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☆ Singapore's banking authority says DBS outage was 'unacceptable'
▼ + stars: | 2023-03-30 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

A DBS Group Holdings Ltd. logo atop an automated teller machine (ATM) at a bank branch in Singapore, on Wednesday, Feb. 17, 2021. SINGAPORE — Shares of Southeast Asia's largest bank DBS Group were down 1.4% on Thursday, a day after a 10-hour outage of its digital services. The Monetary Authority of Singapore said the outage was "unacceptable" and the lender had "fallen short of expectations." DBS was the largest loser in terms of index points on Singapore's benchmark Straits Times Index on Thursday. In a statement issued late Wednesday, MAS said it instructed DBS to "conduct a thorough investigation to establish the root cause of the disruption and submit its investigation findings to MAS."

☆ Singapore core inflation steady at 5.5%, focus on April policy review
▼ + stars: | 2023-03-23 | by ( Chen Lin | ) www.reuters.com time to read: +2 min

February's core inflation rate - which excludes private road transport and accommodation costs - compared with a forecast in a Reuters poll of economists for a 5.8% increase in February. However, the inflation rate in February is still at the same level as in January, which was the fastest pace seen since November, 2008. MAS has said core inflation was likely to stay at about 5% for the early part of 2023. It has also projected a core inflation rate of between 3.5% to 4.5% in 2023, with headline inflation coming in at between 5.5% and 6.5%. While analysts said inflation in February was below their forecasts, there were divisions over the implications for a monetary policy review MAS will conduct in April.

☆ Singapore February core inflation rises lower-than-forecast 5.5%
▼ + stars: | 2023-03-23 | by ( Chen Lin | ) www.reuters.com time to read: +1 min

The core inflation rate - which excludes private road transport and accommodation costs - compared with a forecast in a Reuters poll of economists for a 5.8% increase in February. Lower prices for services were broadly offset in the core inflation data by higher prices for retail, as well as other goods and utilities, the Monetary Authority of Singapore said in a statement. However, the inflation rate in February is still at the same level as in January, which was the fastest pace seen since November, 2008. MAS has said core inflation was likely to stay at about 5% for the early part of 2023. It has also projected a core inflation rate of between 3.5% to 4.5% in 2023, with headline inflation coming in at between 5.5% and 6.5%.

☆ Asia's regulators say banking system is robust and stable after UBS-Credit Suisse takeover deal
▼ + stars: | 2023-03-20 | by ( Sumathi Bala | ) www.cnbc.com time to read: +3 min

Last week, Credit Suisse logged their worst weekly decline since the onset of the coronavirus pandemic. Hong Kong says industry is resilientThe Hong Kong Monetary Authority said the city's banking sector is resilient with strong capital and liquidity positions. "The total assets of Credit Suisse, Hong Kong Branch amounted to about HK$100 billion, representing less than 0.5% of the total assets of the Hong Kong banking sector. Credit Suisse customers will continue to have full access to their accounts and "contracts with counterparties remain in force. Japan banks 'shielded'As for Japan, the country's banking system is unlikely to be affected by the deal, said Cyrus Daruwala, managing director of IDC Financial Services.

☆ Coinbase opens local bank transfers for Singapore users at no cost
▼ + stars: | 2023-03-15 | by ( Rae Wee | ) www.reuters.com time to read: +1 min

Transfers, in Singapore dollars, are facilitated by a traditional bank, Standard Chartered (STAN.L), and carry no fee, the company said in a statement. Previously, users could only purchase crypto via a Visa or Mastercard debit or credit card, or transfer crypto in and out of their Coinbase account. Coinbase, which last year received in-principle approval from the Monetary Authority of Singapore (MAS) to offer payment services in the city-state, is looking to ramp up its Singapore retail offerings, said Ahmed. Singapore has generally welcomed crypto businesses but has been wary of encouraging retail involvement. Coinbase's announcement also comes with confidence in crypto fragile as the fallout from the spectacular collapse of crypto exchange FTX continues to reverberate through markets.

☆ After steep climb in rates, Latam central banks show no signs of reversal
▼ + stars: | 2023-03-07 | by ( Isabel Woodford | ) www.reuters.com time to read: +4 min

The Brazilian central bank's weekly survey of private economists last year foresaw cuts in June 2023, but a recent survey pushed the forecast back to November. The central bank's poll of traders now expects cuts won't come until May, likely making Chile the first mover. "We've had a quite a few hawkish comments from central banks across the region, pushing back against the idea of rate cuts," she added. That gives central banks the message that it's not quite time to think about a more relaxed monetary policy," he said. Political unrest in Peru may have also moved back the goalpost for cuts, with the central bank warning that protests have caused supply chain disruption and impacted consumer prices.

