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Nebraska death row inmate convicted of killing girlfriend's kids dies

A man who had been on Nebraska's death row since 2003 died Saturday, reducing the total number of condemned inmates in the state to 11, prison officials said Monday.

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  • Renesas Joins the Responsible Business Alliance to Enhance Supply Chain Sustainability

    Renesas today announced it has joined RBA, supporting the rights of workers and to ensure that its manufacturing processes are responsible.

  • Hywin Holdings Announces Two Wins at WealthBriefingAsia Greater China Awards 2021

    Hywin: from China to the World Hywin Wealth CEO Madame Wang Dian rings a gong at a ceremony in Shanghai to celebrate the company’s NASDAQ listing, March 26, 2021. Hywin Wealth CEO Madame Wang Dian rings a gong at a ceremony in Shanghai to celebrate the company’s NASDAQ listing, March 26, 2021 SHANGHAI, China, April 19, 2021 (GLOBE NEWSWIRE) -- Hywin Holdings Ltd. (“Hywin Wealth” or the “Company”, NASDAQ: HYW), a leading independent wealth manager in China, today announced that it was voted “Best Wealth Manager of Greater China 2021” at the WealthBriefingAsia Greater China Awards 2021. In addition, Hywin Wealth’s CEO Madame Wang Dian won the award of “Best CEO in Greater China Wealth Management 2021.” This year’s awards reflect the Company’s continued growth and outsized impact on the wealth management industry in Greater China, as well as Madame Wang’s leadership achievements. The recipient of the “Best Wealth Manager of Greater China” is selected by a panel of judges to recognize a company that demonstrates strategic vision, high quality growth, unwavering commitment to excellence, and dedication to creating shareholder value. The award of “Best CEO in Greater China Wealth Management” honors a top executive that demonstrates outstanding leadership in the industry and champions impactful social causes. “It’s an honor to be selected by WealthBriefingAsia this year, and we’re pleased that our efforts continue to be recognized by our industry peers,” Madame Wang said. “Our recent IPO marked the start of a new era for the company, and we hope to capitalize on growing demand for independent wealth management services in Greater China, which is the second-largest wealth market in the world.” Madame Wang recently led the Company to a successful public listing on the NASDAQ stock exchange, which took place on March 26, 2021. Hywin Wealth plans to use the proceeds to further invest in its wealth management and asset management businesses, as well as further its strategy of using technology to improve intelligence and efficiency within its operations. Madame Wang has also shepherded Hywin Wealth through major international expansion efforts, which began in 2014 and recently reached a milestone with the inking of a major partnership with Liechtenstein-based VP Bank AG. These efforts have been designed to provide the Company’s Chinese HNWI clients with more sophisticated offshore products and services. Hywin Wealth operates its international business through a large presence in Hong Kong SAR, and plans to expand in major financial centers such as New York, London, and Singapore going forward. At last year’s WealthBriefingAsia Greater China Awards, Hywin Wealth won the prize for “Best Wealth Manager of Greater China Families,” which reflected the Company’s expertise in serving UHNW families across their lifecycles. Additionally, last year Madame Wang Dian won the award of “Woman of the Year in Greater China Wealth Management,” which not only recognized her as a shining star in the industry, but also pointed to her tireless championship of female entrepreneurship and women’s progress in the professional world. About Hywin Holdings Ltd. Hywin Holdings Ltd. (NASDAQ: HYW) is a leading independent wealth management service provider in China, with a 7.5% market share in terms of 2019 transaction value, according to CIC. Our primary services are wealth management, insurance brokerage, and asset management. Wealth management is currently our largest business segment, in which our onshore and offshore solution platform serves clients across generations. For more information, please visit https://ir.hywinwealth.com/ Safe Harbor Statement This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “anticipate,” “estimate,” “plan,” “project,” “potential,” “continue,” “ongoing,” “expect,” “aim,” “believe,” “intend,” “may,” “should,” “will,” “is/are likely to,” “could” and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For Media Inquiries Please Contact: Media contact: ICR, Inc.Ker ZhengPhone: +86 139-2280-3249Email: HywinPR@icrinc.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fcef3a13-bf6d-4cbd-a547-1527d8dcc044

