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☆ TSMC and Samsung in talks with UAE to build chip megafactories, WSJ reports
▼ + stars: | 2024-09-23 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

South Korea-based Samsung Electronics has also been considering investing in building chip manufacturing facilities in the country in the coming years. The Gulf state has been ramping up efforts and investments in developing its domestic tech industry as it works to build its position as a global hub for advanced technology and artificial intelligence. However, the discussions with UAE officials are still in the early stages, the report said. A tug-of-war between the U.S. and China has played out in the region as tech deals speed up and Washington grows increasingly wary over Beijing's influence in the Gulf state. TSMC and Samsung have held discussions with U.S. officials who are worried about potential shipments of advanced AI chips coming from UAE-based plants to China.

Persons: Alex Capri Organizations: Dubai International Financial, Global, Taiwan Semiconductor Manufacturing Co, Samsung Electronics, United, Street, TSMC, South Korean, UAE, U.S, Samsung, National University of, CNBC, Wall Locations: Dubai, United Arab Emirates, Burj, Gulf, Taiwan, South Korea, China, Washington, UAE, The U.S

☆ Elon Musk praises the first prime minister of Singapore as 'brilliant' in response to a glowing blog post about the country's airport
▼ + stars: | 2024-07-19 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +5 min

Read previewElon Musk said that Singapore's first prime minister, touted as the country's founding father, was a "brilliant" man. Mack wrote about Lee's efforts in conceiving Singapore's Changi Airport, which has been named the world's best airport 12 times by London-based research firm Skytrax. Singapore's award-winning Changi Airport. John Seaton Callahan/Getty ImagesBefore Singapore's Changi Airport became operational in 1981, the island state had a small commercial airport located inland on the east side of Singapore, called Paya Lebar Airport. The country's largest public universities, National University of Singapore and Nanyang Technological University, ranked 8th and 15th, respectively, in the 2025 QS top universities rankings.

Persons: —, Elon Musk, George Mack, Lee Kuan, Mack, d1C60XIvNA — Elon, Musk, Lee, Singapore's, John Seaton Callahan, Skytrax, Martin Puddy, Liu Thai Ker, Jon Hicks, it's Organizations: Service, SpaceX, Business, Changi, Changi Airport, Singapore's Changi, Airport, Changi Airport's, Business Times, The New York Times, Financial, Singapore Crowds, Getty, National University of Singapore, Nanyang Technological University, QS, Cornell, Princeton, Yale Locations: London, Singapore, Paya, Changi, Southeast Asia, Malaysia, Asia, Hong Kong, Singapore's Orchard

☆ Pfizer and AstraZeneca announce new investments of nearly $1 billion in France
▼ + stars: | 2024-05-12 | by ( ) www.cnbc.com time to read: +1 min

Leading healthcare companies Pfizer and AstraZeneca announced on Sunday new investments in France worth a total of nearly $1 billion, ahead of the start of this year's annual 'Choose France' business summit. Pfizer said it would invest 500 million euros ($538.5 million) in France to build up its research and development work in the country, while AstraZeneca announced an investment of $388 million for its site at Dunkirk. France announced earlier on Sunday 100 new jobs in Paris at Wall Street bank Morgan Stanley, and investments from other firms such as German aviation company Lilium . Macron wants to burnish Paris' role as a top European business capital, although it has traditionally lagged New York and London on a global scale. The survey ranked Paris in 14th position.

