Financial timess

China will introduce deeper reform for financial markets and institutions and actively promote the implementation of policies for financial opening up, the nation's top banking and insurance regulatory body said on Tuesday. Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, made the remarks at a news conference. He said China will work to build a more level playing field and introduce higher-level opening up, further energizing market vitality. Foreign financial service institutions have shown stronger willingness to enter the Chinese market. Since 2018, over 100 foreign banks and insurance firms have gained approval for entry into China's market, including some of the most highly reputed international institutions in commercial insurance, wealth management and credit rating, Guo said. The country will work to build and refine its mechanism for financial institutions to better serve the real economy. Well-calibrated support will be given to private … [Read more...] about Deeper reform planned for financial institutions

China has seen a drop of the leverage ratio in the financial sector by 2020, with a contraction of the off-balance sheet business in commercial banks, according to the nation's top banking and insurance regulatory body on Tuesday. The trend of a "blind expansion" of financial assets has been reversed, indicated by the slower growth of assets in banks and insurance companies from 2017 to 2020, said Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission at a news conference. China's commercial banks' assets increased at an average rate of 11.4 percent per year in the period, and the rate was 8.3 percent for insurance companies. The growth rates nearly dropped to half the levels from 2009 to 2016, the CBIRC data showed. The "shadow banking" business, or off-balance sheet activities of the lenders, declined by 20 trillion yuan from the peak in 2017, it said. Financial risks in the banking and insurance sectors have been constrained, and China has "held the … [Read more...] about Financial risks in banking, insurance sectors constrained

TOKYO: Japanese manufacturers' confidence sank in the second quarter to levels not seen since the 2009 global financial crisis, underscoring the damage the coronavirus pandemic inflicted on the export-reliant economy. The Bank of Japan's closely-watched "tankan" survey also showed big non-manufacturers' mood tanked to a decade low, as lockdown measures put in place in April through late May forced businesses to shut and consumers to stay at home. The dismal readings reinforce market expectations Japan's economy is headed for deep recession as the fallout from the pandemic weighs on output and consumption. The headline index for big manufacturers' sentiment worsened to -34 in June from -8 three months ago, the tankan showed on Wednesday. That compared with a median market forecast for -31. It marked the sixth straight quarter of declines and hit its lowest level since June 2009. Big non-manufacturers' sentiment index worsened to -17 from +8 in March, the survey showed, the … [Read more...] about Pandemic sinks Japan business mood to lowest since 2009 financial crisis

SINGAPORE: With a new collaboration between the police and financial institutions, most bank accounts suspected to be involved in scam operations can now be frozen within a day once the police are notified. More than 20 financial institutions are involved in this collaboration with the police, said Minister of State for Home Affairs Desmond Tan in Parliament on Monday (Mar 1) as he touched on Project FRONTIER - Funds Recovery Operations and Networks Team, Inspiring Effective Resolutions. “This is a big step forward from the 14 to 60 working days that these tasks used to take,” said Mr Tan at the Ministry of Home Affairs' (MHA) Committee of Supply debate, responding to a question from MP Derrick Goh (PAP-Nee Soon) about the measures taken to help victims recover their losses. Mr Tan noted that more than 15,000 cases of scams were reported in 2020, a 65 per cent increase from 2019. READ: Home Team focused on transformation through increased use of technology, says Shanmugam … [Read more...] about Suspected scammer bank accounts can be frozen within a day in new police collaboration with financial institutions

REUTERS: Wimbledon's cancellation due to the COVID-19 pandemic this year will have no major financial impact on British tennis, outgoing All England club Chief Executive Richard Lewis has said. The grasscourt Grand Slam was scheduled to start on Monday but was cancelled for the first time since World War Two in April. The All England Lawn Tennis Club (AELTC) said its spending plans would not have to be curtailed. "It won't be severely impacted. If you have to cancel, it's great to have insurance," Lewis, who will step down as the CEO next month, told British media. "We're still in a very good position, we're financially very stable. British tennis is going to be pretty well protected." However, Wimbledon would not have similar insurance cover in place next year, he added. "That's impossible in the current climate," he said. "When I started in 2012, there were some signs that things were not insurable, because of communicable diseases that had taken place, like Sars and … [Read more...] about No major financial impact from Wimbledon cancellation, say organisers