27 Burst results for "Standard Chartered"
Australia to seek WTO intervention in barley row with China
"Take the China barley tariffs to the World Trade Organization. They're saying this is a logical and appropriate next step as they see this trade war, I guess. Heat up. With China so Australia to make a request here to the WTO's after China's barley tariff. Let's get more on this with Steve Breast chief investment strategist at Standard Chartered Private Bank, because I guess it is just a reminder that the trade war whether it's between the US and China or Australia and China is still something very much of the four and still could be something that would be a big risk to 2021. Yeah, to see if you're looking at the risks that they're out there. I think you'll see that the vaccine being dispersed in an efficient manner is one thing that we need to watch but also then Relations with China just generally, you know, everybody's assuming a czar, we that you know the U. S on DCI China that they'll still have issues that they sold, but they'll work together to try and solve them border than the previous administration. But you know, it's just hot lights. It's still going to be tricky on. Therefore, we may see risk of metal bands of risk off environments around trade tensions from time to time. Yeah, when it comes to the new but an administration as you say, perhaps not a potential reset exactly on January, 20 do you expect, though, that we will see a guess a better relationship than what we had seen under the Trump administration. Well, I think it would be more predictable, which I think is, you know, T China, even if it's still quite company, confrontational in terms of having different objectives and trying to you know they're trying to achieve or modify those that's still going to be the case, but at least it will be done in a way that not through Twitter and 31 arm of the government. I'm saying one thing, and then the president saying something totally different 24 hours later, so I think it will still move in a similar direction. Just be less uncertain Day today.
Bank stocks knocked as Suspicious Activity Reports come to light
"Bank stocks getting crushed today a new report about the big firms dealing suspicious finds Wilford. Frost Scott the details wealth harmless. So Bank stocks were down sharply today following large declines for their European counterparts, Deutsche Bank for example, closed down nine percent on European trade. Standard Chartered down about five percent both hitting twenty five year lows in London trade earlier US banks ended up down about four percent. This is in part due to investigation by the International Consortium of investigative journalist that highlighted suspicious activity from various banks in the past specifically money laundering following a review of more than two thousand, one hundred reports filed by the US Treasury financial crimes. Enforcement Network a slew. Mentioned including I said HSBC Bank Standard Chartered JP Morgan and Bank of New York Mellon amongst others clearly, this activity is embarrassing for the banks however important to note in the past and that government and regulators were already aware of these details since suspicious activity reports by their very nature all reports between the banks and the government in the first place for example, for example, Deutsche Bank told me this is not new information to us or regulators Today off therefore much more down to the broad cyclical selloff linked to covid economic headlines, and also that Supreme Court news further making a stimulus bill less likely something that banks are disproportionately reliant on compared to some other
Blockchain & Digitising Trade Finance Insights from Contour
"Call. Thank you for joining us today. Could you please give us a quick introduction on yourself thank you lead and thank you for the opportunity to be here. Introduction of myself. I guess away sometimes they usually introduce myself as I've been SORTA DOING FINTECH for thirty years all in Asia. So I grew up in the states but came out to Asian in college and then stayed out here but. Thirty. Years of Fintech. So I've done about twenty years of thin. So I've been in in worked at various. Banks Bank of Boston Standard Charter deutchebanks on transaction banking trade finance and cash management, and then ten years of tax. So I've worked at I left banking a few times I left in two thousand during the DOT com days to work for a company called trade card, which later became gt nexus and set up the Asia operations and then I. Left. Banking again in in in two thousand sixteen to to work for for our three and and helped set up a lot of Asian operations for them and my my third startup now is is contour which started seven months ago. So yeah about thirty years of of Finn INTECH. Extensive. Indeed of an anti corporate and start up world. You've got it all. So Call as it is customary here at blogs could you please explain to our listeners? What is blockchain and how does it work? What is blockchain? Well, I I think I'll I'll go to the the level below and distributed ledger technology and really disturb alleged technology is is is an opportunity for instead of managing your data in one central database actually everyone having their data in their own database and so just to be ledger instead of breaking it up and and it's goes back to the way our three and quarter talk about it. Is You, know we we all should should own our own data. And then we there should be a protocol to share it and you shouldn't share it with everyone. And sharing with everyone is is traditional blockchain which be the broadcast method of of consensus, but instead a quarter. On distributed ledger technology basis manages data by having them Even everyone has a note everyone has their own database, but there's a protocol, the sheriff, and that's how. Quarter works, and that's actually what contours built on. And Great and I think it's important. You know the point you just made about. It was blockchain near sharing with everyone in whiz these legend technology you only sharing with the relevant parties because that's sometimes it's something that is misunderstood too often by people who are introduced to this world though thank you for that. They usually sort of say has also is is when I talk about traditional blockchain, Mus the broadcast method and I do it in in Taiwan to Taiwan fifty years ago you when you got when you got married, you didn't need to register to to get married. You you you just had a big dinner. You had a big new invited everyone in the village. To. Front of everyone the village said I'm marrying this woman and therefore everyone knew you're married you didn't have to register anything but the fact is that everyone knew it and then it became a fact and that actually sort of this is a consensus method in in in an old version. Indeed indeed. Thank you for that The. World Trade Organization estimates that between eighty percent and ninety percent of global trade relies on trade finance. Yet, there is a one point five, trillion dollar gap between the market demand and supply for trade finance something, which I'm sure was co Vina's has probably increased US instead. And KYC and am. L. Requirements remain the most cited barrier was high transaction fees and low credit ratings running up the top three SME's remain disproportionately affected by these and other bears experiencing a forty five percents rejection rate on proposals, which is much larger than than seventeen percent seen by multinational organizations. What are your views on these challenges? Again International Trade. It started out of minutes it's been going on for a long time. You always have this distrust deficit when you have a buyer and seller in in far off countries now that trust deficit is a little bit easier to manage now because you have the Internet and you can see people online and you can skype them and talk to them and Imagine what it was like when you you had to put money down for shipment that would come three months later and you didn't even know the person you only known by a letter right so obviously, it's gotten a lot better with with communications nowadays but I'm in the challenge is really for for SME's is is related to data right because a bank. Bank as a as a lender right as a facilitator of of credit. Is. Looking. To to not make a mistake banks don't really have to. A. Lot of banks goals is is not necessarily to make money but don't lose it. Right and they'll make mistakes on credit and it's very hard for SME's to have A. To have enough information or the information that they have is not sufficient to tick the boxes on a traditional credit scoring sheet, which which the banks us
HSBC, StanChart shares rise in Hong Kong after backing China security law
"HSBC and standard chartered bank are backing Beijing in the standoff over a proposed new security law for Hong Kong HSBC's top executive in home computer Wong said the bank supports laws that will enable Hong Kong to rebuild its economy standard chartered bank said the proposed law can help maintain social
