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JAPAN’S Mitsubishi UFJ Financial Group plans to buy the Philippines and Indonesian units of Dutch consumer finance company Home Credit Group BV for about 600 million euros (S$857.1 million), a person familiar with the matter said on Wednesday (Nov 23).

The European Central Bank (ECB) is so intent in breaking inflation, that it risks an economic overkill. Its chief economist Philip Lane said earlier this week that the plan is to continue with steep interest rate rises in the next few months. This follows a 75 basis-point increase to 2.25...

CREDIT Suisse Group has warned that it will book a loss of up to 1.5 billion Swiss francs (S$2.2 billion) for the fourth quarter, and also reported further outflows of wealth management funds amid a slump in client confidence. 

CHINA’S economy will likely grow more than 5 per cent next year should Covid disruptions end and the government roll out more policies to boost confidence and consumption, according to an adviser to the People’s Bank of China (PBOC).

CREDIT Suisse Group is cutting at least one-third of its investment-banking workforce and about 40 per cent of research staff in China just two months after agreeing to spend US$160 million to take full control of its securities business in the world’s second-largest economy.

FTX was run as a “personal fiefdom” of former CEO Sam Bankman-Fried, attorneys for the collapsed crypto exchange said in its first bankruptcy hearing as they detailed ongoing challenges such as hacks and substantial missing assets.

GOLDMAN Sachs Group will pay US$4 million to settle US regulators’ claims that its asset-management unit didn’t properly weigh environmental, social and governance (ESG) factors in some of its investment products.

THE Bank of Korea (BOK) is poised to return to its usual pace of policy tightening on Thursday (Nov 24) as it aims to rein in inflation without exacerbating credit risks that threaten to weigh on economic growth.

THE global banking sector will likely remain resilient in the face of next year’s macroeconomic risks, thanks to strong capitalisation and asset quality across most banks, analysts said. Singapore banks, in particular, are well positioned as they have strong fundamentals and net interest margins (NIMs).

THE US dollar retreated on Tuesday (Nov 22) after rallying the previous day when investors rushed to the safe-haven currency on worries about China’s Covid flare-ups, while fears of fresh contagion from the collapse of crypto exchange FTX pressured bitcoin.