  • Asia Stocks Mixed, U.S. Futures Dip; Dollar Gains: Markets Wrap

    (Bloomberg) -- Asian shares fluctuated and U.S. futures were a touch weaker Monday after stocks notched another week of record highs, with investors weighing the recovery in global growth and corporate earnings against the latest appalling tallies of Covid-19 infections.Benchmarks swung from red to green in Japan, Hong Kong and China. U.S. futures pared early losses, following a fourth straight weekly gain for the S&P 500 Index. Treasury yields slipped further below recent peaks. Crude oil fell and the dollar rallied from a week of losses. New Covid-19 cases in the past week surpassed 5.2 million, the most since the pandemic began.Bitcoin tumbled the most since February over the weekend, after reaching a record last week as crypto exchange Coinbase Global Inc. went public. The yen gained and euro underperformed in early Asia trade. Asian credit markets rallied, led by a rebound in China Huarong Asset Management Co. bonds. China’s financial regulator said the bad-debt manager had ample liquidity, in the first official comments since the company missed a deadline to report earnings.Robust data from China and the U.S. have buoyed investor sentiment, pushing the MSCI All-Country World Index to another record despite concerns surrounding the spread of Covid-19 variants. The risk of another destabilizing increase in borrowing costs has also subsided, as bond yields have pulled back from recent highs. This week traders will look for further confirmation of the private sector’s recovery from the pandemic as the earnings season gathers pace.“If we see vaccinations not working with new mutations, or if we see interest rates start creeping up again, these will all create tension again in the market,” Eva Ados, ERShares chief investment strategist, said on Bloomberg TV.The European Central Bank decision later in the week will also draw attention. The ECB is likely to keep policy unchanged, and to sound cautiously optimistic on the economy and stabilization in borrowing rates. It’s probably too soon for further details about the plans for the asset purchase program beyond the second quarter.Meanwhile, traders are also monitoring growing tensions between the U.S. and Russia over jailed opposition leader Alexey Navalny.Here are some key events to watch this week:Apple’s first product unveiling of the year on Tuesday.Reserve Bank of Australia releases minutes of its policy meeting on Tuesday.EIA crude oil inventory report on Wednesday.European Central Bank rate decision and President Christine Lagarde briefing on Thursday.U.S. releases manufacturing and services purchasing managers indexes Friday.These are some of the main moves in financial markets:StocksS&P 500 futures fell 0.3% as of 10:30 a.m. in Tokyo. The S&P 500 Index climbed 0.4%.Topix index fell 0.3%.Australia’s S&P/ASX 200 Index rose 0.3%.Hang Seng Index fell 0.5%.Shanghai Composite Index fell 0.2%Kospi index rose 0.2%.CurrenciesThe yen was at 108.70 per dollar, up 0.1%.The Bloomberg Dollar Spot Index rose 0.2%.The euro traded at $1.1948, down 0.3%.The offshore yuan was at 6.5341 per dollar, down 0.1%.BondsThe yield on 10-year Treasuries fell two basis points to 1.56%.The yield on Australia’s 10-year bond was steady at 1.73%.CommoditiesWest Texas Intermediate crude lost 0.7% to $62.71 a barrel.Gold was at $1,773.46 an ounce, declining 0.1%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • New home sales stay buoyant in early 2021

    New home sales were nearly 40 per cent higher in the first three months of the year than during the same period last year.The Housing Industry Association's new home sales report found sales in the March quarter increased across all of the nation's five largest states.

