Saturday, 6 August 2016

Philippine mine crackdown rattles nickel markets

2016-08-06 AS THE Philippines’ tough-talking new president ratchets up a campaign against irresponsible mining, the suspension of a quarter of the country’s nickel mines and the risk of more action to come is spooking global nickel markets.The Southeast Asian...

Oil prices down on profit-taking

2016-08-06 OIL prices fell in Asia on profit-taking yesterday following two days of gains, but analysts suggested there could be some extra gains after recently falling below US$40 a barrel.The losses come despite a rally across regional stock markets after...

Japan’s Nakao to lead ADB for five more years

2016-08-06 TAKEHIKO Nakao (pic), a former senior finance ministry official in Japan, is to serve for five more years as president of the Asian Development Bank (ADB), the Manila-based lender said yesterday.Nakao, who turns 60 this year, had succeeded...

As Yahoo Messenger shuts down, oil traders bid a fond farewell

2016-08-06 AS EUROPEAN and American markets open yesterday, oil traders face a new era with Yahoo Messenger, the main tool used by traders to communicate since the late 1990s, shutting down.While the software was still operating and actively in use during...

Friday, 5 August 2016

Indonesia coffee exports to decline by 10 per cent

2016-08-05 INDONESIA’S coffee bean exports are expected to slip by between five per cent and 10 per cent this year from around 400,000 tonnes in 2015, an industry association said yesterday, amid a forecast of weather-related output declines and growing...

Getting to know Japan’s economy while on a night cruise

2016-08-05 EVENING factory cruises are organised across the country as an opportunity to gaze at “a bit of Japan’s economy” while enjoying a cool ocean breeze with family and friends on hot summer nights. It was 7pm on July 8. A sightseeing ship carrying...

Thursday, 4 August 2016

India seeks arrest warrant for Malaysian tycoon

2016-08-04 INDIA’S Central Bureau of Investigation (CBI) has applied for warrants of arrest against business tycoon T Ananda Krishnan and three others in a money-laundering case in New Delhi, The New Indian Express reported.The CBI had applied to the special...

Standard Chartered profits slump

2016-08-04 ASIA-FOCUSED bank Standard Chartered said yesterday its net profit had slumped 66 per cent in a “challenging” environment, with growth shrinking in key markets and uncertainty following Britain’s vote to leave the European Union. The bank said it...

HSBC’s H1 profit skids 29 per cent

2016-08-04 HSBC said yesterday its core first-half profit fell 29 per cent, slightly below estimates, as revenue at Europe’s biggest bank was hit by slowing economic growth in its key markets of Britain and Hong Kong.Announcing a plan to buy back up to US$2.5...

Bitcoin worth US$72m stolen from Bitfinex exchange

2016-08-04 NEARLY 120,000 units of digital currency bitcoin worth about US$72 million was stolen from the exchange platform Bitfinex in Hong Kong, making it the second-biggest security breach ever of such an exchange.Bitfinex is one of the largest exchanges...

Wednesday, 3 August 2016

Didi’s takeover of Uber sparks worry over monopoly

2016-08-03 CHINESE on-demand mobility (ODM) firm Didi’s takeover of the business of Uber China has triggered worries over potential monopoly and price hikes.Didi announced Monday it was taking over Uber China, in a deal that could value the merged operations...

Foreign holdings of Chinese bonds rise most in 2 years

2016-08-03 FOREIGN holdings of Chinese onshore bonds rose the most in more than two years in June, as investors took advantage of looser rules on foreign investment to shelter from global currency shocks and look for higher yields.Foreign holdings of Chinese...

Luxury stores exit HK

2016-08-03 FROM fast fashion chain H&M to lifestyle brand Maison Kitsune and cosmetics firm Innisfree, mass market retailers are setting up shop in premises previously occupied by luxury brands in Hong Kong’s prime shopping districts. Aided by falling...

Japan approves huge stimulus for sluggish economy

2016-08-03 JAPAN’S cabinet yesterday approved a mammoth 28-trillion yen (US$273 billion) package in its latest attempt to stimulate lacklustre growth, including cash to improve infrastructure and raise the birthrate in the ageing nation. The stimulus plan...

Indonesia, Malaysia sign agreement on banking reciprocity

2016-08-03 INDONESIA and Malaysia have agreed to give their banks greater access to each other’s markets, part of wider integration efforts among Southeast Asian economies. The move would link the two largest Islamic banking sectors in the region, and give...

S Korea fines, halts sales of VW cars

2016-08-03 SOUTH Korea has fined Volkswagen 17.8 billion won (US$16 million) and suspended sales of 80 VW models, alleging the German carmaker fabricated documents on emissions or noise level tests. Ministry of Environment official Hong Dong-kon said the...

Bangladesh officials visit Manila to recover bank heist money

2016-08-03 OFFICIALS from the Bangladesh central bank are visiting Manila this week to pressure the authorities in the Philippines to find ways to return the US$63 million that is still missing out of the funds stolen from its account at the Federal Reserve...

Australia’s big four banks slash mortgage costs

2016-08-03 AUSTRALIA’S four biggest banks slashed mortgage rates by 10 to 4 basis points yesterday while lifting rates on term deposits following a quarter-point interest rate cut by the Reserve Bank of Australia (RBA) at its monthly policy meeting. Number...

Tuesday, 2 August 2016

Zen meditation helps Singapore broker to trade stocks

2016-08-02 IT MIGHT seem unusual to associate meditation with the dapper Nabil Mattar, who is dressed in a crisp white shirt and dark blue suit for this interview.But meditation has played a major role in his personal trading skills, and is something he...

Negative interest rate policy hits Japan’s biggest bank

2016-08-02 MITSUBISHI UFJ Financial Group (MUFG), Japan’s biggest lender, said first-quarter profit skidded nearly a third as the Bank of Japan’s negative interest rates slashed returns on loans without coaxing firms to ramp up new borrowing and stoke growth....