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Banking / Investment in Asia

  • Singapore punishes 20 banks in rate review

    SINGAPORE, 2013/06/30 Singapore's central bank censured a record 20 banks next it found additional than 100 traders in the city national tried to rig key borrowing and currency rates. The probe by the Monetary Authority of Singapore (MAS) marks the new development in a world crackdown on rate-rigging and adds additional banks, inclunding ING and Bank of America , to the inventory of lenders involved. The watchdog said on Friday that 133 traders had tried to inappropriately influence the rates. It did not fine the banks, but ordered them to set aside additional reserves for a year. 

  • A squeeze on credit in China

    CHINA, 2013/06/24 Analysts say the spike in the rates that banks charge each other for short-term borrowing is part of a deliberate, belated effort to trim off-balance-sheet lending that could threaten the financial stability of the world's second major economy. A squeeze on credit in China that is rattling world markets appeared to relieve slightly as a key interbank interest rate edged lower, prompting speculation the country\'s central bank may have intervened to calm ravaged nerves. Coming at a time of deepening uncertainty over a slowdown in China's increase, though, the credit crunch is having an outsized impact on markets far beyond the Chinese mainland that by presently were jittery over U.S. plans for “tapering,” or scaling back massive monetary easing as conditions in the U.S. improve.

  • Foreign direct investment (FDI) notched up last year

    PHILIPPINES, 2013/06/20 A drive to increase the number of industrial parks opening their doors across the Philippines is gathering pace as the country moves to build on a landmark level of foreign direct investment (FDI) notched up last year. The Philippines Economic Zones Authority (PEZA) is spearheading efforts to expand the network of industrial and data technology (IT) free zones and further boost the growing presence of major multinationals.

  • Investors are looking for better returns in emerging markets, including Malaysia

    MALAYSIA, 2013/06/19 With interest rates in developed nations at record lows, a lot of investors are looking for better returns in emerging markets, inclunding Malaysia, where sound macroeconomic fundamentals and attractive yields are driving request for sovereign deficit. The May 5 re-election of the business-friendly Barisan Nasional (BN) party is likely to raise further the profile of South-east Asia’s major bond market. Even prior to the election, activity on Malaysian government deficit markets had jumped, with average daily trade volumes for sovereign bonds surging during the initial two weeks of April to reach three times the figure recorded for the same period in March, international press reported.

  • Cobrapost expose: RBI penalises Axis, HDFC, ICICI banks for rule violations

    INDIA, 2013/06/11 The Reserve Bank today imposed a fine of Rs 5 crore on Axis Bank, Rs 4.5 crore on HDFC BankBSE 0.07 % and Rs 1 crore on ICICI BankBSE -2.03 % for violation of KYC norms and anti-money laundering guidelines next inquiring into charges levelled by a online portal Cobrapost.

  • European Union companies set to step up investment in China

    CHINA, 2013/06/06 Additional European companies are planning further investment in China, the European Union Chamber of Commerce in China said on Thursday. These companies are showing increasing interest in China thanks to new opportunities they perceive to be promised by the country's new leadership as it seeks further economic increase through reform, said Davide Cucino, president of the chamber.

  • Samruk-Kazyna to implement 83 projects worth over $51 billion

    KAZAKHSTAN, 2013/05/13 Samruk-Kazyna National Welfare Fund plans to implement 83 investment projects worth over $51 billion, Tengrinews.kz reports citing the fund’s press-service. “The fund is currently taking part in implementation of 100 investment projects worth over $82 billion via its major branches. The fund is additionally considering implementation of an extra 83 investment projects worth $51.7 billion,” the message states.

  • Bank Indonesia deputy governor Perry Warjiyo

    INDONESIA, 2013/05/13  People buying and selling rupiah will any minute at this time have a clearer idea of what the local currency is worth at the same time as the central bank launches a new pricing tool later this month, in a bid to stem further depreciation against the US dollar. The mechanism, known as fixing spot rate, will help the central bank better influence the rate of the currency, one of Asia's weakest in the completed year.

  • Bank reforms ahead of ASEAN economic community

    ASIA, 2013/05/07 The Indonesian banking system needs to be reformed to survive in the coming ASEAN community in 2015 and globalized world in general. Reforms must improve market competition to lower interest rate, improve banking services and increase competitiveness of domestic banks both domestically and internationally. In terms of investment and branch networks, banking is the core of economy in Indonesia.

  • Singapore banks agonize over rich clients in tax evasion crackdown

    SINGAPORE, 2013/05/07 Banks in Singapore are urgently scrutinizing their account holders as an imminent deadline on stricter tax evasion measures forces them to decide whether to send some of their wealthiest clients packing. The Southeast Asian city-national has grown into the world's fourth-biggest offshore financial center but, with U.S. and European regulators on the hunt for tax cheats, the government is clamping down to forestall the kind of onslaught from foreign authorities that is presently hitting Switzerland's banks.
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