China, India, Vietnam, Korea, Japan, Bangladesh, Malaysia, Taiwan, Cambodia, Thailand, Pakistan and Indonesia to be hit particularly hard by US tariffs on imports announced on April 2; many fear the move could spark a global trade war.
The Asia business was honoured to mark the anniversary with a visit from Lord Heseltine who remains abundantly optimistic about the region’s advancement, and its prominent position on the global stage.
U.S. proposes changing the global tax system for corporates * OECD inks tax co-operation * Shanghai to build X-border RMB payment and clearing center * SGX revises calculation methodology *Thai ministry grants foreign institutions rights to issue baht-denominated bonds * And more.
In the latest churn in leadership at RBS’ global transaction services (GTS), Carole Berndt, global head of RBS GTS, will leave the bank to be managing director for ANZ global transaction banking.
Alibaba and other private companies in China will be allowed to establish personal ratings system; The Reserve Bank of India extends Liquidity Coverage Ratio deadlines; and the Financial Accounting Standards Board revised income statement guidelines
Amid a host of anti-money laundering regulations, lenders are tightening the screws on cross-border payments. Treasurers in Hong Kong, for example, are being requested to supply detailed information on beneficiaries before payments are processed.
Total global syndicated loan volume was down 16% in 2012. Asia-Pacific loans fared comparatively well and fell only 3%, mainly due to a buoyant Japanese market.