch legal action across Asia. Eiji Masuda, the managing partner of Masuda & Partners Law Office in Tokyo, told Nikkei […]
The Japanese yen strengthened sharply in afternoon trading in Asia, bouncing after it briefly hit a new 34-year low of 160 against the dollar on waning expectations for near-term rate increases from the Bank of Japan. The yen rebounded to 155.07 to the dollar Monday afternoon after earlier touching its weakest level since April 1990. Trading volumes […]
Chinese electric vehicle maker Zeekr priced its initial public offering at $21 a share Thursday, at the top end of its range. The company will sell 21 million American depository shares to raise $441 million when it begins trading on the New York Stock Exchange on Friday under the ticker ZK. The offering sits at […]
BEIJING — Railway passenger trips in China hit a record high of over 20.69 million on Wednesday, the first day of the five-day May Day holiday, data from the national railway operator shows. The China State Railway Group Co, Ltd. (China Railway) said 17 million railway passenger trips are expected on Thursday, with 1,094 additional passenger […]
NEW YORK, May 9 (Reuters) – Jury selection is expected to wrap up Thursday in the criminal racketeering trial of Sung Kook “Bill” Hwang over the 2021 collapse of his $36 billion fund Archegos Capital Management, setting the stage for opening statements and witness testimony next week. Prosecutors, Hwang’s lawyers and U.S. District Judge Alvin […]
May 8 (Reuters) – Online brokerage Robinhood Markets (HOOD.O), opens new tab beat estimates for first-quarter profit on Wednesday, thanks to robust crypto trading volumes and rate hikes that boosted its net interest revenue. The approval of the first spot bitcoin ETFs in the U.S. in January boosted sentiment towards the crypto industry, which had been bruised […]
May 8 (Reuters) – New York Community Bancorp (NYCB.N), opens new tab was the cheapest U.S. bank stock among lenders with more than $3 billion in assets for the second straight month, an analysis by S&P Global Market Intelligence showed on Wednesday. The evaluation based on adjusted tangible book value (TBV) showed that as of April 30, […]