Last week, HSBC cemented its position in Asia as a leader in cross-border RMB settlements - but things look less bright back in the UK, where the bank admitted to making an alarmingly small provision for FCA fines.
Standard Chartered, one of the leading lenders for Asian markets, has reported a 16% drop in pre-tax profits following an extensive restructure of its Korean business.
When Jack Ma set up e-commerce site Alibaba in 1999, he told reporters he wanted to be “bigger than Wal-Mart.” The multinational chain might still be the world’s biggest retailer by revenue, but yesterday, Alibaba overtook its rival in value.
Beijing’s Asia Infrastructure Investment Bank (AIIB) will launch tomorrow in a challenge to the Western-dominated World Bank – but vehement US lobbying means it has few nations on board.
On both sides of the Atlantic, shares are being shed, markets are in meltdown and the biggest companies are in a panic. According to Angela Monaghan, here are the major reasons why.
Yesterday’s sudden drop in US Treasury yields has caused chaos for hedge funds betting on higher interest rates and an improving macroeconomy, according to the Financial Times.
Investment bankers at Morgan Stanley will see their bonuses swell this year, while bond traders at JPMorgan and Citibank face the fastest shrinking bonuses on Wall Street.
Interest rates were brought to almost non-existent levels during the crisis in an attempt to stimulate investment. Instead, says the IMF, they have fuelled the kind of risk-taking that could cause another crash.
A change in ownership may become necessary for payments company Vocalink as it faces mounting political pressure and a quest for funds to fuel expansion.
A New York federal court has made public a lawsuit brought by Microsoft, which is suing Samsung for £4.33m in unpaid interest on Android patent royalties.
