Finance executives in Singapore are more bullish than their counterparts in Hong Kong about growth prospects in their respective markets, according to the American Express Business Momentum Survey, which polled both Singapore and Hong Kong-based CFOs.
Just over half of the Singapore respondents said they expected modest to substantial economic expansion in the coming year, compared with only one in five in Hong Kong.
But CFOs in both cities were in agreement about their expectations of company performance, with 42% saying they were positive about the outlook for their organisation.
Japan’s Mizuho Financial Group may cut pay and add new board members after failing to end loans to crime groups, according to a Bloomberg report.
Independent managers, mostly former bankers, will increase the assets they advise on in the region to about US$70 billion by 2017 after boosting them to about $20 billion now from $4 billion five years ago, according to a report by Bloomberg.
The Financial Times reports that China’s money rates shot up on Thursday after the central bank withdrew cash from the financial system, fuelling worries that the world’s second-biggest economy might see a replay of a liquidity squeeze that rattled global markets earlier this year.
The proportion of American firms who think business conditions are improving in the country fell to 28% this year compared with 43% in 2012, according to a report published by the American Chamber of Commerce in China on Thursday, and reported by the Wall Street Journal.
The inaugural “Out in the Street” event in Hong Kong yesterday drew agreement from senior bankers in the region that fostering an inclusive environment in the sector, including gay, lesbian and transgender people, was good for business and profits, as well as being the right thing to do, according to a report in Finance Asia.
The government says that it will consider offering tax exemptions to foreign PE firms with offices registered with the Securities and Futures Commission, according to Asian Investor.
Southeast Asia’s second-largest lender, is considering a bid for Wing Hang Bank, people familiar with the matter said.