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HONG KONG, March 22 (Reuters Breakingviews) - Time may be on Richard Li’s side. By cobbling together acquisitions, Li has built a brand to sell life insurance across Hong Kong, Japan and Southeast Asia. The value of new business – a measure of the present value of future earnings from policies signed - rose around 30%. Follow @KatrinaHamlin on TwitterCONTEXT NEWSAsian insurer FWD has made a fresh application for a Hong Kong listing, according to stock exchange filings published on March 13. A first attempt to go public in Hong Kong in 2021 was refused owing to concern over its dual-class shares.

March 19 (Reuters) - Talks over rescuing Credit Suisse (CSGN.S) rolled into Sunday as UBS AG (UBSG.S) sought $6 billion from the Swiss government to cover costs if it were to buy its struggling rival, a person with knowledge of the talks said. The guarantees UBS is seeking would cover the cost of winding down parts of Credit Suisse and potential litigation charges, two people told Reuters. Credit Suisse, UBS and the Swiss government declined to comment. U.S. President Joe Biden's administration moved to backstop consumer deposits while the Swiss central bank lent billions to Credit Suisse to stabilise its shaky balance sheet. There were multiple reports of interest for Credit Suisse from other rivals.

☆ Bank of England welcomes Credit Suisse deal, says UK banks are safe
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 19, 2023. REUTERS/Moritz HagerLONDON, March 19 (Reuters) - The Bank of England welcomed moves by the Swiss authorities to broker a take-over by UBS of Credit Suisse on Sunday, indicating it would support approval of the deal, and it said the British banking system was well funded. UBS (UBSG.S) agreed to buy rival Swiss bank Credit Suisse (CSGN.S) for 3 billion Swiss francs ($3.23 billion) in stock and assume up to 5 billion francs ($5.4 billion) in losses in a merger engineered by Swiss authorities. "The UK government welcomes the steps taken today by the Swiss authorities in relation to Credit Suisse to support financial stability, and will continue to engage with the FCA and the Bank of England as is usual," a finance ministry spokesperson said. ($1 = 0.9280 Swiss francs)Reporting by Alistair Smout and Huw Jones Editing by William SchombergOur Standards: The Thomson Reuters Trust Principles.

☆ UBS reportedly seeks $6 billion in government guarantees for Credit Suisse takeover
▼ + stars: | 2023-03-18 | by ( ) www.cnbc.com time to read: +2 min

The $6 billion in government guarantees UBS is seeking would cover the cost of winding down parts of Credit Suisse and potential litigation charges, two people told Reuters. One of the sources cautioned that the talks to resolve the crisis of confidence in Credit Suisse are encountering significant obstacles, and 10,000 jobs may have to be cut if the two banks combine. Credit Suisse, UBS and the Swiss government declined to comment. U.S. President Joe Biden's administration moved to backstop consumer deposits while the Swiss central bank lent billions to Credit Suisse to stabilize its shaky balance sheet. UBS was under pressure from the Swiss authorities to carry out a takeover of its local rival to get the crisis under control, two people with knowledge of the matter said.

☆ UK finance minister, Bank of England governor in contact over Credit Suisse - source
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +1 min

[1/2] Britain's Chancellor of the Exchequer Jeremy Hunt walks at Downing Street in London, Britain, November 17, 2022. REUTERS/Toby Melville/File PhotoLONDON, March 18 (Reuters) - British finance minister Jeremy Hunt and Bank of England Governor Andrew Bailey are in regular contact this weekend over the fate of Credit Suisse Group AG (CSGN.S), according to a source with knowledge of the matter. UBS Group AG (UBSG.S) is mulling a takeover of its embattled Swiss rival Credit Suisse, other sources told Reuters on Saturday, amid a crisis of confidence in the bank that risks destabilizing the global financial system. A spokesperson for the Bank of England's Prudential Regulation Authority, which oversees lenders, declined to comment. Credit Suisse's UK entity, Credit Suisse International, has $60 billion of risk weighted assets, according to the company's latest filings.