  • NSW calls for 'less rigid' vaccine rollout

    NSW Premier Gladys Berejiklian has suggested the phased rollout of the AstraZeneca vaccine could be scrapped, in favour of an open plan due an abundance of spare doses.Speaking ahead of a national cabinet meeting on Monday, Ms Berejiklian said Australians want a less structured approach to the rollout.

  • Oil falls amid surging coronavirus infections in India, other countries

    Oil prices fell on Monday amid mounting concerns that surging caseloads of coronavirus infections in India and other countries will lead to stronger measures and hit economic activity, along with demand for commodities such as crude. "With ... a resurgence of virus cases in India and Japan, topside ambitions continue to run into walls of profit-taking," said Stephen Innes, chief market strategist at Axi. India reported 261,500 new coronavirus infections on Sunday, taking cases to nearly 14.8 million, second only to the United States, which has reported more than 31 million infections.

  • The $15 kids' fleeces selling out fast

    Need some winter warmers for your kids' wardrobe? We've rounded up lots of cute and cosy teddy bear jumpers and hoodies for babies, toddlers, kids and even mum, so the whole family can keep warm this winter.

  • 'Good to see': AFL world erupts over new photo of Ben Cousins

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  • China’s Internet Stocks Face More Pain, Global Investors Say

    (Bloomberg) -- After a historic antitrust crackdown on China’s biggest tech companies last week, investors are betting there is more pain ahead.GAM Investments, BNP Paribas Asset Management and JP Morgan Asset Management Inc. see more regulatory tightening in China’s clampdown on monopolistic practices, putting pressure on the country’s leading internet stocks over the next few months. The Hang Seng Tech Index, where many Chinese tech giants are listed, has already lost about a quarter of its value from a rout that began mid-February.The shockwaves from Beijing’s bid to quell abuses of information and market dominance among industry leaders have left global investors pondering the prospects of China’s internet firms. The antitrust crackdown has exacerbated a global tech selloff sparked by rising bond yields, as traders forecast tighter liquidity conditions at home and abroad and lower company valuations.“Regulations for China internet companies, especially the big ones, will continue to tighten in 2021,” said Marcella Chow, global market strategist at JP Morgan Asset. “This uncertainty may act as a cap for some companies temporarily.”China slapped a record $2.8 billion fine on Alibaba Group Holding Ltd. after a four-month long investigation into the e-commerce giant’s market practices, then ordered an overhaul of Ant Group Co. Over the past week, more than 30 tech giants issued pledges to obey antitrust laws after Beijing gave them a month to conduct reviews and comply with government guidelines.READ: Jack Ma’s Double-Whammy Marks the End of China Tech’s Golden AgeAlibaba shares have slumped 23% in Hong Kong from a peak in October. Food delivery platform Meituan and tech giant Tencent Holdings Ltd., which have been on analyst radars for regulatory probes, are down 36% and 18%, respectively, from their peaks earlier this year. By contrast, the Nasdaq 100 index is up more than 8% this year despite entering a technical correction in March.Looking ahead, China’s tech companies are likely to move far more cautiously on acquisitions, over-compensate on getting signoffs from Beijing, and levy lower fees on the domestic internet traffic they dominate. This coincides with some facing delisting threats and sales curbs in the U.S., and others reverberating from a selloff sparked by Archegos Capital Management.Valuations too are serving as a deterrent for investors. Even after its decline, the Hang Seng Tech Index is trading at about 38 times its 12-month earnings estimates versus the 29 times multiple of its American counterpart.“We have already applied a valuations discount to the whole Chinese internet sector to factor in higher regulation risks,” said Jian Shi Cortesi, a Zurich-based fund manager at GAM. The $132 billion asset manager has reduced its exposure to the sector in the past few months amid high valuations, she added.The Hang Seng Tech Index was down as much as 1.1% on Monday. Tencent shares fell as much as 1.9% after Citigroup Inc. and Morgan Stanley lowered their target prices on expectations that advertising revenues will take a hit as apparel-brand and online-education providers cut spending.Keep the FaithThat said, Beijing has moved far faster with its antitrust reforms than the U.S. and Europe have in similar efforts. The landmark case against Microsoft Corp.’s alleged software monopoly took more than half a decade of back-and-forth before settling in 2004. Current hearings involving U.S. tech titans from Google to Facebook Inc. span several fronts, multiple cases and plaintiffs, and may not see the inside of a courtroom for years to come.In contrast, Beijing regulators torpedoed Ant’s IPO the month after Ma’s infamous speech, published new rules shortly after intended to curb monopolistic practices across its internet landscape, then launched its probe into Alibaba on Christmas Eve.“Clarity reduces uncertainty, so this is a positive,” said Joshua Crabb, a portfolio manager at Robeco in Hong Kong.That has helped give investors more optimism for the long term. Money managers see the potential for tech companies to boost earnings as digital technologies catch on for everything from e-commerce and entertainment to social media, a trend that has been accelerated by the pandemic.Meanwhile, mainland traders have kept the faith. They still hold about 6.5% stake in Tencent, the highest in at least three years, according to calculations by Bloomberg based on exchange data.“Post this round of regulation scrutiny, we believe the Chinese internet industry will resume healthy growth,” GAM’s Cortesi said.(Updates with performance of Hang Seng Tech Index, Tencent in tenth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Girl kidnapped in shocking 'military-style operation'