OPEC Chief Optimistic That the Worst of Oil Crisis is Over
"Up OPEC and its allies are rapidly cutting production and seeing signs that demand for crude is starting to recover OPEC secretary general Mohammad Barkindo told Bloomberg that he's hopeful the west of the old crisis is over but is he right we asked Coliseum standard chartered economist for me not tacky I'm Pakistan eleven of excess supply best oil markets hi speed in an eighth grade was indeed unprecedented we actually estimate that the average around twenty one point three million barrels per day and looking ahead we think that the oil supply drops will likely close by July so we're seeing positive signs that the Marlins would likely grow old and die reply from OPEC's stock would continue to fall especially with the addition and **** announced by Saudi the UAE the UAE and Kuwait are you certainly has accelerated this process but even when the snow on balance restored in July there are still several headwinds that are likely to be fractured week markets would still be faced by the head when the high inventor used hi OPEC's spare capacity and also the need to re incorporate non OPEC output output which has so far been temporary be sufficient so there is a risk that if prices value too far and too fast especially if we see WTI breaks thirteen dollars and a sustained minor this could cause the return of some U. S. wedding after a very short period of second and yet when we look at that car good morning to you when we look at the U. S. side of the scenario JP Morgan thought one and a half million barrels will come off the U. S. side by G. that's not actually taking effect the shop in effect is that and you've got conical continental in several taking seven hundred and fifty thousand files also is not the biggest tail risk is that shale reasserts itself more virulently perhaps in the market positions it's certainly part of the equation and it's certainly a risk especially if we need prices rise quite fast and you already have some reports that current prices are causing the return of some U. S. flags after only a very short period of second generation network considering but also the fact that we are dealing with an overhang and and the battery is under OPEC's spare capacity all of these three factors together might keep prices depressed for the rest of the
Oil falls for third day as coronavirus travel bans escalate
"So much let's turn to oil now crude remains below thirty dollars a barrel and WTI briefly traded below its lowest settlement price since two thousand three earlier that's as the corona virus pandemic threatens to bring the global economy to a standstill making things worse is Saudi Arabia boosting exports by pumping more than ten million barrels a day in the coming months let's get more details with our energy reporter Dan Martel in Singapore it's it's been a wild ride in the crude market down how much further it might we go it seems like it at this moment in time there isn't a lot in terms of positive catalysts for oil prices now chasing it intact we still have a lot lower to go before we start to keep floors if Saudi Arabia and Russia decide to keep producing like they are right now that means we're going to have to go low enough to make a filling up basically every storage tank in tanker in the world profitable and then even lower to the point where it's now possible to produce oil from wells are already been drilled already that means what is the need to go down to twenty dollars a barrel maybe even lower to the teens people even possibly into the single digits so without any sort of upcoming possibility of yeah Saudi Arabia and Russia making nice it doesn't look like there's a lot of room to go up mmhm then in terms of the impact I mean you mentioned some of the potential price points at Missouri says the crude price could go negative wants to storage tanks are full standard chartered is talking about dipping into the twenties in below that potentially but what about the time line here I mean how long would it take to clear the amount of Volvo over supply I mean if they do agree the Russians and the Saudis and OPEC plus if they agree quickly can they fix this quickly well the other problem is we're dealing here not only with a supply shock and Russian Saudi Arabia but also with this you know once a generation demand shot because the coronavirus so in the near term even if there is some sort of agreement you have this huge reduction in demand it started back up again in China but it's just gonna drop in Italy and Spain and the U. S. as these sort of self isolation measures take hold the rest of the world so you know for the next order you know first quarters basically went out second quarter is already looking pretty bad and demanding also we're looking easily into the second half of the year and so any kind of price recovery but possibly you know the the upside is you look out on a much longer vision after twenty twenty one and beyond you know a lot of production is gonna get shut off a lot of capital is gonna be canceled and so prices are gonna have to rise higher than to be able to to reprint on new production future get down I wanted to ask you exactly about this point in the relationship between U. S. shale and capital markets it's something that I know you follow the price dropping crude alone is painful enough for the oil patch over in the U. S. but now you have the strains in credit markets as well how bad is it going to get for you I shall well it's gonna get really bad here she was built I just hundreds of small companies that access cheap cheap credit right back after this initial crisis and they were able to go out drill a lot and you basically just drill without having to produce a lot of free cash flow to pay it off for a while that's you know basically hitting the fan right now and those companies are you know over day and they don't have a lot of cash coming in to be able to pay that off you can see a lot of bankruptcies especially stress continues on for the next couple months but in the long term you know the the actual geology the land acreage is there and good companies are going to know it's there so you're gonna see some consolidation bigger companies clever survived this will be able to pick up some cheap scraps and be able to producing
"standard chartered" Discussed on FinTech Insider
"Jason Base and it's my pleasure to be joined by bill winters group chief executive we want And I really appreciate you making some times come until two and then that's the pleasure I it's nice to be able which bank is it thirty five retail regions something like that across few years well we look at it all the time so it's exactly how we look at it evolves over wins between all those things and there's also connections where we have retail between the wholesale business so there's there's sort of a horizontal and a vertical network effector that we're trying to capture all the time Ankara we have one market where we have one hundred percent market share I'll bet you can't guess what it is her and we have some markets wonderful markets like Hong Kong where market shares is more like ten percent I guess so yeah different countries different markets different positions than what we try that if we can't figure out what the need or we don't think we can deliver it in a differentiated way then it and they're currently some some similarities across markets and writers and I think that's probably right as as technology becomes more portable across borders but nevertheless so how do you pick which regions to really go for in that space because I guess in some ways you could say well uh-huh call it even liberating realization for us over the past few years is that when you've been in the market for one hundred and sixty years it's natural to think of yourself as an income it from a branding with with new paradigm being developed in terms of accessing customers and customer relationships to get two markets where we just don't have penetrations so yeah we're looking at a we we built a standalone virtual bank in Cote d'Ivoire Ivory Coast so that it's a complete full service on a mobile phone and and that was a new market providing to local customers it's a small market for sure and in countries where we do have a retail presence right and in those cases it's just a it's an additional channel I guess that points to something around to different operating model or different or should they be doing smaller plays and then moving on like how do you think about that okay so we we spent some money to iron out the wrinkles to make sure that we could have a latest gadgets and wings what we're building in Hong Kong can deliver that but that's that's the intention we have an in-between roll out in India last year hiring on a new human touch digital