[ SHANGHAI/SINGAPORE: China’s central bank on Monday left a key policy interest rate unchanged as widely expected when rolling over maturing medium-term loans, and drained some cash from the banking system through the bond instrument. WHY IT’S IMPORTANT Keeping the medium-term lending facility (MLF) rate steady underscores the central bank’s intention to maintain currency stability … Read more
[ Citigroup’s profit fell in the first quarter as it spent more on severance payments for laid-off employees and set aside money to refill a government deposit insurance fund. Net income fell to $3.4 billion, or $1.58 per share, in the three months ended March 31, the bank said on Friday. That compares with $4.6 … Read more
[ SEOUL: South Korea’s central bank said on Friday greater uncertainty on the inflation outlook and the strength of exports argued against a near term push to cut interest rates after the bank left the policy rate steady at a 15-year high. “To give a six-month ahead outlook or so, all of the board members … Read more
[ KUALA LUMPUR: Bank Negara Malaysia (BNM) has required two banks which experienced services outages recently to provide a full explanation of the root cause leading to the incidents. The central bank said in a statement on Tuesday night that both banks were also required to provide corrective and preventive measures undertaken to avoid a … Read more
[ JPMorgan Chase’s board said an orderly CEO transition is a top priority for the largest U.S. bank in the medium term, 18 years after Jamie Dimon took the helm. Succession is in focus across Wall Street. Morgan Stanley’s new CEO Ted Pick took over at the start of the year from James Gorman, who … Read more
[ RHB Banking Group is eyeing several key industries to enlarge its market share in the small and medium enterprise (SME) segment. Currently, the fourth-largest financial services group in Malaysia commands close to 8% of the local SME market and targets to improve it further within the next three years. Read original article here Denial … Read more
[ PENANG: A Maybank branch employee in Kampung Baru, Penang recently prevented a customer from losing RM150,000 to phone scammers impersonating enforcement agency officers. The issue started when the customer Fatimah, a 57-year-old government contract worker, received a call that appeared to be from her bank, claiming that she was involved in unauthorised transactions and … Read more
[ KUALA LUMPUR: UOB Malaysia has launched The Business Circle in Malaysia, an initiative to help prepare the next generation leaders of Asia’s family-led firms to run their businesses and fast track growth. In a statement, UOB said members of The Business Circle will gain exclusive access to knowledge exchange, region-wide networking opportunities for potential … Read more
[ WASHINGTON: Federal Reserve Chair Jerome Powell says the central bank is not growing more tolerant of higher inflation even though the latest policymaker projections raised the inflation outlook for the year without triggering a tougher monetary-policy response. But former Fed officials and other analysts see Powell nevertheless approaching a difficult moment trying to reconcile … Read more
[ SHANGHAI: The Industrial and Commercial Bank of China said on Thursday it will support moves underway in the world’s second-largest economy to stabilise its property market. The comments were made by Wang Jingwu, a vice president at the world’s largest lender, at a press conference held a day after its annual results were published. … Read more
