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☆ India set to post BoP deficit for 2 straight years - StanChart
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Jan 6 (Reuters) - India is set to post a balance of payment deficit for the second straight year in the next fiscal, which would be the first such instance in two decades, Standard Chartered Bank said on Friday. The foreign bank expects the country to record a BoP deficit of $24 billion this fiscal year and $5.5 billion in the next, against a surplus of $47.5 billion last year. "While the C/A deficit may appear more manageable, it still represents a large financing requirement in absolute terms, especially given the weak global growth backdrop. Our forecast of a smaller C/A deficit/GDP ratio in FY24 assumes a narrower trade deficit, but slower software and remittance inflows contributing to a large deficit size," the foreign bank said. Reporting by Dharamraj Lalit Dhutia; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ New York Financial Regulator Notches $100 Million Settlement With Coinbase
▼ + stars: | 2023-01-05 | by ( Mengqi Sun | ) www.wsj.com time to read: +4 min

A $100 million settlement made public by the New York State Department of Financial Services on Wednesday underscores the agency’s intent to set the regulatory agenda for digital currencies. Coinbase also will spend $50 million to improve its compliance program over the next two years. The regulator oversees insurance companies and state-chartered banks and already plays an outsize role nationally in overseeing the financial services sector. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. The agency credited Coinbase for its remediation efforts, including how it strengthened its onboarding process, according to the settlement agreement.

☆ Standard Chartered becomes first foreign bank to trade bond futures in China
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Jan 5 (Reuters) - Standard Chartered Plc's (STAN.L) China unit said it had become the first foreign bank to trade treasury bond futures in the country which is deregulating capital markets. The move comes as China steps up efforts to draw global investors amid months of foreign money outflows from its $20-trillion bond market. In a statement on Wednesday, Standard Chartered Bank (China) Ltd said it had completed its first treasury bond futures transaction in China, with the permission of regulators. Treasury bond futures are a key tool to manage interest rate risks, and China's opening-up of the market will allow foreign investors to better participate in its onshore bond market and promote yuan internationalisation, the bank said. In February 2022, Standard Chartered said it would invest $300 million in China-related businesses over the next three years and double the relevant profit contribution by end-2024.

Below are the events, trends and topics investors expect to shape the outlook for emerging markets next year. "The economic downturns along with the aggressive monetary tightening and geopolitical and commodity shocks that induce them will be temporarily painful in financial and emerging markets," said David Folkerts-Landau, group chief economist at Deutsche Bank. Globally, the war has transformed energy markets and inflation pressures, food security and geopolitical risk perception - factors that are often more keenly felt in emerging economies. "There's not actually a lot of debt maturing next year," said Carmen Altenkirch, emerging markets sovereign analyst at Aviva Investors. 6/ TURKEY ELECTIONSPresident Tayyip Erdogan could face the biggest political challenge of his two decades in power as Turks head to the ballot box in the most high-profile vote in emerging markets.

☆ South Korea's government will probably propose 'additional budget' in mid-2023, StanChart says
▼ + stars: | 2022-12-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSouth Korea's government will probably propose 'additional budget' in mid-2023, StanChart saysChong Hoon Park of Standard Chartered Bank Korea says that's partly because legislative elections are scheduled to take place in 2024.

☆ New York Financial Regulator Issues Crypto Guidance for Banks
▼ + stars: | 2022-12-15 | by ( Mengqi Sun | ) www.wsj.com time to read: +4 min

New York’s financial regulator said banks looking to enter the cryptocurrency space need to first seek approval from the regulator. U.S. banks and foreign banks with branches in New York that are under NYDFS supervision should notify the agency at least 90 days before starting any new or significantly different crypto-related activities, according to the guidance. NYDFS is one of the first state financial regulators to issue such guidance for banks. PREVIEWNYDFS Superintendent Adrienne Harris said the guidance is needed as the traditional financial institutions continue to innovate and as the crypto market evolves over time. New York’s financial regulator, which oversees insurance companies and state-chartered banks, already plays an outsize role nationally in overseeing the financial services sector.

In this article BTC.CM=ETH.CM= Follow your favorite stocks CREATE FREE ACCOUNTKris Marszalek, CEO of Crypto.com, speaking at a 2018 Bloomberg event in Hong Kong, China. Paul Yeung | Bloomberg | Getty ImagesKris Marszalek wants everyone to know that his company, Crypto.com, is safe and in good hands. While no evidence has emerged of wrongdoing at Crypto.com, Marszalek's business history is replete with red flags. Over the course of 2008 and 2009, Marszalek and his partner were transferred nearly $3 million in payments from Starline, according to the documents. As a result, when the bank forced Starline into liquidation, Marszalek and his partner were forced into bankruptcy as well.

