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(China - 20 June 2019) JPMorgan is targeting China's importers with a digital platform designed to streamline payments and paperwork after unveiling its latest digital payments platform. Importers in China can digitise their cross border purchases with the bank’s 'E-Customs Payments Solution'.
(United Kingdom - 20 June 2019) A new paper from the European Central Bank (ECB) declares banks across the Europe Union (EU) earn millions of euros a year from overcharging small corporate customers for foreign exchange (FX) services. The research is the first data-driven study of the closed off dealings of FX derivatives pricing, adding weight to anecdotal evidence that smaller corporate clients pay higher rates to manage their currency exposure.
(Australia - 19 June 2019) The Aussie dollar has long been considered a “commodity currency” given Australia’s major resources exports and primary source of income are metals, minerals and gas. But as the Australian Dollar (AUD) slides below US$0.70 at a time when iron ore prices have jumped to record highs above US$100/t, ANZ Bank economists suggest that connection no longer holds true. There are multiple mitigating factors behind the emerging disconnect.
(Asia - 19 June 2019) Billion dollar stock market debuts from companies like Zoom, Uber and Pinterest have attracted media attention in 2019 achieving surprising multiples however new data reveals initial public offering (IPO) activity actually declined significantly this year across the globe.
(Australia - 19 June 2019) Westpac announced the appointment of Guilherme Lima as CEO of the group's new Business division. Mr Lima joins Westpac from HSBC Hong Kong where he has been Group Head of Wealth Management. In prior roles led the Retail and Wealth management business of HSBC for the Latin American region.
(United States - 18 June 2019) Facebook has finally revealed the details of its cryptocurrency Libra (≋). The digital currency allows consumers to buy things or send money to people with almost zero fees. Facebook users will be able to buy or cash out Libra online or at local exchange points like shopping centres, and spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet that will be built into WhatsApp, Messenger and its own app. Facebook released its white paper explaining Libra and its testing process for working out the kinks of its blockchain system before a public launch in H1 2020.
(China - 18 June 2019) France’s largest bank, BNP Paribas, will enter into brokerage and wealth management services in China after the ongoing trade war forced Beijing to speed up the liberalisation of capital markets. The move has created unprecedented opportunities for foreign banks in the world’s second largest economy.
(17 June 2019 – New Zealand) ANZ has fired the boss of its New Zealand business David Hisco after an internal review of his personal expenses.
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