With support for globalisation and free trade declining in much of the world, Asia has a historic chance to break out of its traditional role as a capital exporter to the West and to instead redirect flows to improve its own economies and financial industries. According to some estimates, the region’s pool of wealth at $110 trillion exceeds those of ...

Bloomberg Investors should stick with their stocks despite the sell-off this week because it would be harder to time the market and get back in, according to Brian Levitt, global market strategist for North America at Invesco. US equities suffered one of the deepest sell-offs of the year as mounting signs of a global economic slowdown stoked fears of a ...

Bloomberg Facebook Inc’s Libra cryptocurrency will be discussed as a delegation of American lawmakers visits Switzerland in the coming days. The group of six will hold a meeting with the Swiss Federal Data Protection and Information Commissioner Adrian Lobsiger, NZZ am Sonntag reports, citing his spokesman. It will be led by Democrat Maxine Waters, who has previously spoken critically about ...

Bloomberg Protest-battered Hong Kong should also brace itself for an “economic typhoon” caused by the US-China trade war and recent political unrest in the city, Financial Secretary Paul Chan wrote in a blog post on Sunday. The warning from the city’s top budget official came after Hong Kong slashed its 2019 growth forecast to as little as zero, down from ...

Bloomberg Indonesia’s rupiah has braved headwinds both at home and abroad to escape largely unscathed in the recent emerging-market (EM) sell-off, and the nation’s central bank is largely to thank for that. Bank Indonesia’s repeated interventions to maintain currency stability have helped soothe investor nerves, with the rupiah’s 0.8% loss this quarter making for the second-best performance among Asian EM ...

Bloomberg KCB Group Ltd. first-half profit jumped 5% as the East African nation’s largest lender earned more interest income from investing in government securities and providing business loans. Net income in the six months through June was 12.7 billion shilling ($123 million), Chief Finance Officer Lawrence Kimathi told investors. That matched estimates by African Alliance Securities Kenya. Net interest income ...

Bloomberg JPMorgan Chase & Co. has cut its 2020 earnings estimates for US stocks based on the projected impact of incoming tariffs and pinpointed companies that could be particularly affected by the levies. “Tariffs remain the largest source of risk for equities,” strategists led by Dubravko Lakos-Bujas wrote in a note. The bank is reducing its 2020 earnings estimate for ...

Bloomberg Deutsche Bank AG Supervisory Board Chairman Paul Achleitner is searching for his successor after overseeing a tumultuous period marked by multiple restructurings, top management changes and a slumping share price. The search is partly in response to shareholder criticism about succession planning, though Achleitner intends to complete his term expiring in 2022, people with knowledge of the matter said, ...

Bloomberg Berenberg, Germany’s oldest bank, has given up hope that US-China trade tensions will subside any time soon — with severe consequences for export-reliant nations. Economists slashed their 2020 growth forecasts for countries including Japan, Germany, France, Italy and the United Kingdom. They expect the euro area will expand by just 0.9%, down from 1.4% predicted only a few months ...

Bloomberg South African banks are concerned that some of their customers will get away with not having to repay their debt. President Cyril Ramaphosa signed the National Credit Amendment Bill into law, setting the groundwork for over-indebted consumers to have payments suspended, in part or full, for as many as 24 months, or even scrapped if their financial situation has ...