☆ Bitcoin could plunge 70% to $5,000, Standard Chartered predicts, in possible 2023 'surprise'
▼ + stars: | 2022-12-05 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Standard Chartered predicts that bitcoin could fall to $5,000 in 2023 as part of their research on potential market surprises next year. Bitcoin could drop to $5,000 next year in a market surprise that investors are under-pricing, according to Standard Chartered. If that level is reached, it would mark a roughly 70% plunge from Monday's price of just over $17,000 for one bitcoin. In a note entitled "The financial-market surprises of 2023," Standard Chartered outlined a number of possible scenarios that "we feel are under-priced by the markets." "Yields plunge along with technology shares, and while the Bitcoin sell-off decelerates, the damage has been done.

☆ Volatility in yuan spurs bets China will widen its band
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +4 min

SHANGHAI, Nov 30 (Reuters) - As macroeconomic risks induce unprecedented levels of volatility in China's yuan, investors are betting that authorities may widen the currency's tight trading band for first time since 2014 to allow market forces greater say. Day-to-day yuan volatility has been as high as 16% on some days in October, compared with a tame 1% to 4% range in the months and years before. Policy sources have told Reuters they have considered widening the trading band over the past few years to show their commitment to long-term market reforms. Rising volatility in yuan-rouble trading earlier this year prompted the central bank to double the trading band for the pair to 10% in March. Yet, most analysts who think a band widening is due also do not think it is imminent.

☆ Hunger-struck Africa needs liquidity, debt relief
▼ + stars: | 2022-11-30 | by ( Joe Bavier | ) www.reuters.com time to read: +3 min

"It's not just been these macroeconomic fallouts, but also, heart-wrenchingly, the food insecurity issue," said Abebe Aemro Selassie, director of the International Monetary Fund's (IMF) Africa Department. "Food insecurity has shot up like never before." The number of East Africans facing acute food insecurity has jumped by 60% to 82 million in the past year. But Razia Khan, Middle East and Africa Chief Economist at Standard Chartered Bank, questioned whether simply providing more liquidity would be enough. Easing their debt burdens would allow governments to focus on pressing problems including food insecurity.

"The Egyptian pound will likely remain under pressure until more U.S. dollar inflows from GCC (Gulf nations) and committed foreign direct investment materialises," said Carla Slim at Standard Chartered Bank. Last month's IMF deal has provided some respite. ,"Egypt has got a high debt load and arguably it is more vulnerable even than Pakistan in terms of debt payments as a share of revenues," said Renaissance Capital's chief economist Charlie Robertson. "But the difference is, it has been proactive and been quick to go to the IMF," Robertson added, noting Egypt also has strong support from rich Gulf countries. Egypt's IMF negotiations dragged on for seven months and drove its second big devaluation of the year.

☆ U.S. launches carbon offset program to help developing countries speed clean energy transition
▼ + stars: | 2022-11-09 | by ( Emma Newburger | ) www.cnbc.com time to read: +2 min

Climate Envoy John Kerry on Wednesday unveiled a carbon offset plan that would allow corporations to fund renewable energy projects in developing countries that are struggling to transition away from fossil fuels. Officials argue it could funnel billions of dollars from the private sector into the economies of developing countries working to shift to renewable power sources like wind or solar. The plan will create a new class of carbon offsets that represent investments in projects that help accelerate renewable energy projects or build climate change resilience in a developing country. Chile and Nigeria are among the developing countries interested in the program, the State Department said, and Bank of America, Microsoft, PepsiCo and Standard Chartered Bank have "expressed interest in informing the ETA's development." Voluntary carbon offset programs have been widely criticized as insufficiently regulated schemes that allow governments and corporations to undermine net-zero emission targets.

SHARM EL-SHEIKH, Egypt, Nov 9 (Reuters) - U.S. climate envoy John Kerry on Wednesday announced the creation of a carbon offset plan meant to help developing countries speed their transition away from fossil fuels. Kerry launched the Energy Transition Accelerator (ETA) with the intention of funding renewable energy projects and accelerating clean energy transitions in developing countries. Kerry added that the carbon credits used in the program would be "high quality" and meet "strong safeguards". Kerry said Guterres was supportive of the U.S.-led carbon market initiative provided there were safeguards to it. At the event launch, a protester interrupted Kerry saying: "You’re providing false solutions.”Kerry responded that fossil fuel companies would not participate in the program.

☆ In bankrupt Lebanon, locals mine bitcoin and buy groceries with tether, as $1 is now worth 15 cents
▼ + stars: | 2022-11-05 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +32 min

Others arrange clandestine meetings via Telegram to swap the stablecoin tether for U.S. dollars in order to buy groceries. In Jan., police raided a small crypto mining farm in the hydro-powered town of Jezzine, seizing and dismantling mining rigs in the process. But mining crypto tokens to earn a living is not for everybody. Younes tells CNBC that he initially moved 15% of his money into bitcoin, and he kept the remaining balance in cash. Lebanon has six bitcoin ATMs — one in Aamchit and five in Beirut, according to metrics offered by coinatmradar.com.

