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Grab raises $1.5B from SoftBank fund

LEADING Southeast Asian ride-hailing provider Grab raised about $1.5 billion from SoftBank Group Corp.’s Vision Fund, bankrolling its effort to expand into new services across the region.
The funding brings to about $4.5 billion the amount of money the company has collected from investors in the past year, it said. SoftBank is already a major backer of the Singapore-based start-up, and the latest investment will boost its stake.
Grab founder Anthony Tan is battling Go-Jek for leadership in the Southeast Asian market after vanquishing Uber Technologies, Inc. in the region last year. Mr. Tan is holding a press conference today in Indonesia, its rival’s home turf, and plans to spend a significant portion of the latest proceeds in the country.
Go-Jek has presented the thorniest challenge, with the Jakarta-based startup marching into Grab’s home market of Singapore as well as Vietnam and Thailand. Go-Jek, led by Mr. Tan’s Harvard Business School classmate Nadiem Makarim, is also raising additional capital to compete for customers and drivers.
Southeast Asia’s two most valuable start-ups are aiming to expand swiftly in everything from mobile payments to food delivery. Go-Jek raised over $1 billion in its ongoing funding round from a clutch of internet giants including Google, JD.com Inc. and Tencent Holdings Ltd., Bloomberg reported last month. Both companies are using the proceeds to shore up their positions in Indonesia and expand around the region, while merging payments with ride-sharing and food delivery to create so-called super apps.
“It is an incredibly dynamic market where the consumer class is rapidly digitizing. And within this digitization, we see tremendous opportunities to continue growing our super-app platform,” President Ming Maa told Bloomberg Television. “We are already profitable in some of our most mature business segments and in our more mature markets.”
Southeast Asia’s best-funded technology start-ups are raking in billions of dollars of investments. The region’s internet firms raised $9.1 billion from venture capitalists, private equity firms and corporate investors in the first half of last year, headed for an all-time record, a report from Google and Temasek Holdings Pte. shows. The industry raised $9.4 billion in all of 2017, according to the November research.
The region’s ride-hailing market is expected to reach $28 billion by 2025 from an estimated $7.7 billion last year, the report shows, underscoring the ambition of Go-Jek and Grab to become Southeast Asia’s super apps. On Wednesday, Maa said his start-up had no plans for an IPO at this point but was monitoring the impending debuts of Uber and Lyft, Inc. — Bloomberg

Michelin to debut restaurant guide for California in June

RESTAURANT rating guide Michelin said on Tuesday that it will launch a publication for California in early June, expanding its current coverage for eateries in San Francisco and the surrounding wine-producing regions of Napa and Sonoma.
The new Michelin guide will incorporate its anonymous raters’ grading for restaurants in Los Angeles, Monterey, Orange County, Sacramento, San Diego, and Santa Barbara, it said.
“With access to many of the world’s best farms, food producers and vineyards, California cuisine is respected worldwide not only for the quality of its ingredients but also due to the creativity displayed by its chefs,” said Gwendal Poullennec, international director for the Michelin Guides, in a statement.
In the 2019 edition of its San Francisco area guide, Michelin awarded eight restaurants with three stars, its highest ranking. They included Atelier Crenn, owned by Dominique Crenn who became the first US-based female chef to receive the distinction.
Michelin’s three-star rating, coveted by chefs and restaurateurs, is rare. Just over 100 establishments around the world have that status. — Reuters