☆ A flurry of earnings reports, Fed rate hike, signs of a bull market
▼ + stars: | 2023-02-04 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Earnings season continues next week, with Club holdings Linde (LIN), Emerson Electric (EMR) and Walt Disney (DIS) all set to report. Similarly, shares of Meta Platforms (META) have surged over 20% since CEO Mark Zuckerberg reassured investors Wednesday evening that 2023 would be the technology giant's "year of efficiency." The bull case is further supported by continued signs inflation is easing, a still-robust job market and the breadth of market-buying activity since the start of the year. Lastly on Wednesday, the Fed's Federal Open Market Committee raised the federal funds rate by 25 basis points, in line with expectations. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Bolivians turn out for opposition-backed 'national assembly' as protests could return
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

LA PAZ/SANTA CRUZ, Jan 25 (Reuters) - Bolivians nationwide are expected to participate in an opposition-led "national assembly" on Wednesday to discuss a slew of proposals, including whether to restart protests which ignited in December over the arrest of Santa Cruz Governor Luis Camacho. Camacho's home base of Santa Cruz, a relatively wealthy agricultural stronghold, is expected to turn out the fiercest support in favor of reinstating roadblocks, which would snarl trade within the country. Bolivians in La Paz are bracing for clashes with government supporters. Prosecutors charge Camacho, who was then a Santa Cruz civic leader, with creating the "power vacuum" behind the resignation of former President Morales. Reporting by Santiago Limachi, Sergio Limachi and Monica Machicao in La Paz and Juan Pablo Blacutt in Santa Cruz; Writing by Kylie Madry; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

[1/4] Soy plants are pictured on a farm in Enconada, on the outskirts of Santa Cruz de la Sierra, Bolivia, January 7, 2023. The tensions underscore a sharpening of a deep-seated rivalry between Santa Cruz and La Paz - Bolivia's farming hub and the political capital respectively - that have long butted heads over politics and resources. La Paz is an Andean stronghold with a large indigenous population that has traditionally titled towards the ruling socialist MAS party. "They can't resist on their own", said Montenegro, adding the rising economic pressures would force Santa Cruz producers to re-start supply within the country. Every Santa Cruz person has to fight, all Bolivians must fight for the well-being of Bolivia, for freedom."

☆ CIA chief makes rare visit to Libya
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +2 min

TRIPOLI, Jan 12 (Reuters) - U.S. Central Intelligence Agency (CIA) chief William Burns made a rare trip to Libya on Thursday, meeting Prime Minister Abdulhamid al-Dbeibah in Tripoli, the Libyan government said. Dbeibah's Government of National Unity announced the visit on its Facebook page, posting a picture of Burns and Dbeibah together. Two sources close to eastern Libyan commander Khalifa Haftar, who is based in Benghazi, said Burns had also met with him. The United States has previously said it is worried about the role played by Russia in Libya's conflict, and fears continued instability in the OPEC member could impact global energy supply and give space to Islamist militant groups. The detention of Abu Agila Mohammad Mas'ud Kheir Al-Marimi and his transfer to the United States prompted anger inside Libya, which has no extradition treaty with Washington, and led to recriminations from Dbeibah's political foes.

Santa Cruz leaders pledge to fight until Camacho is released, picketing government buildings and stopping transport of grains. "We have a mandate from our assembly that nothing leaves Santa Cruz and that is what we are going to do," said Rómulo Calvo, head of the powerful Pro Santa Cruz civic group. Marcelo Cruz, President of the International Heavy Transport Association of Santa Cruz, said routes were being blocked so no trucks could leave the province. "No grain, animal or supply from the factories should leave Santa Cruz for the rest of the country. "Santa Cruz is the economic stronghold of Bolivia," said Gary Rodríguez, General Manager of the Bolivian Institute of Foreign Trade (IBCE).

☆ Explainer: Who is Luis Fernando Camacho, the opposition leader arrested in Bolivia?
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +3 min

Dec 28 (Reuters) - Prominent Bolivian opposition leader Luis Fernando Camacho was arrested on Wednesday, exacerbating tensions between the government in La Paz and opposition centered around the affluent farming hub of Santa Cruz. The government has said Camacho has the support of elites and economic groups seeking to take control of Santa Cruz. Minister of Public Works Edgar Montano accused Camacho of planning more protests and human rights violations that would hurt the people of Santa Cruz. Why is Santa Cruz the center of opposition? Santa Cruz, one of Bolivia's most affluent and populous regions, has long butted heads with its political capital of La Paz.

