trending Market Intelligence /marketintelligence/en/news-insights/trending/Jm-njeXZcHF3-5JtQpJMDQ2 content esgSubNav
In This List

FDIC may have covered up hacking attempts; Moody's keeps Taiwan's rating

Blog

Top 100 Banks: Capital Ratios Show Resilience to the Pandemic

Blog

Banking Essentials Newsletter: October Edition

Blog

Banking Essentials Newsletter: September Edition, Part - 2

Case Study

A Prestigious Global Business School Gains a Competitive Edge


FDIC may have covered up hacking attempts; Moody's keeps Taiwan's rating

*Employees at the U.S. Federal Deposit Insurance Corp. may have covered uphacking attempts allegedly sponsored by the Chinese government to protect FDICChairman Martin Gruenberg, Reuters reported,citing a congressional report. The report did not specify any evidence directlyimplicating the Chinese government.

*EFG International AGhas agreed to buy thebusiness of BSI Bank (Singapore) Ltd. in an accelerated asset deal signed withBTG Pactual Group.EFG Bank AG'sSingapore branch will make the acquisition.

*Deutsche Bank AG plansto name WernerSteinmueller as CEO of the bank's Asia-Pacific operations, pending supervisoryboard and regulatory approval.

GREATER CHINA

*Chinese Premier Li Keqiang said China will begin conducting a feasibility studyon setting up a free trade agreement with Mongolia for strengthening financialcooperation and expanding currency swap scales, Reuters reported.

*Moody's maintained Taiwan's sovereign credit ratings at Aa3 with a stableoutlook, Taiwan's Liberty Times reported.Moody's said the island's stable economic development and competitiveness makeit capable of dealing with significant economic and financial blows. However,it also warned that the island's GDP growth in the coming years would be slowerthan the average for the past decade due to weak global market demand.

*The balance of government debt for Liaoning province, China stood at 871.85billion yuan at the end of 2015, with the debt ratio hitting 157.72%, or 88percentage points higher than that in 2012, the 21st Century Business Herald reported.

*The China Banking Regulatory Commission said that the balance of nonperformingloans in the country's rural commercial banks stood at 206 billion yuan at theend of the first quarter, with the nonperforming ratio at 2.56%, higher than1.72% for large commercial banks, 1.61% for joint-stock banks and 1.46% forcity commercial banks, China BusinessNews reported.

*Online selling accounted for one-third of China's fund sales, while thepercentage of sales in banks also dropped to about one-third from more than60%, the Securities Daily reported.The sales of fund companies and securities companies accounted for theremaining one-third.

*The turnover of the peer-to-peer lending industry in China stood at 826.4billion yuan in the first half, while turnover for the whole of 2016 isexpected to fall between 1.8 trillion yuan and 2 trillion yuan, the Securities Daily reported. 259new P2P companies registered in the first half, while 515 P2P platforms wereshuttered in the same period.

JAPAN AND KOREA

*Mitsui Life Insurance Co.Ltd., which now has Nippon Life Insurance Co. under its control, will raiseabout ¥80 billion from a subordinated bond issuance to domestic institutionalinvestors in July, Tokyo's The Nikkeireported.

*Takeshi Kunibe, chairman of the Japanese Bankers Association, cautioned againstmoving too fast on additional easing, saying that it should be first verifiedwhether the negative interest rate is working, The Sankei Shimbun reported.

*Hyundai Securities Co.Ltd. is seeking to find a buyer for its in K-Bank, an Internet bank tobe established by a consortium led by KT Corp., The Chosun Ilbo reported.

*Industrial Bank ofKorea nominated two new vice presidents, The Chosun Ilbo reported.

*Hana Financial GroupInc. has begun its search for a buyer of the 24-story Seoulheadquarters building of the former Korea Exchange Bank, Yonhap News Agency reported.

*Zhin Woong-seob, governor of the Financial Supervisory Service, said that theimpact of Brexit on South Korea's financial markets has remained limited, Edaily reported.

