DIRS.INFO The most relevant business & tech news

In early February, sources said CATL aimed to go ahead with the listing as early as May. PRIVATE PLACEMENTThe sources said the Chinese regulator has concerns over the vast scale of CATL's GDR offering. At $5 billion, the GDR deal would easily be the largest such listing by a Chinese company in Switzerland, according to Refinitiv data. With much better liquidity on the domestic market, investors can exit more easily. Such practices have also made Chinese regulators less keen to wave through mega-GDR offerings, two of the sources with knowledge of the matter said.

SYDNEY/NEW YORK, March 13 (Reuters) - U.S. regulators may have stemmed a banking crisis by guaranteeing deposits of collapsed Silicon Valley Bank (SVB), but some experts warn that the move has encouraged bad investor behaviour. Following a weekend of discussions over the future of SVB owner SVB Financial Group , banking regulators unveiled emergency funding plans for the bank. Yet by guaranteeing that depositors would lose no money, authorities have again raised the question of moral hazard - removal of people's incentive to guard against financial risk. "If all bank deposits are now insured, why do you need banks?" Some 89% of around $200 billion in deposits held by SVB at the end of 2022 was uninsured, according to the FDIC.

☆ VIEW US intervenes to shore up SVB deposits, stem financial fallout
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +10 min

March 13 (Reuters) - The U.S. government announced actions to shore up deposits and stem any broader financial fallout from the sudden collapse of tech startup-focused lender Silicon Valley Bank (SIVB.O) (SVB), sending U.S. stock futures higher. "The market turbulence sparked by SVB has upended rising market expectations on the Fed rate path. The fact that SVB and Signature Bank depositors will be made whole is critical in maintaining trust in the financial system and should help stem contagion fears this week. But it also means that 50 basis points (a possible Fed interest rate hike) is off the table." Given what's happened in the U.S. financial system, a 25 basis point hike is more likely than a 50 basis point hike."

☆ Instant view: US intervenes to shore up SVB deposits, limit financial fallout
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +11 min

March 13 (Reuters) - The U.S. government announced actions to shore up deposits and stem any broader financial fallout from the sudden collapse of tech startup-focused lender Silicon Valley Bank (SIVB.O) (SVB), sending U.S. stock futures higher. ALVIN TAN, HEAD OF ASIA FX STRATEGY, RBC CAPITAL MARKETS, SINGAPORE:"Markets remain unsettled from the SVB failure. "The market turbulence sparked by SVB has upended rising market expectations on the Fed rate path. ANTHONY SAGLIMBENE, CHIEF MARKET STRATEGIST, AMERIPRISE FINANCIAL, TROY, MICHIGAN:"It was imperative that regulators stepped in and decisively acted before markets around the world opened for the week. GREG MCBRIDE, CHIEF FINANCIAL ANALYST, BANKRATE:"While the Fed has talked about a lot in the past year, until today it has been in the context of monetary policy.

Chinese start-ups and fund managers said they are still looking to move their money out of SVB once they can. Such banks have offered account services similar to those of SVB, but found it hard to crack the U.S. bank's dominance among early-stage start-ups in China, where SVB has operated for more than two decades and has a local joint venture. STILL HUNTINGSome venture funds said they were in a quandary as SVB had certain advantages and was especially friendly to early-stage start ups. "Not a lot of banks are friendly to venture capital." "But the market space left by SVB will be filled by the next bank, which is an opportunity," said Chen, whose company counts Sequoia Capital China and Wu Capital among its investors and banks with SVB.

The move comes as global infrastructure funds are pouring huge sums of money to acquire capital-intensive telecom infrastructure assets in Southeast Asia, seeing strong growth opportunities. The sources said discussions are taking place for a minority stake to be sold in the decade-old Edotco, which is 63% owned by Axiata. However, three of the sources said there was a possibility that Axiata could even consider giving majority control in order to secure a deal. The sources said the bulk of the proceeds from the share sales will likely fund Edotco's business expansion. While broader dealmaking activity has fallen sharply over the past year due to weak equity markets and rising interest rates, telecom tower assets have been a bright spot.