Persons: Emmanuel Macron, Morgan Stanley, Macron, Paris Organizations: Pfizer, AstraZeneca, Wall, New York, London Locations: France, Dunkirk, Paris, New York, London, New

☆ Emirates CEO issues apology after Dubai flood chaos; says airline has 30,000 suitcases to return
▼ + stars: | 2024-04-22 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

People queue at a flight connection desk after a rainstorm hit Dubai, causing delays at the Dubai International Airport, United Arab Emirates, April 17, 2024. Rula Rouhana | ReutersThe CEO of Emirates airline issued an apology letter to customers over the weekend after historic rains in the United Arab Emirates caused record flooding and mayhem at Dubai's airport. Hundreds of flights were grounded and thousands of customers were stranded as a result. A woman and her daughters eat as they wait for their flight after a rainstorm hit Dubai, causing delays at Dubai International Airport, United Arab Emirates, April 17, 2024. Another traveler told CNBC via social media: "It took me 48 hours to get from London to Baghdad via Dubai.

Persons: Rula Rouhana, Tim Clark, Clark, Giuseppe Cacace Organizations: Dubai International Airport, United, United Arab Emirates, Emirates, Dubai Airport, Reuters, CNBC, Dubai ., Afp, Getty Locations: Dubai, United Arab, Emirates, London, Baghdad, gridlocked

☆ Hong Kong Court Convicts Four for Rioting After 2019 Legislature Storming
▼ + stars: | 2024-01-31 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

Hundreds of protesters stormed Hong Kong's Legislative Council building on July 1, 2019, after a protest march against a proposed extradition bill that would have allowed authorities to send individuals to mainland China for trial. District Court Judge Li Chi-ho found four people including Ho Chun-yin, actor Gregory Wong, Ng Chi-yung and Lam Kam-kwan guilty of rioting. During the trial, Gregory Wong told the court he entered the legislative council solely to deliver two chargers to reporters who were covering the break-in by protesters. Three Hong Kong police officers met him in Shenzhen and said he had to cooperate or else he would not be able to return to Hong Kong. Hong Kong's district court sets a maximum of seven years in prison for rioting.

Persons: Jessie Pang, Edward Cho HONG, Li Chi, Ho Chun, Gregory Wong, Ng Chi, Lam Kam, kwan, Lam, Wong Ka, Ma Kai, Wong, Althea Suen, Ventus Lau, Owen Chow, Edward Cho, Farah Master, Lincoln Organizations: Reuters, Hong, Legislative, Hong Kong, Hong Kong . Police, University of Hong Locations: Edward Cho HONG KONG, Hong Kong, China, Legco, Shenzhen, Hong Kong's

A pedestrian carrying an umbrella walks along the River Thames in view of City of London skyline in London, Britain, July 31, 2023. Finance executives, consultants and headhunters interviewed by Reuters predict subdued deal flows, modest bonuses for most and heavy job cuts in 2024. "2023 will ultimately be one of the lowest corporate finance fee pools in modern history," said Fabrizio Campelli, head of Corporate Bank and Investment Bank at Deutsche Bank. JOB CUTSBanks have already turned to cost cuts to try to weather the downturn, which in a people-intensive business means job losses. And although some bankers expect a tough 2024, others sense an opportunity for European banks from the Basel Endgame.

Persons: Hollie Adams, Fabrizio Campelli, Banks, Ronan O'Kelly, Oliver Wyman, O'Kelly, Dominic Hook, Goldman Sachs, Vis Raghavan, JP Morgan, Morgan McKinley's, Stephane Rambosson, headhunter, Rambosson, Ana Botin, Morgan's Raghavan, there's, Oliver Wyman's O'Kelly, Deutsche's Campelli, Anousha Sakoui, Carolyn Cohn, Jesus Aguado, Alexander Smith Organizations: REUTERS, LONDON, Finance, Reuters, Corporate Bank, Investment Bank, Deutsche Bank, Organisation for Economic Cooperation, Development, Barclays, Lloyds, Challenger Metro Bank, UBS UBSG.S, Citi, Workers, Global Investment Banking, Employment, European Union, Santander, Global, Basel, Thomson Locations: City, London, Britain, Europe, Middle East, Africa, Ukraine, West, China, United States, India, Madrid

☆ European Union should consider scrapping banker bonus cap - Deutsche Bank CEO
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: 1 min

