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Australian dollar rebounds after hitting six-week low; kiwi outperforms

THE Australian dollar rebounded on Thursday after hitting a fresh six-week low, as Federal Reserve minutes reinforced fears that US rates would be raised higher for longer, while the kiwi improved on a hawkish local rate outlook.

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Bank of Korea holds rates after year of non-stop hikes

SOUTH Korea’s central bank kept interest rates unchanged on Thursday, matching market expectations and ending an uninterrupted run of hikes for a year.

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Binance semi-automates B-token reserves management after errors

BINANCE Holdings is shifting to a “semi-automated” process for handling the reserves that back tokens it issues, following years of mismanagement in which reserves were mixed with other customer funds and at times appeared to be partially missing.

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World Bank touts an ESG bond it says is ‘immune’ to greenwashing

THE World Bank raised US$50 million through a bond structure it describes as unique and free from greenwashing — a growing concern among investors — and said it is lining up more of these deals for later this year.

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Wells Fargo lays off mortgage bankers: CNBC

WELLS Fargo & Co laid off hundreds of mortgage bankers this week as part of its recent strategic shift, CNBC reported on Wednesday, citing people with knowledge of the matter.

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Apollo discusses US$750 million First Boston leveraged-finance bet

APOLLO Global Management is in talks to inject US$750 million to support the leveraged-finance business of Credit Suisse Group’s investment-banking spinoff First Boston, according to people with knowledge of the matter.

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UOB’s H2 profit climbs 24% to S$2.6 billion on record net interest income

UOB on Thursday (Feb 23) posted a 24 per cent gain in net profit as it made S$2.6 billion for the second half of the year ended Dec 31, 2022, from S$2.1 billion for the year-ago period.

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UOB to ride on Citi acquisition to drive growth in 2023; posts S$1.2b Q4 profit

UOB expects its Citi portfolio acquisition will be a main growth driver in 2023, given that its performance has already surpassed expectations, said UOB chief executive Wee Ee Cheong.

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Banks tweak card offerings to compete with buy-now-pay-later players

SINGAPORE’S banks are offering shorter instalment periods on their credit cards, lowering eligibility thresholds and dangling rewards in a bid to woo customers from competitor financiers offering “buy now, pay later” (BNPL) options.

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Bangladesh banks’ profits to be pressured by high funding costs: Moody’s

BANGLADESH banks will be forced to borrow at higher costs as they are likely to face persistent liquidity pressures this year due to high inflation, hurting their net interest margins and profitability, Moody’s Investors Service said on Wednesday (Feb 22).

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