Dooc resigns as amended SSS charter takes effect

SOCIAL SECURITY System (SSS) President and Chief Executive Officer Emmanuel F. Dooc tendered his resignation on Tuesday following the effectivity of the pension fund’s amended charter.
In a statement yesterday, the SSS said Mr. Dooc submitted his resignation letter to President Rodrigo R. Duterte, stepping down “voluntarily and irrevocably.”
“The new SSS Charter took effect, and I was appointed under the old law. Meaning, my term of office expired yesterday,” Mr. Dooc said in a phone interview.
“I voluntarily and irrevocably stepped down from my position, and I informed the President of that effective immediately, so that he would have a free hand to appoint my successor who is deserving and worthy of his trust.”
Under the helm of Mr. Dooc, the 17th chief of the pension fund, he pushed for the passage of Republic Act No. 11199 or the Social Security Act of 2018 in a bid to ensure the long-term viability of the fund’s life.
RA 11199 signed by President Rodrigo R. Duterte last Feb. 7 allows the Social Security Commission or the policy-making body of the pension fund to adjust contribution rates and monthly salary credits of its members.
It also introduced new benefits such as the involuntary separation benefit, as well as compulsory coverage of overseas Filipino workers with social security protection.
The management of Mr. Dooc also saw the highest contribution collections from its members, which jumped to a record P181 billion in 2018 from P132 billion in 2015, SSS said.
Apart from these, the SSS under the leadership of Mr. Dooc also launched “member-friendly” programs and innovations such as the Loan Restructuring Program, Calamity Loan Assistance and real-time processing of contributions, the pension fund said.
“I’m happy and I like to think that I’m leaving SSS in a better shape than when I found it. We have a new law, which empowers the SSS to introduce reforms. Our records would show that we have better collection efficiency,” Mr. Dooc added.
Pressed further, the outgoing SSS chief said his resignation is a “matter of delicadeza.”
“Hindi naman ito (This is not) strictly resignation. Nag-expire na ‘yung term ko kasi (My term expired because) I was appointed under the old law.”
He added that he will not recommend people who will next take the position as it is the prerogative of the President.
“I will leave that to the President,” Mr. Dooc said.
Mr. Dooc joined the pension fund in November 2016 after serving as Insurance Commissioner starting 2011. Under his watch as the chief of the Insurance Commission, he led the enactment of the Revised Insurance Code of 2012. — K.A.N. Vidal

Firefox maker fears DarkMatter ‘misuse’ of browser for hacking

WASHINGTON — Firefox browser-maker Mozilla is considering whether to block cybersecurity company DarkMatter from serving as one of its internet security gatekeepers after a Reuters report linked the United Arab Emirates-based firm to a cyber espionage program.
Reuters reported in January that DarkMatter provided staff for a secret hacking operation, codenamed Project Raven, on behalf of an Emirati intelligence agency. The unit was largely comprised of former US intelligence officials who conducted offensive cyber operations for the UAE government.
Former Raven operatives told Reuters that many DarkMatter executives were unaware of the secretive program, which operated from a converted Abu Dhabi mansion away from DarkMatter’s headquarters.
Those operations included hacking into the internet accounts of human rights activists, journalists and officials from rival governments, Reuters found. DarkMatter has denied conducting the operations and says it focuses on protecting computer networks.
While Mozilla had been considering whether to grant DarkMatter the authority to certify websites as safe, two Mozilla executives said in an interview last week that Reuters’ report raised concerns about whether DarkMatter would abuse that authority.
Mozilla said the company has not yet come to a decision on whether to deny the authority to DarkMatter, but expects to decide within weeks.
“We don’t currently have technical evidence of misuse [by DarkMatter] but the reporting is strong evidence that misuse is likely to occur in the future if it hasn’t already,” said Selena Deckelmann, a senior director of engineering for Mozilla.
She said Mozilla was also considering stripping some or all of the more than 400 certifications that DarkMatter has granted to websites under a limited authority since 2017.
Marshall Erwin, director of trust and security for Mozilla, said the Reuters Jan. 30 report had raised concerns inside the company that DarkMatter might use Mozilla’s certification authority for “offensive cybersecurity purposes rather than the intended purpose of creating a more secure, trusted web.”
DarkMatter did not respond to a Reuters request for comment. The UAE embassy in Washington also did not respond to a request for comment.
In a February 25 letter to Mozilla, posted online by the cybersecurity company, DarkMatter CEO Karim Sabbagh denied the Reuters report linking his company to Project Raven. “We have never, nor will we ever, operate or manage non-defensive cyber activities against any nationality,” Sabbagh wrote.
Websites that want to be designated as secure have to be certified by an outside organization, which will confirm their identity and vouch for their security. The certifying organization also helps secure the connection between an approved website and its users, promising the traffic will not be intercepted.
Organizations that want to become certifiers must apply to individual browser makers like Mozilla and Apple. Mozilla is seen by security experts as a respected leader in the field and particularly transparent because it conducts much of the process in public, posting the documentation it receives and soliciting comments from internet users before making a final decision.
DarkMatter has been pushing Mozilla for full authority to grant certifications since 2017, the browser maker told Reuters. That would take it to a new level, making it one of fewer than 60 core gatekeepers for the hundreds of millions of Firefox users around the world.
Deckelmann said Mozilla is worried that DarkMatter could use the authority to issue certificates to hackers impersonating real websites, like banks.
As a certification authority, DarkMatter would be partially responsible for encryption between websites they approve and their users.
In the wrong hands, the certification role could allow the interception of encrypted web traffic, security experts say.
In the past Mozilla has relied exclusively on technical issues when deciding whether to trust a company with certification authority.
The Reuters investigation has led it to reconsider its policy for approving applicants. “You look at the facts of the matter, the sources that came out, it’s a compelling case,” said Deckelmann. — Reuters

