Llyods take a renewed push and result in jobs cut
Lloyds, the largest UK bank, is restructuring to offer more online services and severing 1,600 positions within its branch network. The cuts are part of a push by banks to trim expenses amid challenging economic conditions and competition pressures. The company’s redesign includes adding 830 positions to an expanded “relationship growth” team, responsible for understanding…
Bank of America take job cuts as solution on Asia regions
Bank of America has announced the layoff of around 20 bankers in Asia due to falling markets in China and Hong Kong. The majority of the affected bankers are based in Hong Kong and work on transactions in China. The bank became the first major international bank to reduce the size of its regional investment…
China’s take a move to stabilize Yuan on market
China’s state-owned banks are selling US dollars onshore to stabilize the yuan and counter negative market sentiment on equities. The move is seen as a policy signal to prevent the yuan from depreciating too quickly. The Shanghai Composite index has seen its largest one-day decline since April 2022, down 2.7%. Approximately $1.6 billion worth of…
Russia gain China’s trust for being number 1 crude oil suppliers
Russia has become China’s primary crude oil supplier in 2023, surpassing Saudi Arabia. Russia exported a record 107.02 million metric tons of crude oil to China last year, or 2.14 million barrels per day, surpassing other major oil exporters like Saudi Arabia and Iraq. Saudi Arabia saw a 1.8% decline in imports to 85.96 million…
China and Brazil improved their relations on many sectors
Brazil has endorsed the “One China policy,” which asserts Taiwan’s integration into China, a move seen as a sign of deeper ties between the two nations. Chinese Foreign Minister Wang Yi praised the policy as a sign of improved relations between China and Brazil, both part of the BRICS alliance. The two countries have improved…
Market slowdown wait for Fed signals
Global markets have gained some traction following a turbulent week marked by sticky inflation readouts, dashed hopes for interest rates, and reduced new year bets. The US’s domestic inflation picture is still relatively benign, but retail, manufacturing, and housing data exceeded expectations, leaving investors questioning whether the Fed’s lackadaisical approach will result in the magnitude…
The Fed new rules will minimize capital risks
Federal Reserve Governor Michelle Bowman expressed concerns about the proposed plan to increase bank capital requirements, stating that while the plan has flaws, she is hopeful that legislators will reach an agreement on a final rule. Bowman also expressed her disapproval of the “Basel endgame” proposal, which she voted against due to its onerous nature…
Quantum Minerals has lost over 40% market cap
First Quantum Minerals, a Canadian miner, has announced a restructuring plan, including job losses, debt refinancing, a $450 million savings target by 2024, and a suspension of dividends. The company is considering selling smaller mines and partnering with strategic equity partners for larger ones. The company experienced a 40% market capitalization decline after the closure…