FROM ITS headquarters near the Thames to its Asian hub by the South China Sea, HSBC Holdings Plc is abuzz. Trading desks and back offices are bracing for scenarios that could see the announcement of another reshuffle of senior management, a surprise new chief executive, withdrawals from businesses and job reductions across the globe. It will be the London-based lender’s third major overhaul in a decade, and it will be announced Tuesday. “The current strategy…"HSBC braces for huge overhaul as Quinn battles fires"
THE People’s Bank of China cut the rate for one-year loans to support banks. — WIKIPEDIA.ORG CHINA’S CENTRAL BANK provided medium-term funding to commercial lenders and cut the interest rate it charges for the money, a move widely anticipated by analysts to cushion the economy from the virus epidemic. The People’s Bank of China (PBoC) offered 200 billion yuan ($29 billion) of one-year medium-term loans on Monday. The rate was lowered by 10 basis points…"PBoC cuts rate for loans"
BDO UNIBANK, Inc.’s leasing subsidiary will appeal the decision. — BW FILE PHOTO BDO LEASING and Finance, Inc. (BDOLF) will appeal the suspension of its registration statement (RS) with the Securities and Exchange Commission (SEC) after this was flagged for being “materially incomplete and inaccurate.” This comes after parent bank BDO Unibank, Inc. sold its controlling stake in BDOLF to third parties and the revisions in BDOLF’s primary business to become a holding company. In…"BDO Leasing to appeal RS suspension with SEC"
THE GOVERNMENT fully awarded the Treasury bills (T-bills) it offered on Monday as rates declined across-the-board, also opening its tap facility to sell more one-year papers amid strong demand. The Bureau of the Treasury (BTr) raised P20 billion in T-bills yesterday after its offer was almost four times oversubscribed, with total bids reaching P78.3 billion. Broken down, the government accepted P6 billion via the 91-day papers as planned from total bids of P21.798 billion. The…"Gov’t makes full award of T-bills as investors flock to safe havens"
BW FILE PHOTO THE PESO traded sideways against the greenback on Monday with the United States on holiday and as the market looked out for developments related to the coronavirus disease 2019 (COVID-19) outbreak. The local unit ended trading at P50.57 versus the dollar on Monday, weakening by a centavo from its Friday finish of P50.56. The peso opened the session at P50.58 per dollar. Its weakest showing for the day was at P50.61, while…"Peso inches lower on virus fears"
Senator Juan Edgardo M. Angara filed a bill on financial consumer protection. — BW FILE PHOTO A MEASURE giving more power to financial regulators to counter consumer fraud and abuse in availing financial products has been filed in the Senate. Under Senate Bill No. 1329, or the “Financial Consumer Protection Act of 2020,” Senator Juan Edgardo M. Angara seeks to address crimes that go with the development of complex financial products. “Time and again, we…"Senate bill seeks to counter consumer fraud and abuse"
More firms are expected to get onboard the EGov Pay facility to boost digital payments. — WWW.DBP.PH SIX MORE government entities and a lender will soon join the EGov Pay facility of the government in a move to boost digital payments in the country, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno. Moreover, Mr. Diokno said initiatives have been in place to look into allowing multiple settlements in one day for electronic…"More firms to join EGov Pay facility"
THE PESO could weaken anew this week following the previous week’s rally, depending on market sentiment on developments in the coronavirus disease 2019 (COVID-19) outbreak. The local unit ended trading at P50.56 on Friday, depreciating by six centavos from its Thursday close of P50.50. Week on week, however, the peso strengthened by 19.50 centavos from its P50.755-per-dollar close on Feb. 7. A trader attributed the peso’s strength week on week to the outlook upgrade from…"Peso may weaken anew as virus death toll continues to increase"