Know your pork and how to cook it

WHEN preparing a pork dish, it’s important to choose the right cut of meat to go with it, but with so many different cuts available, it’s easy to get overwhelmed. Robina Farms Premium Fresh Meat has come up with a guide on which cut is best for what kind of dish, plus a few suggestions on how to get creative.
KASIM
One of the most common and versatile cuts of pork, kasim (pork shoulder) has layers of fat and litid (sinew), making it ideal for slow cooking and suited for most pork dishes like adobo, menudo, and sinigang (meat/chicken cooked in vinegar; a stew of pork and sliced liver in tomato sauce, carrots, potatoes; sour soup).
Recipe Recommendation: Get creative with pork shoulder by roasting it whole on low heat for an extended period of time. With layers of fat keeping it moist, cooking it low and slow allows the flavors to seep in, resulting in the perfect roast for pulled pork.
TENDERLOIN
From the same area as the pork loin, the tenderloin is, as its name suggests, the most tender of all cuts of pork. It also has the mildest flavor because of how lean it is, and benefits from lots of seasoning. It’s best cooked and treated like steak — grilled or pan-fried.
Recipe Recommendation: Make an alternative to chicken fingers by breading and frying tenderloin strips and pairing it with a honey mustard dip, or use it as a substitute for beef in a garlicy salpicao (a quick beef stir-fry dish).
RIBS
The row of bones surrounding the loin, the ribs are located closer to the belly while those closer to the backbone are the more tender baby back ribs. Ribs are very flavorful on their own, and are best enhanced by charred flavors when they are barbecued.
Recipe Recommendation: Put a unique spin on barbecued ribs by adding coffee grounds to the dry rub.
LIEMPO
A definite crowd-pleaser, the liempo or pork belly is the fattiest and most flavorful cut with alternating layers of meat and fat. It can be used interchangeably with kasim for a more flavorful and fatty pork dish.
Recipe Recommendation: Level up the classic liempo by rolling a whole pork belly into a log and filling with aromatics to make the Italian roast pork dish porchetta. This distributes the flavors more evenly throughout the meat, and creates a juicy roast with uniform layers of fat and a crispy skin.
PIGUE
The pigue (ham) is the second most versatile pork cut. It can be used in any of the same dishes as its leaner brother, kasim, and is also best for slow cooking. The pigue is where we get the ham.
Recipe Recommendation: Put a spin on basic adobo by adding coconut milk and allowing it to cook down to a thick sauce.
PATA
The underrated pata (hock) can be used for a wide variety of dishes that otherwise require general-purpose cuts. While it is not fatty, it gets tons of flavor from the layers of skin and litid surrounding it. It is commonly used for crispy pata, and the braised pata tim.
Recipe Recommendation: Pata slices can easily substitute for cubed meat in pork nilaga (boiled pork soup) or sinigang. When it is deboned and chopped, it can also replace the hard-to-find maskara (face) for sisig (sizzling chopped pig’s face).

Land Bank of Taiwan to set up PHL representative office

THE BANGKO SENTRAL ng Pilipinas (BSP) has approved the entry of another Taiwanese bank into the Philippines, marking broader presence of these foreign lenders here.
BSP Deputy Governor Chuchi G. Fonacier said the Monetary Board approved last month the opening of a representative office of the Land Bank of Taiwan.
Ms. Fonacier said the state-owned lender secured the BSP’s approval during the Monetary Board’s Feb. 14 meeting.
Land Bank of Taiwan was put up in 1946 originally to facilitate land policies post-World War II. Its operations later on focused on real estate and agricultural credit.
The Taipei-based lender also runs seven branches in Singapore, China, Hong Kong, and the United States.
The bank joins 13 other offshore banks running representative offices in the Philippines. This means their operations are limited to marketing the products and services of their home unit, as they cannot offer actual banking services or process transactions for clients based here.
The Bank of Taiwan, another Taipei-based government bank, opened its representative office in Manila last Jan. 31.
Apart from this, five other Taiwanese banks also opened full branches in the country over the last four years: Cathay United Bank, Yuanta Commercial Bank Co. Ltd., First Commercial Bank, Hua Nan Commercial Bank Ltd., and the Chang Hwa Commercial Bank, Ltd.
They form part of 12 offshore lenders who have forayed into the Philippine market following the signing of Republic Act 10641 in 2014. The law lifted the old limit that allowed only 10 foreign-owned banks to operate in the country at any given time.
The BSP has noted strong interest in the local market among foreign banks. Ms. Fonacier previously said some banks are also following big corporate clients abroad who are now doing business here. — Melissa Luz T. Lopez

