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Federal Reserve official says it is ‘time to move’ on rate cuts, but wants to be sure

FEDERAL Reserve Bank of Atlanta President Raphael Bostic on Wednesday said that with inflation down farther and the unemployment rate up more than he anticipated, it may be “time to move” on rate cuts, but he wants to be sure before pulling that trigger.

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Swifties harness their power for Kamala Harris

TAYLOR Swift has yet to weigh in on the US presidential race, but some of her superfans are already stumping for Kamala Harris.

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Buffett’s Berkshire Hathaway hits US$1 trillion market value

WARREN Buffett’s Berkshire Hathaway holding company briefly crossed US$1 trillion in market value Wednesday, making it the first non-tech firm on Wall Street to pass the milestone.

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US Fed sets large bank capital levels after stress tests, eases on Goldman’s level

THE US Federal Reserve announced on Wednesday it had set the latest capital cushions for large banks following June’s annual stress tests, but agreed to shrink Goldman Sachs’ burden.

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Canada’s biggest bank RBC beats profit on smaller bad loan provisions

ROYAL Bank of Canada (RBC) on Wednesday (Aug 28) surpassed analysts’ estimates for quarterly profit as it set aside a smaller than expected sum to protect itself against losses on bad loans.

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Warren Buffett reaps almost US$1 billion from sale of more BofA shares

WARREN Buffett sold an additional US$982 million of Bank of America (BofA) stock as his conglomerate continues to shrink its investment in the second-largest US bank.

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Demand falls for latest Singapore Savings Bond with 10-year average return of 3.1%

THE latest Singapore Savings Bond (SSB) allotted on Wednesday (Aug 28) saw a fall in the number of applications, as yields slipped from the earlier tranche.

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Citigroup sees more Asia dealmaking activity in coming quarters

DEALMAKING activity in Asia-Pacific is set to grow over the coming quarters amid a boom in markets including India, Taiwan and Japan, and a strong pipeline of transactions from China, according to Citigroup’s head of investment banking in Asia-Pacific Jan Metzger.

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Prudential H1 profit tumbles 81% to US$182 million

PRUDENTIAL’S net profit for the first half ended Jun 30 fell 81 per cent to US$182 million, from US$947 million in the previous corresponding period, on an actual exchange rate basis.

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Prudential’s H1 new business profit falls 1% to US$1.47 billion

PRUDENTIAL’S new business profit – a measure of profitability for insurance businesses – fell 1 per cent to US$1.47 billion on an actual exchange rate basis for the first half ended Jun 30, from US$1.49 billion a year earlier.

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