Posts by Stephanie Irvin
HSBC overhauls trading business in bid to become debt powerhouse
The firm will merge Group-of-10 rates trading unit with FX, EM rates and commodities desks into a new global macro division [LONDON] HSBC Holdings is restructuring its trading division as part of chief executive officer Georges Elhedery’s push to make the lender a powerhouse in the debt financing business. The firm’s Group-of-10 rates trading unit…
Read MoreXiaomi rides fan base to EV profitability faster than Tesla
China’s mature EV supply chain helps Xiaomi to reach scale without needing heavy capital [BEIJING] Xiaomi parlayed its popularity with an existing customer base to rake in orders for its push into electric cars, reaching profitability in less than half the time it took Tesla. The consumer electronics giant on Tuesday (Nov 18) reported a…
Read MoreUS Fed official defends easing of bank oversight as concerns mount
THE US central bank’s top banking regulator on Tuesday defended efforts to revamp oversight of the sector, as she faces warnings that weakened supervision could destabilise the financial system. “Our supervisory approach is not about narrowing our focus — it is about sharpening it,” Michelle Bowman, Federal Reserve vice-chair for supervision, said in a statement.…
Read MoreElon Musk’s X down for thousands of US users, Downdetector shows
[WASHINGTON] Elon Musk’s X was down for thousands of users in the US on Tuesday (Nov 18), according to outage tracking website Downdetector.com. There were more than 11,500 reports of issues with the social media platform as of 06.41 am ET, according to Downdetector, which tracks outages by collating status reports from a number of…
Read MoreBitcoin drops to a 7-month low while global stocks sell off; bonds rally
[LONDON] Stocks sold off and Bitcoin hit a seven-month low as investors pulled back from riskier corners of the market before a high-stakes week featuring Nvidia’s earnings and a pivotal US jobs report. A gauge of global stocks hovered around a one-month low, while Asian shares fell 2 per cent and are on track for…
Read MoreCrypto giants moved billions in illegal funds despite crackdown
Regulators and law enforcement have tried to push crypto exchanges to implement anti-money laundering safeguards WHEN US President Donald Trump pardoned Zhao Changpeng in October, the White House press secretary painted the founder of the world’s largest cryptocurrency exchange as the victim of a political witch hunt. “The Biden administration’s war on crypto is over,”…
Read MoreNomura said to probe if profits inflated at India bond desk
[MUMBAI] Nomura Holdings is investigating its India fixed-income business, asking senior officials in its rates division to determine whether profits were inflated in recent years, according to sources familiar with the matter. The probe, launched by the bank’s compliance department, centres on how the firm valued trades in Strips, an acronym for Separate Trading of…
Read MoreAirbus says Middle East regional aircraft to more than double by 2044
[DUBAI] Airbus expects the Middle East’s regional aircraft fleet to more than double to 3,700 planes by 2044, an official said on Sunday (Nov 16). The European planemaker expects passenger traffic in the Middle East to grow at a compound annual rate of 4.4 per cent over the next two decades, Airbus Head of Marketing…
Read MoreSamsung plans US$310 billion investment to power AI expansion
Five-year investment package includes plans to build a new semiconductor facility designed to meet the needs of memory-chip demands [SEOUL] South Korean conglomerate Samsung unveiled on Sunday (Nov 16) a plan to invest US$310 billion over the next five years mostly in technology powering artificial intelligence (AI), aiming to meet growing demand driven by a…
Read MoreKorean conglomerates pledge US$464 billion of domestic investment
A trade deal with the US sparked concerns over low domestic investment and the nation’s currency [SEOUL] Samsung Electronics, Hyundai Motor Group and LG Group pledged to invest a combined US$464 billion in South Korea over the next five years after meeting with President Lee Jae Myung, who is seeking to shore up the economy…
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