Posts by Yurie Miyazawa
Fed considers rule tweak that could save biggest US banks billions in capital
The US Federal Reserve is considering a rule change that could save the country’s eight largest banks combined billions of dollars in capital, in a potential long-sought win for the industry, according to four people with knowledge of the matter. At issue is how the central bank calculates an extra layer of capital it imposes…
Read MoreUS: S&P 500, Nasdaq open at fresh record highs; Powell testimony awaited
Wall Street stocks were mostly higher early Tuesday (Jul 9), with both the S&P 500 and Nasdaq adding to records ahead of congressional testimony from US Federal Reserve Chair Jerome Powell. Powell’s appearance before the Senate Banking Committee comes amid expectations for interest rate cuts later in 2024 that have contributed to a string of…
Read MoreDyson to axe around 1,000 jobs in Britain
VACUUM cleaner manufacturer Dyson will cut about 1,000 jobs in Britain as part of a global restructuring. The company, founded by James Dyson, the inventor of the bagless cleaner, employs 3,500 people in Britain, including at its R&D centre in Malmesbury, west England. Chief executive Hanno Kirner said on Tuesday (Jul 9): “We have grown…
Read MoreGlobal regulators tighten rules on banks outsourcing services
BOARD directors of banks must take ultimate responsibility for outsourced services and document how they manage the risk of outages and disruptions to customer services, the global Basel Committee of banking regulators proposed on Tuesday (Jul 9). Banks increasingly use third-party tech companies, such as Microsoft, Amazon and Google, for cloud computing to run key…
Read MoreCiti says it’s time to book profits in high-flying AI equities
THE rally in artificial-intelligence stocks may show little sign of flagging, but a historical review suggests it’s time to take profit in the biggest names, according to strategists at Citigroup. Sentiment towards AI-exposed equities is the strongest since 2019 and free cash flow at the bulk of those firms is forecast to outstrip analyst expectations,…
Read MorePing An Insurance considering convertible bond sale this year
The insurer would need Chinese regulatory approval to proceed with a convertible bond sale Ping An Insurance (Group) is considering a convertible bond sale this year, according to people familiar with the matter, following in the footsteps of Chinese technology companies including Alibaba Group Holding. Ping An is in preliminary talks with investment banks to…
Read MoreChina ‘cannot be ignored’: Temasek reshaping China portfolio from export to domestic-driven companies
DESPITE Temasek’s one-year portfolio returns being dragged down by China’s market performance, the world’s second-largest economy remains firmly on the state investor’s radar screen. Temasek said that it is readjusting its portfolio to focus on the country’s domestic markets. It will also expand its investments in Japan as well as South-east Asia, US and Europe.…
Read MoreSaudi Aramco seeks at least US$3 billion from first bond sale in three years
SAUDI Aramco is looking to raise at least US$3 billion from its first bond sale in three years, according to sources familiar with the plan. The world’s biggest oil exporter is offering debt with 10-, 30- and 40-year maturities, according to a source with knowledge of the matter. Meetings with fixed income investors are expected…
Read MoreFrasers Property obtains S$904 million sustainability-linked loan
The facility incorporate a price reduction structure which is pegged to the company’s global real estate sustainability benchmark (GRESB) performance, FRASERS Property’s wholly owned subsidiary, Frasers Property Treasury, has secured a dual-tranche, sustainability-linked loan aggregating S$904 million. On Tuesday (Jul 9), the group said proceeds from the facility, which has a tenure of five years,…
Read MoreTop Thai budget carrier expects 2024 core profit to hit record
ASIA Aviation, owner of Thailand’s biggest low-cost airline, expects record earnings from core operations this year as a surge in overseas visitors boosts seat demand and airfares. Thai AirAsia, the company’s 100-owned budget airline unit, also intends to add more flights to China and India to capitalise on a boom in travel from its two…
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