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Singapore banks set to post first profit decline since 2016
SINGAPORE (Bloomberg): All three of Singapore's banks are expected to see profit declines for the first time since 2016 as they set aside cash for a potential spike in bad loans stemming from the coronavirus-fueled economic slump.
Thailand to give US$4.6bil cash handout to farming households
BANGKOK: Thailand plans to pay 10 million farming households a cash handout of 15,000 baht (US$462) at a cost of $4.6 billion, in its latest effort to mitigate the impact of the novel coronavirus outbreak. The funds will come from already planned borrowing of 1 trillion baht for stimulus to counteract a sharp economic slowdown.
Bollywood meets Hollywood with marriage of Eros and STX - and it's worth more than US$1bil
MUMBAI/HONG KONG: Indian movie producer Eros International Plc is merging with privately-held US filmmaker STX Entertainment in an all-stock deal that brings together Bollywood and Hollywood. The combined company, to be known as Eros STX Global Corp., will be publicly traded and have a valuation of more than US$1 billion.
Time is money: New Finance Minister gets to work right after swearing-in ceremony
PUTRAJAYA: Newly-minted Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz was among the first to clock into office after being sworn in.
G-20 Finance chiefs meet amidst global economic fears
SINGAPORE/RIYADH: The guardians of the world economy are convening amid mounting fears that the Covid-19 (coronavirus) outbreak poses a greater threat to global growth than first envisaged.
Asia’s big economies already feeling impact of virus outbreak
HONG KONG/TOKYO (Bloomberg):Key gauges for manufacturing in Australia and Japan fell while early export orders for South Korea showed a slump in Chinese demand. Data from China showed car sales sank 92 per cent in the first half of February while its Commerce Ministry said trade and inbound investment would take an increasing hit from the epidemic.
Singapore plans massive budget stimulus to counter virus threat
SINGAPORE: Singapore is set to deliver a strong budget this week to offset the damage to the economy from the Covid-19 (coronavirus) outbreak, with analysts predicting the biggest deficit in almost two decades.
High-flying Citigroup bond trader suspended for allegedly stealing food from office canteen
LONDON (Bloomberg): US bank Citigroup suspended one of its highest-profile bond traders, who likely earned over £1mil (RM5.4mil), for allegedly stealing food from the company's cafeteria, according to a person familiar with the matter.
Virus or not, Thailand's economy was always in question
BANGKOK: Outside China, Thailand has the largest number of patients infected by the novel coronavirus. Unfortunately, the export-reliant US$500bil economy, South-East Asia’s second-largest, was sickly even before the outbreak of the pneumonia-like illness. That reflects simultaneous blows from the Sino-U.S. trade war, the worst drought in decades and a stubbornly strong currency.
UN's decarbonisation target for shipping to cost over $1 trillion - study
LONDON (Reuters) - At least $1 trillion (769 billion pounds) of investment in new fuel technology is needed to enable the shipping industry to meet U.N. targets for cuts in carbon emissions by 2050, a study published on Monday showed.
