Posts by Mark Darwin
US regulator to propose strengthened rules for banks working with fintechs
A TOP US banking regulator is set to propose that banks bolster recordkeeping requirements for accounts held by fintech companies on behalf of their customers, following the collapse of bank-fintech middleman Synapse Financial Technologies earlier this year, which led to the freezing of thousands of accounts. Taken together, the new requirements would ensure consumers have…
Read MoreUS dollar dragged by 50 bps Fed cut wagers
THE US dollar hovered near its lowest levels of the year on Tuesday (Sep 17), a day before the expected start to a US easing cycle that markets are wagering may begin with an outsized rate cut. The euro hovered around US$1.1132, not far from the year’s high of US$1.1201. The yen eased to 140.71…
Read MoreUS dollar falls on 50 bps Fed cut wagers
THE greenback hovered near its lowest levels of the year on Tuesday (Sep 17), a day before the expected start to a US easing cycle that markets are wagering may begin with an outsized rate cut from the US Federal Reserve. The euro hovered around US$1.1132, not far from the year’s high of US$1.1201. The…
Read MoreSwiss watchmakers call on central bank to act on franc as exports slump
SWISS watchmakers urged the central bank and the government to support exporters by curbing the strength of the country’s currency as overseas sales slump. “With inflation currently well below 2 per cent, the Swiss National Bank (SNB) has room to manoeuvre and act on the foreign exchange market,” the Federation of the Swiss Watch Industry…
Read MoreNvidia-backed AI startup Sakana hits US$1.5 billion value as Japanese investors pile in
NVIDIA-BACKED Sakana AI was valued at US$1.5 billion a little over a year after its launch, boosted by investments from some of Japan’s biggest banks and companies, a source said. Founded in July 2023 by former Google researchers, Sakana has received an outsized welcome in Japan, which is eager to catch up to the US…
Read MoreTime to retire the emerging markets brand
AS THE US Federal Reserve moves towards rate cuts, some have heralded the imminent resurgence of “emerging markets” (EM). But what are they referring to? Kenya or Qatar? South Korea or Colombia? Commodity exporters or tech titans? Whether in equities or in bonds, the term “emerging markets” no longer does justice to the wide array…
Read MoreRate-cut fever boosts investor sentiment in September, BofA survey shows
GLOBAL investor sentiment improved in September for the first time since June on optimism over a soft landing and interest rate cuts by the US Federal Reserve, a BofA survey of fund mangers published on Tuesday (Sep 17) showed. According to the survey, cash allocations fell to 4.2 per cent with investors also rotating to…
Read MoreBanking’s new era of capital puts watchdogs on the spot
THE 16th anniversary of the collapse of Lehman Brothers has been marked by regulators signalling that the era of toughening up capital rules is over. The strength of banks and standards of safety have been significantly bolstered since 2008.
Read MoreCentral bank digital currency momentum growing, study shows
A TOTAL of 134 countries representing 98 per cent of the global economy are now exploring digital versions of their currencies, with almost half at an advanced stage and pioneers such as China, the Bahamas and Nigeria starting to see a pick up in usage. The research by the US-based Atlantic Council think-tank published on…
Read MoreDrivers more likely to be distracted while using partial automation tech, study shows
DRIVERS are more likely to engage in non-driving activities, such as checking their phones or eating a sandwich, when using partial automation systems, with some easily skirting rules set to limit distractions, new research showed on Tuesday. Insurance Institute for Highway Safety (IIHS) conducted month-long studies with two such systems – Tesla’s Autopilot and Volvo’s…
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