The EFG International announced its intention to purchase the BSI Ltd in a deal worth about $1.34 billion. The deal will make EFG a leader in the private banking industry.
Industrial overcapacity in China may have adverse impact on the domestic market and global economy. A number of new units came up owing to easily available loans and government subsidies in the world's second largest economy. A latest report calls for more radical measures including greater privatization to streamline the Chinese domestic industry.
Finance Secretary Cesar V. Purisima has done the Philippines proud once again by bagging the 'Finance Minister of the Year' award this year as well. This would be Purisima's second award in a row from FinanceAsia and his sixth in total over his six-year tenure under the Aquino administration.
Hong Kong Financial Secretary John Tsang to deliver annual fiscal budget. Hong Kong is predicted to announce surplus while still holding on to conventional approach.
Van Diemen's Land Company has been acquired by the Chinese business man Lu Xianfeng and his company Moon Lake. The country's approval of the dairy farm's sale to a foreign firm was made possible with certain conditions that the Moon Lake needs to comply with, especially with the taxation policies.
Asia has been a growing market for startup companies and venture capital deal. However, as U.S. venture capital faces a slowdown and overblown valuation, will Asia also experience the same?
Latin America experienced a phenomenal growth in the last decade. However, according to World Bank, the economic growth has not reached some people.Meanwhile the region's economy is slowing down in the last three years.
Indian businessman Ajay Piramal has entered into venture capital (VC) space by establishing a new VC funding entity 'Montane Ventures.' The new VC fund focuses on early-stage funding requirements. Piramal has infused $50 million into Montane Ventures will mobiles $150 million additionally from external resources.
American International Group, Inc. reported a bigger quarterly loss than expected. The company was hurt by weak underwriting and investment return. The big loss in Q4 made its full year income dropped by more than 70%
Koji Ishida, Bank of Japan's policy board members said the negative interest rate will do very little to boost investment. Continuing tumult in the market may hurt Japanese economy.
Citigroup raises salary of its CEO to $16.5 million in 2015. The bank has managed to be more efficient in operation under Corbat's leadership and passing mandatory stress test.
Glencore signed new loan commitments of $8.45 billion revolving credit facility. The company took on the new liabilities when it was already struggling to pay off its existing debt of $30 billion. Despite being pulled to the lowest rank in the investment grade, the Swiss commodities trader received support from its loyal lenders, which came as a surprise for some.
Plus500 booked an increase in total revenue for 2015 to $275.6 million, despite facing a dificult year. Increase of compliance cost and failed merger with Playtech has disturb the company's operation.
Grand Rapids, Michigan mark the highest record in venture capital investment in 2015. A venture capital firm based in the largest city of West Michigan scored a 20% increase from previous year.
China is planning to put more budget in infrastructure. The country's planning agency expects to boost spending and increase investment to maintain 7% annual economic growth as last year.
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