ASEAN

*The Thai Bankers' Association said that banks are ready for the officialregistration of the PromptPay system, Thailand's Daily News reported.About 9 million to 10 million people have pre-registered from July 1 to July 14.

*Amonthep Chawla, Head of Research Office at CIMB Thai Bank PCL, expects the monetary policycommittee of the Bank ofThailand to keep the policy interest rate unchanged at 1.5% as thepanel meets Aug. 3, Thailand's Post Todayreported.

*The Bank of Thailand formed a financial system stability group to check forrisk factors and fragility in the Thai financial system, Thailand's Manager Daily reported.Governor Veerathai Santiprabhob said there are many risk factors, including Britain'sdecision to leave the EU and outflow of funds.

*Krung Thai Bank PCLis accepting applications for a new president until July 15, Daily News reported. While no onehas sent an application as of July 13, the lender believes it would receiveapplications on the deadline date.

*Bank Indonesia Governor Agus Martowardojo predicted that economic growth couldreach 5.04% at the end of 2016, even before taking the impact of the country'stax amnesty law into consideration, BisnisIndonesia reported.

*PT Bank Tabungan Negara (Persero)Tbk is optimistic that tax amnesty funds will add to increasedproperty funding and demand, The JakartaPost reported.

*Malayan Banking Bhd.is lowering its base rate by 20 basis points to 3% from 3.20% per annum and itsbase lending rate to 6.65% from 6.85% per annum, following Bank NegaraMalaysia's unexpected reduction of the overnight policy rate, Malaysia's The Star reported.

*Bank Negara Malaysia said that its first rate cut in seven years was to ensurea steady growth path for the domestic economy amid global uncertainties,Malaysia's The Sun reported.

SOUTH ASIA

*The Reserve Bank of India set up a working group for reviewing matter relatedto digital banking and financial technology, The Hindu reported.The group will forward its recommendations for regulatory changes andadjustments required to counter the new challenges.

* Aconsortium of creditors has filed a contempt petition in India's supreme courtagainst Vijay Mallya for not disclosing his assets despite a court order, AsianNews International reported.Mallya owes creditors 90 billion rupees.

*JM Financial Ltd.plans to raise US$300 million for its distressed assets fund as it looks tobenefit from stockpiling banks' bad assets, Mintreported,citing two people familiar with the matter. JM Financial has an assetreconstruction arm through which distressed assets are acquired.

AUSTRALIA AND NEW ZEALAND

*The Australian Securities and Investment Commission has advised companieslaunching IPOs against skimming lawyers, bankers and accountants' fees, The Australian Financial Review reported,citing a report from the corporate watchdog. ASIC suggests such fee cuts oftenlead to unwanted issues with the IPO.

*Westpac Banking Corp.is segregating home loan products based on borrower types and loan structures,which will make modifying interest rates easier for the lender, The Australian Financial Review's blogStreet Talk reported,citing bank documents. The move also allows greater adherence to prudentialregulations.

*Twenty-eight financial institutions signed up for Google Android Pay serviceswith Australia & New ZealandBanking Group Ltd., the only bank among the big four Australianbanks to collaborate for the digital wallet service, The Australian Financial Review reported.

IN OTHER PARTS OF THE WORLD

MiddleEast & Africa: Oman wedded torial peg; Uganda keen on takaful

Europe:Banks reassured over capitalbuffers; LSE-Deutsche Börse merger protest; Spanish banks get relief

LatinAmerica: BNDES reviewsinfrastructure financing plans; Fitch downgrades Bolivia

NorthAmerica: JPMorgan releasesearnings; Dimon gets flak in UK for Brexit pessimism

NorthAmerica Insurance: Analysts warnof Q2 cat losses impact; Florida to hold hearings on large rate hikerequests

Sally Wang, Jonathan Cheah,Jaekwon Lim and Santibhap Ussavasodhi contributed to this report.

The Daily Dose has aneditorial deadline of 6:30 a.m. Hong Kong time. Some external links may requirea subscription.