Foreign Investors Eye Indonesia’s Booming Banks
Source: AFP Indonesia’s banking sector is becoming a magnet for foreign firms willing to accept an uncertain investment environment in return for booming growth and an untapped market of tens of millions. Major players are watching with interest the outcome of DBS Group of Singapore’s trail-blazing US$7.3 billion deal struck on April 2 to...
Air India Loses Flights to ‘Illegal’ Pilot Strike
Source: AFP At least 100 pilots from India’s debt-laden national carrier Air India failed to turn up to work on Tuesday in a move the civil aviation minister described as an “illegal” strike. The airline, which loses nearly US$2 million a day, is facing mounting problems due to rising fuel prices, competition from low-cost rivals...
HSBC’s First-quarter Net Profit Down 38 Per cent to US$2.58 billion
Source: AFP Europe’s biggest bank HSBC unveiled big first-quarter profits on Tuesday, helped by emerging markets growth and higher income at its investment banking division. HSBC said underlying pre-tax profits jumped by 25 per cent to US$6.8 billion (EUR5.2 billion) in the three months to March 31 compared with the outcome for the first...
Australia to Hand Down ‘Battlers’ Budget
Source: AFP Australian Treasurer Wayne Swan was Tuesday set to deliver the nation’s toughest budget in 25 years, bringing its high-powered mining economy back to surplus in the face of global turmoil. The unpopular government of Prime Minister Julia Gillard has pitched the budget, its fifth since Labour took office in late 2007, at its...
Asian Markets Dive on Europe Election Results
Source: AFP Asian markets have slumped after voters in France and Greece voted out their ruling parties in a backlash against austerity measures aimed at battling the eurozone crisis. Adding to the bearish atmosphere were weak jobs data from the United States last week, which had fuelled concerns about recovery in the world’s biggest...
Third Billionaire Kwok Brother Arrested in HK Graft Probe
Source: Reuters Hong Kong developer Sun Hung Kai Properties said its former chairman Walter Kwok was arrested and later bailed as part of a high-profile anti-corruption probe that has already included his two younger billionaire brothers and the former No. 2 official in the city’s government. Sun Hung Kai said in a statement that Walter...
Australia’s Central Bank Slashes Growth, Inflation Forecasts
Source: AFP Australia’s central bank slashed its growth and inflation forecasts Friday, citing sluggish exports due to global turmoil and the robust Australian dollar, which is squeezing local industries. The Reserve Bank of Australia (RBA) said it expects growth of 2.75 per cent for the 12 months to June 2012, compared with the 3.5...
Indian Central Bank ‘Intervenes’ as Rupee Slides
Source: AFP India’s central bank likely intervened in the foreign exchange markets on Wednesday to prop up the currency after the rupee slid to a near four-month-low against the dollar, traders said. The unit fell below the key Rs53.00 to the dollar level, hitting an intraday low of Rs53.01 – a level last seen in...
Sun Hung Kai’s Walter Kwok Says Brothers Hired Hui
Source: Reuters Walter Kwok, the eldest brother of the family that runs Sun Hung Kai Properties, on Wednesday moved to distance himself from Rafael Hui, the former Hong Kong official arrested in connection with a bribery probe involving Kwok’s younger brothers. Kwok, ousted from the company’s top spot in 2008, said in a statement provided...
ADB Secures US$12.4 billion for Fund for Region’s Poorest Countries
Source: Reuters The Asian Development Bank (ADB) said on Wednesday that funding for its concessional loan facility will increase nearly 10 per cent to US$12.4 billion as the bank seeks to promote inclusive growth in low-income countries and shield them from financial crises. The Asian Development Fund (ADF), which provides grants and concessional loans to...
Hong Kong Bourse Studies Bidding for London Metal Exchange
Source: Bloomberg Hong Kong Exchanges & Clearing Ltd, Asia’s largest bourse operator, said it is studying a bid for the London Metal Exchange as growth slows and it seeks to build up a commodities business. The exchange said Monday that it was “one of a number of interested parties” studying the opportunity to buy LME,...
National Australia Bank to Slash 1,400 Jobs in Britain
Source: AFP National Australia Bank on Monday said it plans to restructure its struggling British business, slashing more than 1,400 jobs at the loss-making arm by 2015. The announcement came as Australia’s fourth-biggest bank said its unaudited first-half net profit fell to A$2.05 billion (US$2.14 billion) in the six months to March 31, 15.6 per...
