Second US law firm files London forex class action
LONDON — US law firm Hausfeld has filed a lawsuit in London against major banks over alleged foreign exchange (forex) rigging in a bid to take over a high-profile British class action from compatriot Scott & Scott.
Credit markets give fuel to equity rout
EQUITY INVESTORS grappling with a technology selloff, trade tensions and hawkish monetary chatter have a new foe to contend with: growing angst in credit...
Fed holds rates steady, on track for hike in Sept.
WASHINGTON — The US Federal Reserve kept interest rates unchanged on Wednesday but characterized the economy as strong, keeping the central bank on track to increase borrowing costs in September.
Singapore may allow virtual banks
SINGAPORE could follow Hong Kong in handing out virtual banking licenses, according to the head of the largest local lender, in a move that would create another source of competition for the city state’s established banks.
BoJ board member calls for preemptive monetary easing
HAKODATE — Bank of Japan (BoJ) board member Goushi Kataoka advocated a preemptive further easing in monetary policy, warning of risks to the inflation outlook and the pain spreading through the economy from the bitter US-China trade war.
Bank stress tests ordered
BANKS must conduct regular stress tests to monitor liquidity positions for a variety of funding crunch scenarios, as the central bank tightens its watch...
Travel wallet YouTrip sees unstoppable baht as opportunity
YOUTRIP, the provider of a multi-currency travel wallet service in Asia, thinks it could be a beneficiary of Thailand’s high-flying baht.
Pawning activities dropped in first semester
PAWNSHOPS saw a decrease in consumers tapping them for services in the first half of the year, said Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.
Peso slightly lower amid surging COVID-19 case count worldwide
The peso weakened slightly Friday amid broad pessimism over the economic outlook as coronavirus cases surged worldwide, including in the United States, but ultimately...
BSP net income down 14.2% at end-November
THE CENTRAL BANK’S net earnings as of November declined from a year earlier, dragged by lower revenues caused by a decline in interest income.
Economists divided over unorthodox RBA
ECONOMISTS ARE divided over the likelihood of the Reserve Bank of Australia (RBA) deploying unorthodox policy next year once it runs out of conventional ammunition — though a majority expect it will exhaust interest-rate cuts.
Yellen pressed to back strong dollar policy in reversing Trump-era tone
JANET YELLEN once touted the benefits of a weaker greenback for exports, but as the incoming Treasury secretary, she faces pressure to return the US to a “strong-dollar” policy — and may cause trembles on Wall Street if she doesn’t.