SC: MWSS exempted from real property tax

THE SUPREME COURT (SC) declared that Metropolitan Waterworks and Sewerage System (MWSS) is exempted from paying real property tax on its properties in Quezon City.
In a 25-page decision dated Nov. 7, 2018 and penned by Associate Justice Marvic M.V.F. Leonen, the SC’s third division sided with MWSS, saying it is a “government instrumentality” that is exempted from paying real property tax.
According to the Administrative Code, an “instrumentality” is “any agency of the National Government, not integrated within the department framework vested within special functions or jurisdiction by law, endowed with some if not all corporate powers, administering special funds, and enjoying operational autonomy, usually through a charter.”
“The real properties of the Metropolitan Waterworks and Sewerage System located in Quezon City are declared exempt from the real estate tax imposed by the Local Government of Quezon City,” the SC said.
“All the real estate tax assessments, including the final notices of real estate tax delinquencies, issued by the Local Government of Quezon City on the real properties of the Metropolitan Waterworks and Sewerage System located in Quezon City are declared void, except for the portions that are alleged and proven to have been leased to private parties,” it added.
The SC, in effect, reversed the October 2010 decision of the Court of Appeals (CA) which said that even if MWSS was an instrumentality of the government, it cannot invoke immunity from real property tax as it is not performing “purely governmental function.”
In finding MWSS exempt from tax, the High Court cited the Executive Order No. 569 issued by President Gloria Macapagal-Arroyo, which cited the SC’s categorization of “government instrumentalities with corporate powers” in the case of Manila International Airport Authority vs. CA, which recognized MWSS as an “instrumentality.”
According to Section 113 (o) of the Local Government Code, taxing power of provinces, cities, municipalities and barangays shall not extend to the national government, its agencies and instrumentalities, and local government units.
Section 234 of the Local Government Code also states that real property of the government is exempt from tax “except when the beneficial use thereof has been granted, for consideration or otherwise, to a taxable person. — Vann Marlo M. Villegas

Local start-up allows commuters to work as part-time couriers in transit

Jojo app
By Denise A. Valdez
Reporter
A NEW MOBILE application developed by a local start-up company aims to join the growing industry of mobile-integrated logistics shipping.
First Shoshin Holdings, Inc. is launching on Friday the Jojo app, which allows transporters — from commuters to drivers — to deliver packages that would fit their metro travel.
Similar to other shipping mobile applications, Jojo connects a sender to a transporter through the platform to send a package from point to point without going to a traditional courier.
However, unlike other mobile apps, Jojo allows ordinary transporters such as commuters to work as couriers part-time by not requiring a motorcycle or a car to register.
“If you’re heading somewhere, be a Jojo and turn your commute into extra cash by delivering items on your way,” the company said in a statement distributed during its media launch on Tuesday.

 Jose Maria “Jay” R. Fajardo, the chief strategy officer of the firm behind the Jojo app, said the company’s vision is to find a way to monetize time wasted in traffic.

“When you look at the road every day with thousands of people on their cars, trains and buses, you will realize we have an invisible and untapped logistics and supply chain resource interconnected by the people and all the places they go. This benefits commuters, senders and entrepreneurs, creating a more efficient and sustainable way to ship,” Mr. Fajardo said.
While the operations of Jojo will be limited to within Metro Manila for now with just about 60 transporters on its base before launch, he said the firm’s goal is to eventually expand outside this area. The company also targets to have 18,000 app users by next month.
Packages sent through the Jojo app must fit the size of an average large backpack, but the company said it may adjust this limit accordingly in the coming months, depending on the demand it observes from the market.
The Jojo app ensures the security of its transporters and the packages senders would hand in by using a global positioning system tracker to trace every delivery. It also offers a package insurance of up to P5,000.

