finance

How events like Huawei CFO's arrest affect financial markets
SINGAPORE (Dec 14): By mid-2018, it was shaping up to be the most volatile year for global markets since 2008. Company share prices have fluctuated in the wake of news flow that was not even strictly corporate; geopolitical-risk events have prompted investors to reassess the value of their holdings.  On the other hand, corporate events have also turned political: Huawei Technologies’ ...
Why UOB is the better of two 'buys', according to DBS
SINGAPORE (Dec 4): DBS Vickers Securities is maintaining its “buy” for United Overseas Bank (UOB) and Oversea-Chinese Banking Corp (OCBC) with target prices of $29.50 and $13.20. In a Tuesday report, analyst Lim Rui Wen notes that UOB is offering close to 5% yield and OCBC, at around 4%. In particular, she prefers UOB for its strong capital position and the ongoing build-up of its ...
Open banking a key digitisation objective for Asia Pacific FIs: Accenture Research
SINGAPORE (Dec 4): Providing open banking services is on the cards for the majority of large banks in Asia Pacific, according to a new global research report by Accenture Research. Open banking is a concept based on the principles of using open application program interfaces (APIs) such that third party developers can, using open source technology, build applications and services around ...
Singapore assessing 2019 forecasts with trade war risks in view
SINGAPORE (Nov 5): Singapore may need to review its economic growth projections for next year as a trade spat between the world’s two biggest economies increases uncertainty and crimps business investment, the city state’s finance minister said. “In the short run, the impact is not fully felt yet," with Singapore retaining its growth forecast for this year at 2.5% to 3.5%, Heng Swee Keat ...
DBS reports 72% higher 3Q net profit of $1.4 bil on record total income
SINGAPORE (Nov 5): DBS Group Holdings reported a net profit of $1.4 billion for 3Q18, up 72% from $822 million a year ago when accelerated allowances had been taken for weak oil & gas support service exposures. The group’s latest performance in 3Q was attributed to a sustained loan growth, fee income trends and net interest margin progression. An average estimate of three analysts ...
OCBC launches new brand campaign, Simply Spot On
SINGAPORE (Oct 29): Overseas-Chinese Banking Corporation (OCBC) today a new brand promise campaign with the tagline Simply Spot On, to be rolled out over three months using an integrated multi-channel communication strategy.   The move comes after previous customer-centric brand campaigns like Stay True and Stay Curious. Ask OCBC, which were launched in 2017 and 2007, respectively. In ...
UOB fully digitises applications for all consumer banking products
SINGAPORE (Oct 22): United Overseas Bank (UOB) has successfully digitised application processes for all its consumer banking product offerings. These range from deposit accounts to credit and debit cards, to personal loans and secured loans. The milestone was achieved by UOB in line with its three-month goal to transform the application and approval processes for all of its retail products, ...
UK to consider proposals to curb Big Four auditors: industry official
LONDON (Aug 29): Britain’s competition watchdog is expected to formally consider proposals from top accountants to curb the market share of the “Big Four” auditors, a senior industry official said on Wednesday. Michael Izza, chief executive of the ICAEW, a professional accounting body, said he and other industry officials met with Competition and Markets Authority (CMA) staff on Tuesday ...
HSBC launches Jade membership programme targeting 'sweet spot' in Southeast Asian wealth space
SINGAPORE (June 28): HSBC Bank (Singapore)  today announced the launch of a new membership programme, HSBC Jade, targeting individuals looking for high net-worth (HNW) solutions in Singapore. In a Thursday press release, the bank says its Jade membership programme will offer a unique combination of personalised relationship management, advanced wealth solutions and luxury lifestyle ...
StanChart said to plan Asia split into Singapore, Hong Kong hubs
LONDON (June 6): Standard Chartered Plc plans to create two new hubs for its Asian operations in Singapore and Hong Kong to simplify the emerging market lender’s extensive network and reduce costs, people familiar with the plan said. The bank has drawn up plans to consolidate as many as 10 Southeast and South Asian countries -- potentially including Indonesia and India -- under a new ...