Malaysia’s 1MDB Defaults on Bonds

Malaysia’s 1MDB Defaults on Bonds

Malaysian government investment fund 1Malaysia Development Bhd. defaulted on a series of bonds on Tuesday, raising concerns that the government may eventually have to spend billions to bail out the fund.

“ 1Malaysia Development Bhd. confirmed that it is in default on a $1.75 billion bond it issued in 2012, after missing a $50 million interest payment due last week amid a dispute with the bond’s guarantor ”

~ The Wall Street Journal

1Malaysia Development Bhd. confirmed that it is in default on a $1.75 billion bond it issued in 2012, after missing a $50 million interest payment due last week amid a dispute with the bond’s guarantor. That default in turn triggered defaults on its two Islamic bonds, totalling 7.4 billion ringgit (US$1.9 billion), 1MDB said in a written statement.

Related Reports: The Wall Street Journal, Bloomberg

 

About 1MDB

1MDB leads market-driven initiatives to assist the Government in propelling Malaysia towards becoming a developed nation that is highly competitive, sustainable and inclusive.

As a strategic enabler, 1MDB continues to explore areas that can catalyse new sources of growth and lay the groundwork for a brighter future.

Visit: 1MDB


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Malaysia Names New Central Bank Chief

Malaysia Names New Central Bank Chief

Datuk Muhammad Ibrahim Pic 1Malaysia names central bank deputy governor Muhammad Ibrahim as successor to Governor Zeti Akhtar Aziz when she steps down at the end of the month after 16 years at the helm. Muhammad has been appointed for a five-year term that starts May 1, Prime Minister Najib Razak said in a statement on Wednesday.

“ Malaysia names central bank deputy governor Muhammad Ibrahim as successor to Governor Zeti Akhtar Aziz when she steps down at the end of the month after 16 years at the helm ”

~ Bloomberg

Governer Zeti’s term at Bank Negara Malaysia is coming to an end at a time when investors are looking for signs of stability in a nation rocked by a political scandal and alleged financial irregularities at a state fund.

Related Reports: Bloomberg, Financial Times 

 

About Bank Negara Malaysia

Bank Negara Malaysia (the Central Bank of Malaysia), is a statutory body which started operations on 26 January 1959. Bank Negara Malaysia is governed by the Central Bank of Malaysia Act 2009. The role of Bank Negara Malaysia is to promote monetary and financial stability. This is aimed at providing a conducive environment for the sustainable growth of the Malaysian economy.

Bank Negara Malaysia’s monetary policy stance is to maintain price stability while remaining supportive of growth. Bank Negara Malaysia is also responsible for financial system stability. This is achieved by developing a sound, resilient, progressive and diversified financial sector which serves to support the sectors of the real economy. It also plays an important function in implementing initiatives to deepen and strengthen the financial markets, including the foreign exchange market.

Visit: Bank Negara Malaysia


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UBS Launch New Service in Taiwan for Invested Assets Above $250,000

UBS Launch New Service in Taiwan for Invested Assets Above $250,000

UBS has launched a contract based flat fee offering for wealth management clients with invested assets of $250,000 and above. The service which was previously available only to high net worth clients provides clients with access to premium research insights and products.

“We are excited that Taiwan is the first market in which this new wealth management model will be available outside Switzerland”

~ Dennis Chen, Country Head and Head of Wealth Management, UBS Taiwan

Dennis Chen, Country Head and Head of Wealth Management, UBS Taiwan says the bank is excited that Taiwan is the first market in which this new wealth management model will be available outside Switzerland.  This segment has huge potential for the growth of the wealth management business.

Related Reports: Finews Asia, Asian Private Banker

 

About UBS

UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. The operational structure of the Group is comprised of our Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. UBS’s strategy builds on the strengths of all of its businesses and focuses its efforts on areas in which it excels, while seeking to capitalize on the compelling growth prospects in the businesses and regions in which it operates, in order to generate attractive and sustainable returns for its shareholders. All of its businesses are capital-efficient and benefit from a strong competitive position in their targeted markets.

Headquartered in Zurich, Switzerland, UBS is present in all major financial centers worldwide. It has offices in 54 countries, with about 35% of its employees working in the Americas, 35% in Switzerland, 17% in the rest of Europe, the Middle East and Africa and 13% in Asia Pacific. UBS Group AG employs approximately 60,000 people around the world

Visit: UBS


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Goldman Sachs Moves into Retail Banking

Goldman Sachs Moves into Retail Banking

The move into retail banking came about eight months after the lender announced it would acquire GE Capital’s online deposit arm, giving the company about $16 billion in accounts and certificates of deposit.

