HSBC axes CEO Flint after only 18 months to speed up growth
HONG KONG/LONDON — HSBC ousted Chief Executive Officer John Flint after just 18 months in that role, in a surprise move that the lender’s chairman said was necessary to accelerate progress of its strategic priorities.
China lets yuan slump past seven per dollar as trade war escalates
SHANGHAI — China on Monday let the yuan tumble beyond the key 7-per-dollar level for the first time in more than a decade, in a sign Beijing might be willing to tolerate further currency weakness in the face of an escalating trade row with the United States.
Japan signals readiness to act against excessive yen rises
TOKYO — Japan’s top currency diplomat on Monday warned investors against significantly pushing up the yen, signaling that Tokyo was ready to intervene in the currency market if excessive yen gains threatened to hurt the export-reliant economy.
RBA leaves door open to rate cuts to shield currency
AUSTRALIA’S central bank chief Philip Lowe is leaving open the door to further interest-rate cuts in order to prevent a wave of global easing from neutralizing his back-to-back reductions and boosting the currency.
Peso weakens vs dollar
THE PESO edged lower on Monday after China’s central bank devalued its own currency in retaliation against US’ planned additional tit-for-tat tariffs on China this September.
T-bill rates to drop on Fed move
RATES OF THE Treasury bills (T-bill) on offer today will likely end lower following strong demand for short term papers, the US Federal Reserve’s rate cut and renewed US-China trade tensions.
Yields on gov’t debt down on BSP bets
YIELDS ON government securities (GS) traded on the secondary market fell across the board on heightened expectations that the Bangko Sentral ng Pilipinas’ (BSP) will cut rates following the US Federal Reserve’s move to ease policy.
Peso likely to weaken on US-China trade tensions
THE PESO will likely weaken against the dollar this week following escalating trade tensions between China and the United States.
Pag-IBIG taps PayMaya for payments
THE HOME Development Mutual Fund (Pag-IBIG Fund) is tapping PayMaya Philippines, Inc. for its digital financial services.
SSS sickness benefits climb
THE SOCIAL Security System’s (SSS) disbursements of sickness benefits reached P984.42 million in the first four months, higher than the P875.42 million released in the same period in 2018.
Fed rate-cut dissenters cite solid data, financial risks
TWO Federal Reserve regional bank presidents said they dissented against cutting interest rates this week because US economic data remain solid and risks from a global slowdown and trade tensions hadn’t yet altered that outlook.
Peso sinks on renewed US-China tensions
THE PESO dropped further against the dollar on Friday as the market’s risk appetite waned following escalating trade tensions between China and the United States.