Christian Sewing, CEO of Deutsche Bank, poses after an interview with Reuters in Hong Kong, China September 8, 2023. REUTERS/Selena Li/File Photo Acquire Licensing RightsLONDON, Nov 29 (Reuters) - The European Union should consider scrapping a cap on banker bonuses to remain competitive with other financial centres, Deutsche Bank CEO Christian Sewing said on Wednesday. Sewing told a Financial Times event in London that the bloc should take account of other jurisdictions that are ditching similar caps - including Britain - and consider replicating the reform, providing it did not revive a culture of excessive risk taking. Reporting by Iain Withers, editing by Sinead CruiseOur Standards: The Thomson Reuters Trust Principles.

Persons: Selena Li, Deutsche Bank CEO Christian Sewing, Iain Withers, Sinead Cruise Organizations: Deutsche Bank, Reuters, REUTERS, European, Deutsche Bank CEO Christian, Financial, Thomson Locations: Hong Kong, China, European Union, London, Britain

☆ China's Xi visits financial hub Shanghai
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +3 min

Chinese President Xi Jinping attends the Leaders Retreat at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, California, U.S., November 17, 2023. REUTERS/Kevin Lamarque Acquire Licensing RightsSHANGHAI, Nov 29 (Reuters) - China President Xi Jinping visited Shanghai, where he went to several venues and learned about the city's efforts to strengthen its competitiveness as an international financial centre, Xinhua news agency reported on Wednesday. Xi made the trip on Tuesday and Wednesday and he inspected the Shanghai Futures Exchange, an exhibition on Shanghai's sci-tech innovations and a government-subsidized rental housing community, the report said. Vice Premier He Lifeng, Shanghai's Communist party secretary Chen Jining and Mayor Gong Zheng also accompanied his visit. It was his first visit to the city since November 2020 and comes a year after historic street protests against China's zero-COVID policy broke out in Shanghai.

Persons: Xi Jinping, Kevin Lamarque, Xi, Cai Qi, Chen Jining, Gong Zheng, Xi's, Premier Li Qiang, Brenda Goh, Bernard Orr, Ella Cao, Ethan Wang, Mark Potter, Louise Heavens, Chizu Nomiyama, Mark Porter Organizations: Economic Cooperation, REUTERS, Rights, Shanghai Futures Exchange, Communist Party of China Central Committee, CPC, Communist, Shanghai Free, Trade, Disney, L'Oreal, Premier, Thomson Locations: Asia, San Francisco , California, U.S, China, Shanghai, Xinhua, Minhang

☆ Ray Dalio hails the Gulf's 'renaissance states' amid a period of 'greater disorder' globally
▼ + stars: | 2023-11-28 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

Ray Dalio speaks during the 2023 Forbes Iconoclast Summit at Pier 60 on June 12, 2023 in New York City. We're now talking about a renaissance state here that happens within this greater geopolitical and economic environment," Dalio told CNBC's Dan Murphy on Tuesday. The UAE "is a renaissance state," Dalio said. Amid higher oil prices in recent years, the region's mammoth sovereign wealth funds had ever more to spend. The region's combined 10 largest sovereign wealth funds managed some $4 trillion in early 2023, according to the Sovereign Wealth Fund Institute.

Persons: Ray Dalio, ABU, Dalio, CNBC's Dan Murphy, Dalio's Organizations: Forbes, Getty, United, United Arab Emirates, Bridgewater Associates, United Arab, CNBC, Abu, Abu Dhabi Finance, GCC, Gulf Cooperation, Dalio's Bridgewater Associates, Pensions & Investments, The, Dubai International Financial, Sovereign Wealth Fund, —, Saudi Arabia's Public Investment Fund Locations: New York City, Taylor, ABU DHABI, United Arab, Gulf, United Arab Emirates, Abu Dhabi, U.S, Singapore, The UAE, UAE, Saudi Arabia, Dubai, London, New York, France

