February, 2021

• 25 February

  HSBC sees its future with 40% less office space post Covid-19

  

  Bloomberg HSBC Holdings Plc said it expects to eventually shrink its property footprint by 40%, the latest sign of how the pandemic is changing the role of the office. Europe’s largest bank would reduce its “real estate footprint” over the long term, Group Chief Operating Officer John Hinshaw said in a call with analysts after bank reported fourth-quarter results. Last ...

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• 25 February

  Credit Suisse, UBS to relocate bankers to China from Hong Kong

  

  Bloomberg Credit Suisse Group AG and UBS Group AG are relocating a number of bankers to mainland China from Hong Kong to better compete for deals after the world’s fastest growing major economy relaxed curbs on foreign financial firms. Credit Suisse moved three directors, including Vivian Feng, Richard Kot and Felix Meng, as well as four more junior bankers, to ...

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• 25 February

  Lloyds resumes dividends as profit beats, loan loss charges drop in Q4

  

  Bloomberg Lloyds Banking group Plc beat forecasts with a pretax profit of 792 million pounds ($1.1 billion) in its fourth quarter, helped by a buoyant UK housing market and government support for its borrowers. Britain’s biggest mortgage lender announced a dividend 0.57 pence per share, marking the end of a year without payouts to protect lending during the pandemic. In ...

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• 25 February

  Polish bank wants to end Swiss franc mortgage saga

  

  Bloomberg Poland’s state-controlled PKO Bank Polski SA wants to end the legacy of its Swiss-franc mortgage lending this year, piling pressure on the rest of the industry to follow suit. The country’s biggest bank will seek shareholders’ approval to offer conversion of foreign currency loans to all borrowers once the pilot program it’s running with selected clients is over, Chief ...

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• 25 February

  India’s central bank voices ‘major concerns’ about crypto

  

  Bloomberg The Reserve Bank of India (RBI) is concerned that cryptocurrencies may impact financial stability in Asia’s third-largest economy, a view that could shape looming regulations on the asset that is breaking price-records around the world. The monetary authority has conveyed these “major concerns” to government, Governor Shaktikanta Das said in an interview to CNBC TV-18. Prime Minister Narendra Modi’s ...

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• 24 February

  BOJ looks to show rate cut option is live

  Bloomberg The Bank of Japan (BOJ) will probably signal its readiness to lower its negative interest rate by pledging to mitigate any harmful impact such a move would have at a review next month, according to a former BOJ official in charge of monetary policy. “The BOJ likely wants to restore a rate cut as a viable option,” Kazuo Momma ...

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• 24 February

  HK’s first trading tax hike since 1993 pummels stocks

  

  Bloomberg Hong Kong unveiled its first stamp-duty increase on stock trades since 1993, sparking a broad selloff in the $7.6 trillion market and sending shares of the city’s exchange to their biggest plunge in more than five years. The planned trading-tax increase to 0.13% from 0.10% was part of a raft of new measures announced in Hong Kong’s budget that ...

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• 24 February

  Trading on India’s top stock exchange halted by telecom disruption

  

  Bloomberg The National Stock Exchange of India Ltd. (NSE) shut trading in its cash and derivative segments earlier on Wednesday, citing “issues” with telecom links of its two service providers, which it said impacted the system and stopped prices from updating. “We are working on restoring the systems as soon as possible,” a spokesperson for NSE, the world’s biggest derivatives ...

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• 24 February

  UAE leaders chair govt retreat to plan next 50 years

  

  DUBAI / WAM The government retreat to plan the next 50 years, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, began on Tuesday, with the participation of ...

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• 24 February

  Japan-UAE bilateral trade hits AED82.4b in 2020: Minister

  

  ABU DHABI / WAM The UAE is a long-time partner that has supported Japanese economy and society, and economic relations remain robust with $22.4 billion bilateral trade in 2020, a top Japanese official told WAM. “As one of the most significant crude oil suppliers to Japan, the UAE is a very important partner that has supported our economy and society ...

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