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Southeast Asia's largest lender by assets however said its net interest margin likely peaked in the first quarter and there would be a gradual decline. January-March net profit rose to S$2.57 billion ($1.9 billion) from S$1.8 billion a year ago, beating a mean estimate of S$2.44 billion from five analysts polled by Refinitiv. DBS reported a total net interest margin, a key gauge of profitability, of 2.12% for the first quarter, up from 1.46% in the same period a year earlier. DBS expected full-year net interest margin at 2.05% to 2.10%. DBS, which earns most of its profit from Singapore and Hong Kong, declared a dividend of 42 Singapore cents per share for the first quarter.

REUTERS/Edgar SuSINGAPORE, April 27 (Reuters) - Vera Liu, a Singapore property agent, was panicking in the wee hours of Thursday morning after new property taxes saw two of her deals fall through. Policymakers are growing concerned that foreign investors increasingly see Singapore property as a hot asset class, squeezing out locals. Christine Sun, the senior vice president of research & analytics at OrangeTee & Tie, called it a "freezing measure" for foreign buyers. Shares of Singapore property companies fell on Thursday, with City Development (CTDM.SI) and UOL Group (UTOS.SI), which have large Singapore footprints, hit hardest. "There's little impact on the other 90%," said Mak, who has been analysing Singapore property for more than two decades.

☆ Asia's richest banker will loom over his successor
▼ + stars: | 2023-04-25 | by ( Shritama Bose | ) www.reuters.com time to read: +3 min

It will also be messy and is at odds with the regulator’s own aim to improve governance across the industry. Bosses of the country’s private-sector banks are allowed to stay in their jobs for up to 15 years. It is little surprise that more than 99% of investors voted for him to stay, per exchange filings published last week. If Kotak sits on the board, his successor - expected to be an insider – will effectively continue to work with his or her long-time boss. If things go wrong at Kotak, regulators may end up wondering who to blame.

☆ David Grann on the Wreck of the H.M.S. Wager
▼ + stars: | 2023-04-21 | by ( ) www.nytimes.com time to read: +1 min

On this week’s podcast, Grann tells the host Gilbert Cruz that one of the things that most drew him to the subject was the role that storytelling itself played in the tragedy’s aftermath. “The thing that really fascinated me, that really caused me to do the book,” Grann says, “was not only what happened on the island, but what happened after several of these survivors make it back to England. They have just waged a war against virtually every element, from scurvy to typhoons, to tidal waves, to shipwreck, to starvation, to the violence of their own shipmates. Now they get back to England after everything they’ve been through, and they are summoned to face a court marshal for their alleged crimes on the island. And if they don’t tell a convincing tale, they’re going to get hanged.

☆ Man Gets Nearly 22 Years in Prison for Shooting Teen in Hate Crime
▼ + stars: | 2023-04-20 | by ( Eduardo Medina | ) www.nytimes.com time to read: +1 min

Mr. Robinson and M.S. Jeffrey Alan Gedbaw, a lawyer for Mr. Robinson, did not immediately respond to an email and call seeking comment on Thursday. The sentencing of Mr. Robinson came as hate crimes continue to plague the country. documented about 8,700 victims of hate crimes, including about 1,680 victims of hate crimes motivated by sexual orientation and gender identity. Those totals were a slight decrease from 2020, when the agency tallied about 11,000 victims of hate crimes, including about 2,500 victims of hate crimes motivated by sexual orientation and gender identity.

☆ With His Tale of Shipwreck, David Grann Is Steady as He Goes
▼ + stars: | 2023-04-14 | by ( Jennifer Szalai | ) www.nytimes.com time to read: +2 min

THE WAGER: A Tale of Shipwreck, Mutiny and Murder, by David GrannThere were multiple moments while reading David Grann’s new book, “The Wager,” about an 18th-century shipwreck, when it occurred to me that the kind of nonfiction narratives The New Yorker writer has become known for share something essential with a sturdy ship. A vessel freighted with historical controversy, tangled facts and monomaniacal characters needs to be structurally sound, containing and conveying its messy cargo. It should be resilient yet nimble enough to withstand the unpredictable waters of readers’ attentions and expectations. The men were survivors of the H.M.S. Wager, a British man-of-war that had left England nearly a year and a half before, part of a squadron that had been tasked with capturing a Spanish galleon filled with treasure.

☆ How Should I Use A.I. Chatbots Like ChatGPT?
▼ + stars: | 2023-03-30 | by ( Kevin Roose | ) www.nytimes.com time to read: 1 min

In the previous edition of this newsletter, my colleague Cade Metz wrote that A.I. large language models (L.L.M.s) can be erratic and unreliable — giving false information and acting strangely toward users. I’ve been using A.I. tools like ChatGPT almost daily for several months now, and I’ve seen them spit out plenty of wrong answers. But I’ve also seen these A.I.