Australia's second largest airline is in talks with banks including Goldman Sachs (GS.N) and UBS (UBSG.S) about the loan, said the sources, although no decision has been made yet and the size of the debt has not been finalised. The sources did not wish to be identified as the discussions were private. The airline's owner Bain Capital and Goldman Sachs declined to comment. Bain said in January it would explore re-listing Virgin, which it bought for A$3.5 billion ($2.45 billion) including liabilities in 2020 after it was placed in voluntary administration, the closest Australian equivalent to Chapter 11 bankruptcy. It hired Goldman, UBS and Barrenjoey last month as lead managers for the potential initial public offering (IPO).

"Credit Suisse remains committed to our investment banking & capital markets clients throughout the APAC (Asia Pacific) region," the company told Reuters in response to a query. Credit Suisse's restructuring plan includes creating a separate unit for its investment bank under the CS First Boston brand. Reuters was not immediately able to ascertain whether the few remaining staff at Credit Suisse's Japanese investment banking division would be shifted to the new unit. Credit Suisse also runs wealth management, equity research, securities trading and asset management businesses in Japan. Some of the major deals that Credit Suisse advised on in Japan included Hitachi Ltd's (6501.T) $9.6 billion acquisition of U.S. software company GlobalLogic Inc.

☆ Morning Bid: Don't fight central banks
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Anshuman DagaJudging by the improved mood in global equity markets, investors are once again having a go at central banks. Will Powell be able to send a decisive message to markets about the future pace of interest rate increases? Fed, ECB and BoE 'terminal rates' riseThe European Central Bank has already raised rates to 2.5%, a 3 percentage point increase since July and essentially promised another half a percentage point increase on March 16. Strategists at BlackRock Investment Institute expect the trend to end as recent data pushes the European Central Bank to raise rates and keep them higher for longer. And Schroders' analysts are in the camp of those who expect interest rates to be kept on hold by the ECB from March.

☆ EUROPE Market mood downbeat ahead of raft of data
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Anshuman DagaThe overarching downbeat mood among investors shows no signs of improving as markets become increasingly wary of a further rise in borrowing costs. Although U.S. markets took a breather and rose on Monday, they ended well below the day's highs and Asian markets were back in the red on Tuesday after gaining in early trade. Tuesday's U.S. consumer confidence data will be especially scrutinised for households' views on economic prospects and inflation expectations. European markets will deal with CPI data due from France and Spain. While inflation has eased a bit, providing some support to markets, a barrage of economic data suggests that inflation is stickier than expected, reinforcing the "higher-for-longer" rates view.

☆ Morning Bid: Market mood downbeat ahead of raft of data
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

Tuesday's U.S. consumer confidence data will be especially scrutinised for households' views on economic prospects and inflation expectations. Economists polled by Reuters expect a median reading of 109.5 on the index, which unexpectedly fell in January. European markets will deal with CPI data due from France and Spain. While inflation has eased a bit, providing some support to markets, a barrage of economic data suggests that inflation is stickier than expected, reinforcing the "higher-for-longer" rates view. British Prime Minister Rishi Sunak struck a deal with the European Union on post-Brexit trade rules for Northern Ireland.

☆ Morning Bid: It's all about inflation
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

A slew of strong U.S. economic data has reinforced the view that interest rates will stay higher-for-longer. Over in Europe, preliminary February inflation data is due from Germany, France, Spain and Portugal on Monday and Tuesday, followed by the euro bloc flash number on Thursday. Though headline euro area inflation is easing, there is mounting realisation that it could proving more stubborn than earlier expected. Traders are now pricing in another 75 basis points of moves in the 20-nation euro zone before the end of the summer. This week, European investors will also digest results from the likes of Lufthansa, fund manager Abrdn, London Stock Exchange and Telefonica.

☆ Morning Bid: Not if or when but how fast?
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Kai PfaffenbachA look at the day ahead in European and global markets from Anshuman Daga:Is it really good news? Probably yes, probably not. Fed funds futures traders are now pricing for the Fed's benchmark overnight interest rate to reach 5.36% in July and end the year at 5.18%. Asian stock markets floated in a sea of red on Wednesday following an ugly sell-off on Wall Street. Inflation data from Germany and Italy due later on Wednesday will offer clues on price pressures.