Amazon gives AI to Harvard hospital in technology’s latest health push

ALEXA won’t be replacing doctors anytime soon, but Amazon says artificial intelligence (AI) can help hospitals become more efficient.
The internet giant said Monday that its Amazon Web Services unit is working with a Harvard-affiliated teaching hospital in Boston to test how AI can simplify medical care. It’s the latest sign of powerhouse tech companies like Amazon and Google deepening their reach into America’s $3.5 trillion health care market.
While the tech industry has high hopes that powerful computing tools can improve diagnoses and treatment, Beth Israel Deaconess Medical Center’s first projects with Amazon.com Inc. are less about sophisticated therapies and more about making day-to-day tasks like patient scheduling more cost-effective.
“They’re identifying the right problems where machine learning truly can help,” said Taha Kass-Hout, senior leader for health care and AI at Amazon.
The Seattle-based tech behemoth gave the Harvard Medical School teaching hospital a grant valued at as much as $2 million to experiment with machine learning and AI. It’s a new indication of the desire Amazon and its competitors have to grow in a US health industry bloated with inefficiencies, where high costs strain the budgets of families, employers and governments.
“We are going to see more and more of the tech companies trying to explore different ways to partner with health care because there are so many untapped and underutilized markets in which they can grow,” said Alisa Chestler, an attorney at Baker Donelson who focuses on health care and technology. She’s not involved in the project.
It’s hard to gauge how much big companies are investing in their own health-focused artificial intelligence projects, but interest from private investors is surging. Equity funding for health care AI ventures reached $2.4 billion in 2018, a 78% jump from the previous year, according to the research firm CB Insights.
Beth Israel Deaconess, a 673-bed medical center with a network of other hospitals and clinics in metro Boston, began purchasing Amazon’s cloud services in 2016. The goal was to ensure that the hospital’s data would be accessible if a disaster were to knock out its off-site backup servers, said John Halamka, executive director of the Health Technology Exploration Center at Beth Israel Lahey Health.
Once its data was hosted in Amazon’s cloud, Halamka said, hospital officials started asking whether the technology could automate cumbersome manual work.
Amazon’s tools are now helping Beth Israel Deaconess book operating room time more precisely and predict when patients are likely to miss appointments with its most in-demand specialists. The software can also help find needed paperwork like patient-consent forms in a stack of scanned documents before surgery and alert staff if it’s missing or incomplete.
The approach has already helped Beth Israel Deaconess expand the capacity of its 41 operating rooms, Halamka said.
For example, patients who need appendectomies are typically scheduled for an hour in surgery. But young, otherwise healthy people often need less time.
“If I look at a million patients like you, and discover we only need 25 minutes, wouldn’t that be better for society? Because now the OR is the most expensive place in a hospital,” Halamka said.
SURGERY APP
Beth Israel Deaconess and Amazon engineers analyzed anonymous data from surgeries at the hospital going back to the 1980s. They developed and tested the new scheduling system over the past two years. It increased operating room capacity by 30%, Halamka said. Then the hospital built a system that lets doctors reserve operating time as easily as booking restaurants on OpenTable.
“We have an app that a physician can now use to say, ‘I’d like to schedule for tomorrow morning at 7:30, appendectomy, table for two,”’ Halamka said.
Amazon’s Kass-Hout said such innovations will ultimately give patients a more tailored experience, similar to what the company provides in its online retail sales. “If you shop on Amazon, you pretty much have experienced machine learning and personalization,” he said.
Amazon’s project with Beth Israel Deaconess is separate from its highly publicized venture with Berkshire Hathaway Inc. and JPMorgan Chase & Co., which seeks to use technology to improve care and reduce costs in employer health plans. That enterprise, also based in Boston, is led by Atul Gawande, a writer and surgeon at another Harvard-affiliated institution, Brigham and Women’s Hospital.
The AI project is just the latest example of Silicon Valley’s appetite for health care investment. Alphabet Inc.’s Google unit has hundreds of artificial intelligence engineers devoted to health care, according to a spokeswoman.
Apple Inc. is marketing the latest version of its smartwatch to insurance plans as a device with the potential to improve members’ health. Other tech giants including Microsoft Corp., International Business Machines Corp. and Salesforce.com are targeting the medical industry as well.
Technology companies may be able help medical providers better shape their services to meet patients’ unique needs, said Gurpreet Singh, US health services leader at consultant PwC. That’s increasingly important in a health-care market where patients have more choices, such as going to an urgent care clinic rather than a hospital emergency room.
“Providers are entering into the space where they need to be much more understanding of a consumer’s needs,” Singh said. “Those are all capabilities that a tech company provides.” — Bloomberg