complementary channel to to offer services that are consistent with with best in class or within striking virtual back in Hong Kong is is is denault operation with US physically separate up and also the challenges of the start up I think we're also realizing that being on our our Hong Kong Bank and in the context of startup because it's uh on the other hand I ask you what what's what's going to slow down some of the other participants in this market China doesn't necessarily work in Hong Kong so so the fact that we can take a so of course there's give and take things where we're in much better shape by iron out all the wrinkles at the outset so that as we roll this model out and subsequent it is often that the underlying sort of balance sheet the financial products is I'm channel view yet but I guess with a large bank that house plays out it's a huge challenge and I think I think any any bank and we're getting better at dealing with the challenge I'm not gonNA pretend that we've transformed the Culture Center chartered in the past works for for new ideas with with sort of limited ability to do harm in happens outside of the main ship and gets back in we'll see for for the time being organization to innovate themselves and then we've been very careful to have fully funding for interpreters some of which are really exciting and at the same time giving tation it'd be different for Senator Charter than it will be for somebody for example that has a big proportion gone for banking licences there in the region of partnerships and aggregations of services flavor What do you think what do you think behind that in terms of their dealing with him and and there's there's different ways to skin that cat they very fast with an effective partnership but we found is is that senator chartered so I think we are really nice people I think what Senator Charter brings to the equation is a recognition partnerships so we're investing heavily in these partnerships where we can you know leading a a a really interesting bank in the you are in so many of these in you know across the world how do you prioritize organization at scale really boil down into into two things and and a third was more of an aspiration in China Hong Kong as well as a the second largest clearer dollars in the WanNa do it in a way that that we provide less of what clients don't value from us we just undifferentiated onto proposition that we don't manufacture anything so we're we're a distributor and logical singularity which is trust and right now we have that today and we're doing service with with that in fact with our entire retail business but in particular with asset in heavily on digitizing everything that we do now that's not differentiated but we have partnered with a now we will partner with we can offer something different in terms of building propositions exactly it's on the wall behind us because actually digitizing the digital traditionally bankers view the world in their product framework it's a credit card it's alone how does that work yeah I mean that's quite a mind shift collision shift in in how things work Ohio high single digits to a less respectable lower single digits over twelve year are produced by third parties We put a super strong colleague who had been running our Global Chris because you can you can change in days if you can get the mindset in the incentivisation not too long a period of time wow and we're repeating guided market aftermarket aftermarket some of the tools that we're developing will make a difference there as well and the you know working with dentists giving them the guys down in Hong Kong was amazing actually out of I'm not going to share that with him because I wanted to really focus on a the region show so she's not ruling that out in Malaysia Indonesia and India etc We're not done yet I mean I don't want to pretend that we're done but we know that we can do it so I'm fascinated by on complaints I that was proper proper handling complaints we and so we we tried to build as much of the service platform as we could into our versions two and three individually in Hong Kong the the idea is to allow much more self service and much more intuitive Donna on a series.
"standard chartered" Discussed on FT Banking Weekly
"The Serious Fraud Office and the National Crime Agency but all say has big banks themselves including Standard Chartered H._S._B._C. Barclays these banks that have been fined for not having enough controls against financial crime and campaigning groups such pushes global witness and Corruption Watch say that this is akin to putting energy companies in charge of climate policy and basically accused the government of policy capture while I suppose we'll only know for sure if things improve approve or don't improve over the coming years and Carolina Brennan also had some quite interesting thoughts on artificial intelligence and the role that might play increasingly the future yeah a I is really budgeting area both for firms and the regulators themselves themselves. The F._C._C. has been using algorithms systems on a I to sport it would dub suspicious traits for awhile but will say the Bank of England quite recently unveiled that is also going to be deploying a and machine readable penalty he to make its vast amount of roles he von Stein. Who's the senior adviser tomorrow? Khani the governor of the Bank of England said that it's akin to supervisors receiving the whole works of Shakespeare every week to read so they're going to be deploying machinery scenery to pull penalty to try and make Bam masses of rules more digestible. Thanks for that insight. That's all for this week my thanks to David and caroline here and our guest Brandon Daniels from exit. Thank you for listening. Remember can keep up to date with all of the latest banking stories at F.. T. Dot com slash banking banking weekly was produced by Fiona Simon until next week goodbye..
"standard chartered" Discussed on FT Banking Weekly
"The law enforcement community to arrest illicit money flows. I think the often quoted statistic is that something like one percent of illicit funds in the regulated financial market is actually found given today's <music> any money laundering controls and I would say just being in a space for a long time that rings true to me the complexity of the schemes that have arisen in Europe over the last five to ten years as created both a lot of pressure on the law enforcement side and the financial institution side to ramp up their sophistication when if you look at things like crypto currencies mirror trades in moral paik derivatives markets even things that are physical in nature like fuel smuggling. The identification of that behavior is very difficult. It's hard. Afford to find in your group of transactions and things like Shell Company arrangements make it even harder to find and so I think with both the known issue do a very little financial crime being stopped and the sophistication of financial crime operators getting more advanced you see a lot of regulators and a lot of politicians Titians sabre-rattling because they know were falling so far behind the criminals now you'll from Exeter came onto the radar certainly in the U K in a big way when you you were appointed as the so-called Monitor H._S._B._C. after its sanction breaches and penalties were imposed by the authorities you were there for a number of years basically checking the H._S._B._C. was doing what it was supposed to do and arguably helping them improve their systems as well. What did you learn from that exercise and what other systems improvements you talk about? You know companies having to do a better job of catching criminals. What are the systems improvements are imaginable yeah yeah no absolutely we've been employed by the world's major regulators to oversee bank activities from the F._C._A.? To the Department of Justice to the Federal Reserve Board to each game right we've you've been employed to oversee the transformation of systems and processes that are in the existing financial crime compliance market but we've also been brought in by institutions nations to help them to proactively transform those same legacy systems and processes and I think the major pivot point that were seeing is that an initiative to transform the the way that people completed financial crime compliance from a cost perspective has now taken on a completely new life because there's a recognition that for all of the money that is spent in and financial crime compliance and it registers in the tens of billions across the top banks right for all the money that is spent in financial crime compliance. There's very little that actually rendered from most most of the activities of the banks involved and that is largely due to very heavily manual processes and inherent operational risk that is born out of hundreds bridge to thousands to tens of thousands of people making individual decisions about whether or not a transaction or a.