The London-headquartered bank (HSBA.L) said on Tuesday it would pay a special dividend of $0.21 per share, from the proceeds of the $10 billion sale of its Canada business. HSBC's conservative outlook echoed that of British rival NatWest (NWG.L), which warned last week that profit earned from rising interest rates may have peaked. HSBC said annual expected credit losses rose to $3.6 billion, more than the $3.2 billion analysts had estimated, due to rising inflation pressuring borrowers and lingering problems in China's property market. That matched the $17.5 billion average estimate of 22 analysts compiled by the bank. Meanwhile, HSBC said it still expects to complete the sale of its Russia business in first-half 2023, taking a $300 million loss.

But some analysts had expected HSBC to also raise its key performance target of reaching a return on tangible equity of at least 12% from this year onwards, a target the bank stuck to in its earnings report. Meanwhile, HSBC said it still expects to complete the sale of its Russia business in first-half 2023, taking a $300 million loss. So far this year, the shares have risen 20% versus a 7% rise in the FTSE index (.FTSE). HSBC said annual expected credit losses rose to $3.6 billion, more than the $3.2 billion analysts had estimated, due to rising inflation pressuring borrowers and lingering problems in China's property market. Despite the fourth-quarter surge, annual profit fell to $17.5 billion from $18.9 billion for 2021, due to an impairment of $2.4 billion related to the sale of its retail banking operations in France.

☆ HSBC Q4 profit rockets 92% as rising interest rates boost revenue
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: 1 min

SINGAPORE/LONDON, Feb 21 (Reuters) - HSBC Holdings (HSBA.L) reported a better-than-expected 92% surge in quarterly profit on Tuesday as rising interest rates swelled its net interest income, encouraging Europe's largest bank to reiterate it could meet a key performance target for this year. The bank said it intended to pay a special dividend of $0.21 per share, as a priority use of the proceeds from the $10 billion sale of its Canada business, once that disposal is complete late this year. Reporting by Anshuman Daga and Lawrence White; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ HSBC CEO: China property market outlook on the mend
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: 1 min

SINGAPORE, Feb 21 (Reuters) - HSBC (HSBA.L) Group CEO Noel Quinn said the outlook for China's troubled property sector had improved in January, despite the lender booking higher charges in the fourth quarter related to its exposure to the country's commercial real estate sector. "The sentiment in the fourth quarter was more negative than the sentiment that emerged in January," Quinn told Reuters, adding that there were positive developments both on the demand side and the supply side linked to big policy measures. Reporting by Anshuman Daga and Lawrence White4Our Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Up, up and away
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +3 min

In Europe, money markets show that investors are already betting on a peak European Central Bank rate around 3.75% by late summer, up from levels around 3.4% earlier this month. Investors are unwinding earlier bets after a string of hawkish comments from policymakers, forcing European shares to retreat further from one-year highs. ECB officials have highlighted their fears about stubborn underlying inflation. Meanwhile, in a week when India hosts the year's first G20 finance and central bank chiefs meeting, from Feb. 22-25, tough global discussions over debt forgiveness for poor nations are going to get even trickier. Key developments that could influence markets on Monday:Economic data: Euro zone Feb consumer confidenceU.S. markets closedReporting by Anshuman Daga; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ A.P. Moller Capital plans $750 mln infrastructure deals in South, Southeast Asia
▼ + stars: | 2023-02-20 | by ( Anshuman Daga | ) www.reuters.com time to read: +1 min

Moller Capital, the asset management unit of Danish transportation and logistics giant A.P. Moller Group, said on Monday it aims to invest more than $750 million in the high-growth markets of South and Southeast Asia. Moller Capital and our investment business in Asia, where we see significant opportunity...," said Dhruv Narain, partner at A.P. Moller Capital and head of its Asia team. Moller Capital manages more than $1.5 billion and has invested in 16 projects.

TOUGH TASK AHEADStanChart, which makes most of its profit in Asia, reported statutory pretax profit of $4.3 billion for 2022. That came below the $4.73 billion average of analyst forecasts compiled by the bank but beat the $3.35 billion it made in 2021. On Wednesday, Barclays (BARC.L) reported a 14% fall in full-year pretax profit as earnings were pole-axed by surging costs and a collapse in deal fees, among other factors. StanChart's financial markets trading business reported record income, up 21%, as accelerating inflation and Russia's invasion of Ukraine made for volatile markets, driving frenzied activity by institutional clients throughout 2022. StanChart also took a $308 million hit on its investment in China Bohai Bank (9668.HK), which it attributed to "industry challenges".

