AscendEconomy

HSBC sets aside $1.8 billion for forex probe, misconduct

LONDON (Reuters) – HSBC’s (HSBA.L) profits fell short of expectations in the third quarter after the bank set aside $1.8 billion for misconduct settlements and compensation for customers, including a potential fine for rigging currency markets. The provision and a jump in HSBC’s everyday compliance costs show the impact of regulators’ increasing efforts to clamp […]Read More

Early indicators show China’s slowdown worsened again in October

China’s economic growth continued to slow in October, an interval in which the trade conflict together with the US has intensified and policy makers have changed over support for businesses. That’s the signal from a Bloomberg Economics gauge aggregating the earliest-available indicators on business conditions and market sentiment. The govt effort to stabilise the atmosphere […]Read More

Ross Shrugs Off Powell’s Warning on Trade as China Tariffs

(Bloomberg) — Commerce Secretary Wilbur Ross disputed concerns raised by Fed Chairman Jerome Powell as well as others that U.S. firms are becoming so anxious about the prospect of the trade war that they’re postponing investment and hiring decisions. “Any person who thinks the economy is wrecked doesn’t find out what they’re discussing,” Ross said […]Read More

UK borrowing falls more than expected, Hammond being forced to

LONDON (Reuters) – Britain's government borrowed less than expected a few weeks ago, as outlined by official data on Thursday that will cheer finance minister Philip Hammond but also increase pressure on him to spend more after years of deficit reduction. Public sector borrowing fell in May to five.0 billion pounds ($6.6 billion), in contrast […]Read More

U.S. appeals court will not restore Trump asylum order

SAN FRANCISCO (Reuters) – A U.S. appeals court handed President Donald Trump a defeat on Friday when it refused to allow his order barring asylum for immigrants who enter the country illegally to take effect, while a court challenge proceeds. Trump cited an overwhelmed immigration system for his recent proclamation that officials will only process […]Read More

Ride-hailing firm Grab agrees to buy Indonesian payment startup Kudo

SINGAPORE (Reuters) – Southeast Asian ride-hailing firm Grab on Monday said it has agreed to buy Indonesian online payment startup Kudo, marking the earliest investment under a recently announced arrange to commit $700 million to its largest market. Grab could not disclose the sale value. Reuters in February reported Grab's prefer to buy Kudo for […]Read More

China Accuses U.S. of Trade `Abuses’ as India Strikes Back

(Bloomberg) — Global trade tensions deepened Thursday with China reiterating it’ll hit back when the latest tariff threats from Donald Trump materialize, while India followed the European Union in slapping retaliatory levies on U.S. goods. China is “fully prepared” to respond to any new set of U.S. tariffs, in line with a commerce ministry spokesman, […]Read More

Trump signs repeal of U.S. broadband privacy rules

WASHINGTON (Reuters) – U.S. President Donald Trump on Monday signed a repeal of Obama-era broadband privacy rules, the White House said, a victory for isps and a blow to privacy advocates. Republicans in Congress this morning narrowly passed the repeal on the privacy rules without having Democratic support and over the strong objections of privacy […]Read More

Rand about to gain just 2% each year, poll shows

South Africa’s rand is expected to trade just 2% higher in one year as local economic reforms do its stuff and support the currency, even so it may be held back by way of potentially more hawkish US Federal Reserve, a Reuters poll found. The survey of 35 currency strategists, taken in previous times 3 […]Read More