Saturday, May 12th, 2018

 

German regulator says Geely’s Daimler stake needed earlier disclosure

FRANKFURT, May 12 — German markets regulator BaFin has found that transactions to buy a 9.69 per cent Daimler stake on behalf of Geely chairman Li Shufu should have been disclosed a day earlier than February 23, a letter from Germany’s finance…


Mexico is said to take first steps in annual oil hedging program

MEXICO, May 12 — Mexico has taken the first steps in the world’s largest annual oil deal, asking Wall Street banks and other traders for quotes to lock-in its income from production through next year, according to people familiar with the…


Market anxiety diminishes once cabinet line-up is unveiled: Banker

KUALA LUMPUR: The nervousness in the local market, following the surprising 14th General Election results, is temporary and will diminish once Prime Minister Tun Dr Mahathir Mohamad announces his cabinet's line up, says a veteran banker.

Asian Institute of Chartered Bankers (AICB) Chairman Tan Sri Azman Hashim expressed his confidence in the new prime minister, given his experience in steering the country during the 1997 Asian currency crisis.

“We have confidence in what he can achieve and I am sure that investors confidence will come back to the market quickly,” he told a press conference after AICB's second Chartered Banker Conferment and 21st Graduation Ceremony here today.

He said Mahathir's priorities were to sort out the country's finances and look after the economy, which would be good for investors' confidence.

On another note, Azman stressed the importance of professional education and the growing significance of AICB's membership for bankers, given the profound changes taking place across the banking landscape today.

“As many of you are aware, the serious misconduct seen in the last financial crisis greatly undermined the reputation of the banking sector and highlighted the lapses in professionalism among bankers, which resulted in the loss of public confidence and trust.

“May I remind you today, that the very heart of banking is still trust. We are in the business where people put their money in banks because they trust us.

“Hence, our responsibility is to protect the integrity and stability of the banking system, which underpins public trust and confidence in the financial industry,” he said.

Azman said AICB membership had risen to over 17,000 to date from 12,000 at the end of last year. — Bernama


US feud with gulf airlines nears end with UAE agreement

DUBAI, May 1 2 — The United Arab Emirates agreed to increase financial transparency in its airlines as part of a deal with the US to resolve allegations that two state-owned carriers have unfairly benefited from billions of dollars in government…


German online bank uses Bitcoins to transfer loans

BERLIN, May 12 — German Radoslav Albrecht has founded an online bank that allows clients to transfer loans anywhere in the world using Bitcoin. Bitbond uses cryptocurrencies like Bitcoin to bypass the Swift international transfer system to lend…


BNM expects economy to remain strong post-election environment

KUALA LUMPUR: Bank Negara Malaysia (BNM) expects Malaysia's economic outlook to remain strong despite the post-14th general election environment, given its resilient and robust financial system.

Governor Tan Sri Muhammad Ibrahim said the ringgit would reflect Malaysia's strong economic fundamentals in the medium and long-term.

“Our strength can be seen from the current account surplus, a strong reserves position, low level of external indebtedness and strong capital buffers in the banking system. We expect these strong conditions to persist.

“As many of you here can testify, our financial system is resilient and robust. On numerous occasions in the past decade, we have been able to manage market volatility due to the continuous measures taken over the years to develop our financial markets,” he said at the Asian Institute of Chartered Bankers (AICB) Graduation Ceremony 2018, here today.

Muhammad said the market now was balanced, deep and liquid to provide the structural support for orderly market conditions, adding that moving ahead, BNM would continue to ensure orderly conditions in the onshore financial markets.

He said Malaysia was no stranger to short-term volatility, as the country's open economy was highly integrated with global markets.

However, he advised industry players not to overreact to market noises, especially when it was caused by factors which were temporary in nature.

“The negative but much reduced influence of the non-deliverable forward market should not detract the ringgit movements over the long term,” he added.

On May 10, BNM's Monetary Policy Committee announced that it would maintain the Overnight Policy Rate (OPR) at 3.25% and reaffirmed the strong outlook of the Malaysian economy. — Bernama


Bankers told to defend financial system from malpractices and ‘corrupt politicians’

KUALA LUMPUR, May 12 — Bankers must adhere to all guidelines and continue to learn the system to prevent irregularities from happening, Asian Institute of Chartered Bankers (AICB) chairman Tan Sri Azman Hashim said today. He said corruption has…


BNM governor says Malaysia’s economy remains strong after GE14

KUALA LUMPUR, May 12 — Contrary to claims that the economy would crash if Pakatan Harapan (PH) takes Putrajaya, Bank Negara Malaysia (BNM) governor Tan Sri Muhammad Ibrahim today said the country’s economy is resilient and strong. He said short…


Ringgit attempts to stabilise against US dollar next week

KUALA LUMPUR, May 12 — The ringgit is expected to be influenced by post-14th General Election (GE14) developments, as the local note aspires to stabilise against the US dollar next week. These developments come with an upside bias…


Bursa to see correction, selling pressure next week

KUALA LUMPUR, May 12 — Bursa Malaysia is expected to move into correction and witness selling pressure when trading resumes on Monday, with stocks that are politically connected to the deposed Barisan Nasional (BN), particularly in the…