☆ Prudential says exposure to SVB minimal, sales to China travellers pick up
▼ + stars: | 2023-03-15 | by ( Selena Li | ) www.reuters.com time to read: +3 min

HONG KONG, March 15 (Reuters) - Asia-focused insurer Prudential's (PRU.L) said its exposure to collapsed Silicon Valley Bank (SVB) is minimal, and expects little impact on its "conservative" balance sheet. "Our exposure to SVB is de minimis," Turner said. The insurer's stock price ended 1.18% lower in Hong Kong on Wednesday, while the broader market was up 1.52%. Its London-listed shares fell 4.7% by 9 a.m. GMTAnalysts say they expect a stronger pickup in sales from Chinese mainland visitors to Hong Kong, the insurer's key revenue centre. As China ended its Zero-COVID policy, border restrictions were removed last month allowing mainland visitors to go to Hong Kong and buy insurance again.

☆ Prudential's full year profit up 8%, COVID curbs removal a boost: CEO
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 15 (Reuters) - Asia-focused insurer Prudential's (PRU.L) operating profit rose 8% in 2022, boosted by new insurance sales despite the coronavirus pandemic, and its new boss said on Wednesday sales had picked up further since China lifted its COVID-19 curbs. Adjusted operating profit from the London and Hong Kong dual-listed company came in at $3.38 billion on a constant exchange rate basis, up from $3.23 billion in 2021, Prudential said in a statement. The result beat a forecast of around $3.34 billion from 22 analysts' forecasts provided by the company. The insurer has now completed the move of its entire senior management team from London to Hong Kong - its new global headquarters - which is closer to its revenue sources. Reporting by Selena Li Editing by Shri Navaratnam and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ European shares sink as banks resume selloff, Credit Suisse hits new low
▼ + stars: | 2023-03-15 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 index (.STOXX) fell 2.5% by 1118 GMT, languishing at 10-week lows, as was the banks sector index (.SX7P) after plunging nearly 6%. The bank index is set to lose more than 120 billion euros ($127.26 billion) in market value since the close of March 8. Shares of Credit Suisse (CSGN.S) fell below 2 Swiss francs ($2.18) after the lender's biggest shareholder said it could not raise its 10% stake, citing regulatory issues. There was also a cooling of optimism that the U.S. Federal Reserve will tone down its rate-hiking spree next week in the aftermath of Silicon Valley Bank's (SVB) collapse. Retailers (.SXRP) shed 5.0% after shares of Zara-owner Inditex (ITX.MC), the world's biggest fashion retailer, fell 5.2% as it flagged higher investment spending.

☆ UK markets shrug off Hunt's budget; bank turmoil in focus
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 15 (Reuters) - British markets, roiled by concerns about European banks after shares in Credit Suisse fell 30%, showed little reaction to Chancellor Jeremy Hunt's budget on Wednesday. The pound picked up slightly against the euro as Hunt delivered the budget, in which he said Britain's official forecaster expected the economy to avoid recession this year. The euro fell to a session low of 87.25 pence as Hunt talked. However, the euro had already fallen sharply, with a big drop in European bank stocks spooking investors that were already on edge since the collapse of U.S. lender Silicon Valley Bank late last week. Britain's FTSE 100 (.FTSE) stock index was down 3.05%, with financial companies leading the falls.

☆ London stocks fall as Prudential drops, spring budget in focus
▼ + stars: | 2023-03-15 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies Prudential at the bottom of FTSE 100Precious metal miners down over 2%Spring budget in sightFTSE 100 down 1.4%, FTSE 250 off 1.3%March 15 (Reuters) - London stocks fell on Wednesday as Prudential touched the bottom of the FTSE 100 index after its annual results, with investors awaiting the UK spring budget due later in the day. The blue-chip FTSE 100 (.FTSE) was down 1.4% after jumping more than 1% on Tuesday. Prudential (PRU.L) fell 6.3% despite the Asia-focused insurer reporting an 8% jump in full-year year profit. The wider life insurance index (.FTNMX303010) fell 4.2%, hitting a near three-month low. Investors would be keenly awaiting the UK's spring budget, with Finance Minister Jeremy Hunt due to make a budget speech to parliament at around 1230 GMT.