“We are committed to providing our new online deposit customers the high level of service they have come to expect”

-Esta Stecher, Chief Executive Officer of GS Bank

Goldman Sachs is starting to take online deposits as low as $1 for savings accounts. The new retail banking arm, called GS Bank, is offering some sweet interest for early movers.For new deposits, Goldman will give 1.05 percent annual yield and 2 percent on a five-year Certificate of Deposit

Related Reports: Goldman Sachs, CNBC, Business Finance News

 

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Visit: Goldman Sachs


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China Global Financial Influence Surge with the Launch of Yuan-Denominated Gold Price-Fixing

China Global Financial Influence Surge with the Launch of Yuan-Denominated Gold Price-Fixing

China global financial influence surge as the yuan-denominated Gold price-fixing was launched on Shanghai Gold Exchange, 19th April 2016 .  The price will be set twice a day with the benchmark price deriving from a 1 kg-contract.  The first fixing was set at 256.92 yuan.

“ The Shanghai benchmark won’t have an immediate impact on global pricing benchmarks in London and New York, but a fully convertible Chinese yuan would eventually help the world’s second-largest economy gain pricing power on the bullion industry “

~ South China Morning Post

“ The launch could eventually reduce the influence of the London gold price, which started in 1919 when bankers at NM Rothschild & Sons in London sat down to calculate a fair price for gold. That became the global gold benchmark, used by miners, central banks, jewellers and the financial industry to trade gold bars “

~ Financial Times

18 Major Financial Institutions members have joined the benchmark fixing.  On the ceremony, SGE announced the list of 12 Fixing Members and 6 Reference Price Members, along with 18 international consultants.

The Shanghai Gold Benchmark Price Launching Ceremony | 19th April 2016

Related Reports: South China Morning Post, CNBC, Financial Times, Official Press Release 

 

About Shanghai Gold Exchange: 

Officially starting operation on October 30, 2002, the Shanghai Gold Exchange (the “SGE”) is a membership-based and self-regulatory legal entity established by the People’s Bank of China (the “PBC”) upon the approval of the State Council and registered with the State Administration for Industry and Commerce. Regarding facilitating market development as its top priority, the SGE organizes the trading of gold, silver, platinum and other precious metals and provides relevant services for members and investors in a cost-efficient manner by adhering to the principles of integrity, equitableness, justice and transparency. The SGE is subject to supervision and regulation by the PBC pursuant to law.

Visit: Shanghai Gold Exchange


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China’s New Facial Recognition Loan Technology

China’s New Facial Recognition Loan Technology

One of China’s leading financial services providers has released its new face recognition technology. Only six minutes will be required to complete a loan application. This will be the fastest lending platform in China. The new technology allows computers to achieve facial recognition with even greater accuracy than the human eye, 99 percent compared to 97.5 percent.

” Fastest lending platform in China “

Chinese group Ping An is planning to use this technology in its wealth management services offering.

Related Reports: China Daily, Finews Asia, Finextra

 

About Ping An Insurance Group

Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or the “Company” or the “Group”) was established in 1988 in Shekou, Shenzhen. The Group is the first insurance company in China to adopt a shareholding structure. Today, it has become a personal financial services group with three core businesses of insurance, banking and investment, enjoying the concurrent growth of its core and internet finance businesses. The Group’s shares are listed on the Hong Kong Stock Exchange (stock code: 2318) and on the Shanghai Stock Exchange (stock code: 601318).

Visit: Ping An Insurance Group


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Malaysia’s Largest Banking Group Chairman Nazir Razak Goes on Leave

Malaysia’s Largest Banking Group Chairman Nazir Razak Goes on Leave

Chairman Nazir Razak of Malaysia’s CIMB Group Holdings goes on voluntarily leave of absence.  This was announced during the 59th annual general meeting.

The leave of absence is to facilitate an independent investigation into a $7 million transfer issue.

Source: CIMB Press Release

Related Reports: Wall Street JournalReuters

 

About Nazir Razak

Dato’ Sri Nazir Razak, aged 49, was appointed to the Board on 27 January 2006 as a Non-Independent Non-Executive Director and was then appointed as the Group Managing Director / Chief Executive Officer of CIMBGH on 7 November 2006. He resigned as the Group Managing Director / Chief Executive Officer of CIMBGH on 31 August 2014 and was re-designated and named Chairman / Non-Independent Non-Executive Director of CIMBGH on 1 September 2014 following the retirement of Tan Sri Md Nor Yusof as the Chairman / Non-Independent Non-Executive Director of CIMBGH on 31 August 2014. He is also the President Commissioner of PT Bank CIMB Niaga Tbk.

Visit: Profile

 

About CIMB Group

CIMB Group is a leading ASEAN universal bank, one of the largest Asian investment banks and one of the world’s largest Islamic banks.  We are headquartered in Kuala Lumpur, Malaysia and offer consumer banking, commercial banking, wholesale banking, Islamic banking and asset management products and services.  As the fifth largest banking group in ASEAN, we have over 40,000 staff in 17 locations across ASEAN, Asia and beyond.

Visit: CIMB Group


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