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  • Trip.com Group shares open up 4.85% in Hong Kong debut

    HONG KONG (Reuters) -Trip.com Group shares opened at HK$281 ($36.15) apiece as they debuted in Hong Kong on Monday, up 4.85% from their secondary listing offer price. But the indicated price for the stock fell in the wake of a 5.4% slide in Trip.com's Nasdaq-listed shares during the session last week when the Hong Kong deal was being finalised. James Liang, co-founder and executive chairman of Trip.com Group, said domestic tourism has been improving gradually in China as the country has recovered from coronavirus.

  • Caribbean volcanic eruption leaves path of destruction

    The nations that make up the Bolivarian Alliance for the Peoples of Our America - Peoples' Trade Agreement (ALBA-TCP) provided aid to the island, the Escambray news service reportedThe coordinator of the United Nations Organization for Barbados and the Eastern Caribbean, Didier Trebucq, warned that the eruption of La Soufriere opens the possibility of a humanitarian crisis in this Caribbean territory and nearby islands, according to Escambray news service.About 20,000 people have been evacuated from their homes since volcano began to erupt last week. The last reported eruption of the volcano was in 1979.

  • Zoom fatigue is worse for women: Here’s why

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  • Vaccine Envy Hits Japan as Pfizer Talks Fail to Lift Markets