☆ Warren unveils bill to repeal Trump-era bank deregulation she says led to SVB, Signature collapses
▼ + stars: | 2023-03-14 | by ( Christina Wilkie | ) www.cnbc.com time to read: +2 min

Senator Elizabeth Warren (D-MA) speaks to reporters about codifying gay marriage on Capitol Hill in Washington, September 15, 2022. WASHINGTON — A group of Democratic senators introduced new legislation Tuesday to repeal Trump-era bank deregulations they say created the conditions that allowed for the dramatic collapse of Silicon Valley Bank and the closure of Signature Bank since Friday. Right away, mid-sized banks, including SVB, began lobbying Congress for an exemption from the tighter oversight rule. On the Senate floor Tuesday, Democratic Sen. Elizabeth Warren, Mass., drew a straight line from the 2018 deregulation effort to the 2023 failure of SVB and Signature. "The weakened rules permitted banks like SVB and Signature to load up on risks, run up their profits, pay their executives, giant bonuses, and eventually blow the banks to pieces," said Warren.

[1/2] European Central Bank and SVB (Silicon Valley Bank) logos are seen in this illustration taken March 10, 2023. SVB, which does business as Silicon Valley Bank, was not immediately available for comment. "Silicon Valley Bank is shedding light on vulnerabilities across the US banking sector, primarily in the bond holdings that many large institutions hold," said Karl Schamotta, Chief Market Strategist at Corpay. “The current liquidity run on Silicon Valley Bank is having a knock-on effect on the wider banking system," said Rick Seehra, Prudential Lead at Bovill. But banking experts said SVB's issues were unique and the worries about the broader sector were not warranted.

☆ Bank of England puts UK arm of Silicon Valley Bank into resolution - FT
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - The Bank of England has moved to put the UK arm of Silicon Valley Bank, a unit of SVB Financial Group (SIVB.O), into resolution after it applied for 1.8 billion pounds ($2.17 billion) of liquidity as its parent company collapsed, the Financial Times reported on Friday. The Prudential Regulation Authority, which oversees the bank's UK arm, believes it cannot be a viable standalone operation following SVB's takeover by U.S. regulators, the report added. The central bank declined to comment on the report while the Prudential Regulation Authority and Silicon Valley Bank UK did not immediately respond to Reuters' requests for comment. Silicon Valley Bank UK said earlier today it is a standalone entity with an independent board of directors, ring-fenced from the parent company and other subsidiaries. ($1 = 0.8314 pounds)Reporting by Kanjyik Ghosh in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ In praise of American finance’s regulatory mess
▼ + stars: | 2023-03-09 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, March 9 (Reuters Breakingviews) - There are many issues on which China and the United States are far apart. The People’s Republic this week proposed combining financial regulatory functions into a new super watchdog to govern its financial sector more effectively. China’s proposed new National Financial Regulatory Administration is roughly in this mold. Since 2008, officials in Beijing have criticized the United States’ financial excesses and its “warped conception” of financial discipline. The new National Financial Regulatory Administration would sit directly under the State Council, which serves as China’s cabinet.

In a major shake-up, China will set up the new regulatory body, the National Financial Regulatory Administration (NFRA), according to a proposal that the State Council, or cabinet, presented to parliament on Tuesday. The watchdog, which will oversee all aspects of China's $57 trillion financial sector apart from the securities market, should help reduce regulatory overlap especially at the level of local government, analysts say. There are also plans, sources have said, for the revival of another high-level financial watchdog which is expected to be directly under central party leadership. 'ENHANCING CENTRALISATION'In its reform proposals presented in parliament, the State Council said the changes were meant to "deepen reforming local financial regulatory systems" by "enhancing centralised management of financial affairs". Some investors, however, are concerned that the regulatory power reshuffle means tighter government control, which may bring more interference or crackdowns on financial activity, particularly in the private sector.

