` Singapore intends to Regulate `Bitcoin Operators’ under `MAS’ requiring `Intermediaries to Check-Identity’ of Customers ‘

#AceFinanceNews Singapore intends to start regulating Bitcoin operations, as fears over its involvement into illegal operations and terrorist financing are growing.

The Monetary Authority of Singapore (MAS) will require Bitcoin intermediaries to check the identity of customers.

“Consumers and businesses should take note of the broader risks that dealing in virtual currencies entails and should exercise the necessary caution,” MAS Deputy Managing Director Ong Chong Tee said in a Thursday statement.

The regulatory rules in Singapore will be similar to those now applied in Hong-Kong, as MAS told Bloomberg.

The laws in Hong Kong cover fraud and money laundering that involve “virtual commodities.”

#AFN2014

#bitcoin, #bloomberg, #hong-kong, #monetary-authority-of-singapore-mas, #singapore

` Standard Chartered Exiting `Certain Countries Banking and Investment Areas`due to slowdown of Emerging Markets’

#AceFinanceNews says that `Standard Chartered Bank ‘is seeking to sell about six units in Asia, Europe and the Middle East, the Wall Street Journal reported Tuesday citing people familiar with the matter.

Standard Chartered global presence 2007

Standard Chartered global presence 2007 (Photo credit: Wikipedia)

The Asia-focused bank is in “advanced talks” to offload Standard Chartered Savings Bank and Standard Chartered Capital in South Korea, the WSJ said, but gave no details of any potential buyer.

A company spokeswoman declined to comment on the report.

The newspaper added that the divestment’s were “mostly small” and would also comprise Standard Chartered’s Lebanese retail bank, its Hong Kong consumer-finance business PrimeCredit, its German consumer bank and its Swiss private bank.

According to the WSJ, the deals are part of the bank’s efforts to combat an emerging markets slowdown and worries about its financial health.

Standard Chartered will publish its annual results on Wednesday.

The London-based bank generates 90 percent of its profit in Asia, the Middle East and Africa.

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#acefinancenews, #africa, #asia, #hong-kong, #london, #middle-east, #south-korea, #standard-chartered, #switzerland, #wall-street-journal

`Investor’s Eye up the next `International Currency ‘ of the Chinese Yuan’

#AceFinanceNews says that `Chinese Yuan can become dominant world reserve currency according to the latest survey

Published time: March 01, 2014 12:15
Reuters / Kacper PempelReuters / Kacper Pempel
The Chinese yuan can overtake the dollar as the leading international reserve currency, a new poll of institutional investors indicates.

The authors of the survey, conducted by the Economist Intelligence Unit and commissioned by State Street financial services, polled 200 senior executives at institutional investors with knowledge of their exposure to yuan assets. Half of the respondents were from the firms headquartered in mainland China (including Hong Kong and Taiwan) and the other half were based elsewhere.

The report accompanying the survey points out that by the end of 2013, the yuan has risen to become the second-most-used trade financing currency and ninth-most-used currency for payments globally.

Image from statestreet.comImage from statestreet.com

A majority – 53 percent of respondents said that they believe the yuan will one day surpass the dollar as the top currency in international holdings of foreign-exchange reserves. In China 62 percent expressed this opinion, compared to 43 percent of respondents outside the country.

Last May International Monetary Fund analysis showed that the dollar had slumped to a 15-year low, heightening concerns that it may lose that status as global reserve.

Chinese officials are diligently working on sustaining their national currency, promoting it beyond the frontier.

In October 2013, the government of China agreed a pilot program to create a UK-based yuan hub that allows London investors to buy up to $13.1 billion (80 billion yuan) of stocks, bonds and money market instruments directly, avoiding Hong Kong transactions.

The move gave the yuan a firmer footprint in Europe and helped to overcome the euro in December, becoming the second most widely used currency in global trade.

Only 11 percent of respondents have said that they do not expect the yuan to become a major reserve currency, a split between 16 outside China and six onshore, according to the poll. Among the former, the most often cited reasons are that the yuan will never enjoy enough liquidity across all asset classes to offer a viable option as a reserve currency, and that people will not trust the yuan as a store of value, the survey says.

The very few pessimists from China-head-quartered institutions, meanwhile, say that people would be “concerned about future policies of the Chinese government and opposition from other economic powers, such as the US, the EU and Japan.”

But the consensus is that one day it will be a yuan world, according to the survey.

