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Tag Archives: finance

Sydney can be Asian financial hub

Sydney_-_Australia

Mining billionaire Andrew Forrest says Australia will be left behind if efforts aren’t made to make Sydney a strategic trading centre for Chinese currency. Australia and China formalised a deal this week to allow direct conversion between Australian dollars and Chinese yuan, also called renminbi. The deal makes the Australian dollar only the third currency globally, after the US dollar ... Read More »

Growth will pick up in developing Asia

Asia

Rising private consumption and stronger intraregional trade will boost Asia’s developing economies over the next two years, according to the Asian Development Bank. In its Asian development outlook 2013, published today, the Bank forecast growth of 6.6% this year for the 45 countries it categorises as ‘developing Asia’. This compares with 6.1% in 2012/13. It adds that stronger external demand and ... Read More »

Over regulation of financial market will cause problems in future

regulations

SINGAPORE: The head of Singapore’s biggest bank said over-regulation of the financial market will cause problems in coming years. CEO of DBS, Piyush Gupta, said Asian banks do not have the same problems as their global peers in meeting capital and liquidity requirements. Speaking at the sidelines of a banking industry forum on Friday, Mr Gupta said the Asian financial ... Read More »

Asian Tigers dump euro

euro falls

The share of euros in the world’s rising powers’ reserve holdings has fallen to its lowest level since 2002, dashing hopes that the single currency will soon challenge the US dollar for global primacy. International Monetary Fund data show that emerging nations have cut the weighting of EMU bonds in their reserves to 24.7pc from a peak of 30pc at ... Read More »

Hong Kong: Model for growth in Asia

DrKennethDeWoskin

Hong Kong is an economically sustainable model for Asia, with “one of the best liveable environments in the world”, says Dr Kenneth DeWoskin, Director of Deloitte China Research and Insight Centre. Ahead of the Asian Financial Forum 2012, Dr DeWoskin believes the Rmb gives Hong Kong a competitive advantage and its marketisation “has reached an equilibrium”. Speaker: Dr Kenneth DeWoskin, ... Read More »

China Finance Pay to Grow by Double Digits

china dragon

Feb. 28 (Bloomberg) — Pay for newly hired senior investment professionals in China and emerging Asian countries may see double-digit growth this year as banks in the region compete for talent and avoid European debt crisis fallout. Compensation for a senior corporate banker in Beijing, excluding bonuses, is projected jump 42 percent this year to at least 2 million yuan ... Read More »

Asian Stocks and Treasuries Fall on Economic Growth Concern

stock asian

Feb. 23 (Bloomberg) — Asian stocks fell as reports signaled slowing global economic growth and Hewlett-Packard Co. forecast profit that missed estimates. The euro advanced for a second day, while oil declined from a nine-month high. The MSCI Asia Pacific Index declined 0.2 percent as of 3:28 p.m. in Tokyo. Euro Stoxx 50 Index futures and Standard & Poor’s 500 ... Read More »

Asian finance firms face a hefty Facta compliance burden

facta

The regulations for the US Foreign Account Tax Compliance Act were announced earlier this month, and Asian financial institutions can no longer play wait-and-see, according to PwC. The proposed regulations for the US Foreign Account Tax Compliance Act (Facta) were finally issued on February 8, and they will significantly affect foreign financial institutions (FFIs), including those in Asia, according to ... Read More »