Bloomberg Ferdinand Marcos Jr., the late Philippine dictator’s son and namesake, was to be officially sworn in as president on Thursday, completing his family’s political revival nearly four decades after his father’s ouster. Marcos met with President Rodrigo Duterte at the presidential palace, where the outgoing leader was also given departure honors. The incoming president will take the oath of ...

Bloomberg Prime Minister Narendra Modi’s Bharatiya Janata Party will share power to govern India’s richest state of Maharashtra, a senior party member said, a day after the chief minister resigned following a rebellion by lawmakers of his own party. More than half the legislators of Uddhav Thackeray’s right-wing Shiv Sena have exited his ruling coalition claiming he has deviated from ...

  Bloomberg Russian hacker group Killnet targeted a string of Norwegian public service websites in the latest digital salvo against Nato member countries. Norway’s National Security Authority has been assisting a series of organizations in dealing with targeted cyber attacks from an alleged pro-Russian group, Director General Sofie Nystrom said. Some websites experienced instability or disruption, but there are currently ...

  Bloomberg The Reserve Bank of India (RBI) is fighting on several fronts to slow the rupee’s decline to fresh records, with little respite in sight. The Reserve Bank’s challenges include crashes in forward dollar premiums to rising open interest in futures that adds to pressure on the currency. Strategists say that the pressure will continue amid shrinking interest rate ...

Bloomberg At least three people involved in credit trading are leaving Standard Chartered (StanChart) amid a property debt crisis in China and an unprecedented selloff in fixed income globally. Duncan Robinson, global head of credit flow trading, is leaving the firm, according to people familiar with the matter, who asked not to be identified as they are not authorized to ...

Bloomberg China plans to extend the yuan’s trading hours as it seeks to increase global investor participation in onshore currency trading as part of its internationalisation push. Regulators led by the People’s Bank of China have told some banks to prepare for an extension of onshore yuan trading hours, according to people familiar with the matter, who asked not to ...

  Bloomberg Credit Suisse Group AG vowed to boost the business with rich clients and cut costs through simplifying technology as it seeks to emerge from two years of scandal and losses. The bank outlined plans to grow the wealth unit by focusing on priority markets such as Hong Kong and Singapore, in a presentation for an “investor deep dive” ...

  Bloomberg The surge in the dollar has set Asian currencies on course for their worst quarter since the 1997 financial crisis and created a dilemma for central bankers. Policy makers already grappling with the fastest inflation in decades now face stark choices: forcefully raise borrowing costs to defend currencies and risk hurting growth, spend reserves that took years to ...

Bloomberg South Korea ramped up foreign currency sales in the first three months of this year as it stepped into markets to counter the rapid weakening of the won, which has since dropped to a 13-year low. South Korean FX authorities, including the finance ministry and the Bank of Korea (BOK), sold a net $8.3 billion of their foreign exchange ...

Bloomberg Oil rallied for a fourth day as a government report showed US stockpiles dropped last week, exacerbating global supply concerns with shipments from Libyan ports suspended. West Texas Intermediate rose as much as 2.4% to trade near $114 a barrel. US crude stockpiles fell 2.76 million barrels last week, according to an Energy Information Administration (EIA) report on Wednesday. ...