Financial Services

Straits Herald January 16, 2020

by John Biers Goldman Sachs reported a drop in fourth-quarter profits on Wednesday following a mixed performance in its operating businesses as it set aside $1.1 billion in anticipation of settlements in the 1MDB scandal. Chief Executive David Solomon said the “preponderance” of the $1.1 billion was related to 1MDB, a scandal-plagued Malaysian investment fund […]

Straits Herald November 26, 2019

Chinese online retail giant Alibaba surged Tuesday as it drew back the curtain on a Hong Kong listing the firm described as a vote of confidence in the embattled city. The long-delayed trading day got off to a glitzy start with chief executive officer Daniel Zhang joined on stage at a stock exchange ceremony by […]

Straits Herald November 12, 2019

Google plans to launch a checking account service next year in a collaboration with Citigroup and a credit union in Silicon Valley, the Wall Street Journal reported on Wednesday. In a project code named Cache, Google is working on a system that will host checking accounts clearly bearing the brands of the financial institutions, which […]

Straits Herald October 28, 2019

by Jerome TAYLOR HSBC’s interim chief executive on Monday said the banking giant was underperforming in parts of Europe and the United States, as third-quarter profits slipped and the lender warned of further headwinds. The Asia-focused behemoth has been trying to lower costs as it faces the double uncertainties caused by the grinding US-China trade […]

Straits Herald October 17, 2019

Malaysia held talks with Goldman Sachs about dropping charges against three units of the Wall Street bank that prosecutors brought over the multi-billion-dollar 1MDB scandal, a report said Thursday. Huge sums were stolen from Malaysian state fund 1MDB in a fraud allegedly involving former leader Najib Razak and his cronies, and spent on everything from […]

Straits Herald September 27, 2019

SoftBank Group CEO Masayoshi Son is no stranger to controversy, but a meltdown at WeWork has sparked pointed questions about whether his enormous investments and futuristic pronouncements are more style than substance. It has been a tough year for Son, who transformed a firm that began in software into a powerful tech investor that backs […]

Straits Herald September 19, 2019

by Catherine KURZAWA / AFP Apple went on the offensive against Brussels in an EU court on Tuesday, fighting the European Commission’s landmark order that the iPhone-maker reimburse Ireland 13 billion euros ($14 billion) in back taxes. The EU’s tax demand, made three years ago, “defies reality and common sense,” Apple’s lawyer Daniel Beard told […]

Straits Herald September 14, 2019

PayPal is cautious about the future of Facebook-backed cryptocurrency Libra, which is slated to debut with the pioneering digital payments firm as part of its oversight association. International outcry is mounting over Libra — with central banks, governments and regulators railing against Facebook’s upstart cryptocurrency and questions over how it would be regulated. The social […]

Straits Herald September 14, 2019

by Ben PERRY / AFP The London Stock Exchange Group on Friday turned down a takeover bid by the Hong Kong Stock Exchange, citing “fundamental” flaws and concerns over its ties to the Hong Kong government. In a statement, LSEG said management “unanimously rejects the conditional proposal” from Hong Kong Stock Exchange (HKEX) and “given […]

Straits Herald August 29, 2019

CIMB Group Holdings Berhad today reported a Profit Before Tax (“PBT”) of RM3.56 billion for the first half of 2019 (“1H19”). The 8.7% year-on-year (“YoY”)increase was underpinned by stronger operating income and a 15.7% YoY decline in loan loss provisions, with an 8.7% YoY increase in operating expenses.  The Group’s 1H19 net profit was 14.5% higher YoY at […]

Straits Herald August 27, 2019

Sukuk (Islamic bond) issuance is set to rise 6% to around $130 billion this year, a fourth consecutive annual increase, Moody’s Investors Service said in a report. “Increased activity in Saudi Arabia and Malaysia helped drive strong issuance of $87 billion in the first six months and this has reduced funding needs,” said Nitish Bhojnagarwala, […]

Straits Herald August 27, 2019

Key highlights: Total income grew 3.9% Y-o-Y to RM3,519.0 million Pre-tax profit rose 6.4% Y-o-Y to RM1,664.7 million Operating expenses increased by 2.7%, cost-to-income ratio further improved to 48.5% from 49.1% a year ago Allowances for credit losses lower by 8.1% Y-o-Y Gross loans up 6.9% Y-o-Y to RM172.3 billion while domestic loans grew 6.6% […]