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2 hours ago
Hong Kong Exchange CEO to resign on March 1st
Hong Kong Exchange CEO Nicolas Aguzin said on Friday he will step down on March 1, about two months before his three-year term officially ends in May 2024, and will be replaced as co-chief operating officer. (COO) Bonnie Y. Chan will take over the top job.
Aguzin said in a statement that the transition was going “very well” and expressed confidence in Zhang and the senior management team.
During his tenure as Hong Kong Exchange CEO, Mr. Aguzin oversaw a Hong Kong market that suffered regulatory crackdowns from the Chinese government during the pandemic, leading to a decline in investor enthusiasm for Hong Kong listings.
Since Mr. Aguzin took over the management team, HKEX’s share price has fallen more than 46%, plummeting from HK$450.4 ($57.59) to HK$242 per share.
5 hours ago
Bank of Japan Governor Ueda says it’s ‘highly likely’ that ultra-easy policy will continue even after negative interest rates end – Reuters
According to a report from Reuters, Bank of Japan Governor Kazuo Ueda said in the House of Representatives, “Even if the negative interest rate policy is lifted, the easy monetary environment is likely to continue for some time.”
The Governor of the Bank of Japan answered questions from opposition members at the House of Representatives Budget Committee.
Ueda’s views echo those of Deputy Governor Shinichi Uchida, who said on Thursday that the Bank of Japan is “unlikely to aggressively raise interest rates even after ending its negative interest rate policy.”
— Lim Huijie, Reuters
7 hours ago
SoftBank Group shares soar nearly 10% on investment
Shares of Japan’s SoftBank Group rose nearly 10% on the move, up from an 11.06% rise recorded on Thursday.
The move comes after chip design company Arm’s stock soared 48% on Thursday, valuing it above $116 billion.
SoftBank still owns about 90% of the outstanding shares, meaning its stake in Arm increased by more than $34 billion in one day.
9 hours ago
Wharton’s Jeremy Siegel says the S&P 500 is not overvalued
Wharton finance professor Jeremy Siegel said that even though the S&P 500 has breached the 5,000 mark, the market doesn’t look expensive, especially from a long-term perspective.
“Longer term, you’re going to see more volatility. I don’t recommend being a short-term trader,” he said Thursday on CNBC’s “Closing Bell.” “I definitely don’t think the market is overvalued at this point for long-term investors.”
— Yun Li, Lisa Han
9 hours ago
Cloudflare stock soars 18% after earnings
Cloudflare stock rose 18% in after-hours trading Thursday after the web security and content delivery network provider reported results and quarterly guidance that turned out to be stronger than analysts expected.
Cloudflare achieved a new annual contract value record with significant deals from new and existing customers.
— Jordan Novett
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