SINGAPORE CENTRAL BANK
Amaravati will be rebuilt by restoring investor confidence, brand image: Andhra CM Naidu
Andhra Pradesh Chief Minister N Chandrababu Naidu vowed to rebuild Amaravati, overcoming hurdles from the previous YSRCP regime by restoring investor confidence and reconstructing the city's brand image. He plans to execute the project swiftly, incorporating modern advancements from the existing masterplan developed with Singapore. Naidu highlights Amaravati's historical significance and potential to generate jobs and tax revenue, aiming to revive the city's economy and reputation.
RBI, ASEAN countries to create instant cross-border retail payments platform
The Reserve Bank of India and ASEAN nations are collaborating on "Project Nexus," aimed at establishing a platform for instant cross-border retail payments by linking fast payment systems. India joins Malaysia, Philippines, Singapore, and Thailand as founding members, with plans to expand globally by 2026, enhancing efficiency and reducing costs in international transactions.
How a Rs 76,220 cr port project aims to be a game changer for India’s trade trajectory
Can the Vadhavan port project help to realise India’s long-term maritime trade ambitions while also making a place for itself alongside the top container ports of the world?
EM bond rally threatened as hawkish flags multiply
The balmy days of dovish monetary policy that fuelled a rally in emerging-market bonds looks to be over as central banks across the developing world turn more hawkish.
Global rate-cut juggernaut is struggling to start
Central banks cagey about joining the global interest-rate cutting cycle may reveal themselves this week with a quartet of decisions in advanced economies.
Currency traders readying for a ‘Vol Killer’ summer after Fed
Investors may be disappointed as currency volatility is expected to remain low despite initial signs of turbulence. The market reacted to weak inflation data and Powell's rate cut projection, causing the FX Volatility Index to fall. Traders now anticipate narrow currency ranges over the summer.
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Asian stocks build on Wall St records after US inflation data
Asian traders extended a rally across world markets Thursday as they welcomed figures showing US inflation slowed further last month, tempering concerns about the Federal Reserve's forecast of just one interest rate cut this year. However, the Fed later in the day released its keenly awaited "dot plot" outlook for interest rates, which showed that decision-makers saw just one cut this year -- down from three predicted in its previous guidance in March.
China's central bank to return to gold buying as prices ease
China, the leading buyer of gold among official sectors, is likely to resume its gold acquisitions once prices dip from the record highs seen in May. After 18 months of consecutive purchases, the People's Bank of China paused its buying in May, causing global gold prices to drop significantly.
Euro slips to one-month low as Macron calls French election
The euro fell as French President Emmanuel Macron called a shock election after far-right gains in European Parliament elections. U.S. nonfarm payrolls data showed job growth exceeding expectations, impacting Fed rate cut expectations.
AMCs, insurance stocks offering good money-making proposition: Deven Choksey
I believe that the market is going to remain positive. Investors are going to be remaining confident. Maybe these numbers are going to be forgotten after a couple of days once the ministries and the governments are formed.
NPCI, Peru central bank ink pact to build UPI-like payments system
The partnership makes Peru the first South American nation to adopt NPCI’s technology. It will enable BCRP to facilitate instant payments between individuals and businesses within Peru, and expand the usage of digital payments among the country’s large unbanked population.
Asian markets fall after US data dent rate cut hopes
Asian markets fell on Friday following Wall Street's sell-off triggered by strong US data, raising concerns about the Federal Reserve delaying interest rate cuts.
Singapore and Kazakhstan plan Eurasia to ASEAN trade & transit corridor
Singapore and Kazakhstan strengthen economic ties, enhancing India's role as a link between Southeast Asia and Eurasia. Kazakhstan's transport initiatives and Singapore's expertise create new business opportunities. The countries sign agreements to boost trade and investment, with Singapore investing in Kazakhstan's economy. Cooperation focuses on innovation and digitalization for mutual benefit.
Restructuring impacts even the smallest player: 5 not so much talked about PSU banks
When it comes to PSU banks, all the limelight is taken by the top players, like SBI, BoB, PNB and one or two others. But the fact is that there are many other small PSU banks, which of course have smaller books and less of national presence, but the fact is that they have been also the beneficiary of the “ reconstruction and restructuring" (R&R) which both government and RBI have done in the banking sector in the last seven years. The good part of any R&R exercise in banking is that all the players whether it is small or large have to follow the rules and that ensures that the operating matrix improves across the sector and which leads to long term beneficial impact. We take a look at 5 small PSU banks, which are not normally in news, but over years they have also seen an improvement in their working. Yes, they have their own risks in terms of loan book and other business risk, but then because they are under owned in institutional space, a bit of institutional buying can lead to sharp re-rating.
