TOKYO: The Bank of Japan announced a minor tweak to its unconventional policy of controlling government bond yields on Tuesday (Oct 31), stopping short of expectations and sending the yen lower. While most other major central banks have hiked interest rates in a bid to tame prices, the BoJ hasContinue Reading
“We do not comment on market rumours,” a GlobalFoundries spokesperson said when asked about subsequent contacts. PSMC did not reply to a request for comment. Industry officials said meetings at this stage were mostly to test interest and discuss potential incentives and subsidies, including power supplies, infrastructure and the availabilityContinue Reading
BEIJING: China’s manufacturing activity unexpectedly contracted in October, an official factory survey showed on Tuesday (Oct 31), underlining the challenge facing policymakers trying to engineer a durable economic recovery. Recent indicators pointed to encouraging signs of stabilising in the world’s second-largest economy, supported by a flurry of policy support measures,Continue Reading
TOKYO: Japan’s factory output rose much less than expected in September, government data showed on Tuesday (Oct 31), as demand slowed significantly, adding to uncertainty hanging over the export-reliant economy’s outlook. Industrial output rose 0.2 per cent in September from the previous month, data from the Ministry of Economy, TradeContinue Reading
SEOUL: Samsung Electronics on Tuesday (Oct 31) flagged a gradual recovery in demand in 2024 after reporting its highest quarterly profit so far this year, as the battered memory chip market began showing signs of a rebound from a severe downturn. The proliferation of on-device artificial intelligence (AI) functions willContinue Reading
JAKARTA: Indonesia’s financial sector is in good condition, the regulator’s chief said on Monday (Oct 30), amid high US interest rates and rising geopolitical risks. Ample liquidity in the market and a well-managed risk profile showed the sector was stable, said Financial Services Authority (OJK) chief Mahendra Siregar. “There isContinue Reading
NEW YORK: The founder of the world’s biggest chipmaker, Morris Chang, said on Thursday (Oct 26) that increasing tensions over technology between the United States and China will slow down the global chip industry. Chang, who founded Taiwan Semiconductor Manufacturing Co in the late 1980s, made the remarks at anContinue Reading
KUALA LUMPUR: Malaysia’s communications regulator will issue a warning to social media firms TikTok and Meta for allegedly blocking pro-Palestinian content on their platforms, its communications minister said on Thursday (Oct 26). “If this issue is ignored, I will not hesitate to take a very firm approach and stance,” FahmiContinue Reading
TAIPEI: According to two sources close to Foxconn, a significant supplier of Apple’s handsets, the company is being investigated for tax evasion in China. They claimed that the investigation was made public for political reasons related to the approaching elections in Taiwan. The state-backed Global Times newspaper in China reportedContinue Reading
SINGAPORE: According to Citigroup CEO Jane Fraser, Asia continues to be a beautiful spot for the globe despite political unrest, continued wars, and China’s slowing economy.
According to her, the company moves US$ 4 trillion( S$ 5.5 trillion ), or the gross domestic product of Germany, every day for 5,000 foreign corporations, with the majority of that movement and activity occurring in Asia. & nbsp,
” Asia is merely the shining star of the universe.” She continued,” There are so many different regions where the changing dynamics are playing into the longer-term flavor and gain these, get it what we see in Indonesia, Thailand, and Vietnam. & nbsp,
China is currently facing difficulties, but she noted that the technological advancements the nation has made are” remarkable.”
In Singapore, where” a lot of different innovative paths” are emerging, there are also a number of growth opportunities, she told CNA. Ms. Fraser attended a Citigroup committee meeting in Singapore.
Every day I see them, innovative users in this region of the world astound me. They’re so creative and inventive, and that’s going to create a ton of money as well as economic growth over the medium to long phrase, she said.
She said,” I think you can tell I’m an idealist, especially in this region of the world.” & nbsp,
Ms. Fraser described the financial situation in different markets and stated that both consumer and corporate clients have been in great health in the United States despite the possibility of a crisis there next time.
She pointed out that the labor market and electricity prices in Europe are facing longer-term structural issues.
Ms. Fraser said it was time to position Citigroup for the growth that may occur, especially in Asia, as she leads the company through its most extreme transformation in decades, which includes streamlining the organization and eliminating jobs.
Ms. Fraser also discussed how the Wall Street behemoth maintains its regulation and risk management framework in a time when big banks may occasionally draw bad actors during the extensive appointment.
Citigroup, which has offices in 96 nations, is selective in the users it chooses, she claimed.
The advantage of being on the ground is that you’re not just( based ) on data.” We put a lot of rigor into it. You have a great grasp, she said.
Through its cyber capabilities and forgery recognition, the company has monitoring capabilities to assist clients in protecting against risks or negative actors, she said.
” It’s a great investment that we make, but it does start with being quite picky about who we do business with, making sure we are working with people with good reputations, and keeping them safe ,” Ms. Fraser said.