January, 2023

• 12 January

  Thailand planning first virtual banks in 2025

  

    Bloomberg Thailand will allow the nation’s first virtual banks to offer services in 2025 amid a push to boost competition, widen loan access and cut costs for businesses and the individuals. The Bank of Thailand plans to issue three such licenses in 2024 before the operations begin a year later, said Assistant Governor Tharith Panpiemras. There are about 10 ...

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• 12 January

  Standard Chartered sees Sri Lanka debt deal delayed by end of this year

  

  Bloomberg Sri Lanka will probably clinch a debt restructuring deal with its creditors only by the end of the year, with Standard Chartered Plc predicting losses for both domestic and dollar bondholders. The International Monetary Fund (IMF) board approval of a $2.9 billion bailout for the island nation is likely to happen in the second rather than first quarter of ...

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• 12 January

  Credit Suisse longtime backer Harris slashes its stake by half

  Bloomberg Credit Suisse Group AG’s longtime top shareholder Harris Associates slashed its stake by about half, in a sign of wavering confidence on the latest turnaround plan of the troubled Swiss lender. The US investment firm, which last year still held a stake of about 10%, saw its holding fall to about 5% as of the end of last year, ...

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• 12 January

  South Korea set for one more rate hike

  

    Bloomberg The Bank of Korea (BOK) is set to raise its key interest rate one more time, with policymakers then seen bringing their 18-month tightening cycle to a close amid rising concerns about the economic outlook. Eleven of 16 economists surveyed expect the central bank will hike the benchmark to 3.5%, while the remaining five expect it to hold at ...

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• 12 January

  There’s no alternative to raising rates: ECB official

    Bloomberg European Central Bank (ECB) Governing Council member Mario Centeno said increases in borrowing costs must persist until inflation is on a sustainable path to officials’ 2% target. Despite moderating for two straight months, price gains are “still too high,” Centeno told lawmakers in Lisbon, where he heads Portugal’s central bank. “How can we respond to this problem?” Centeno ...

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• 12 January

  Top US banks slash bond sales, a bright spot for investors

  

  Bloomberg The six biggest Wall Street banks are expected to slash their corporate bond issuance in 2023 for a second year in a row, offering a bright spot for investors nursing record losses from the debt last year. The biggest US banks could sell a total of $20 billion to $25 billion across currencies this month after they post earnings, ...

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• 12 January

  Stocks advance, US futures becalmed before CPI data

  

    Bloomberg European stocks advanced and Wall Street futures were steady as traders braced for a report that may show US inflation is cooling, reducing pressure for aggressive rate hikes from the Federal Reserve. The benchmark European stocks gauge advanced 0.5%, boosted by a second day of gains for real estate stocks amid hopes of an easier outlook for rates. ...

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• 12 January

  South Korea plans to extend won trading hours from next year

  

    Bloomberg South Korea plans to significantly extend onshore trading hours for the won next year in an effort to improve access for foreign investors. The government will work to allow dollar-won spot trading until 2 am as early as the second half of 2024, versus the current close of 3:30 pm, Finance Minister Choo Kyung-ho said during a press ...

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• 12 January

  FTSE 100 hits record high

    Bloomberg Britain’s blue-chip stock index is trading near an all-time high in an optimistic start to 2023, adding to gains for a gauge that managed to avoid last year’s global selloff. The FTSE 100 Index closed up 0.4%, taking its year-to-date rise to 3.7% and closing at the highest level since August 2018. The index is less than 2% ...

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• 12 January

  Emirates NBD issues 3-year dirham-denominated bond

  

  DUBAI / WAM Emirates NBD has announced the successful pricing of its inaugural AED1 billion dirham-denominated bond, the first such issue by a UAE bank. The group’s bond sale will support the further development of a medium-term bond yield curve and facilitate access to financing for UAE corporations. The three-year bond saw strong demand, with the order book peaking at ...

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