☆ Kenya to sell 35 state companies as Africa seeks to jumpstart IPOs
▼ + stars: | 2023-11-23 | by ( Duncan Miriri | ) www.reuters.com time to read: +2 min

NAIROBI, Nov 23 (Reuters) - Kenya's President William Ruto said on Thursday the government was poised to privatise 35 state companies after enacting a law last month to guide the process. Kenya last privatised a state-owned company in 2008 with an initial public offering (IPO) for 25% of the shares in telecommunications firm Safaricom (SCOM.NR). "We have identified the first 35 companies that we are going to offer to the private sector. Kenya's President William Ruto speaks during the Sustainable Development Goals (SDG) Summit at United Nations headquarters in New York City, New York, U.S., September 18, 2023. "If well harnessed, stock exchanges can be the engine that transforms Africa into a global economic powerhouse and financial centre of the world," the president said.

Persons: William Ruto, Ruto, Njuguna Ndung'u, Ndung'u, Caitlin Ochs, Bourses, Thapelo, Ducan Miriri, Marc Jones, Aaron Ross, Kirsten Donovan Organizations: African, Nairobi . Finance, Reuters, Sustainable, United Nations, REUTERS, Botswana Stock Exchange, Bharti Airtel, Thomson Locations: NAIROBI, Kenya, Nairobi, New York City , New York, U.S, Africa, Uganda, London

☆ Crypto.com wins Dubai licence
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Nov 14 (Reuters) - Virtual assets exchange Crypto.com's Dubai entity CRO DAX Middle East FZE has received a licence from the city state's regulator, subject to operational approval, the company said in a statement on Tuesday. Once approved, the Virtual Assets Service Provider (VASP) licence will allow Crypto.com to offer various services in-market to retail and institutional investors, including exchange services, broker-dealer services, investment services, and lending and borrowing services, the statement said. “Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation," Kris Marszalek, CEO of Crypto.com said. With more than 80 million customers globally, Crypto.com announced Dubai as its regional hub for the Middle East and North Africa in March 2022, following a trend of other major industry players gravitating towards the Gulf city state. Reporting by Rachna Uppal; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: DAX, Kris Marszalek, Crypto.com, Rachna Uppal, Michael Perry Organizations: Virtual Assets Service, Assets Regulatory Authority, Dubai International Financial, Crypto.com, Thomson Locations: DUBAI, Dubai, VARA, East, North Africa, Gulf

☆ Lagos positions itself as global financial center after historic appearance at London’s Lord Mayor’s Show
▼ + stars: | 2023-11-13 | by ( Stephanie Busari | Nimi Princewill | ) edition.cnn.com time to read: +4 min

Lagos, Nigeria CNN —Nigeria’s Lagos state marked a historic moment by making Africa’s inaugural appearance at the renowned Lord Mayor’s Show in London – an annual procession, steeped in 800 years of tradition, that celebrates the history and commerce of the city. Among the Lagos contingent were the traditional Eyo masquerades who take part in the famed Yoruba Eyo festival in the state. However, many backers believe that Lagos has the potential to evolve into a global financial hub capable of drawing substantial foreign investments into Nigeria. Aigboje Aig-Imoukhuede, co-chair of the newly inaugurated Lagos International Financial Centre Council (LIFC) told CNN Lagos was now ready to position itself with global players. “A low stable inflation rate automatically signals a stable currency … and that’s the job half done,” he told CNN.

