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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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Credit Suisse plans deep China job cuts months after expansion

CREDIT Suisse Group is cutting at least one-third of its investment-banking workforce and about 40 per cent of research staff in China just two months after agreeing to spend US$160 million to take full control of its securities business in the world’s second-largest economy.

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FTX was run as ‘personal fiefdom,’ faces hacks, missing assets: attorneys

FTX was run as a “personal fiefdom” of former CEO Sam Bankman-Fried, attorneys for the collapsed crypto exchange said in its first bankruptcy hearing as they detailed ongoing challenges such as hacks and substantial missing assets.

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Goldman Sachs to pay US$4m SEC penalty in ESG fund case

GOLDMAN Sachs Group will pay US$4 million to settle US regulators’ claims that its asset-management unit didn’t properly weigh environmental, social and governance (ESG) factors in some of its investment products.

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