Business

The Monetary Authority of Singapore (MAS) announced on Thursday that Singapore banks DBS, OCBC, and UOB have “insignificant” exposure to struggling banking giant Credit Suisse (Mar 16). In response to media inquiries, MAS stated that Singapore’s financial sector is sound and resilient. “Singapore banks are well-capitalised and undergo regular stress tests against credit and other risks,” the financial authority stated. …

Credit Suisse accepted the offer from the Swiss central bank to help it financially hours after it made the announcement in an effort to reassure investors that it had the funds it needed to survive. Credit Suisse said that it would take out a loan from the Swiss National Bank for up to 50 billion Swiss Francs ($53.7 billion). On …

Big-box retailers are leaving Canada because they can’t replicate their U.S. success. Nordstrom closed its Canadian business last month due to a lack of a “realistic path to profitability.” But, Lowe’s sold its Canadian retail operation to Sycamore Partners for $400 million in cash. After raising financing to avoid bankruptcy, Bed Bath & Beyond’s Canadian businesses will close, according to …

Customers of Signature Bank, alarmed by the sudden failure of Silicon Valley Bank, withdrew almost $10 billion in deposits on Friday, a board member told CNBC. This rapid withdrawal of money caused the third-largest bank failure in U.S. history. Sunday evening, regulators announced that Signature was being taken over to preserve the bank’s depositors and the stability of the United …

Silicon Valley Bank (SVB) was shut down by United States regulators on Friday (March 10) in a dramatic move that sent global banking shares tumbling as markets panicked over possible contagion from America’s largest banking collapse since the 2008 financial crisis. The US government seized the assets of SVB, a major lender to US software startups since the 1980s, after …

Great Britain – Adidas, stung by the termination of its connection with the artist formerly known as Kanye West, needs a new focus but should be more strategic in its pursuit of new celebrity alliances, according to industry analysts. Incoming chief executive Bjorn Gulden defended the company’s decision to sever relations with the rapper, known as Ye since 2021, on …

JPMorgan Chase & Co. has filed a lawsuit against Jes Staley, its former head of private banking and later the CEO of Barclays, accusing him of tying the firm up with sexual criminal Jeffrey Epstein and claiming that Staley himself has been accused of sexual assault. The largest US bank filed two complaints on Wednesday night, March 8, in Manhattan …

Singapore’s Keppel Corporation is pursuing expansion opportunities in emerging economies such as Vietnam, which is gaining pace as a manufacturing base for investors trying to diversify away from China. In an interview with Nikkei Asia, the CEO of the company, Loh Chin Hua, stated that enterprises have adopted a “China plus one” approach in an effort to diversify investments away …

According to a new survey, tech salaries in Singapore increased in 2022 despite a wave of IT layoffs and a halt in hiring. According to a survey by tech salaries aggregator Nodeflair and venture capital firm Iterative, “the outlook for 2023 in the tech talent and recruiting market is likely to reflect a continuous demand for tech talents, but at …

Former MasterCard CEO Ajay Banga, US Vice President Joe Biden’s choice to lead the World Bank, met with executive directors on March 1 as part of a “charm offensive” to secure the position, according to three persons familiar with the situation. Biden selected the 63-year-old Indian-born business executive to lead the global development bank and jumpstart the 77-year-old institution’s revamp …