COLLEGE PARK, Md. — The current level of interest rates is appropriate for the US economy and the Federal Reserve should now pause as it monitors how the economy evolves, Cleveland Fed President Loretta Mester said on Monday. “We think that policy now is well calibrated to the economy and we are really going to be looking at the data going forward to see whether any adjustment is needed in that policy..so we’re in a…"US monetary policy ‘in a good spot,’ says Mester"
REUTERS AUSTRALIA’S CENTRAL BANK considered cutting interest rates at its latest meeting, but decided instead to hold steady and monitor the impact of earlier easing amid concern that households were being spooked by very low borrowing costs. In minutes of its Nov. 5 meeting released Tuesday in Sydney, the Reserve Bank of Australia (RBA) said the board recognized the “negative effects” of lower rates on savers and sentiment. It kept the cash rate unchanged at…"RBA weighed policy easing, opted to assess impact of past interest rate cuts"
SINGAPORE-BASED financial technology (fintech) player CredoLab is targeting to “diversify” its clientele in the Philippines and offer its data analytics solutions to non-bank firms by next year, a senior official said. In an interview last week, CredoLab Chief Product Officer Michele Tucci said this will allow firms outside the financial industry to use their software in analyzing customer behavior and match them with insurance and banking products. Mr. Tucci said that they are bringing this…"CredoLab looking to diversify clientele"
CRYPTO GIANTS Binance Holdings Ltd. and Tron have been banned on China’s largest micro-blogging service amid what appears to be fresh steps to crack down on digital currency trading. The official accounts of exchange operator Binance and blockchain platform Tron were suspended by Twitter-like Weibo last week. At the same time watchdogs in Shanghai issued notices calling for a cleanup of companies involved in cryptocurrency trading, while one in Beijing warned against illegal exchange operations.…"China cryptocurrency crackdown elicits appeal"
ANT FINANCIAL may apply for a virtual banking license in Singapore. — WWW.ANTFIN.COM BILLIONAIRE Jack Ma’s Ant Financial Services Group said it may apply for a virtual banking license in Singapore, a move that would add a heavyweight contender to the race. “We are actively looking into this opportunity,” Hangzhou, China-based Ant Financial said in an emailed response to questions from Bloomberg News. The Monetary Authority of Singapore is offering as many as five digital…"Ant looks to join race for Singapore bank licenses"
BANK of Japan Governor Haruhiko Kuroda said the central bank has room to ease. — REUTERS TOKYO — The Bank of Japan (BoJ) has room to deepen negative interest rates, Governor Haruhiko Kuroda said on Tuesday, but he signaled there were limits to how far it can cut rates or ramp up stimulus. Kuroda shrugged off the view held by some critics that the BoJ had run out of tools to expand an already massive…"BoJ can still deepen rates, within limits"
BW FILE PHOTO A LENDER is looking to join the virtual banking race in the Philippines, according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier. “There’s one right now na (that is) currently engaging the BSP but I cannot disclose the name,” Ms. Fonacier told BusinessWorld in an interview on the sidelines of the Asian Bankers Association Conference on Friday when asked about the development. She added that the lender is also…"New lender looking to establish virtual bank in the Philippines"
The rich aren’t just getting richer. They’re getting older. And, fortunately for their children, they’re set to leave plenty of money in the bank. About US$36 trillion will flow from one generation to another over the next 30 years, according to a report Tuesday from wealth manager United Income. The pace of bequests has already started surging. Americans inherited US$427 billion in 2016, the most recent data available, up 119 per cent from 1989 even…"Baby boomers are thriving on an ‘unprecedented’ $9-trillion inheritance "
Throughout our careers, we all occasionally dream of the day we retire and imagine what our lives will look like then. Whether we’re travelling the world or enjoying time with our loved ones, retirement — and having the flexibility to do what we want, when we want — is something we should be able to look forward to. While exciting, planning for the life we would like to lead can be a daunting process. Regardless…"Canadians are living longer and it’s changing the financial equation for retirement"
Almost three in four retirees (72 per cent) say retirement is not what they were expecting — and not in a good way, according a new Sun Life Financial Inc. survey being released Tuesday. The 2019 Sun Life Barometer, based on an Ipsos online poll, found that many Canadians don’t seem to be financially prepared for retirement, with 23 per cent of retirees describing their lifestyle as a frugal one that involves “following a strict…"Canadians finding retirement is not all it’s cracked up to be: survey"