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Bloomberg Oversea-Chinese Banking Corp. agreed to buy National Australia Bank (NAB) Ltd.’s wealth management business in Singapore and Hong Kong, in the latest move by a Singapore lender to bolster operations serving Asia’s rich. OCBC said the business it’s buying is made up of a mortgage portfolio of about $1.7 billion and deposits of some $3.05 billion, according to a ...
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May, 2017
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11 May
CIMB adds seven hires at private bank in Asia
Bloomberg CIMB Group Holdings Bhd. hired seven people recently at its private bank in Singapore, according to a person familiar with the matter, as it seeks to become one of the top 20 Asian players in the sector. Five of the hires have already started and the remaining two will join by September, said the person, who asked not to ...
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11 May
Barclays may need 18 months to finish turnaround: CEO
Bloomberg Barclays Plc’s Jes Staley said he needs another six to 18 months before the bank can generate an acceptable return for investors, spelling out for the first time how long his strategy should take to bear fruit. “The group’s statutory return on equity is 9 percent, and we want to get that to 11 percent — I think we ...
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10 May
There may be no alternative to Merkel!
Though roller-coaster elections have recently become the norm in established democracies (witness France’s whirlwind campaign that ended recently), Germany appears determined to be an exception. As her party clinched yet another key regional election, Chancellor Angela Merkel is close to establishing her dominance in the September general election well ahead of time. Former European Parliament President Martin Schulz created ...
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10 May
The big risks in China’s ‘tightrope’ monetary policy
Although the Federal Reserve refrained from raising interest rates last week, it emphasized that policy makers still believe a gradual adjustment is warranted. On the surface, that’s a market-friendly policy because it means a slower pace of dollar appreciation, which would benefit emerging markets and commodities. Then there’s China, where a gradual adjustment higher in US rates could mean ...
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10 May
Europe ought to seize the Macron moment
Europe’s leaders are thrilled that Emmanuel Macron beat Marine Le Pen in the French presidential election — and they should be. Yet they ought to keep their celebrations brief, because they need to start thinking now about how to help Macron make a success of his presidency. Le Pen’s angry nationalism gave voice to widespread dissatisfaction with the European ...
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10 May
Moon needs pragmatic approach in North Korea
Democratic Party’s candidate Moon Jae-in has been declared the winner in South Korean presidential election. With 100% of the votes counted, Moon won with 41.08%, according to the country’s National Election Commission. As many as 13,423,800 voters chose Moon Jae-in as their preference for president. Moon, a liberal, was sworn in as South Korea’s new president on Wednesday and ...
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10 May
ADNEC contributes AED1.12bn to Abu Dhabi economy in Q1
Abu Dhabi / Emirates Business Abu Dhabi National Exhibitions Company (ADNEC) announced on Wednesday that the value of its direct and indirect contribution to the economy of Abu Dhabi reached AED1.12 billion in Q1 2017, representing an 8 percent growth over target. The company attributed the positive first quarter results to the improved contribution from its existing events including ...
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10 May
Bank ATMs in UAE hit 5, 211 mark in March
Abu Dhabi /Â WAM In yet another indicator of the growth of business sentiments in the country, the number of automatic teller machines operated by banks in the UAE hit a total of 5, 211 by end of March , an increase of 67 machines from the same period in 2016, according to UAE Central Bank statistics. Up to 40 ...
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10 May
SCTDA heads to China World Travel Market
Sharjah /Â WAM Sharjah Commerce and Tourism Development Authority (SCTDA), is participating for the first time in the China World Travel Market in Shanghai to explore new tourism markets. The China World Travel Market is taking place from May 10-12 in Shanghai and is one of the leading travel and tourism fairs in China, attracting more than 800 exhibitors from ...
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