Persons: Mayor’s, Lord Mayor’s Show, Lagos, ”, Babajide Sanwo, ” “ Organizations: Nigeria CNN —, CNN, Lagos State, ” “ Lagos isn’t, Aig, Lagos International Financial Centre Council, CNN Lagos, ”, of, US Department of Commerce, United Arab, Dubai’s Emirates, GSK, Imoukhuede, Nigerian Central Bank Locations: Lagos, Nigeria, London, ” Lagos, ” “ Lagos, West, ” Nigeria, of London, United Arab Emirates, British

☆ Private jets of Russian oligarchs keep flying but not to Europe
▼ + stars: | 2023-11-09 | by ( Gleb Stolyarov | ) www.reuters.com time to read: +7 min

A view shows the Boeing 737-700 BBJ (plane number RA-73890) private aircraft on the tarmac of the Pulkovo International Airport in Saint Petersburg, Russia, June 14, 2023. The Boeing linked to Yevtushenkov was among at least 50 private jets re-registered under the Russian flag since the February 2022 invasion, according to previously unreported national aircraft registry data up to early August reviewed by Reuters. Several of the repatriated private jets were associated with prominent politicians and business figures, according to two senior Russian aviation industry sources, who were not authorised to speak to the media and spoke on condition of anonymity. Because of sanctions, Russian planes are prohibited from entering the 27-country European Union, where Russia's oligarchs previously flew frequently for business and leisure and where many private jets linked to them were registered before the war, tail numbers show. VEB, Uralkali and Mazepin did not respond to requests for comment on the registration of the jets in Russia.

Persons: Luba, Vladimir Yevtushenkov, Yevtushenkov, Vladimir Putin, Dmitry Mazepin, Putin, Igor Shuvalov, Mazepin, Gleb Stolyarov, Mike Collett, White, Frank Jack Daniel Our Organizations: Boeing, Pulkovo, REUTERS, Soviet, Reuters, Sistema, Ministry, Transport, JETS, Russian, Union, Bombardier Challenger, Uralkali, Bombardier, VEB.RF, VEB, EU, United Arab, Thomson Locations: Saint Petersburg, Russia, Riviera, Belarus, oligarch, Ukraine, Turkey, Dubai, China, Russian, Maldives, Seychelles, Kyrgyzstan, Kazakhstan, Yevtushenkov, United Kingdom, Aruba, of, Uralkali, UAE, Prague, Bishkek, States, Germany, Luxembourg, Switzerland, Croatia, Czech Republic, France, Italy, United Arab Emirates, Latvia, Britain, Oman, Soviet

☆ Hong Kong finance summit tiptoes around China
▼ + stars: | 2023-11-09 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +7 min

HONG KONG, Nov 9 (Reuters Breakingviews) - Hong Kong in November enjoys a pleasant climate that some local managers dub “chairman weather”. Hong Kong is hardly a hot destination for financiers right now. Companies raised just $2.7 billion from initial public offerings in Hong Kong in the quarter, a fraction of previous years. Hong Kong officials including John Lee, the territory’s chief executive, have been sanctioned by the U.S.. Follow @peter_tl on XCONTEXT NEWSThe Global Financial Leaders’ Summit was held in Hong Kong from Nov. 6 to Nov. 8.

Persons: Marc Rowan, Colm Kelleher, Morgan Stanley, Goldman Sachs, David Solomon, Jane Fraser, Ken Griffin, Hong, John Lee, Eddie Yue, Kung, Zhang Qingsong, Bob Prince, Mark Wiedman, Apollo’s Rowan, UBS’s Kelleher, Joseph Yam, Una Galani, Thomas Shum Organizations: Reuters, Apollo Global Management, UBS, Monetary Fund, Companies, Citigroup, Citadel, Hong Kong Monetary Authority, Hong Kong’s HK, Exchange, People’s Bank of China, Bridgewater Associates, BlackRock, Goldman, Bank for International, Global, ’, Thomson Locations: HONG KONG, Hong Kong, Europe, U.S, China . Hong Kong, China, People’s Republic, Hong, British, Singapore, BLK.N, ”

☆ UBS dragged into the red with Credit Suisse takeover
▼ + stars: | 2023-11-07 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

ZURICH, Nov 7 (Reuters) - UBS Group (UBSG.S) posted a $785 million loss in the third quarter after expenses tied to the Swiss bank's takeover of Credit Suisse while signalling that its core wealth business is stabilising. Stripping out the impact of the takeover, UBS made an underlying profit of $844 million. With the takeover, UBS now oversees more than $5 trillion in assets. It has been working to recover from the exodus of client funds from Credit Suisse with above-market rates on deposits. It also continued to cut staff, which accounted for a big chunk of the more than 2 billion Swiss francs ($2.22 billion) of costs related to integration.