☆ Morning bid: When meeting expectations isn't enough
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +3 min

That sent the S&P down but the Nasdaq index ended up, while two-year Treasury yields rose to 3.799, the highest since January. It looks like markets are still unable to make up their minds on the data's long-term impact. Officials said the U.S. central bank would need to keep gradually raising interest rates to beat inflation. After the inflation data, traders of interest rate futures now see the Fed raising borrowing costs three more times, bringing the policy rate to the 5.25%-5.50% range by July, if not June. Meanwhile, investors turned more optimistic about the global economy in February, flocking to emerging market stocks and cutting their cash holdings to levels last seen before the war in Ukraine, a BofA survey of global investors showed on Tuesday.

☆ Morning Bid: Don't break my heart
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +3 min

Sure, there are a few pundits warning about inflation, but the market is clearly screaming at the top of its lungs that inflation worries are misplaced." Economists polled by Reuters expect Tuesday's CPI reading to show headline prices and the core CPI gaining 0.5% and 0.4% month-over-month for January, respectively. Asian shares edged up on Tuesday, while the yen recouped losses as Japan nominated a new central bank governor. This would mark their first face-to-face talks after the United States shot down what it said was a Chinese spy balloon and other flying objects. Meanwhile, Qatari investors are preparing to make a bid to buy Premier League club Manchester United in the coming days, Bloomberg reported.

SINGAPORE, Feb 13 (Reuters) - DBS Group (DBSM.SI) has a tightly managed exposure to India's Adani group of companies, the chief executive of Southeast Asia's largest bank said on Monday. DBS was among a group of banks which provided finance to Adani's $10.5 billion acquisition of Holcim's (HOLN.S) cement business in India last year. "They're solid, cash-generating companies, so we're not concerned about the exposure," Chief Executive Piyush Gupta told reporters after DBS reported quarterly results. The cement industry has huge potential, given the growth in the market, Gupta said, "and so that exposure is quite tightly managed." New York-based short-seller Hindenburg Research accused the Adani Group in a Jan. 24 report of stock manipulation and improper use of offshore tax havens that it said obscured the extent of Adani family stock ownership in group firms.

☆ Singapore bank DBS Q4 profit soars 68%, flags robust outlook
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Feb 13 (Reuters) - DBS Group (DBSM.SI) reported a higher-than-expected 68% rise in quarterly profit as rising interest rates boosted its net interest margins and Southeast Asia's largest bank by assets retained its full-year outlook for mid-single-digit loan growth. DBS, which earns most of its profit from Singapore and Hong Kong, announced a special dividend of 50 Singapore cents per share, citing its strong earnings and capital position. Singapore lenders were set to report their highest quarterly net interest margins in more than a decade on rising interest rates but as the cycle peaks and economic growth falters, profit growth will be curbed, analysts said. It reported a total net interest margin of 2.05% for the latest quarter, up from 1.43% in the same period a year earlier. ($1 = 1.3297 Singapore dollars)Reporting by Anshuman Daga; Editing by Kim Coghill, Stephen Coates and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Singapore's DBS profit jumps two-thirds, CEO sees rate rises moderating
▼ + stars: | 2023-02-12 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

DBS Chief Executive Piyush Gupta said in the bank's results statement that interest rate increases are likely to moderate, but he doesn't expect rate cuts this year. We expect confidence to return to markets in the coming year as interest rate increases ease and China reopens," Gupta said. DBS reported a total net interest margin, a key gauge of profitability, of 2.05% for the latest quarter, up from 1.43% in the same period a year earlier. DBS' annual profit soared 20% to a record S$8.2 billion. Smaller peers OCBC (OCBC.SI) and UOB (OCBC.SI), which report results next week, are also expected to post a sharp rise in annual profits, but quarter-on-quarter earnings are seen as being flat to slightly lower.

Search resuls for: "Anshuman Daga"

25 mentions found