☆ London fintech Griffin lands UK banking license with restrictions after years-long process as it eyes fresh funding in 2023
▼ + stars: | 2023-03-07 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

British fintech startup Griffin has secured a banking license after a years-long process. The Prudential Regulation Authority (PRA) has approved the startup, subject to restrictions. Banking-as-a-service startup Griffin has become the latest fintech to land a UK banking license with restrictions after a years-long process. Securing a UK banking license is no mean feat. Neobanks like Revolut, founded in 2015, haven't yet managed to get a UK banking license with stringent processes in place, with Jarvis suggesting that the application process isn't something "you can just throw money at."

☆ Analysis: Australia's DIY pension funds lose millions on crypto bets, investors not sweating it
▼ + stars: | 2023-03-02 | by ( Lewis Jackson | ) www.reuters.com time to read: +6 min

Summary Thousands of Australians use DIY pension funds to buy cryptoLosses likely in the hundreds of millions -Reuters calculationAustralia has few rules governing what DIY funds can buySYDNEY, March 2 (Reuters) - Thousands of Australians who used do-it-yourself (DIY) pension funds to bet on cryptocurrencies face hundreds of millions of dollars in losses, jeopardising their savings in a scheme originally set up to ensure adequate retirement income. DIY pension funds account for a fourth of Australia's A$3.4 trillion ($2.29 trillion) pension pool. Australia's DIY pension sector combines size and freedom in a way that sets it apart from other countries. The United States also has a freewheeling DIY pension sector but take-up is negligible. "Our general position is if it's legal to invest in speculative assets, then no further restrictions should apply to SMSF investments."

☆ M&G would be a tricky hop for kangaroo raider
▼ + stars: | 2023-03-02 | by ( Neil Unmack | ) www.reuters.com time to read: +3 min

LONDON, March 2 (Reuters Breakingviews) - M&G (MNG.L) would be a tricky hop for Macquarie (MQG.AX). The $48 billion Australian financial powerhouse may bid for the $6 billion UK insurer. The appeal is likely to be in the fund management group. Macquarie’s own asset management arm accounted for over 30% of net profit in the first half of its current financial year. Follow @Unmack1 on TwitterCONTEXT NEWSAustralian banking group Macquarie is considering a bid for UK insurance and asset management group M&G, Sky News reported on March 1.

☆ BIS urges central banks to 'get the job done'
▼ + stars: | 2023-02-27 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

LONDON, Feb 27 (Reuters) - Central banks need to "get the job done" when it comes to getting inflation back under control, the Bank for International Settlements has said, urging them to avoid the mistakes of the 1970's by declaring victory too early. The BIS, dubbed the bank for central banks, said it was vital authorities didn't repeat the stop-start cycles of the 1970s when interest rates had to be hiked to painfully high levels after attempts to lower them resulted in an inflation surge. "Central banks have been very, very clear that at this stage the most important aspect is to get the job done," the head of the BIS' Monetary and Economic Department, Claudio Borio, said as part of a quarterly report. The BIS' report also included research showing that rate rises are more likely to cause financial system stress when private debt levels are high, although tougher "prudential policies" can reduce the risk and give central banks more room for manoeuvre. Another section looks at how higher commodity prices and the U.S. dollar exchange rate significantly affects the risk of stagflation - weak growth and high inflation - especially in developing market economies.