Hong Kong police fire tear gas at protesters
"Morning. The big story of the morning half a world away in the streets of Hong Kong. Police fired tear gas and used rubber bullets. I am reading from a Wall Street Journal piece that published an hour ago. Police fired tear gas and used rubber bullets on protesters in Hong Kong in attempt to drive away thousands of demonstrators blocked roads and forced the closure of the city's legislature before lawmakers could debate controversial extradition. Bill protesters. Many them quite goggles, face mask and helmet. Fled to different eras running through plumes of smoke. Some hold objects at police further back from the barricades protesters rapidly, ferried umbrellas gloves bottles of water, and sodium, chloride a treat injury from pepper spray through the crowd to the front police said in a press briefing that some protesters, her weapons such as metal barriers and bricks at the. Observe leaving them with no choice but to contain the crowd with rubber bullets serious. Baton pepper spray, and beanbag gun trouble erupted, midafternoon Wednesday, which was early this morning in the United States, when hundreds of protesters attempted to push barricades towards the city harbor then retreated under a bridge after police deployed, tear gas against them. Earlier crowds, but mostly young people, some dressed in black wearing face masks, drag metal barriers linked arms across the protests and surrounding government headquarters in scenes, reminiscent of the Seventy-nine day protests that paralyzed parts of downtown Hong Kong, twenty fourteen all access roads leading the central government office, which house the legislature, where blocked the government's statement. Some financial services were also disrupted HSBC holding PLC close to banking service outlets in the admiralty area, other banks, including standard. Chartered Bank, Bank of East Asia LTd, China's CitiBank temporarily suspended operations debate on this extradition. Bill was postponed earlier Wednesday lawmakers have been due to start to bait on the Bill. So that could be held by the evening of June twentieth in an unusual move the president of Hong Kong's, mostly pro government legislature. Andrew lung scheduled extra sessions for the Bill to proceed more quickly than usual. Nancy Pelosi of all people offered. Support for the protesters saying the proposed lie. Imperils US, Hong Kong relations, if it pass it the choice has no, the US has no choice but to reassess whether Hong Kong sufficiently, autonomous under the one country, two systems, framework. These protests, followed a massive demonstration on Sunday. A million people marched against this legislation that do not want Hong Kong sent to the mainland and not want citizens of Hong Hong sent to the mainland for the purposes of trial. It's China things blow up quickly and the New York Times again reporting on the same thing protesters. Threw bricks bottles umbrellas at riot guard police deploy tear gas police chief tilt protesters leave you regret it. You might regret your decision for your entire life, thinly veiled reference at Tiananmen Square. They're small businesses. Appointed protesters major firms or staying quiet. The opposition's getting angrier and bigger critics say that the Bill places anyone at risk of facing trial in the mainland, and they don't like that. They know it's a
ECB's Draghi worried about Fed's independence
"Top story. President Trump has renewed his attack on the Federal Reserve. He tweeted that the stock market could be as much as ten thousand points higher the word for the FOMC derided quantitative tightening. As for the killer comes after ECB president. Mario Draghi said he's concerned about the relationship between the president and the fed speaking of the IMF spring meetings in Washington, you said he's quote, certainly worried about central Bank independence. Let's get out to Eric Robertson. He's the global head of FX global macro strategy at Standard Chartered Bank. Eric every central Bank has a finite amount of credibility capital recently. We saw in Turkey how quickly that can get a VAT berated and how difficult it is to build again. And we store that confidence. How far are we from a scenario like that? How quickly it's credibility getting burned up here. If you're talking specifically about the US, I look I think we're still a long ways away, the fed has an almost religious adherence to its institutional independence. And we've said a number of times that you know, Trump and his administration can can comment or tweet all they want. But I'm not really worried about the Fed's independence, and I don't think we're very worried about some of the potential fed governors that Trump has nominated. I think the fed will be fairly resilient here.
"standard chartered" Discussed on Monocle 24: The Globalist
"Traded between the US and China be ongoing now for nine months, and at some point global economy needs is for them to go away. But of course, actually saved from Trump this week is a ratcheting up at the beginning of tension, potentially moving his trite will to the to to the EU, and in that context European central central Bank policymakers mates today that will be at the head of the agenda. I'm seeming. Yeah. So the European Central Bank unlikely to raise interest rates interest rates do anything with interest. Writes loss loss time, they announced a Bank funding plan because the has still negative interest rates to banks, which is very damaging to them much profitiblity. I mean facing these, you know, a US China say US, China trait will potentially a you China trait war a glowing Sipe lick a global economy Italy recession Germany in industrial slump growth in the euro fooling to a six-year low belly slumping along. You've got the European leaders meeting today for another Brexit summit? It could be a delay of Brexit to the thirtieth June. It could be a one year the the sort of the concerns about Brexit on just damaging the UK economy that damaging the euro-zone economy, frankly, I'm not sure what Marianne Draghi's gonna have to say to put investors and and ornery people's mind at rest about the state of the euro. Economy. Let's move onto Standard Chartered it's being fined more than a billion dollars violating UN sanctions over Iran, and it's the detail in this because Standard Chartered has been fined before about breaking economic US economic sanctions against Iran. And if you look at the court documents released yesterday of a Standard, Chartered employees interesting. They haven't named him these person Helton Iranian move two hundred forty million dollars. I mean. That's a lot of money to move. You would think somebody might have noticed, you know, two hundred forty million dollars moved between two thousand seven and two thousand eleven and in fact, what is even were extrordinary about this is that this was going on at the same time. Standard Chartered was reaching a settlement over other transactions in Iran broke the sanctions in twenty twelve I mean is truly astonishing banker person has pleaded guilty of conspiring to the US and the US and the UK regulatory authorities of slap this billion dollar fine on Standard Chartered what's interesting is that we haven't got naming if the man, but we have at least got a person. Now, the being talkative for legal action for many many of these cases in the pulse. They the response. By regulators was just too slow. It's not the big fine on the Bank this time. We're actually getting naming and shaving and heading to account the individuals concerned, I wonder if that's a start of maybe a new way if US regulators looking at it Louis Cape very much indeed for joining us. He with monocle twenty four listening to the labor list. Finally, let's hear about the Norwegian adventure ailing Kaga as my journey's few people can dream of not only as he scaled Everest is been the North Pole and the south pole to with a broken radio and on his own, and as an author and publisher his philosophical reflections on all of these achievements. Filmed bestsellers such as his recent book. Silence. He has a new book available this April. It's cooled walking one step at a time. And on Sundays monocle Wiki. He joined Tom Edwards and occas match. Larry to talk all about it of volatile. Biggest Christian over time as Christmas kids kept them community in the mall That was. was why do we have to walk in his false to drive tried to answer them. But you know, it's not easy on an image to all my friends. Kind of also can send sang question why not speed up, and of course, everything in our society from education government and businesses all about speeding up..