Manila Water prepares contingency plan

MANILA WATER Co., Inc. said on Wednesday that it had put in place starting this month a water supply contingency plan in light of the ongoing mild El Niño that is causing below-normal rainfall.
At the same time, Metro Manila’s east zone water concessionaire called on its customers to use water “more responsibly and wisely.”
In a statement, the company said it would implement operation adjustments to better manage its water supply during the El Niño months. It said the dry spell is threatening water levels at La Mesa Dam at a time when water demand is steadily rising because of population increase and rapid economic growth.
“We encourage everyone to treat water as the valuable resource that it is by using it wisely,” said Nestor Jeric T. Sevilla, Jr., Manila Water group head for corporate strategic affairs and head for corporate communications, in a statement.
Manila Water quoted the Philippine Atmospheric, Geophysical and Astronomical Services Administration as saying that the weather phenomenon began in the last quarter of 2018, with Metro Manila potentially experiencing drought conditions from April to June 2019.
The Ayala-led listed company provided several tips on how to use water responsibly:
• Always make sure that taps/faucets are tightly closed.
• Regularly check leaks and have it repaired immediately.
• Recycle water. For example, collect water used to wash dishes and reuse for flushing the toilet.
• When doing laundry by hand, soak heavily soiled clothes first to remove dirt easily. Use a basin or wash tub with the right amount of water. Don’t let the basin overflow under a running tap.
• When doing the laundry by washing machine, wash with a full load only every other day. Use the necessary amount of detergent so that less rinsing is required.
• When bathing, use a pail and dipper instead of the shower.
• Turn off tap while washing, shaving or brushing teeth. Use a glass of water for gargling.
• Instead of using running water, fill a basin or half of the sink with water to soak, soap, and rinse dishes or to clean fruits/ vegetables.
• Do not thaw frozen food under a running tap. Bring out frozen food early enough to thaw at room temperature before cooking.
• Water plants, garden, or lawn during cool parts of the day like early in the morning or late in the afternoon.
• When washing the car, use a pail not a water hose, and a cotton rag instead of a sponge.
• Report leaks, illegal connections, defective meters and unauthorized withdrawal of water from fire hydrants to Manila Water. — Victor V. Saulon

M. Butterfly National Tour 2019 cut short

THE producers of the national tour of M. Butterfly have announced that they are cutting the tour short, with the final performances to be in Cebu from March 14-17. In an announcement e-mailed to the press, Jhett Tolentino and Frontrow Entertainment said that the cancellation of shows was “due to adverse factors related to marketing, promotions and the political climate for the forthcoming mid-year elections.” The shows that have been canceled are those in Davao (March 28–31), Manila (May 8–19) and Baguio (May 30–June 2) are canceled.

Bank of England starts euro lending facility to help cushion Brexit risks

REUTERS

THE BANK OF England (BoE) is launching a new liquidity facility in euros in the final few weeks before the scheduled date for Britain to leave the European Union.
The bank said Tuesday the weekly auctions from March 13 are a “prudent and precautionary step” to allow UK lenders to access euro funding. The bank already offers dollar auctions on a similar basis.
Although the prospects seem to be fading for a no-deal Brexit on March 29, the BoE’s Financial Policy Committee (FPC) said “significant market volatility” is to be expected in this scenario.
Still, the central bank reiterated that the core banking system is strong enough to continue functioning properly and wouldn’t amplify the disruption.
The FPC, which was set up after the 2008 crisis to spot risks to financial stability, said that European Union households and businesses could struggle to access some banking and market services in a no-deal withdrawal, ultimately raising the cost of doing business for banks that could ripple back to the UK.
For example, while UK and global banks have set up new entities to do business from within the European Union, they are still struggling to transfer EU clients to the new divisions, the BoE said.
Only 10% to 20% of most major firms’ European Union clients are ready to enter into trades, according to the central bank. — Bloomberg

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