☆ Michael B. Jordan says 'life' taught him how to manage money—he wants better for the next generation
▼ + stars: | 2023-02-23 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Michael B. Jordan says the biggest lessons he's learned about money management came from "life." However, he wonders where he would be if he had been taught more about money when he was younger. That's one reason he's aiming to help Black students and student athletes gain access to financial literacy education early. The actor, director and producer partnered with Invesco QQQ to create the Invesco QQQ Legacy Classic, a men's college basketball showcase featuring Historically Black College and University (HBCU) student athletes, broadcast nationally on TNT. "So having another system in place to help them start thinking differently about their money is important."

☆ London stocks fall as rate hike worries linger, Lloyds drags
▼ + stars: | 2023-02-22 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) lost 0.9%, hitting its lowest level in over a week. The banking sector (.FTNMX301010) lost 1.4%, with shares of HSBC (HSBA.L) off 1.2% and Prudential (PRU.L) down 2.3%. London-listed shares of Rio Tinto (RIO.L) slumped 2.5% after the global miner posted a 38% drop in annual profit and more than halved its dividend. Those worries remain in focus ahead of the release, later in the day, of the minutes of the U.S. Federal Reserve's latest meeting. Despite the session's losses, the exporter-heavy FTSE 100 has had a strong start to the year, helped by some positive earnings and a stir in commodity prices.

☆ Analysis: Stablecoin regulatory crackdown sends warning to industry
▼ + stars: | 2023-02-22 | by ( Hannah Lang | ) www.reuters.com time to read: +5 min

But usage is raising questions from regulators who have expressed concern about the disclosures stablecoin issuers provide, as well as the tokens' potential instability during periods of stress. While the crypto industry has criticized the SEC's broad industry crackdown, the move against Binance USD, the third-biggest stablecoin with about $16 billion in circulation, could lend some guidelines for which stablecoin activities may get scrutinized. SEC Chairman Gary Gensler has previously said he believes some stablecoins are in fact securities, which require registration and additional regulatory oversight. The New York Department of Financial Services also ordered Paxos last week to stop minting Binance USD. But the specific features of tokens like Binance USD have some stablecoin issuers keen to highlight their differences.

Say hi to Snow White," Staley emailed Epstein in July 2010, according to filings on Wednesday with the U.S. District Court in Manhattan. "Beauty and the Beast," Staley allegedly responded, to which Epstein replied: "Well one side is available," according to the filing. According to the lawsuit, Staley exchanged around 1,200 emails with Epstein from his JPMorgan email account between 2008 and 2012. Staley allegedly wrote to Epstein on Nov 1, 2009, describing his relationship with Epstein as "profound". One month later, Staley allegedly wrote to Epstein to say how great it had been to give him "a long, heartfelt hug", after which Epstein allegedly sent Staley two pictures of young women.

☆ EU countries told to step up defence against state hackers
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Feb 14 (Reuters) - European Union countries must step up their defences against cyber attacks on their financial infrastructure as the war in Ukraine raises the risk of hacks by foreign powers, the bloc's systemic risk watchdog said on Tuesday. "The war in Ukraine, the broader geopolitical landscape and the increasing use of cyber attacks have significantly heightened the cyber threat environment," the ESRB said in a report. "There is an increased risk of cyber attacks on the EU financial system by states or state-sponsored actors." "The ESRB will consider which operational policy tools are most effective in responding to a system-wide cyber incident and identify gaps across operational and financial policy tools," it added. Reporting By Francesco Canepa Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ The 'singles tax': People who live alone are paying thousands more on rent than their coupled-up counterparts
▼ + stars: | 2023-02-14 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +6 min

It costs to be single: Americans living alone are facing a "singles tax" that costs thousands. A recent Zillow analysis compares how much more single Americans are paying to live alone in a one-bedroom place, compared to couples in the same spots. The results: On average, solo Americans are paying a "singles tax" of almost $7,000 every year. Those three all have singles tax of above $10,000 per Zillow's analysis on one-bedrooms. Silvia Tergas, a financial planner with Prudential, told Insider the singles tax is also reflected in the actual tax system, which largely benefits married couples who file jointly.

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