"standard chartered" Discussed on WAFS Biz 1190
"Fad minute show officials expressing on certainty over whether they will raise interest rates again in two thousand nineteen but policymakers will widely in favor of ending the run off of the central balance sheet this year, the minutes built on last month's dovish message. When the fed said, it would be flexible in shrinking the balance sheets and patient on hiking rates. As the patience on the rate hike flexibility on the balance sheet, and those are the two things democracy are going to focus on like a laser. But the fed chairman Jay Powell also said a caution was needed made on certainties, including a slowdown in China. The risks posed by Brexit and the full light from the US government shutdown. Not a risk state is the chief investment strategist at Standard Chartered private Bank. And he joins his knife from saying it depends story read here, doesn't it? Whether you think it was dovish, or whether you think it was hawkish are there was one line that was most pressing for me. Many participants observed that if uncertainty abated. The committee would need to reassess the characterization of monetary policy as patient. I think that this actually wasn't as dovish is the markets thought it was. Well, it depends whether you focus on just highlighted or on the quantity tapering aspect. But certainly our sense is that the market's gone way too far in terms of pricing outright hikes. So obviously at one point pricing probability of a cut this year hike. We the data is too strong to warrant such a such pricing and believe it will see at least one rate hike in two thousand eighteen nineteen as the economy continues to do well wage pressures continue to build and wage is helping to fuel consumer spending as well. And if we do get a trade deal that will reduce uncertainty in corporate investment plans as well. So overall, I wouldn't necessarily agree or disagree that it's a it's a hawkish or dovish. But I think just fits in with our view that we will see right at least one rate hike this year. I'm probably some more as we move into twenty twenty. Okay. So that's that is slightly comtrex to the consensus in the marketplace at the moment. So if you get one rate hike, and maybe even as you said ni- rate hike in twenty twenty what would that do to treasuries? Do I get back to three percents and therefore pay per call. What happens to the car?.
"standard chartered" Discussed on Bloomberg Radio New York
"Essential public projects. Bam. The feeling is mutual influential conversations from Bloomberg television. Here's Sherry an emerging market currencies were winners in January on the fed pivot. And we're nice guest says the the good times may continue. Let's discuss with David. Standard Chartered header Vaas young and South Asia, FX strategy DVR always great to have you with us is this because you're banking on a weaker dollar this year. Well, yes, it is. Partly a weaker dollar. But it's also a story where we think that Houston's have just over the past week. We have seen almost twenty basis points drop in New Orleans at the same time. Inflation is pre nine pretty much globally everywhere. We are going into twenty nine thousand nine where monetary policy is already quite tight. So not just in the US. But he went in the rest of the world wondering policy tightening did happen last year. I think about cases like Indonesia where the central Bank hiked by one seventy five basis points, and now with inflation not way anywhere dollar probably weaker US treasuries capped, it really creates a very good environment for AM currencies. More broadly, but selective high high yielding currencies in Asia more specifically as well. What about the U N D C run strengthening as being a key theme that continues you. Yes, we do think that C N Y and strengthen this. We have a target of six point six five by the end of the hear more interviews like. This one on Bloomberg television, streaming live on Bloomberg dot com and on the Bloomberg mobile app or check your local cable listings. Global news twenty four hours a day at Bloomberg dot com. The Bloomberg business app talk on Twitter. This is a Bloomberg business flash. And I'm Karen Moskow. And as.
Trump administration eyes capital gains tax cut for wealthy
"Be in Tokyo Kathleen Hays Bloomberg daybreak global bonds are rallying after that announcement from the b. o. j. treasuries are. Gaining while French bonds a lead the charge in Europe the yen meanwhile touching its weakest. Level in a week currently trading, at one eleven point four. Nine on the economic front Japan's factory output. Declined in June for the second straight month that adds to. Concerns about the, strength of, the economy on the heels of the b. o. j. decision meanwhile in, China the official factory gauge for July shows domestic. And external pressures weighing on the economy Bloomberg's Tom, MacKenzie reports from Beijing manufacturing PM I missed estimates falling. From fifty. One point five to. Fifty one point two new order slumped while input and output prices dropped the sex is, being squeezed by a double whammy of. De leveraging and a trade war that sapping demand in Beijing Thomas Kenzi Bloomberg daybreak Tom thanks. The euro area's economic expansion entered a, sixth year in the second quarter although growth unexpectedly slowed to just three tenths Of a percent that is the weakest level in two years at the same. Time, inflation in, the euro area accelerated to two point one percent in July largely driven by stronger. Energy, prices on the earnings Ron, shares of. Credit sweetser higher by one and a half percent in Zurich the Swiss, Bank added more than, nine billion dollars and net new. Assets in the three months through June with gains in private banking offsetting weakness in trading Credit Suisse CEO John spoke. At Bloomberg following the, results, core. Performance is driven by the wealth management which is a much more stable. And much more predictable agreeing very nicely sober Validity of the wool market Credit. Suisse is the third in the third year of its turnaround. Plan CEO John, said the banks should be able to return cash to shareholders. Once that effort is complete shares of Standard Chartered meanwhile are down about three percent in London the Bank reported pre-tax, profit the top estimates but income from trading fell. In the period the rush to get out of technology stocks spilled into Asia today shares of tencent holdings Nintendo fell following the, US slump and FANG stocks here in the US. Netflix shares dropped five, percent yesterday while Facebook fell three percent the FANG. Index has tumbled the nine percent over the past three days and that tech. Slide is an alarming sign for Morgan Stanley the firm says it's just the beginning of bigger losses to come for equities despite a. Large majority of s. and p. five hundred companies beating estimates this earning season. Equity strategist at Morgan Stanley see the biggest, correction since February on its way I made all of this apple reports earn After the close of US, trading today Greg Jarrett has a preview from the Bloomberg nine sixty newsroom in San Francisco the Cupertino California-based. Tech giant is, expected to announce fiscal third quarter revenue of fifty two. Point three billion dollars according to analysts estimates compiled, by Bloomberg that's in line with the company's. Reaching forecast and translates to your over your, revenue growth of about fifteen percent that would. Be the strongest grapples June quarters since two thousand fifteen analysts say, higher iphone average selling. Prices increased services revenue and unit sales growth for the apple watch should. Drive the expansion in San Francisco I'm Greg Jarrett Bloomberg daybreak. Thanks Greg let's turn to the White House now where the Trump administration. May be considering another tax cut in this time congress wouldn't. Be involved Bloomberg's, John Tucker joins us live with the details good morning John. Mason the New York Times says the administration is considering bypassing congress to deliver one hundred billion dollar capital gains tax, cut capital gains were left untouched to the one. And a half trillion dollar tax law that President Trump's side last. Year the paper says the, treasury department is, studying whether it could use, its regulatory powers to allow Merican to account for inflation in determining capital gains tax liabilities. By at least one estimate. Index, in. Capital gains to inflation would reduce government revenues by one hundred two billion dollars over ten years John Tucker Bloomberg. Daybreak all right John. Thank, you s and p futures are up about. Four points. This morning. Dow futures up ten NASDAQ, futures up eight and a ten year treasury up six thirty seconds yield two point nine four percent straight ahead we have the latest world and national news and this is Bloomberg.