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☆ Credit Suisse hires Southeast Asia wealth vice chairman
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

Sydney, March 23 (Reuters) - Credit Suisse (CSGN.S) said on Thursday it has hired private banker Kwong Kin Mun as its new vice chairman for Southeast Asia wealth management. Swiss regulators said it was necessary authorities took action as there was a risk Credit Suisse could have become "illiquid, even if it remained solvent" after a tumultuous period in which the share price tanked and deposits fell sharply. In a statement from the investment bank, Kwong said "the sparks from the merger of two global leaders in wealth management will create enormous potential for clients and private bankers." The UBS takeover is likely to result in major job cuts at Credit Suisse and the Swiss Bank Employees Association said on Monday staff reductions should be kept to a minimum. ($1 = 0.9169 Swiss francs)Reporting by Scott Murdoch in Sydney; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Earlier in the day, Japan's Topix bank index (.IBNKS.T) lost 4%, while Singapore's largest banks also lost ground, down over 1%. The U.S. government stepped in on Sunday with a series of emergency measures to shore up confidence in the banking system following the failure of Silicon Valley Bank (SVB) (SIVB.O), which marked the biggest U.S. bank failure since the 2008 financial crisis. Smaller banks remained under pressure with U.S. private bank First Republic Bank (FRC.N) plunging around 50% in pre market, and PacWest (PACW.O) down around 26%. U.S. banks lost over $100 billion in stock market value late last week following the collapse, while European banks lost around another $50 billion in value, according to a Reuters calculation. U.S. state regulators on Sunday also closed New York-based Signature Bank (SBNY.O), which became the next casualty of the banking turmoil after SVB.

WASHINGTON/SINGAPORE, March 13 (Reuters) - U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank (SIVB.O) threatened to trigger a broader financial crisis. Silicon Valley Bank (SVB), a mainstay for the startup economy, was a product of the decades-long era of cheap money, with unique risks that made it especially vulnerable. With the Fed poised to continue raising interest rates, investors said the financial system may not be fully out of the woods just yet. Goldman Sachs' analysts said they no longer expect it to raise rates at that meeting, amid the stress in the banking sector. A senior U.S. Treasury official said the actions taken would protect depositors, while providing additional support to the broader banking system, but officials and regulators were continuing to monitor financial system stability.

☆ Asian bank stocks tumble as US systemic concerns prevail
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +3 min

In Hong Kong, shares of HSBC Holdings opened roughly 1.7% lower at a two-month trough while Standard Chartered Bank shares fell nearly 1% to a one-month low. U.S. banks lost over $100 billion in stock market value late last week following the collapse, while European banks lost around another $50 billion in value, according to a Reuters calculation. U.S. state regulators on Sunday also closed New York-based Signature Bank (SBNY.O), which became the next casualty of the banking turmoil after SVB. Elsewhere in Asia, Japan's Topix (.TOPX) was last 2% lower, dragged heavily by financial stocks. Shares of Singapore's largest bank DBS (DBSM.SI) slid to their lowest since late October last year, at S$32.71 ($24.32), while OCBC's shares (OCBC.SI) lost close to 1.5%.

[1/5] Elderly visitors enjoy the sunshine, at a nursing home of Lendlease's Ardor Gardens in Shanghai, China February 27, 2023. Lim says "stigma" around retirement homes in China is quickly disappearing. About 4% of people aged 65 and over in Britain live in retirement homes, according to information service Lottie. Ding Hui, China managing director at Australian real estate firm Lendlease (LLC.AX), expects demand for retirement homes to rise sharply in the next five to 10 years. Government-run nursing homes with basic facilities in Shanghai and Beijing are much cheaper, at about 2,000 yuan ($290) a month.

☆ Adani contrarian is a win for Hindenburg, too
▼ + stars: | 2023-03-03 | by ( Una Galani | ) www.reuters.com time to read: +6 min

GQG Partners is snapping up shares in four of the Indian tycoon’s nine core companies, including the flagship Adani Enterprises (ADEL.NS), along with Adani Green Energy (ADNA.NS), Adani Ports and Special Economic Zone (APSE.NS) and Adani Transmission (ADAI.NS). The mogul was trying to do just that last month with a $2.5 billion Adani Enterprise share sale before it was scuppered by Hindenburg’s sortie. Barring something truly exceptional, the scars of Hindenburg’s successful attack on Adani will linger for a while. GQG bought shares in Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission and Adani Enterprises from entities owned by the Adani family. Adani has dismissed the allegations outlined in U.S. fund Hindenburg Research’s Jan. 24 report.