Persons: Sergio Ermotti, Goldman Sachs, Colm Kelleher, Noele Illien, John O'Donnell, Christopher Cushing Organizations: UBS, Credit Suisse, Goldman, Thomson Locations: ZURICH, Swiss, Switzerland, Zurich

☆ UBS dragged into the red by Credit Suisse takeover but inflows cheer
▼ + stars: | 2023-11-07 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

ZURICH, Nov 7 (Reuters) - UBS Group (UBSG.S) reported a $785 million loss in the third quarter after expenses tied to the Swiss bank's takeover of Credit Suisse while signalling that its core wealth business is stabilising. "We are executing on the integration of Credit Suisse at pace and have delivered underlying profitability for the group in the first full quarter since the acquisition," said Chief Executive Sergio Ermotti. Analysts at Goldman Sachs had expected $14 billion for the group, with the Swiss bank already disclosing $8 billion for the months of July and August. It has been working to recover from the exodus of client funds from Credit Suisse with above-market rates on deposits. UBS has continued to cut staff, which accounted for a big chunk of the more than 2 billion Swiss francs ($2.22 billion) of costs related to integration.

Persons: Sergio Ermotti, Goldman Sachs, Andreas Venditti, Colm Kelleher, Noele Illien, John O'Donnell, Christopher Cushing, Tomasz Janowski Organizations: UBS, Credit Suisse, Goldman, Thomson Locations: ZURICH, Swiss, Zurich, Switzerland

HONG KONG, Oct 25 (Reuters) - Hong Kong's efforts to revive its shrinking stock market are mere stopgap solutions, as analysts say a reversal in fortunes for Asia's premier financial hub would not be possible without a major improvement in China's economic prospects. With a market value of around $4.3 trillion, Hong Kong is home to one of the top-ranked stock markets globally just behind those in the United States, Japan, China and Europe. New share offerings in Hong Kong have fizzled. Local media reported that a record 47 of the 638 trading participants on the Hong Kong exchange shut shop last year. Chinese firms listed in Hong Kong, such as tech giants Tencent (0700.HK) and Alibaba (9988.HK), comprise the bulk of the turnover on the Hong Kong exchange, leaving Hong Kong hostage to China's fortunes.

Persons: Hong, John Lee, Dickie Wong, Rob Brewis, Aubrey, Eddie Tam, Alvin Cheung, Cheung, ”, Alex Wong, Alex KY, Wong, who'd, Summer Zhen, Xie Yu, Vidya Ranganathan Organizations: Nasdaq, Kingston Securities, Seng China Enterprises, HK, Aubrey Capital Management, Hong, Asset Investments, Prudential, Asset Management Company, Global, Thomson Locations: HONG KONG, China, Hong Kong, United States, Japan, Europe, Shenzhen

☆ Britain scraps cap on banker bonuses inherited from EU
▼ + stars: | 2023-10-24 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

A general view of the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams/File Photo Acquire Licensing RightsLONDON, Oct 24 (Reuters) - Britain on Tuesday scrapped a decade-old cap on banker bonuses inherited from the European Union, signalling a clear divergence in post-Brexit financial rules from the 27-country bloc it left in 2020. The BoE and Financial Conduct Authority proposed scrapping the cap in a public consultation earlier this year, and its abolition was confirmed in final policy published on Tuesday. The TUC confederation of labour unions said the decision to scrap the bonus cap was "obscene". Law firm Linklaters said scrapping the cap puts Britain back into line with the rest of the world, apart from the EU, but it would continue to apply to staff working at EU banks in London who are regulated under the bloc's rules.

