SEOUL (Reuters) – Alarmed by the global turmoil in the banking sector, South Korea’s ruling and main opposition parties have proposed to at least double the sum protected by law in bank deposits. Bills drafted separately by lawmakers of the two parties, together holding 95% of the seats, seek to raise the maximum amount guaranteed …
Key S. Korean parties want to expand protection of bank deposits Read More »
By Swati Bhat and Uditha Jayasinghe MUMBAI (Reuters) – Sri Lanka has a difficult road ahead irrespective of how much funding it receives from multilateral and global financial agencies, a senior economist at Moody’s Analytics told Reuters on Tuesday. Moody’s Analytics is independent of Moody’s Investors Service, the rating agency. The International Monetary Fund (IMF) …
IMF bailout not a silver bullet for Sri Lanka, says Moody’s Analytics Read More »
By Koh Gui Qing and Marc Jones NEW YORK/LONDON (Reuters) – Bank stocks rallied on Monday and a cross-asset scramble for safety abated, as investors heaved a tentative sigh of relief that a historic weekend rescue of financial heavyweight Credit Suisse is containing the banking crisis for now. Sunday saw the most dramatic state intervention …
Bank stocks gain as markets digest Credit Suisse rescue Read More »
SEOUL (Reuters) – South Korea’s producer price inflation softened in February for an eighth straight month to stand at its lowest level in nearly two years, central bank data showed on Tuesday. The producer price index stood 4.8% higher in February than a year earlier, easing from 5.1% in January and marking the slowest annual …
South Korea producer inflation eases in Feb for eighth month in a row Read More »
By David Shepardson WASHINGTON (Reuters) -A group of 22 U.S. state attorneys general on Monday urged Hyundai Motor and Kia Corp to do more to address millions of U.S. vehicles that are prone to theft. Last month, the Korean automakers said they would offer software upgrades to 8.3 million U.S. vehicles to help curb increasing …
U.S. states urge Hyundai, Kia to do more to tackle theft risk Read More »
(Reuters) -The International Monetary Fund (IMF) on Monday said its executive board approved a nearly $3 billion bailout for Sri Lanka, and the country’s presidency said the program will enable it to access up to $7 billion in overall funding. The decision will allow an immediate disbursement of about $333 million, the IMF said, and …
IMF approves nearly $3 billion bailout for Sri Lanka Read More »
By Tom Westbrook SINGAPORE (Reuters) – The rudest shock in the rushed deal to save embattled Swiss lender Credit Suisse Group AG was reserved for the holders of the bank’s riskiest tranche of bonds. Not only did investors discover they are the only investors not getting any compensation but that the long-established practice of giving …
Credit Suisse rescue presents ‘buyer beware’ moment for bank bondholders Read More »
SINGAPORE (Reuters) – A Singapore shoe recycling project will be subject to surprise inspections following a Reuters investigation that found footwear it donated to the scheme was not recycled, Singapore’s minister of culture said on Monday. U.S. petrochemicals giant Dow Inc and Sport Singapore, a government agency, had pledged that the shoes would be ground …
Singapore to tighten shoe recycling controls after Reuters report Read More »
TAIPEI (Reuters) – Taiwan’s export orders in February shrank for a sixth straight month, though at a slower pace, dragged down by China and as global demand continued to be squeezed by inflation and interest rate hikes. The island’s export orders, a bellwether for global technology demand, fell 18.3% from a year earlier to $42.12 …
Taiwan Feb export orders miss forecast, China a big drag Read More »
By Yantoultra Ngui, Summer Zhen and Selena Li SINGAPORE/HONG KONG (Reuters) -Credit Suisse staff arriving to work in Asian financial centres on Monday morning fretted about retrenchments and retaining business after larger Swiss rival UBS agreed to swallow the 167-year-old bank in a state-backed rescue. “I don’t know if I get to stay, leave, or …
Stunned Credit Suisse staff fear uncertain future despite UBS rescue deal Read More »
