Cruise operator Genting Hong Kong said Wednesday it has filed to wind up the company, as its cash is set to run out by end of January. It comes on the heels of warnings last week from the company that it could face potential cross-defaults on financing arrangements worth $2.8 billion, as a result of […]
OCBC Bank has announced it has begun making goodwill payouts since 8 January 2022 for customers who have fallen prey to recent SMS phishing scams. To date, more than 30 customers have received payouts after verification of each case. The bank reports this to be a “particularly aggressive and highly co-ordinated scam”, which preyed on […]
JPMorgan Chase will spend more than $12 billion on technology in 2022, contributing to an eight per cent rise in expenses that could hurt the bank’s profitability targets. Reporting fourth quarter results, JPMorgan set out technology spending plans that will see it use “microservices architecture, cloud and modern engineering practices to accelerate softwaredevelopment”. The bank […]
SINGAPORE — Asia-Pacific markets lost momentum Tuesday afternoon as major indexes across the region erased earlier gains, but oil prices trended higher. The session followed a quiet day on Wall Street where the U.S. markets were closed for a public holiday. In Japan, the benchmark Nikkei 225 fell 0.27% and the Topix index was down […]
Standard Bank is working with fintech Nomanini and food giant Nestlé on a digital platform that gets working capital to underbanked informal retailers in sub-Saharan Africa. Retail Micro, Small, Medium-sized Enterprises (MSMEs) in the region typically generate more than 80% of their revenue through the sale of fast-moving consumer goods, say the partners. Many of […]
The chairman of global banking giant Credit Suisse, Antonio Horta-Osorio, has resigned with immediate effect after an internal company probe. He was reportedly found to have broken the UK’s Covid-19 quarantine rules. The former boss of Lloyds Banking Group joined Credit Suisse after a series of scandals at the Swiss bank. Now, Mr Horta-Osorio, who […]
GlaxoSmithKline and Pfizer will hold out for a better bid of at least £60 billion for their joint consumer healthcare venture, in opposition to an earlier offer they didn’t like, Financial Times writes. They’re rejecting a £50 billion offer from Unilever, which GSK said was “fundamentally undervalued.” Instead the company had seen better forecasts. GSK […]
Top executives at Target say U.S. customers plan to drive less and combine their shopping into fewer trips, Bloomberg reported Sunday (Jan. 16). This is a response to more expensive gas prices and the highest inflation in decades. Along with that, shoppers have been planning to eat more at home, going instead for cheaper generic-brand […]
As Amazon UK stops accepting Visa credit cards from later this week, fintech Curve says it has a “hack” that will enable shoppers to still make payments with the banned cards. In November, Amazon said that from Wednesday Brits will no longer be able to pay with Visa credit cards because of the “high fees” […]
Bond yields are rising again so far in 2022. The U.S. stock market seems vulnerable to a bona fide correction. But what can you really tell from a mere two weeks into a new year? Not much and quite a lot. One thing feels assured: the days of making easy money are over in the […]
In what likely will be just a few months’ time, the Federal Reserve will look a lot different: Three new governors, a new vice chairman, a new banking chief and likely a couple new regional presidents. But while the parts of the institution’s upper echelon may change quite a bit, the whole could look pretty […]
It is said that financially troubled emerging market economies approach the International Monetary Fund (IMF) for its conditional loans with as much enthusiasm as a patient visits his oncologist. This explains why over the past two years the pandemic-devastated emerging market economies borrowed relatively little from the IMF. With the world awash with liquidity as […]