Persons: Hollie Adams, BoE, Suzanne Horne, Paul Hastings, Paul Nowak, Linklaters, David Milliken, Iain Withers, Barbara Lewis, Mark Potter, Jonathan Oatis Organizations: Bank of England, City of, REUTERS, European Union, Financial, Authority, London, Finance, TUC, Britain, Thomson Locations: City, City of London, Britain, EU, London, New York, United States, Asia

☆ Asian stocks fall, gold at over 2-month high as Middle East tension weighs
▼ + stars: | 2023-10-19 | by ( Ankur Banerjee | ) www.reuters.com time to read: +5 min

U.S. stocks ended sharply lower on Wednesday as elevated Treasury yields weighed, with investors assessing the latest batch of quarterly corporate results and forecasts. Tesla (TSLA.O) CEO Elon Musk said on Wednesday that he was concerned about the impact of high interest rates on car buyers as the company missed Wall Street expectations on third-quarter gross margin, profit and revenue. Meanwhile, Federal Reserve policymakers are signalling a pause in hiking interest rates for another couple months. A Reuters poll of economists indicated that the Federal Reserve will keep its key interest rate on hold on Nov. 1 and may wait longer than previously thought before cutting it. Spot gold was at $1,948.16 per ounce, just shy of $1,962.39 its highest since Aug. 1 touched on Tuesday.

Persons: Aly, Treasuries, Anderson Alves, Joe Biden, Alves, Elon Musk, Christopher Waller, Jerome Powell, Brent, Ankur Banerjee, Christopher Cushing Organizations: REUTERS, Rights, Japan's Nikkei, Gaza, HK, Reuters, Taiwan Semiconductor Manufacturing Co, Reserve, European Economics & Financial, Federal Reserve, OPEC, Thomson Locations: Shanghai, Shenzhen, China, Rights SINGAPORE, Asia, Pacific, Japan, U.S, Israel, China's, London, United States, Venezuela

☆ Basel proposes crypto disclosures by banks from January 2025
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

The Basel Committee of banking regulators from the world's main financial centres agreed new rules last December on how much capital banks should hold to cover different types of cryptoassets. On Tuesday, they set out for public consultation how the holdings should be disclosed to investors. "Under the proposals, banks would be required to disclose qualitative information on their activities related to cryptoassets and quantitative information on exposures to cryptoassets and the related capital and liquidity requirements," the Basel Committee said in a statement. Banks would also be required to provide details of the accounting classifications of their exposures to cryptoassets and crypto liabilities, it said. Reporting by Huw Jones; Editing by Kirsten Donovan and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Banks, Jan, Huw Jones, Kirsten Donovan, Emelia Organizations: REUTERS, Global, Committee, Thomson Locations: cryptoassets

☆ China developer Kaisa tells court creditors will get less than 5% back if liquidated
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

Signs the Kaisa Holdings Group are seen at the Shanghai Kaisa Financial Centre, in Shanghai, China, December 7, 2021. Hong Kong is a special administrative region of China but maintains its own legal system. With $12 billion of offshore debt, Kaisa is China's largest issuer of offshore debt among developers after China Evergrande Group (3333.HK). It had 232.5 billion yuan ($31.91 billion) of total liabilities as of the end of June, including 37.6 billion yuan ($18.88 billion) of total borrowings. ($1 = 7.2872 Chinese yuan renminbi)Reporting by Clare Jim; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Kaisa, James Wood, Linda Chan, Clare Jim, Kim Coghill Organizations: Kaisa Holdings, Shanghai Kaisa Financial, REUTERS, Kaisa, HK, Investment, Hong Kong High Court, China Evergrande, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong, Shenzhen, Hong Kong . Hong Kong