☆ Flying with poinsettias, gingerbread frosting and wrapped X-mas gifts: surprising TSA tips for holiday travel
▼ + stars: | 2022-12-23 | by ( Laura Italiano | ) www.businessinsider.com time to read: +6 min

Luckily for you, smart flyers, the TSA has lots of tips for dashing through that checkpoint with a minimum of stress, pat-down searches, and alarm-triggering luggage. Don't wrap your presentsUse gift bags when you're flying with ready-to-open gifts in your carry-on or checked bags. No one at TSA will measure your frosting at the checkpoint if the frosting is on top of a gingerbread house in your carry-on bag. —Lisa Farbstein, TSA Spokesperson (@TSA_Northeast) December 7, 2022Ugly X-mas sweaters — alarming! —Lisa Farbstein, TSA Spokesperson (@TSA_Northeast) December 8, 2022Farbstein has this parting advice:Expect lines to be longest on December 21, 22, and 23 — the holidays' biggest travel days, when you'll want to allow extra time.

Ashton also questioned how Mas’ud came to be in custody in the U.S. — something that remains unclear. Late last month, local Libyan media reported that Mas’ud had been kidnapped by armed men from his residence in Tripoli, the capital. He was convicted of 270 counts of murder, was given a life sentence and was the only person convicted for their involvement in Lockerbie. The release was met with scenes of jubilation in Libya, where al-Megrahi was greeted by thousands of well-wishers in the capital, Tripoli. He is among the victims’ family members who question the evidence used to convict al-Megrahi in 2001.

☆ UN agency says Israel is delaying new visas for its staff
▼ + stars: | 2022-12-12 | by ( Hadas Gold | ) edition.cnn.com time to read: +12 min

Jerusalem CNN —A United Nations agency that operates in the West Bank and Gaza says Israel is not processing visas for its newly recruited staff, while Israeli officials accuse the agency of “ignoring Israeli victims of terror” in East Jerusalem and the occupied West Bank, a charge the agency denies. The UN considers East Jerusalem and the West Bank to be occupied territory, and Israelis living there to be living in illegal settlements. Erdan said when OCHA is asked why they don’t count Israeli victims, they are told the agency does not have reliable data. “Of course you don’t, you don’t employ Hebrew speakers, and the senior manager of the agency is Palestinian,” Erdan said. OCHA’s latest report does record some instances of Israelis being injured by stones thrown at civilian vehicles traveling in the West Bank.

☆ Lockerbie bombing: Suspect to make first court appearance on Monday in DC
▼ + stars: | 2022-12-12 | by ( Devan Cole | ) edition.cnn.com time to read: +2 min

Washington CNN —A Libyan man accused of being involved in making the bomb that destroyed Pan Am flight 103 over the town of Lockerbie in December 1988 is expected to make an initial court appearance Monday afternoon during an arraignment hearing in Washington, DC. Authorities in the US and Scotland announced Sunday that the suspect, Abu Agila Mohammad Mas’ud Kheir Al-Marimi, is now in US custody. Al-Marimi is expected to be arraigned later Monday at a federal court in Washington. The chief legal officer of the Scottish government will meet with US prosecutors in Washington “next week” regarding the Lockerbie investigation, they said in a statement Monday. Megrahi was sentenced in 2001 to 27 years in prison, but was released from prison after being diagnosed with cancer.

☆ Timeline: The Lockerbie bombing: Who? What? When?
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

The bombing kills all 259 people aboard the Boeing 747 jumbo jet and 11 residents of the town of Lockerbie. * On Aug. 15, 2003, Libya, in a letter to the United Nations, accepts responsibility for the Lockerbie bombing. On Sept. 12, the U.N. Security Council unanimously adopts a resolution lifting sanctions imposed on Libya over the bombing. * On Aug. 20, 2009, the Scottish government releases Megrahi after his lawyer says the prisoner has been diagnosed with advanced stage prostate cancer. * On Dec. 11, 2022, Scottish and U.S. law enforcement officials announce that Mas'ud is in U.S. custody.

☆ Lockerbie bomb maker suspect is in U.S. custody, Scottish prosecutors say
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +2 min

Jane Barlow/Pool via REUTERS/File PhotoLONDON, Dec 11 (Reuters) - A man accused of making the bomb that blew up Pan Am flight 103 over Lockerbie in Scotland in 1988 is in custody in the United States, Scottish prosecutors said on Sunday. "The families of those killed in the Lockerbie bombing have been told that the suspect Abu Agila Mohammad Mas'ud Kheir Al-Marimi ("Mas'ud" or "Masoud") is in US custody," a spokesperson for the COPFS said. "Scottish prosecutors and police, working with UK government and US colleagues, will continue to pursue this investigation, with the sole aim of bringing those who acted along with al-Megrahi to justice." The bomb on board the Boeing 747 en route to the United States killed all 259 people on board and 11 on the ground, the deadliest ever militant attack in Britain. Fhimah was acquitted of all charges, but Scottish prosecutors have maintained that Megrahi did not act alone.