"standard chartered" Discussed on WAFS Biz 1190
"Dot com Let's, get back, to the Bahrain story now and it's been weeks. Since Saudi Arabia and Kuwait, promised to prop up the nation's struggling economy that initially ease concerns of a default and feel the record jump in Bahrain's dollar denominated bombs. However, with no, sign yet all the aid being delivered, investors are starting to get anxious at that rally. Has fizzled I got a little bit more with our senior economist at Standard Chartered market pricing for Bahrain, bones has always implicitly priced and support from the DC and the announcement that of course we saw earlier now made that somewhat more, explicit and I think markets had of course been? Getting patient for signs that all that implicit support that the pricing in that there is an, actual explicit support coming through now? Of course it's been a while as you say and we haven't. Had very many details on that? Are you still remains that. Announcement that did actually make to support explicit. Means that it. Will come, through but we don't necessarily see this as a One shot quick, fix that bats markets had previously been pricing is such impatient things they want everything and they want it night it's almost like a Queen. Song, and I, get the feeling that oil is at, a pivotal moment this we this this just gives. You some kind of sense of what's gone on we we've dropped by seven dollars nine percent in the, past seven days we seem to vacillate between In our perspective of the oil market but this. Is, incredibly important finding, you floor for, the g. c. c. and specifically you would say for men app in terms of higher, oil is good for some but not for all differentiate so the higher prices. That, we have seen now of course he's break out of that Goldilocks zone of sixty dollars a barrel that we thought essentially drew a balance between the interests of the region's oil. Exporting and importing economies now as you say the recent rise even though despite the. Fact that it has come. Down over the last couple of days we think still perhaps is more. Favorable to exporters than it is to consumers now in the back of this rise in oil and and our forecast for, twenty. Eighteen seventy one dollars a battle close to. Where we focus it to be, averaging the whole year we see this as essentially going to be positive for, the, KC oil-exporters in particular so we've created slightly Jesus he growth forecast. From, two percent to just around, two point. Three percent and at the, same time for the middle East North Africa and Pakistan region the world countries under our coverage we also see growth rising to three point eight. Percent in two thousand eighteen but I should say that much of this of course. Is going to be on. The back of higher oil output from the Gulf in the context of that OPEC agreement that we saw in June One of, the things that's happening this week in the, region of, course China China and the huge trading relationship we heard from the economy minister and he really made it very clear how important this relationship was Between the two nations is growing. Very high, percentage, over the years because of still. Almost fifty billion your sons making the probably one of the largest of course markets for Chinese product That was the soft, on the economy minister making it very care how important this bilateral relationship is for trade with China trade wars have yet to really..
"standard chartered" Discussed on Bloomberg Radio New York
"Thanks deborah let's talk about emerging markets bleakest mondays in quite a few months it's talk about stocks specifically any and they've sunk to a ten months low most currencies have re tweeted as heightened anxiety over global trade war that spurred demand for haven assets you've also gains and turkey's lira that followed president turkey's president radovan election victory that's fizzled out investors are now fearing that his weeping new powers may stimulate efforts to rein in inflation the widening current account deficit still with us it's gone he's the senior economist at standard chartered below am then in the crosshairs we're seeing some research notes suggesting that could be even a contrarian play at hand thanks so actually we've seen a conference of factors that have hit em over the last couple of months we've had higher commodity prices particularly oil we've had trade tensions and we've had some geopolitical noise all in all has been negative for em i think broadly we've still remain constructive em because in a sense we think that dollar strength is likely to be shortlived we're still seeing flat us go by the end of two thousand eighteen at three ten so in that sense i think the story still remains constructive but i think that investors will be becoming slightly more discerning between em's so for instance on the one hand you mentioned turkey for instance i would include egypt to some extent as well so inter although perhaps belatedly the central bank didn't fact act and i think investors responded to that similarly in egypt what i would argue is that although a lot of analysts were expecting a quicker and deeper cuts by the central bank we've actually seen that the central bank has been on hold and in fact we hold on consensus view that they will remain on hold entrant eighteen even as headline inflation comes down a little bit one of the things that we to by the way ubs have a big call this money hogan scout basically saying these markets are overdone you're going to see quite as japan this rally have a look at this this is bonds and stocks together in the emerging market space and i just wonder to what extent dues the stock market does the bond market had a bigger message for stocks stocks are dying four percent fixed income as the worst start in history i i sort of i sort of wonder is there a bit of a contrarian trade here against you in terms of the message this chart sense menace from our perspective i think as i said because we still remain usd biz in in the mediumterm this is perhaps unlikely to remain sort of story we see in the rest of two thousand eighteen but as i said again it's going to be a situation of sort of differentiating between emerging market some that for instance benefit from global growth had stronger fundamentals particularly external balances we still remain constructive on those currencies for instance we're also seeing some pointers if you will that that portfolio manager should be adding turkey because the lira tends to move independently from the in the wider emerging market space you reaction perhaps on these on these election results and your faith perhaps in whether or not mr von can deliver a new economic framework that will convince investors and provide the credibility that's desperately needed here so i think do factors have come together for investors as far as turkey is concerned the beginning of course you had the fact that the central bank through an emergency meeting and then through its regular meeting did in fact act and the the final decision by the central bank was a hike that exceeded morse analysts expectations so i think that of course was positive the election result as you say again has been welcomed by the analyst community in a sense that it will deliver policy can to italy continuity now having said that i think that looking ahead what will be important is the fact that despite the politics that the central bank draws continue to act as a necessary an obvious case from means that ridden flation being elevated and the fact that the currentaccount deficit is still why did the central bank will in fact continue to deliver on its promises and hike as and when necessary so that's how we see the turkey story perhaps slightly more about the economic side of it then.
"standard chartered" Discussed on Bloomberg Radio New York
"Expression online the focus of new consulgeneral and hokey man city trump fix her michael cohen has parted ways with his legal team as federal prosecutors in new york pursue a criminal investigation of him global news twenty four hours a day on aaron a tick tock on twitter powered by more than twenty seven hundred journalists and analysts say more than one hundred twenty countries in san francisco i'm ed baxter this is bloomberg brian edward thank you very much ten minutes now before the top of the hour virtual banking is the topic of our next discussion so let's back up a little bit standard chartered earlier this week said that it would apply to operate a virtual bank here in hong kong and this follows on from the hong kong monetary authority about a month ago announcing details of these virtual bank licenses and setting august thirty first as the deadline for the first batch of applicants we're joined in our studios by james lloyd apec fintech leader at e y back here in the studio with us so james thanks very much so as far as we know standard chartered is the only traditional bank that's flied for a virtual bank license but many others have is that our understanding and how many do you think we're going to get here well i mean i think i see the press release i think standard chartered have stated their intention to apply to our knowledge there have not been applications to date across the industry people are preparing applications be a traditional banks large fintech players some of the china tech players etc so i think h k may have said there've been fifty expressions of interest i think in reality we expect a fraction of that to actually go through full application and then in turn perhaps a subset of that again would be finally authorized thus giving a full retail banking licence here in hong kong jams it's jillian at in singapore we mentioned that perhaps some of the traditional banks like sand shot and might apply but what does it mean for the non traditional players is it sort of essentially opening up giving them an avenue that they've really been looking for.
