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Banks in Malaysia are in for a challenging year. In its recent 2003 market Outlook Strategy report, RHB Research Institute maintains a neutral weighting on the sector and has forecast an anaemic 9 per cent growth in net banking profits for financial year 2003. The research house gives its outlook on the sector.
Japanese megabank Mizuho Holdings Inc is expecting a net loss of US$16.5bil for the year to March #8211; the biggest corporate loss ever in Japan -- as it dumps more bad loans, the latest example of a bank moving to clean up its balance sheet under pressure from the government.
Economists cited turbulence on Wall Street over rising worries about a war with Iraq as a primary reason for why they think the Federal Reserve will leave interest rates at a 41-year low.
Sumitomo Mitsui Financial Group Inc (SMFG), Japan's second-largest banking group, said yesterday it plans to issue an additional 300 billion yen in preferred shares to foreign investors.
THERE is a need for emerging market economies to strike a balance between the need to maximise the benefits of the financial globalisation and to maintain financial stability for long-term sustainable growth, according to a Public Bank research paper published in the January issue of its I>Economic Review/I>.