Billionaire Li Ka-shing — one of the world’s richest men — is set to retire on Thursday ahead of his 90th birthday later this year, capping a career as one of Asia’s most storied businessmen and handing the reins of his corporate empire to his son. Known as Asia’s “superman,” Li was set to formally […]
Read moreMahathir Mohamad, who led an opposition coalition to victory in Malaysia’s election, said Thursday his group is entitled by law to form a government immediately. In fact, he said he expects to be sworn in as prime minister today, and his coalition will have the support of 135 members of the 222-seat parliament. “There has […]
Read moreNew Zealand’s central bank governor struck a dovish tone in his maiden monetary policy statement on Thursday, saying the next move in rates could equally be a cut or a hike, while holding settings at a record low. The Reserve Bank of New Zealand’s decision to keep settings unchanged was in line with economist expectations, […]
Read moreMalaysian bonds tumbled this morning after a surprise win for the opposition unseated a government that has held power for more than six decades. Shortly after the market opened, Malaysia’s U.S. dollar sovereign bonds due 2026 jumped more than 10bp to a spread of 97bp over Treasuries, before easing to Treasuries plus 92bp, still 7bp […]
Read moreNajib Razak, Malaysia’s prime minister, delivered an address on Thursday after his ruling coalition lost its firm grip on power in an election. The incumbent leader said he accepted the verdict of the vote, and asserted that there had been no fraud in the election. Najib said no individual party had achieved a simple majority, […]
Read moreA historic win at Malaysia’s general election by the opposition alliance led by the country’s former leader, Mahathir Mohamad, will likely send markets on a wild ride, although analysts said long-term prospects appeared encouraging. Mahathir’s Pakatan Harapan scooped up 113 of the 222 available parliament seats, exceeding the 112 seats needed for a simple majority […]
Read moreMalaysia’s Mahathir Mohamad will be sworn in as the world’s oldest elected leader after his opposition alliance pulled off a stunning election win, ending six decades of rule by a coalition he once led. Malaysians celebrated the 92-year-old’s unexpected victory over Prime Minister Najib Razak, whose popularity had plunged over rising living costs and in […]
Read moreThe Royal Bank of Scotland said on Wednesday it had reached an agreement in principle with the U.S. Department of Justice that includes a $4.9 billion civil penalty to resolve potential claims over mortgage-backed securities issued from 2005 to 2008. The bank said in a statement that $3.46 billion of the proposed penalty will be […]
Read moreTop Australian wealth manager AMP said it will defend two class action lawsuits filed against it following damaging revelations from a government-ordered inquiry into the country’s financial industry. AMP confirmed that lawsuits have been filed by global law firm Quinn Emanuel Urquhart & Sullivan and Melbourne-based firm Phi Finney McDonald on behalf of some shareholders. […]
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