☆ New York remains top financial centre, London clings to second place - survey
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsLONDON, Sept 28 (Reuters) - New York has easily remained the world's top financial centre with London still second and gaining some ground, but also facing a tougher fight with Singapore and Hong Kong, the Global Financial Centres index showed on Thursday. Singapore, however, is now only 2 points behind London at 742, itself only a point ahead of Hong Kong in fourth place, signalling an intensifying battle for the second spot. The index is compiled every six months by London-based think tank Z/Yen and the China Development Institute. Reporting by Huw Jones Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, London, Huw Jones, Mark Potter Organizations: New York Stock, REUTERS, Global, ., World Bank, OECD, United Nations, Arm Holdings, London, China Development Institute, New, Thomson Locations: Manhattan, New York City , New York, U.S, New York, London, Singapore, Hong Kong, . New York, San Francisco

☆ India’s fintech partygoers nurse a needed hangover
▼ + stars: | 2023-09-11 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

MUMBAI, Sept 11 (Reuters Breakingviews) - India’s financial technology industry is suffering from overindulgence. And it was on full display at a sombre Global Fintech Festival in Mumbai last week. The South Asian country is the world’s third-largest fintech market by number of unicorns. Poster child Byju’s is squabbling with lenders as investors walk away and financial reports get delayed. Follow @ShritamaBose on XCONTEXT NEWSThe Global Fintech Fest organised by the National Payments Corporation of India and industry association Payments Council of India was held between Sept. 5 and 7 in Mumbai.

Persons: securitisation, ’, hesitatingly, Vishwas Patel, they’re, fintechs, Mukesh Ambani’s, Antony Currie, Katrina Hamlin, Thomas Shum Organizations: Reuters, Founders, Boston Consulting Group, Venture, Reserve Bank, One97 Communications, FSN, Commerce Ventures, Innoven Triple Blue Capital, XV Partners, Financial, National Payments Corporation of India, Thomson Locations: MUMBAI, Mumbai, India, fintech, Sequoia Capital’s India, Southeast Asia, Rwanda, Japan, Germany, Peru

☆ Singapore’s wealth boom hits most sensitive phase
▼ + stars: | 2023-09-06 | by ( Anshuman Daga | ) www.reuters.com time to read: +5 min

REUTERS/Edgar Su Acquire Licensing RightsSINGAPORE, Sept 6 (Reuters Breakingviews) - Singapore’s wealth boom may be set for a pause. The amount involved has almost doubled and banks, realtors and jewellery dealers have been caught up in the ring. It is the most eye-catching saga since 2015 when Singapore’s banks were involved in the 1MDB Malaysian sovereign fund mess. As Singapore’s success as a financial centre grows, so too does its vulnerability to dirty money. A thornier problem is Singapore’s desire to avoid perceptions it is capitalising on the troubles of China, its top trade partner.

Persons: Edgar Su, Una Galani, Katrina Hamlin, Pranav Kiran Organizations: REUTERS, Rights, Reuters, realtors, DBS, Deutsche Bank, Bloomberg, Reuters Graphics Reuters, Monetary Authority of, U.S, Police, Thomson Locations: Marina Bay, Singapore, Rights SINGAPORE, China, Malaysian, Hong Kong, Monetary Authority of Singapore

☆ Singapore’s central bank boss faces a tough start
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Sept 5 (Reuters Breakingviews) - Central banks pride themselves on being predictable. He is a former deputy to Menon, and currently a permanent secretary at the manpower ministry after spending 18 years in various stints at the central bank. He has led MAS’ financial stability assessment of the city state and completed a two-year secondment to the International Monetary Fund. During his 12-year term, he built up Singapore’s reputation as a global fintech hub and boosted its appeal as a leading financial centre. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Ravi Menon, Chia Der, There’s, Chia, Menon, Pernod Ricard, Una Galani, Katrina Hamlin Organizations: Reuters, Monetary Authority of, MAS, International Monetary Fund, X, Thomson Locations: SINGAPORE, Monetary Authority of Singapore, Singapore, China

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