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SummarySummary Companies FTX in contact with federal, state, international regulatorsMore than one hundred thousand creditors involved in the bankruptcy case, maybe over one millionBahamas regulator appoints provisional liquidatorsFrench cen. "FTX faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis last Friday," the court filing stated. Reuters Graphics Reuters GraphicsFTX's bankruptcy case includes more than one hundred thousand creditors, and this number could surpass one million, the filings said. The numbers were disclosed as FTX requested that multiple FTX group companies file one consolidated list of major creditors, rather than separate ones. Canadian crypto exchange Bitvo said on Tuesday it had terminated its deal to be bought by FTX, a deal that had been due to close in the third quarter of this year.

☆ Morning Bid: Let's talk rates again
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

In Europe also, policy makers are reminding markets that as long as broad-based inflation is not tamed, rate increases are still on the agenda. France's central bank chief said in a speech in Tokyo the European Central Bank will probably keep raising interest rates beyond 2%, but "jumbo" rate hikes will not become a new habit. Tuesday's data calendar has jobs figures due from the United Kingdom along with euro zone third-quarter GDP numbers and Germany's ZEW sentiment index. Asian stock markets advanced, with Chinese and Hong Kong shares - big underperformers so far this year - logging strong gains. Meanwhile, Donald Trump is expected to announce another White House bid on Tuesday even as Florida Governor Ron DeSantis is cementing himself as the Republican Party's top rising star.

Two investment banks have been tapped to launch a sale process for Singapore-headquartered MedTech, which could be valued at roughly $1 billion, two of the sources said. All the sources declined to be named as news of the sale process has not been made public. A Temasek spokesperson declined comment, while there was no immediate comment from an external spokesperson for Advanced MedTech. Advanced MedTech, which earns the majority of its business from the United States, is one of the few companies that is fully-owned by Temasek, which ranks among the world's biggest investors. The sources expect private equity firms, healthcare-focused funds and strategic investors to put in bids for Advanced MedTech.

A look at the day ahead in European and global markets from Anshuman DagaMarkets have got all excited after last week's rip-roaring rally in global equities, a big tumble in U.S. Treasury yields and a bruising sell-off in the mighty dollar. But don't pop the champagne just yet. While U.S. consumer prices rose less than expected in October, pushing the annual increase below 8% for the first time in eight months, Waller said the markets shouldn't get carried away over just one "data point." This week, U.S. retail sales will dominate the data calendar, while markets will also pay attention to euro zone flash Q3 GDP estimates. In the crypto world, after Friday's shocking collapse of cryptocurrency exchange FTX, Bahamas authorities said they were scrutinising the demise of the exchange, co-founded by 30-year-old Sam Bankman-Fried.

☆ Morning Bid: Don't get carried away
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Nov 11 (Reuters) - Credit Suisse (CSGN.S) has cut eight jobs in its Southeast Asia investment banking and capital markets team, two sources familiar with the matter said, just weeks after the Swiss bank announced a major global restructuring plan. One of the sources said the cuts in Southeast Asia affected teams involved with products, sector coverage and capital markets, but had not impacted managing directors. Jobs were also being cut elsewhere in the region, the two sources said, but did not provide details. The overall job reductions in Asia were less than what most employees had expected, three sources said. ($1 = 0.9649 Swiss francs)Reporting by Anshuman Daga and Scott Murdoch; Editing by Christopher Cushing and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

A representative for FTX did not immediately respond to requests for comment on the deal or the SEC investigation. FTX and Binance did not disclose the terms of their agreement, and markets face fresh uncertainty over whether it will proceed. REUTERS/Dado Ruvic/Illustration 1 2Prior to the Binance proposed deal, Bankman-Fried approached cryptocurrency exchange OKX on Monday morning about a deal, but the exchange declined to move forward. "It has been a truly a devastating year for the industry," said Ryan Wong, a senior researcher at crypto exchange Huobi. "This could be a major source of risk to crypto markets," Lai wrote.

☆ Morning Bid: Markets primed for gridlock
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Anshuman DagaGrowing expectations of a split government after the U.S. midterm elections are supporting U.S. shares, while Asian markets stubbornly cling onto hopes that China will relax its strict pandemic curbs. Banking stocks could be in focus in Europe on Tuesday after the European Central Bank's top supervisor Andrea Enria said the ECB is carefully scrutinising euro zone banks' payout plans as the outlook for the 19-nation currency bloc's economy weakens. For global markets, the U.S. midterm elections will be the big event to monitor. And analysts say Republicans could also pick up the one seat they need to win control of the Senate. Asian shares ticked higher on Tuesday, encouraged by gains on Wall Street and hopes of China's eventual economic reopening.