☆ Morning Bid: Dancing in the dark
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

Economists polled by Reuters said the central bank should not pause until inflation gets down to around half its current level. But it's also that markets "ain't nothin' but tired" of buying the dollar and selling everything else for months. China's yuan is anchored after state banks sold dollars in onshore and offshore markets during London trading hours the previous day. Europe woke up to Standard Chartered Bank's (STAN.L) surprisingly good results, just a day after HSBC disappointed. But the one bankers are watching is Credit Suisse (CSGN.S), which reports earnings but also a much-speculated strategic overhaul on Thursday.

☆ Dancing in the dark
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

☆ UK's current situation is a 'replay' of the Boris era, says Standard Chartered
▼ + stars: | 2022-10-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK's current situation is a 'replay' of the Boris era, says Standard CharteredEric Robertsen of Standard Chartered Bank says political uncertainty in the U.K. is "enormous," and adds that it's "very difficult to describe U.K. assets as attractive."

☆ Bank of Ireland offers menopause leave
▼ + stars: | 2022-10-19 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN Business —Bank of Ireland Group is offering paid leave for women employees going through menopause, joining a growing list of companies trying to prevent women from exiting the workforce. Employees will be able to take up to 10 days off a year if they experience physical or psychological symptoms related to menopause, the bank announced Wednesday. The bank, which employs around 9,800 people worldwide, will also train managers on how to support colleagues going through menopause. The announcement was made during Ireland’s first ever Menopause Awareness Week and comes as a growing number of companies in Britain and Europe, including Danske Bank and Deloitte, introduce policies targeting menopause. A separate survey by Standard Chartered Bank and Britain’s Financial Services Skills Commission found that a quarter of women are more likely to retire early because of menopause.

☆ Emirates NBD sells $500 million in 5-year bonds
▼ + stars: | 2022-10-18 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, Oct 18 (Reuters) - Dubai's biggest bank Emirates NBD sold $500 million in five-year bonds in its first public debt sale of the year which received more than $1 billion in orders, a bank document showed on Tuesday. The bank tightened the final spread by 20 basis points to 155 bps over U.S. Treasuries for the bonds sale arranged by Abu Dhabi Commercial Bank, Barclays, Emirates NBD Capital, HSBC, SMBC and Standard Chartered Bank. The sale came as Saudi Arabia and Abu Dhabi sovereign wealth fund Mubadala also issued bonds on Tuesday. Emirates NBD, nearly 56% owned by the government's Investment Corporation of Dubai, last sold bonds in the public debt markets in May last year, raising $750 million with Additional Tier 1 bonds non-callable for six years after raising the same amount via five-year bonds in January 2021. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yousef Saba; Editing by Clarence Fernandez and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ New York Financial Regulator Wants to Lead on Crypto, Climate Change
▼ + stars: | 2022-10-14 | by ( Mengqi Sun | ) www.wsj.com time to read: +7 min

New York’s financial regulator, which oversees insurance companies and state-chartered banks, already plays an outsize role in financial services, with many other states following its lead on regulation and enforcement. Ms. Harris seeks to bring that leadership role to other areas, including crypto and climate change. She served as a senior adviser at the Treasury Department and as head of an Obama administration financial task force. One of the benefits of being a state regulator is that you can move fast and be nimble; you can respond to changes in the marketplace. The other thing that we’ve done is really calling out the tension between climate goals and fair-lending and equity goals.

She called the "pattern of fraud and deception" used by Trump and the Trump Organization "astounding." 'DISASTERS OF THE WORLD'(L-R) Eric Trump, Donald Trump Jr., and Ivanka Trump and Donald Trump attend the ground breaking of the Trump International Hotel at the Old Post Office Building in Washington, July 2014. Donald Trump Jr tweeted that James was "weaponizing her office to go after her political opponents!" Manhattan District Attorney Alvin Bragg has separately charged the Trump Organization with criminal tax fraud, and is preparing for an Oct. 24 trial. read more"Our criminal investigation concerning former President Donald J. Trump, the Trump Organization, and its leadership is active and ongoing," Bragg said in a statement.

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☆ A powerful Oregon senator revealed a path forward for a long-awaited cannabis banking bill
▼ + stars: | 2022-09-08 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +3 min

Oregon Sen. Jeff Merkley is bullish on the prospects for a cannabis banking bill ahead of the midterms. Previous versions of the bill, the SAFE Banking Act, have failed to pass Congress seven times. The bill would allow federally-chartered banks to work with cannabis companies, but wouldn't legalize cannabis federally. Merkley said that in the past, Democrats have opposed passing SAFE Banking because it didn't include those reforms. "So folks that should have been allies for SAFE Banking have been opposed in the past," Merkley said.

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