☆ Libyan taken into US custody accused of building the bomb that destroyed a Boeing 747 flying from London to New York, killing 270 people
▼ + stars: | 2022-12-11 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +3 min

A Libyan accused of building the bomb that destroyed Pan Am flight 103 in 1988 has been taken into US custody. Eleven people in the Scottish town of Lockerbie were also killed when the plane crashed. All 243 passengers and 16 crew on board the flight, including 190 Americans, were killed when Pan Am Flight 103 was destroyed mid-flight. Eleven people in the Scottish town of Lockerbie also died when the Boeing 747 plane crashed on December 21, 1988. The only person convicted of the Pan Am 103 bombing is Abdelbaset al-Megrahi, head of security for Libyan Arab Airlines.

On this National Latina Pay Equity Day — set aside on Dec. 8 to focus on the pay gap between Latinas and non-Hispanic white men — advocates are pressing a distinct message: It's worse than you think. The true reality of millions of working women has not been reflected in calculations of the wage gap by leaving out women who work part-time, seasonal or migrant jobs, Ramírez said. For Latinas, it takes an average of 24 months to equal what white, non-Hispanic males are paid in 12 months. According to the Justice for Women report, non-Hispanic white men working full and part time on average earn $50,624 per year, while Latinas working full and part time average $25,312. Among Latinas specifically working full time, year-round, women of Honduran descent had the lowest earnings compared to non-Hispanic white men, at 44 cents for every dollar earned.

(Jack Taylor/Pool/Reuters)Dina Boluarte took office as the new president of Peru on Wednesday after the country's Congress ousted Pedro Castillo through a vacancy motion following his attempt to dissolve the governing body. Boluarte became the country's first female president, and just a few hours before, had served as Peru's vice president. It is the sixth time that Peru has had a new president in less than five years. In 2018, she was a candidate for mayor of Surquillo with the Perú Libre Party. During the 2021 general elections, she was a candidate for the vice presidency for the Perú Libre party.

☆ At Trump Org, a 'generous,' 'forgiving' Trump reigned over thankful executives, the defense theory claims
▼ + stars: | 2022-11-24 | by ( Laura Italiano | ) www.businessinsider.com time to read: +9 min

Manhattan jurors are being asked by the defense to see Donald Trump as a forgiving, generous boss. In summations, prosecutors may call the 'Trump is just generous' defense a total turkey. The tuition schemeTake the total $359,000 in tuition checks Trump or his son, Eric Trump, signed for ex-CFO Allen Weisselberg's grandchildren. Instead, under the "generous Trump" defense, the checks, written from Trump's personal account, are explained away as not a suspicious, tax-dodging perk at all, but a "gift." Here, the defense can be expected to tell jurors that Trump is not only a generous boss, but a forgiving one, too.

☆ Trump Organization's outside accountant testifies he 'would have had a heart attack' if he'd seen the 'secret' Christmas bonus lists
▼ + stars: | 2022-11-23 | by ( Laura Italiano | ) www.businessinsider.com time to read: +5 min

He testified Tuesday he "would have had a heart attack" if he'd seen how the company paid X-mas bonuses. Executives got bonuses in piecemeal checks signed by Trump, in what the DA says was a tax-dodge. For example, in 2015, the Trump Organization paid out $1.1 million in executive bonuses and paid Allen Weisselberg, its chief financial officer, a $300,000 bonus, according to documents. Careful records were kept internally of how company bonuses were paid, some titled "The Trump Organization Christmas Bonuses." The accounting firm severed ties with Trump and the Trump Organization earlier this year, citing a history of financial "discrepancies" at the company.

That puts Hong Kong in a league of its own. The competitive tension between Hong Kong and Singapore is greater than ever. The danger is that Hong Kong’s new embrace of virtual assets will set up a regulatory race to the bottom, even if FTX’s collapse means it might happen at a slower pace. The policy statement notes that retail investors in other markets have been granted exposure to virtual assets including through exchange-traded products. Column by Thomas Shum in Hong Kong, Pranav Kiran in Bengaluru.

☆ Singapore's monetary authority defends its treatment of Binance after FTX 'debacle'
▼ + stars: | 2022-11-22 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

“While both Binance and FTX are not licensed here, there is a clear difference between the two: Binance was actively soliciting users in Singapore while FTX was not,” the MAS said. “With regard to FTX, there was no evidence that it was soliciting Singapore users specifically.”Regulators are expected to step up their oversight of the industry as a result of its worst-ever turmoil. Unlike other industry players, Binance has emerged relatively unscathed during what some are calling a “crypto winter,” which refers to the sector’s ongoing global liquidity crisis. FTX, by comparison, recently filed for bankruptcy after failing to secure a lifeline from Binance over its own money troubles. In recent weeks, investor Sequoia Capital and Singapore’s state-owned investment firm, Temasek, have each written down the value of their respective FTX stakes down to $0.

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