☆ Morning Bid: Markets defy COVID blues
▼ + stars: | 2022-11-07 | by ( Clyde Russell | ) www.reuters.com time to read: +2 min

Elsewhere, The Guardian reported that British Finance Minister Jeremy Hunt is set to outline up to 60 billion pounds of tax rises and spending cuts next week, including at least 35 billion pounds ($39.56 billion) in cuts in the backdrop of the Bank of England's recession warning. Stock markets in the region chalked up gains across-the-board, underpinning Friday's rise in global shares after jobs data came in stronger than expected but also hinted at some slack in the tight American labor market. And staying on what the world's richest man is up to, Elon Musk laid out Twitter's mission, sparking debate on content accuracy. Twitter also updated its app to begin charging $8 for its sought-after blue check verification marks as it seeks to shore up revenue. China stocksReuters Graphics Reuters GraphicsKey developments that could influence markets on Monday:Economic data: Germany Sep industrial output, UK Halifax Oct house prices, Euro zone Oct PMISpeakers: ECB Board member Fabio Panetta speaksEuropean earnings: RyanairReporting by Anshuman DagaOur Standards: The Thomson Reuters Trust Principles.

☆ OCBC profit surges 31% in record quarter for Singapore banks
▼ + stars: | 2022-11-04 | by ( Anshuman Daga | ) www.reuters.com time to read: +2 min

"Net interest income grew on higher net interest margin and loan growth was sustained," Group CEO Helen Wong said in a statement, adding that asset quality was healthy, with no indication of systemic stress. OCBC's net profit increased to S$1.6 billion ($1.13 billion) in July-September versus the S$1.55 billion average estimate from four analysts, according to Refinitiv data. On Thursday, OCBC's larger peer DBS Group (DBSM.SI) reported a forecast-beating 32% jump in quarterly profit to a record high while UOB Group (UOBH.SI) also posted a record quarterly profit. The bank's net interest margin, a key gauge of profitability, increased 54 basis points to 2.06% in the quarter. ($1 = 1.4214 Singapore dollars)Reporting by Anshuman Daga; Editing by Christopher Cushing and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Singapore bank OCBC's Q3 profit surges to record on rates
▼ + stars: | 2022-11-03 | by ( Anshuman Daga | ) www.reuters.com time to read: +1 min

The results rounded up a strong showing by Singapore banks after larger peer DBS Group (DBSM.SI) reported a forecast-beating 32% jump in quarterly profit to a record high and UOB Group (UOBH.SI) also posted a record quarterly profit. Singapore banks, which boast one of the strongest capital buffers in the world, have effectively weathered the COVID-19-induced slump and are now benefiting from rebounding Asian economies. Singapore-based OCBC's net profit increased to S$1.6 billion ($1.13 billion) in July-September versus the S$1.55 billion average estimate from four analysts, according to Refinitiv data. "Net interest income grew on higher net interest margin and loan growth was sustained," Group Chief Executive Helen Wong said in a statement on Friday. The bank's net interest margin, a key gauge of profitability, increased 54 basis points to 2.06% in the quarter.

☆ DBS profit soars 32% to a quarterly record on rising interest rates
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 3 (Reuters) - DBS Group (DBSM.SI) on Thursday reported a forecast-beating 32% jump in quarterly profit to a record high and forecast a bullish outlook, as higher interest rates boosted net interest margins at Southeast Asia's largest lender. Net profit at DBS came in at S$2.24 billion ($1.58 billion) in July-September, beating an average estimate of S$1.97 billion from four analysts, according to Refinitiv data. The bank's return on equity rose to a record 16.3% and net interest income surged 44%. Its net interest margin, a key profitability gauge, improved to 1.90% in the quarter from 1.43% a year earlier. Last week, local peer UOB Group (UOBH.SI) beat market estimates with a record quarterly net profit of S$1.4 billion after net interest income swelled and credit allowances declined.

