Author: Press Room

© Reuters. SINGAPORE – In response to the rising threat of financial scams, which have cost Singaporeans over $330 million in losses within half a year, local banks have introduced advanced security measures to protect customers’ funds. DBS Bank has initiated the rollout of its “digiVault” service, designed to shield against unauthorized digital transactions and secure fixed deposits from online threats. The full user access for this service is expected by December 7, 2023. Following suit, United Overseas Bank (OTC:) (UOB) launched its “LockAway Account” on Thursday, which offers customers the ability to accrue interest on locked funds without the…

The U.S. Navy intervened to stop the hijacking of a commercial cargo ship by pirates in the Gulf of Aden near Somalia on Sunday, according to American defense officials.Sailors from the U.S.S. Mason, a Navy destroyer, captured the attackers who had boarded the Central Park, a chemical tanker, a senior defense official said.Zodiac Maritime, the London-based company that manages the vessel, said that the ship and crew are now safe and unharmed, but provided few details. The ship’s crew had issued a distress call on Sunday reporting they were under attack by pirates, as they passed through the Gulf of…

Donald Trump pardoned Jonathan Braun, a convicted drug smuggler, on his last day in office.Meanwhile, the DOJ hoped to use Braun in a separate probe into the predatory lending business.Braun’s commutation meant the DOJ lost the leverage it needed to get Braun to cooperate, per NYT. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Donald Trump’s pardoning of a convicted marijuana smuggler with ties to the Kushner family threw a wrench in the Justice Department’s larger probe into the predatory lending industry, The New…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Jun Ohta, the chief executive of Sumitomo Mitsui Financial Group and the driving force behind the bank’s recent wave of expansion in the US and south-east Asia, has died at the age of 65.Ohta’s death last week, which was announced by the company on Monday, followed a four-year stint at the top of SMFG, Japan’s second-biggest bank by market capitalisation, after a career rising through its ranks.As well as building its recent reputation for aggressive foreign expansion, Ohta steered the financial group…

© Reuters. FILE PHOTO: Pedestrians walk past the main entrance to the Reserve Bank of Australia building in central Sydney, Australia, October 3, 2016. REUTERS/David Gray/File Photo SYDNEY (Reuters) – Australia on Monday appointed the Bank of England’s (BoE) Andrew Hauser as the new deputy governor of the Reserve Bank of Australia (RBA), filling a position that had been vacant since Michele Bullock was elevated to the top role in late September. Hauser, who currently serves as the executive director at markets at the BoE, is expected to start before the first RBA board meeting next year. “I am humbled…

© Reuters. Investors interested in the upcoming dividend distribution from Deswell Industries (NASDAQ:DSWL) must own shares by November 30 to be eligible, with the actual payout scheduled for December 21. The company, which is nearing its ex-dividend date, currently offers a trailing yield of 7.4% based on its stock price of $2.71. Despite a steady earnings per share over the past five years and a moderate payout ratio of 52%, experts urge caution due to the lack of earnings growth, which poses a risk to future dividend sustainability. Last year’s dividend was $0.20 per share, comfortably funded by only a…

President Joe Biden reportedly issued an apology to several prominent Muslim-American leaders after openly questioning the accuracy of the death toll figures from Gaza. During a press conference on October 25, President Biden openly questioned the number of causalities in Gaza, which are reported by the Hamas government.”I have no notion that the Palestinians are telling the truth about how many people are killed,” Biden said. “I’m sure innocents have been killed, and it’s a price of waging war.”Biden met with five Muslim American leaders the day after his October 25 comments about reported Gaza deaths. TRUMP BLASTS AMERICAN LEADERS AS NO…

Starbucks CEO Laxman Narasimhan told Fortune about his favorite beverage at the coffee chain.Narasimhan said he enjoyed a “Doppio Espresso Macchiato with some hot milk on the side.”The 56-year-old executive said it reminded him of his hometown in India.  Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app You won’t need to place a complicated special order if you want to enjoy Starbucks CEO Laxman Narasimhan’s favorite drink at the coffee chain.”My favorite go-to drink at Starbucks is the Doppio Espresso Macchiato with some hot milk…

The vast tracts of desert in Western Australia, which have yielded gold, nickel and iron ore to prospectors in decades past, have now become a major battleground for miners of lithium, a key raw material for batteries as the world transitions to greener energy.A struggle for control of the resource has been ignited this year as multinational companies have clashed with Australian mining billionaires over a series of takeover attempts in two of the remotest parts of the state.A section of desert near the mining town of Kalgoorlie in the Goldfields region has become known as the “lithium corridor of…

In a decisive move to curb the high inflation plaguing the economy, Bangladesh Bank has announced an increase in its overnight repo rate to 7.75%. The central bank’s spokesperson, Mezbaul Haque, revealed this development at a press conference, indicating that the rate hikes also include adjustments to the Special Deposit Facility (SDF) and Repo Discount Facility (RDF) rates, now standing at 9.75% and 5.75%, respectively. The aggressive monetary policy stance aims to reduce inflation to 8% by December and further to 6% by June of the following year. In reaction to these changes, commercial banks in Bangladesh have been quick…