"standard chartered" Discussed on FT Banking Weekly
"On fem is i guess another delicious piquant detail in this is that visa europe see is charlotte hog who is a former deputy governor of the bank of england well was a deputy governor for about four weeks before she had to step down over a conflict of interest but she of course nice very well had the bank of england walks indeed well it will be instructive to follow the story through hopefully they won't be any more outages anytime soon let's move onto offered and final topic mountain we have the prospect will be perhaps a distant one of a merger between italy's unicredit and francis societa general as we reported this week it's a deal that the unicredit ceo's on pms j seems to be quite keen on partly for personal reasons he used to work at so jen and as a frenchman but also there is an industrial logic in combining these two banks and creating a much bigger european institution what do you think the prospects for this deal especially given the tumult politically in italy of late just isn't side i think it's interesting this idea of bank chief executives being interested in doing deals with anchor they used to work because we had a similar story with barclays and standard chartered and joan mcfarland the chairman of barclays who's the orchestrator of that idea used to work at standard chartered so now you've got sean payton stay at unicredit looking longingly towards his former employer socio how across the alps in france however given the current political situation and the state of markets in italy i think most people are pretty skeptical about the prospect of such deal happening anytime soon i would give three main reasons one is the market turmoil that we saw last week if there's repetition of that or if that volatility in markets increases the italian banks are big holders of italian sovereign bonds so that kind of volatility feeds directly into their credit worthiness and their stability secondly the populace government is dominated by antiforeigner feeling so the idea that this antiforeign populist government could somehow engineer a massive sixty billion plus euro merger with french bank under the much more open and pro.
"standard chartered" Discussed on KBNP AM 1410
"So there's been speculation this morning and overnight the barclays has been exploring a potential merger with rival banks including standard chartered that's three lighting agent session shares the standard chartered got a boost earlier on this is an fte report but now a person familiar towing bloomberg the barclays isn't considering such a deal for more let's bring in bloomberg banking reporter stephanie est without he joins us now in the studio what do we know morning so what we know is that within their backless board these are kind of deal has not been discussed so they've article speculative been talking this morning with the investors which one worldcom heine kind of feel like these because it's not seen as the perfect synergy for case because the problem hiding under performing basement bank why someone charter is as low offer lower turn on investment in the countries abroad moreover barclays as being out from their dvd's in africa recently under stanley with me stanley so this will be a sharp reverse startegy of the marketplace so far yeah good morning i was reading fascinating opinion piece by nisha gopalan anansie mukherjee on the subject of weather barclays was gonna win win the hand of standard chartered and they were skeptical about this along with your ties in with what you've just been telling us barclays across is facing pressure from an activist investor we don't know a great deal about what the activists wants yet hence perhaps a lotta scratching of heads as to whether the barclay strategy had sex yes i mean they might in a new yorker a few weeks ago we know these that we know that they've been talking but we also know that the the activists that didn't lay up a full plan of what he really wants so there are still exploring pro adoptions so there is no you know we know from sources that the activists who wants to of course more return more won't wants more capital back and one way to do so will be basically to try to to reduce the investment banking activities that offer laura tourists from marcus this has been speculation in the press but we know that there are still like a steeler preliminary approach between the activists than the management of the bank so it's kind of a be too early to say that the the.
"standard chartered" Discussed on Bloomberg Radio New York
"The mark i spoke with earlier on his he's a key shareholder standards all standard aberdeen's a key shareholder in standard chartered his suggestion was the both banks still have a lot of work to do now you talk about the kind of the work that's being done and barclays i both banks are still in many ways in an early in kind of the early stages of of revitalizing their business models where if you were to put banks together with now we the time to do it would it would you want to do it later on in the process definitely this is not the right moment for them to merge them forgotten regulators may not like it i mean regardless of like you know big banks we just need to remember what happened with rbi sapien omra lighten h boss so they don't like you know big banks with big balance sheets so it is another reason for being skeptical yes the the piece of such areas i suggesting that there have been plenty of frustration failed comeback weddings from two thousand and eight and regulators to some extent still irritated by that if you like so if we are going to see as the here is there any parts of the banking world looked right at the moment and we looking in the wrong places well i mean there has been of work activities in the uk challenger banks so definitely remember we have steel liberty money and the seaweed bg so we'll see waiting to see if the dealer will come come together and they will probably see more teeth dr because there is a lot of competition so many little banks that's probably don't have really reason to exist separately so probably thank you very much indeed.
"standard chartered" Discussed on Bloomberg Radio New York
"In march about a five percent stake branson what he wants to do is shrink the trading of the investment bank and that's in direct contrast to what state he wants to he wants to keep that operation going in fact even build it up i know it's been underperforming so branson wants to bank instead to sink that operation and return capital tied up in it to investors so that that's one area particularly area for conflict between the two you mentioned we saw standard charters chaz jump as much as six and a half percent which suggests that investors would see a potential combination of some sort as beneficial for standard chartered what would standard chartered and also barclays have to gain if they did combine that's that's a good question i mean in the in the fda report they were there was some divisions what the potential benefits and pitfalls might be and and we as to whether they would really be any meaningful synergies one thing that boxes with gain i think from tying up with standard chartered is a standard chartered global reach in an emerging markets they have ample deposits in hong kong and singapore so that would that would help fund a lot of operations including investment banking but when one of the questions over the deel a combined bank would obviously be much bigger much more systematically important for the global financial system so therefore the capital requirements of the bank would increase so with this deal could actually fly on that basis is one of the questions and other now the question is who would be cr this just staley for back in shouted ceo but winters they both worked together at j p morgan actually we went his was the most senior of the two let's daily has the backing of his board even after he was fine for tempting to alpha with earlier this year so this is a lot of questions russell will asia finance editor in tokyo thank you so much straight ahead on bloomberg daybreak europe will be speaking to me no patel ema imia raw the head of fx commodities and rates jp morgan private bank she's going to be joining us in the studio next this.
"standard chartered" Discussed on WAFS Biz 1190
"And so chairman john mcfarlane has been exploring contingency plans and this potential merger with standard chartered is just one of them the report was quick to to say that this has been no formal discussions by the board yet although mcdonagh's keen on the idea in theory does seem to be very very early days having said that as you mentioned the she is of standard chartered hong kong deputy bump so and businesses are taking it seriously to an extent at this point so this is an interesting dynamic isn't it between the chairman of barclays and jess daily and the activist investor in terms of the next move by barclays this is about backstopping it's not just standard chartered we understand from the story it's about a swathe of options that are looking at its return of shareholder capital so there's a number of different drivers here aren't there that's right the t quoted one adviser to tobacco lisa saying that the scanning the horizon as bank boards often do so it does seem to be very theory theoretical at this point some of the other conditions e plans at least hypothetically being considered a even tying up with which your bank or criticize or even singapore's leading bank dvd's so seems to be the are scanning a very broad horizon at this point right i mean there are quite a few angles here alternate ly what's what's likely to happen in terms of a wider market reaction what are some of the other obstacles that you would point to well we'll have to see how this plays out really i think what we should be looking at most closely as as the pressure from this activists in vista shipowners led by edward branson he's they took the stake in march took about a five percent stake in the bank and he's been pushing for the bank to to cut its trading arm of its investment bank which has been under performing for quite some time now staley is quite keen on still pursuing that line of business so branson has has been quite an activist at other british films in the past even taking some management roles there so really i think there's probably the main point of focus is to look at what the next move by by brian may maybe let's see where this story goes let's see what response we get from.