The macroeconomic environment is also not one that really favours aggressive investment at this point in time," Jaideep Khanna, who heads Barclays' Asia Pacific business told Reuters in an interview. We, as a business within the Barclays framework, are accretive to the firm and have delivered over the last three years," said Mumbai-based Khanna, who is also Barclays' India CEO. Khanna, the only regional CEO of a global bank to be based in India, took the role in 2017 after joining Barclays in 2001. The country is also home to Barclays' global services centre, where it employs more than 21,000 - its second-largest number of staff outside of Britain. In Australia, Khanna said Barclays would deepen its involvement with investment banking boutique firm Barrenjoey Capital Partners in which it nearly doubled its stake to 18.2% this year.

☆ Morning Bid: Trick or treat?
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets fromAnshuman DagaThere's a sense of cheer among investors before the Fed's mid-week rate decision as markets seem to be pricing in an expected treat from the U.S. central bank. Risk-on appetite is gradually coming back as global stocks flirt with their strongest levels in just over a month while the mighty dollar slips from a one-week high. The Fed is set to raise rates by 75 basis points for the fourth straight time, bringing the target overnight lending rate to a 3.75%-4.00% range. Analysts at BlackRock Investment Institute are, however, still underweight on stocks as they see central banks on a path to overtighten policy. Down Under, the Reserve Bank of Australia stuck with a 25 basis points rate hike as widely expected, while revising up its inflation outlook.

☆ Hong Kong proposes allowing retail trade in cryptocurrencies
▼ + stars: | 2022-10-31 | by ( Georgina Lee | ) www.reuters.com time to read: +2 min

HONG KONG, Oct 31 (Reuters) - Hong Kong's government has proposed allowing retail investors to trade in cryptocurrencies and crypto exchange-traded funds - a move it hopes will help it rebuild its fintech hub status. Authorities will start a consultation process on giving retail investors "a suitable degree of access" to virtual assets, Financial Secretary Paul Chan said in a keynote address broadcast to the Hong Kong Fintech Week conference. While Singapore allows retail investors to trade in cryptocurrencies, its central bank has been discouraging the public from speculative trading in cryptocurrencies and brought in restrictions on advertising of cryptocurrency services in public places. Hong Kong's latest move to legalise retail crypto trade would also set Hong Kong further apart from mainland China, which has a imposed a blanket ban on cryptocurrency trade. ($1 = 7.8492 Hong Kong dollars)Reporting by Georgina Lee; Additional reporting by Anshuman Daga; Editing by Vidya Ranganathan and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Not even half-time
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Monday kicks off with the euro zone's October flash inflation estimate, which is expected to remain elevated with a 10.2% year-on-year rise. "We are not in even half-time yet," Knot said in an interview with Dutch TV programme Buitenhof, referring to the ECB's fight against surging euro zone inflation. Euro zone borrowing costs jumped on Friday after stronger-than-expected inflation data from countries including France, Germany and Italy. Factory surveys early in the week are expected to add to evidence of weakening global demand. Asian stocks edged up on Monday on expectations that the Fed will tone down its expected rate hikes after this week's meeting.

☆ EXCLUSIVE KKR raises $6 bln for biggest Asia infrastructure fund -sources
▼ + stars: | 2022-10-28 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

HOTBED FOR DEALSLike the debut infrastructure fund that made more than a dozen investments, KKR's latest one will target renewables, telecom towers, power, utilities and transportation infrastructure, among others, the sources said. This year alone, funds backed by the likes of KKR, Macquarie, infrastructure investors DigitalBridge (DBRG.N) and Stonepeak have struck deals for tens of thousands of telecom towers in the Philippines. Earlier this month, a top executive at Permodalan Nasional Bhd, Malaysia's largest asset manager, told Reuters that it plans to add infrastructure assets into its portfolio from 2023. Last year, 19 Asia Pacific-focused infrastructure funds raised a total of $10.3 billion, Preqin data showed. Last month, Neil Arora, a veteran infrastructure dealmaker from Macquarie, joined KKR as the head of its energy transition team for Asia Pacific.

