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Libor up to 14-year high amid year-end funding focus

THE three-month London interbank offered rate for dollars climbed to the highest level since the financial crisis in an otherwise quiet day for the front-end of fixed income markets.

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Most Federal Reserve officials say slower rate hike pace appropriate ‘soon’

A MAJORITY of US Federal Reserve policymakers found that a slower pace of interest rate hikes would “likely soon be appropriate,” the central bank said on Wednesday.

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China will use timely RRR cuts to keep liquidity ample

CHINA will use timely cuts in banks’ reserve requirement ratio (RRR), alongside other monetary policy tools, to keep liquidity reasonably ample, state media on Wednesday (Nov 23) quoted a Cabinet meeting as saying.

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BOJ to conduct digital yen trial with Japan’s 3 megabanks, others

THE Bank of Japan (BOJ) will start a trial with an eye on launching a digital yen with Japan’s three megabanks and regional banks next spring, the Nikkei newspaper reported.

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Three of China’s biggest banks to provide support for property developers

THREE of China’s biggest commercial banks have agreed to provide fundraising support to property developers, including industry giant Vanke, in a coordinated effort to support the country’s embattled property sector.

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Maybank Q3 earnings up 28.5% to RM2.2b on higher revenue

MALAYAN Banking (Maybank) on Wednesday (Nov 23) posted a net profit of some RM2.2 billion (S$655.9 million) for the third fiscal quarter ended September, up 28.5 per cent from its earnings of RM1.7 billion in the comparative year-ago period.

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Japan’s Mitsubishi UFJ to buy two Asia units of Home Credit for 600 million euros

JAPAN’S Mitsubishi UFJ Financial Group plans to buy the Philippines and Indonesian units of Dutch consumer finance company Home Credit Group BV for about 600 million euros (S$857.1 million), a person familiar with the matter said on Wednesday (Nov 23).

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European Central Bank risks economic overkill with steep rate hikes

The European Central Bank (ECB) is so intent in breaking inflation, that it risks an economic overkill. Its chief economist Philip Lane said earlier this week that the plan is to continue with steep interest rate rises in the next few months. This follows a 75 basis-point increase to 2.25...

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Credit Suisse suffers US$1.6b Q4 loss, cash exodus

CREDIT Suisse Group has warned that it will book a loss of up to 1.5 billion Swiss francs (S$2.2 billion) for the fourth quarter, and also reported further outflows of wealth management funds amid a slump in client confidence.

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China central bank adviser sees GDP growth above 5% in 2023

CHINA’S economy will likely grow more than 5 per cent next year should Covid disruptions end and the government roll out more policies to boost confidence and consumption, according to an adviser to the People’s Bank of China (PBOC).

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