China prepares to issue new guidelines to expand imports
"The china securities journal that china is preparing to issue new guidelines on expanding imports to achieve a more balanced trade no guidelines given and here's another one from the securities times that says that china should focus on boosting consumption and we had all that stuff on the triple ours i mentioned that in the data check a moment ago there's another one here from the china securities journal saying it will be a long term trend for china to steadily cut banks reserve requirement ratios and japan headlines this one from the nikkei that a the big airline would post full you're operating profit of one hundred sixty five billion yen that's higher than the forecast of one sixty the nikkei also says that casio will exit the compact digital camera business and another one here from the nikkei that says that he a mitsukoshi that it's ned is said default seventy percent in the full year ending in march and that is a whopper david to you certainly has ryan thank you so much just nine minutes to the top of the next hour david mann is with us of course global chief economist at standard chartered david pleasure to have you on the program and to see you thanks we gotta start with china there have been signs the last forty eight hours maybe maybe the government perhaps signaling willingness to ease policy we know the overall marching orders to tighten but every now and then they inject liquidity so help make sense of all of that for us please the best way that i would think this through is they clearly have multiple objectives is gonna pick balancing act of trying to achieve some some higher quality of credit growth versus gdp growth so the credit intensity within gdp needs to go down and that is happening partly naturally as we see more services rather than manufacturing in the economy but they also need to balance along the way that as they tighten up in the financial sector which they did more aggressively than anyone actually expected that they also need to counter some of the drops in some of the other types of facilities that have been out there the medium mediumterm lending facility for example getting replaced by more than replace to be fair by the triple lock cutler they've already done can you rule out getting any more certainly with the.
"standard chartered" Discussed on WAFS Biz 1190
"Data releases investors are watching this week is inflation of bloomberg intelligence expects it to have fallen further in march but at a slower pace than in recent months inflation declined sharply to fourteen point four percent in february and is now within the central bank's target range still with us of course is the chief economist at standard chartered in terms of what you're expecting to see in the numbers are we going to see continued easing of inflation pressures allowing the central bank lot more scope to do more with policy twentyeight this broad expectation that over the course of two thousand eighteen we will see this disinflation trend taking root and this is one of the reasons why we started to see easing from the central bank of egypt of course it's a reward potentially those investors had got involved very early the question is what needs to come after this egypt was really celebrated amongst frontier economies for much of last year for doing exactly the right thing policy wides putting in place tightening putting in place the measures that were needed in terms of fairfax markets and investors reacted very enthusiastically to that over the course of this year we think there's going to be subtle change in focus especially given the background developments trade tensions concerns about how much more tightening we would need to see it's those economies that can demonstrate foster growth that will be much more in vogue we have already seen in the context to slow down and that capital inflows into egypt and this may be telling the question now in the hurdle up faces egyptian policymakers is how to switch from having done a great deal of the correct things in terms of reform to really being able to boost growth did you ever guesses said they've gone for the low hanging fruit the next thing is the long painful road to structural change by the way paid sixty nine and page seventy on the report i didn't read all one hundred and fifty nine at well done rasi all one hundred seventy five pages you talk about the effects reserves and you said this is this is the work of support in this story.
"standard chartered" Discussed on AP News
"British banks might have been caught up in a money laundering scheme without knowing it uk authorities are investigating allegations that banks inadvertently acted as conduits for money laundering linked to corruption in south africa former cabinet minister peter hain raised concerns in a letter to the financial conduct authority the national crime agency and the serious fraud office hanks said that banks including hsbc and standard chartered may have been linked to laundered money the allegation sent on south africa's president jacob zuma and a wealthy business family the gupta's hsbc declined to comment standard chartered declined to comment on client towns actions but confirmed that after an internal investigation accounts were closed by us my early 2014 standard chartered says it takes combating financial crime very seriously the nfl was wrapped its four meeting wchs and as a piece julie walker reports in the face of on rest and accusations from the president about the league being unpatriotic no changes been made to its national anthem policy nfl commissioner roger goodell and several owners said after the league's fall meetings that altering the policy language from should stand too must stand was not discussed but cadel did say we believe everyone should stand for the national fm from without a policy dictating that it remains to be seen what will happen at the next football game after that nfl meeting president trump tweeted too much talk not enough action stand for the nash not anthem julie walker new york if the deadline day is cities across the us and even canada compete to become the new home for amazon second headquarters ap correspondent julie walker reports the bidding for amazon is fast and furious missouri is proposing an innovation corridor between kansas city in st louis passive linked by hyper loop newark says they have the best tax breaks denver and austin or trying to sell their sunshine providence promises hot and hip philadelphia and saint petersburg are touting their lgbtq friendliness and new york city says why go anywhere else amazon is promising to spend more than five billion on on the site and create up to fifty thousand jobs i'm julie.
"standard chartered" Discussed on WNYC 93.9 FM
"Serious fraud office from johannesburg andrew harding reports this is a new twist in a giant corruption scandal that shaking the south african states and damaging the reputations of a number of global companies lured heyns says whistle blows of told him that hundreds of millions of dollars have been taken out of south africa illegally via hong kong indeed by the british government has now asked the serious fraud office into other asia abc's to investigate whether hsbc and standard chartered may unwittingly have been used to transfer stolen funds at the center of the allegations of south africa's president jacob zuma and a wealthy business family the gupta's both deny any wrongdoing new zealand's labor party will form the country's new government in coalition with this more nationalist party new zealand first and the greens how griffith reports from sydney after twenty six days of negotiations new zealand finally has a new government and new prime minister just seemed are dern only took the reigns as labour leader in august revitalizing its fortunes and a wave of socalled just send mania although the party finished behind the ruling national party in september's vote it won the battle to negotiate a deal with the minority parties the agreement finally announced today is likely to mean a significant cut immigration quotas and new controls on foreign ownership of property scientists in germany have documented a steep decline in the population of flying insights and less than thirty years the study carried out in sixty three german nature reserves showed a loss of more than threequarters of the title biomass of flying insects including butterflies bees and moths you're listening to world news coming to from the bbc the canadian province of.