“As China’s economic influence grows, the global importance of the renminbi (yuan) will become magnified. Indeed, while for decades it has been a ‘green-back world’, dominated by the US dollar as the world’s primary reserve currency, many think a ‘red back world’, in which the renminbi enjoys premier status, is increasingly a possibility,” the survey’s authors concluded.

A report on RT back in December 2013 stated:

The yuan has replaced the euro to become the second most widely used currency in global trade in 2013, according to the SWIFT network responsible for international financial transactions.

The share of the yuan in global trade finance has jumped from 1.89 percent in January 2012 to 8.66 percent in the form of letters of credit and collections in October 2013, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) data shows.

The share of trade settlements in the euro fell from 7.87 percent to 6.64 percent in the same period. The US dollar still leads with 81.08 percent of foreign trade payments using the American currency in October.

The most active yuan users are Chinese and Hong Kong companies which account for about 80 percent of the total foreign trade operations in the yuan. The remaining 20 percent is spread among Singapore (12%), Germany (2%), Australia (2%) and other countries (4%).

“The renminbi is clearly a top currency for trade finance globally and even more so in Asia,” Franck de Praetere, SWIFT’s Singapore-based head of payments and trade markets for Asia-Pacific, commented in a statement.

#AFN2014 

RT 

 

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” Third `JP Morgan’ Employee has died under `Mysterious Circumstances’ in a matter of Weeks”

#AceFinanceNews says “Financial Death Toll Rises to `SIX’ as `JP Morgan‘ Employee jumps from Asian HQ Building”‘

Published time: February 19, 2014 09:52
The 30-floor Chater House tower housing the headquarters of investment bank JPMorgan in Hong Kong. (AFP Photo / Philippe Lopez)The 30-floor Chater House tower housing the headquarters of investment bank JPMorgan in Hong Kong. (AFP Photo / Philippe Lopez)
A third JP Morgan employee has died under mysterious circumstances in a matter of few weeks. A still unidentified “Chinese male in is thirties” jumped from the roof of Charter House, the 30 floor Hong Kong headquarters of JPM.

An eyewitness told the South China Morning Post he saw a man climb onto the roof of the skyscraper shortly after lunchtime on Tuesday.

#DOOMPAUL: ANOTHER BANKER SUICIDE THIS MORNINGhttp://t.co/Cfn4zXiUCC pic.twitter.com/u4ACn54z0v

— ThirdPosition (@Third_Position) February 18, 2014

Despite attempts to talk him down, the man jumped before emergency crews arrived, landing on the road outside the building.

The man who jumped was taken to Ruttonjee Hospital where he was declared dead on arrival.

I believe i can fly. 1 banquier de jpm de moins http://t.co/DT0TkeIMeqpic.twitter.com/SjKfmYYzXu

— vladimir guez (@vladimirguez) February 18, 2014

The unidentified man, aged about 33, was a junior employee who served a supporting function at the bank and wasn’t involved in investment activity, according to Bloomberg. Rumors circulating in the media say that his last name was Li.

A colleague of the man said that before the suicide he had complained about heavy work-related stress, though police say no suicide note has been found.

“Out of respect for those involved, we cannot yet comment further. Our thoughts and sympathy are with the family that’s involved at this difficult time,”JP Morgan said in an e-mailed statement.

The latest apparent suicide marks the 3rd sudden death at JP Morgan and the 6th in the global financial world in just a few weeks.

On February 3, a 37 – year old JP Morgan executive director died at his home in Stamford, Connecticut. The cause of death, however, remains unclear and will be determined after a toxicology report is completed.

About a month ago, 39-year-old Gabriel Magee, a JP Morgan vice president in technology operations, died after falling from JPMorgan’s London headquarters.

Other apparent business suicides include a 58-year-old former senior manager for Deutsche Bank, who was found hanged in his home; Karl Slim, the managing director of Tata Motors aged 51, and 50-year-old Mike Dueker who worked for Russell Investment and was found dead on January 29 close to the Tacoma Narrows Bridge in Washington State after being reported missing on the same day.

Also reporter David Bird, who works in the Dow Jones newsroom went missing on January 11 when he left his New Jersey home for a walk.

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#acefinancenews, #chater-house, #david-bird, #deutsche-bank, #hong-kong, #ruttonjee-hospital, #south-china-morning-post, #tacoma-narrows-bridge