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‘Cannibalise to digitalise’

KUALA LUMPUR: Banks embarking on digital transformation must be willing to cannibalise their own business to become successful, according to a financial technology (fintech) commentator.

Slower earnings growth seen for banks

PETALING JAYA: Banks in Malaysia are expected to see slower earnings growth this year amid an increasingly challenging operating environment, analysts said.

According to UOB Kay Hian, investors should stay selective in a modest growth environment.

UBS loses role in bond deal for firm on outcry over pig comment

HONG KONG: UBS has lost a lead role on a US dollar bond deal for state-backed China Railway Construction Corp, just days after a Chinese outcry over a senior UBS economist’s use of “pig” in connection with Chinese food price inflation.

The upset stemmed from a remark by Paul Donovan, global chief economist at UBS’s wealth management business since 2016, in a podcast on Wednesday which was then transcribed and posted on the bank’s website. It has since been taken down.  In the podcast, Donovan said that consumer prices in China had risen mainly due to sickness among pigs.

Fed may resist pressure to cut interest rates this week

SAN FRANCISCO: The US Federal Reserve, facing fresh demands by President Donald Trump to cut interest rates, is expected to leave borrowing costs unchanged at a policy meeting this week but possibly lay the groundwork for a rate cut later this year.

Deutsche Bank plans 50 billion euro bad bank

FRANKFURT: Deutsche Bank is planning to overhaul its trading operations by creating a so-called bad bank to hold tens of billions of euros of non-core assets, a source close to the matter said.

The bad bank would house or sell assets valued at up to 50 billion euros (US$56.06bil) – after adjusting for risk – and comprise mainly long-dated derivatives.

Deutsche Bank to set up 50b euro bad bank

FRANKFURT: Deutsche Bank is planning to overhaul its trading operations by creating a so-called bad bank to hold tens of billions of euros of non-core assets, a source close to the matter said on Monday.

Deutsche Bank is planning to overhaul its trading operations by creating a so-called bad bank to hold tens of billions of euros of non-core assets.

UBS to lose China bond deal after economist's pig remark

HONG KONG: One of China’s biggest state-owned infrastructure companies excluded UBS Group AG from a bond deal after the bank’s global chief economist sparked a furor with his use of the phrase "Chinese pig.”

China Railway Construction Corp. decided against hiring UBS as a joint global coordinator on a dollar-bond sale, a CRCC spokesman said. The decision was prompted by last week’s pig remark, people familiar with the matter said earlier.