☆ Herbert Smith Freehills appoints Roberts and Robinson as TMT lead partners
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

SINGAPORE, Oct 27 (Reuters) - Herbert Smith Freehills has appointed Veronica Roberts and Mark Robinson as joint global sector lead partners of the global law firm's technology, media and telecoms (TMT) sector. Based in London, Roberts is an European Union, United Kingdom competition law expert who also leads Herbert Smith Freehills' global foreign investment group, the law firm said in a statement late Wednesday. Singapore-based Robinson has advised on corporate transactions, investments and projects in Asia and previously worked in Europe, the Middle East and Africa. Herbert Smith Freehills said it has more than 360 lawyers in its TMT sector. Reporting by Yantoultra Ngui; Editing by Anshuman Daga and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

LONDON, Oct 27 (Reuters) - Seeking to restore vigour to a business that's been languishing, Credit Suisse (CSGN.S) says it will reshape its investment bank by resurrecting the First Boston brand. Still, Credit Suisse says it expects CS First Boston to generate 14% of total group revenue by 2025, starting with annual sales of about $2.5 billion. Credit Suisse has been plagued by an exodus of senior bankers over the past 18 months. Yet most trading activities will remain within Credit Suisse, raising questions on CSFB's ability to compete with the likes of Goldman Sachs and JPMorgan (JPM.N). Credit Suisse is hoping to eventually pursue an initial public offering of CSFB, Körner told analysts.

SINGAPORE, Oct 26 (Reuters) - Standard Chartered (STAN.L) reported a 40% increase in quarterly profit as higher interest rates boosted the emerging markets-focused bank's income and gave it ammunition to upgrade its revenue outlook. The bank expects income to grow 13% this year instead of a previously forecast 10%. "We remain confident in the delivery of our 2024 financial targets," CEO Bill Winters said in a statement on Wednesday. "Our performance this year has been strong, and the pace of economic recovery in many of our footprint markets is encouraging, notwithstanding increasing recessionary pressures in certain Western markets," Winters said. StanChart's statutory credit impairment charges more than doubled to $227 million from a year earlier, reflecting weakness in key economies.

[1/2] Chief Financial Officer of HSBC Georges Elhedery poses for a photo in this undated handout picture. It’s also surprised investors and raised questions about HSBC’s direction. Known at HSBC (HSBA.L) for his strategic vision more than for his accounting skills, Elhedery has climbed the ranks of HSBC’s investment bank since joining in 2005. "It was a surprise to us,” said Hugh Young, Asia chairman of Aberdeen Standard Investments, one of HSBC's top 25 shareholders. CEO Noel Quinn has done a good job but investors are impatient for faster progress, Young said.

And Italy's UniCredit (CRDI.MI) raised its 2022 profit goal, helped by higher interest rates and lower loan loss provisions that also drove quarterly earnings above forecasts. For years, banks bemoaned ultra loose monetary policy, but now higher interest rates means banks can start to benefit from the increased gap between what they charge borrowers and what they pay savers. Standard Chartered's third-quarter profit surged 40% as higher interest rates boosted the emerging markets-focused bank's income, giving it ammunition to upgrade its revenue outlook despite a weakening global economy. For Santander, higher loan loss provisions in key markets like Brazil and the United States overshadowed better than expected third-quarter earnings. While benefiting from higher interest rates, banks also face the unwinding of a scheme that buoyed their profits for years.

A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. Register now for FREE unlimited access to Reuters.com RegisterSince his return to HSBC in September, Elhedery has been working on projects for Quinn. He is one of several Lebanese bankers to rise to the top ranks at HSBC, including his predecessor heading the investment bank, Samir Assaf. Shares of Hong Kong-listed HSBC, which makes the bulk of its sales and profit in Asia, fell 2.5% in a firm broader market (.HSI). "This is about how the group executive committee is positioned with potential succession options for the future," Quinn told Reuters.

☆ Asia stocks struggle as Xi's leadership team spooks markets
▼ + stars: | 2022-10-25 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares (.MIAP00000PUS) fell to the lowest since April 2020 before an attempted rebound in beaten-down Hong Kong tech shares dragged it back to flat. "A short-term technical rebound is the main factor for today's rise," said Kenny Ng, a strategist at China Everbright Securities in Hong Kong. "(The) cumulative decline of Hong Kong stocks is deep." CHINA FLIGHTChinese markets remained volatile and jittery following Monday's withering selloff in Hong Kong. Xi Jinping's new leadership team has raised worries that China will increasingly prioritise the state at the cost of the private sector.

A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. The London-headquartered bank posted a pretax profit of $3.15 billion for the three months ended Sept. 30. That was down from $5.4 billion a year ago, but well above the $2.45 billion average of analyst estimates compiled by the bank. "We remain on track to achieve our cost targets for 2022 and 2023," said Noel Quinn, HSBC's Chief Executive Officer. It said it would do this by the first half of next year by increasing revenue and managing costs.

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