☆ UOB completes deal for Citi's Vietnam consumer banking business
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, March 1 (Reuters) - Citigroup (C.N) said on Wednesday that it had completed the sale of its Vietnam retail banking and consumer credit card businesses to Singapore's United Overseas Bank in a transaction expected to result in a "modest regulatory capital benefit". United Overseas Bank (UOBH.SI), commonly known as UOB, said in a separate statement that it planned to complete the acquisition of Citigroup's Indonesian consumer banking business by the end of 2023. The lender announced in November the completion of its purchase of Citigroup's Malaysia and Thailand retail banking businesses. UOB's purchase of Citigroup's consumer businesses in the four Southeast Asian markets for about S$5 billion ($3.71 billion) marks its biggest acquisition in two decades. ($1 = 1.3476 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ India, Singapore launch real-time link for cross-border payments
▼ + stars: | 2023-02-21 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

MUMBAI, Feb 21 (Reuters) - India and Singapore launched on Tuesday a real-time link to facilitate easier cross border money transfers between one of the world's biggest recipients of remittances and an Asian financial powerhouse. Transfers of funds will now be possible using just mobile phones due to the tie-up between India's Unified Payments Interface (UPI) and Singapore's PayNow facility. UPI is an instant real-time payments system, allowing users to transfer money across multiple banks without disclosing bank account details. To begin with, State Bank of India (SBI.NS), Indian Overseas Bank (IOBK.NS), Indian Bank (INBA.NS) and ICICI Bank (ICBK.NS) will facilitate both inward and outward remittances while Axis Bank (AXBK.NS) and DBS India will facilitate inward remittances, the Reserve Bank of India (RBI) said in a statement. At the launch event, Singapore's Prime Minister Lee Hsien Loong said that cross-border retail payments and remittances between India and Singapore currently amount to over $1 billion annually.

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'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.

☆ 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.

☆ Gautam Adani’s woes were in banks' plain sight
▼ + stars: | 2023-02-08 | by ( Una Galani | ) www.reuters.com time to read: +9 min

MUMBAI, Feb 8 (Reuters Breakingviews) - Gautam Adani’s recent woes have vindicated persistent doubts in India about the tycoon’s rise. The Indian group dismisses those claims as a “malicious combination of selective misinformation and stale, baseless and discredited allegations”. By contrast, other big Indian groups like Mukesh Ambani’s Reliance Industries (DBKGn.DE) and those carrying the Tata name are more popular with institutional investors. Fee-hungry international banks were much less picky. Deutsche, Barclays and StanChart pocketed $57 million of the $260 million of investment banking revenue generated by the Adani group since Dealogic records began.

☆ University of Texas Will Offer Large-Scale Online Master’s Degree in A.I.
▼ + stars: | 2023-01-26 | by ( Natasha Singer | ) www.nytimes.com time to read: +1 min

The University of Texas at Austin, one of the nation’s leading computer science schools, said on Thursday that it was starting a large-scale, low-cost online Master of Science degree program in artificial intelligence. The first of its kind among elite computing schools, the new program could help swiftly expand the A.I. The university announced the initiative amid a clamor over new technology powered by artificial intelligence that can generate humanlike art and texts. University officials said they planned to train thousands of graduate students in sought-after skills like machine learning, for a tuition of about $10,000, starting in the spring of 2024. By contrast, Johns Hopkins University offers an online M.S.

Big tech companies such as Google are under a barrage from lawmakers and regulators across multiple continents. The Justice Department filed an antitrust lawsuit alleging that Google abuses its role brokering digital advertising across much of the internet, a major expansion of the legal challenges the company faces to its business in the U.S. and abroad. Write to Miles Kruppa at miles.kruppa@wsj.com and Sam Schechner at Sam.Schechner@wsj.com

☆ Amazon creates bazaar for U.S. banking wannabes
▼ + stars: | 2023-01-24 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +3 min

The e-commerce goliath recently added to its growing pile of debt with an $8 billion loan. After first tapping the market’s biggest bookrunners, Amazon enlisted Canada’s TD Securities to shop the lesser-traveled byways around Wall Street for the follow-up deal. It’s easy to understand why the wannabes would jump at the chance to work with Amazon. Others such as BBVA, which offloaded its American subsidiary but kept its broker-dealer business, are keen to expand in U.S. investment banking. For Amazon, spreading the wealth is a chance to trial new banking relationships before potentially hiring them for more complicated matters.

☆ I used to work on Mars rovers and now I develop self-driving cars. Here's how I made the pivot from NASA's JPL to Amazon's Zoox.
▼ + stars: | 2023-01-22 | by ( Alexa St. John | ) www.businessinsider.com time to read: +8 min

The former supervisor at NASA's Jet Propulsion Lab now works at AV startup Zoox. I figured after all the startups, why not work for a big company, and what better big company than NASA? ZooxThe AV space is the next frontier of robotics. What we're trying to do here in the AV space, it's extremely multidisciplinary. You're doing perception, you're doing planning, you're doing prediction, doing simulation.

☆ StanChart suitors track banking’s flighty fortunes
▼ + stars: | 2023-01-06 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +4 min

But one reliable rule of thumb is that Standard Chartered (STAN.L) will be the subject of periodic bouts of takeover speculation. The latest prospective suitor, First Abu Dhabi Bank (FAB.AD), reflects the shifting fortunes of global banking. Under UK rules, First Abu Dhabi cannot make an offer for StanChart for six months, unless another bidder emerges. The Abu Dhabi lender said it had been in “the very early stages of evaluating a possible offer” for the emerging markets-focused bank. Standard Chartered declined to comment.

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