Flipkart maps out India redux; QED’s Nigel Morris interview
Happy Monday! Ecommerce major Flipkart is in discussions to shift its domicile from Singapore to India. This scoop and more in today’s ETtech Morning Dispatch.
DBS sees net profit rising this year after Q1 beats forecasts
"While geopolitical tensions persist, macroeconomic conditions remain resilient and our franchise is well positioned to capture business opportunities," DBS Chief Executive Officer Piyush Gupta said in a statement.
Singapore's central bank will not extend pause on DBS' non-essential activities
MAS has decided not to extend DBS Bank's non-essential activities pause for digital banking resilience, effective Nov. 1, 2023, to April 30, 2024. DBS progressing on resilience plan with CEO's commitment to technology resiliency.
Go First revival chance fades as lenders, bidders spar on valuation
A Delhi High Court order on Friday allowing lessors to repossess their aircraft has further dented hopes of reviving Go First, they said. Ajay Singh, promoter of SpiceJet, and an entity owned by Nishant Pitti-owner of online travel portal EaseMyTrip had jointly bid for the airline. The second bid is from Sharjah-based Sky One.
After Japan, Hudco looks to tap Singapore, Taiwan for funds
"Japan was the maiden attempt to raise funds via external commercial borrowing, and we have been received very well. There is a good arbitrage; we are getting funds at 6.5%-80-100 bps lesser than the domestic funds," said Kulshreshta, noting that the company's fundraising may surpass its original aim.
UK court allows sale of Nirav Modi's luxury London flat
The case involves Trident Trust Company (Singapore) Pte Limited as the claimant, seeking to sell its apartment asset in the Marylebone area of central London, and the ED arguing that the trust's assets represent the proceeds of a massive fraud on the Punjab National Bank (PNB) for which Nirav is facing extradition proceedings.
SWIFT planning launch of new central bank digital currency platform in 12-24 months
Global bank messaging network SWIFT is planning a new platform in the next one to two years to connect the wave of central bank digital currencies now in development to the existing finance system, it has told Reuters.
Sovereign gold bonds no threat to physical trade of the precious metal, says World Gold Council CEO
Gold demand and prices are expected to rise in 2024 due to geo-political uncertainties, debt crisis, and central bank purchases. India's sovereign gold bonds will encourage investors to see gold as an alternative asset class. Efforts are being made to bridge the trust deficit and improve transparency in the gold industry.
Asian shares ease as early rate cut bets fizzle, focus on Fed minutes
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.09% lower on Wednesday. Japan's Nikkei eased 0.21%, having stuttered in the last few days within sight of the all-time high set in 1989.
Global factory check-up is about to reveal extent of nascent recovery
A recent uptick in a global index of manufacturing — to the highest level since mid-2022 — has spurred expectations the sector has reached a turning point after a broad consumer shift away from purchases of goods in favour of services.
China leaves key rate steady as yuan limits manoeuvring room
The People's Bank of China held the interest rate on its one-year policy loans at 2.5% on Sunday while injecting a small amount of cash into the financial system, both moves in line with expectations among most economists surveyed by Bloomberg. The move came after the yuan slipped to a three-month low in offshore trading last week amid a resurgence in the dollar.
Australia, NZ dollars subdued in holiday thinned trade, Orr awaited
The Australian and kiwi dollars were subdued in holiday thinned trade on Monday, while traders looked ahead to a central bank speech in New Zealand that could make or break market bets for another hike given the huge shift in market pricing last week.
China stocks bounce loses steam; focus turns to ECB
Asian stocks traded cautiously and bonds fell on Thursday while investors waited on more detail of China's stimulus plans and for a European Central Bank meeting later in the session.
Yen lags while dollar waits on US CPI
The dollar has steadied in early 2024 after sliding through the latter months of 2023 as the Federal Reserve indicated it was finished with rate hikes and traders priced in steep cuts.
SBI to soon launch 'Yono Global' app in Singapore and US
Currently, SBI offers Yono Global services in 9 countries, starting with the UK operations in September 2019. SBI's foreign operations have a total balance sheet size of USD 78 billion.
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