    (Bloomberg) -- Japan won praise during the pandemic for staying open while other developed economies locked down -- helping lift stocks to three-decade highs. But as the country now struggles with its inoculation program, a case of vaccine envy is breaking out.The Topix is down 2.6% in the past month, compared with gains of 7% in the S&P 500 Index and 4.6% by the FTSE 100 in London, where photos of revelers at re-opened pubs this week contrast with reports from Tokyo, where hours at bars and restaurants have been shortened as virus cases surge.“Japanese indexes are starting to fall behind. Foreign investors are looking at vaccination rates as an investment decision,” said Tomoichiro Kubota, a senior market analyst at Matsui Securities Co. “Markets are at their wits end right now with the vaccination rate slower in Japan.”Talks on a new supply of vaccine between Prime Minister Yoshihide Suga and Pfizer Inc. Chief Executive Officer Albert Bourla failed to immediately lift spirits in Tokyo markets, amid reports the capital’s leadership was considering another state of emergency to tackle the resurgence.Suga told reporters on Monday that Pfizer had agreed to hold talks on supplying more of the vaccine, and that he expected to have sufficient supplies for the entire country by the end of September. However, he didn’t give further clarity on the timeline or how many doses might be secured. Japan’s vaccine czar Taro Kono said Sunday that a deal had been effectively reached with Pfizer.“In a way, it’s a buying opportunity, because it’s not forever that Japan will be behind,” John Vail, chief global strategist at Nikko Asset Management Co., said Friday, before reports on a possible Pfizer deal. “People are going to get vaccinated pretty soon. A lot of people will be relieved.”The first shipments of Moderna Inc.’s vaccine, which could be approved for use in Japan as early as next month, are also set to arrive this week, according to a report by the Jiji news agency.Olympic FocusJapan has entered a fourth wave of the Covid-19 pandemic with fewer than 100 days before the scheduled opening of the Olympic Games. A senior official in Japan’s ruling party indicated last week that canceling the event was an option, though he later clarified his remarks.In Tokyo’s financial circles, some envy peers abroad who have already been vaccinated. Hong Kong on Thursday expanded eligibility to all people over the age of 16. Japan has yet to set out a schedule for groups beyond the over-65s, although officials have said they expect the rates to increase in May.“If the inoculation rate for Japan remains so overwhelmingly low, it’s inevitable that compared to other countries, the recovery of the economy will be significantly delayed,” Toshihiro Nagahama, chief economist at Dai-Ichi Life Research Institute, wrote in a report.The country plans to distribute enough vaccine to cover both doses for people 65 years and older by the end of June, though the timeframe for actual administration of the shots hasn’t been finalized.Less UrgencyJapan started inoculations of the elderly one week ago, with only about 7,000 of the 36 million over-65s administered to in the first four days. Nearly 2 million doses have also been given to medical workers.A combination of factors has dragged the rollout, including a requirement for local trials, a lack of domestic development and production capacity that has made Japan dependent on imports, and a public long-skeptical of vaccines.Also, with around 500,000 reported cases to date -- compared to 31 million in the U.S. and 5.2 million in France -- Japan hasn’t felt as much urgency as many nations in the West. Indeed, even during the most recent state of emergency, businesses both large and small mostly stayed open.“Globally, Japan is still an A-student in terms of how little economic activity declined,” said Hiroshi Matsumoto head of Japan investment at Pictet Asset Management, who cites a lull in the earnings cycle for sluggishness in the markets, with a recovery already priced in and earnings season looming.“There isn’t really a debate that Japan is somehow worse compared to other countries that need to ramp up vaccination because their outbreak is worse,” he said.(Updates with comments from PM Suga from fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • China Huarong Panic Eases After Government Breaks Silence

    (Bloomberg) -- After two weeks of relentless losses, China Huarong Asset Management Co. bondholders are finally finding reasons for optimism.Huarong bonds jumped after China’s financial regulator said on Friday that the bad-debt manager was operating normally and had ample liquidity, its first official comments since the company jolted Asian credit markets by missing a deadline to report earnings on March 31. While the regulator’s statement was hardly a full-throated pledge of government support, it was enough to cement a rally in Huarong bonds from record lows and ease fears of contagion. The gains continued on Monday.One of the state-owned company’s dollar bonds -- a 3.375% note maturing in May 2022 -- climbed to about 85 cents after trading at 65 cents on Wednesday, according to prices compiled by Bloomberg.The rebound suggests investors have become less concerned about extreme scenarios like bankruptcy. Yet questions remain about the extent of Beijing’s support as Huarong tries to overhaul its business.The company, controlled by China’s Ministry of Finance, has been mired in scandal since its former chairman Lai Xiaomin was accused of bribery in 2018 and executed earlier this year. Under Lai, Huarong moved beyond its original mandate of helping banks dispose of bad debt, raising billions of dollars from offshore bondholders and expanding into everything from trust companies to securities trading and illiquid investments.If China decides to impose losses on Huarong bondholders in a debt restructuring, it would be the nation’s most consequential credit event since the late 1990s and the clearest sign yet that Beijing is serious about reducing moral hazard in its $54 trillion financial industry. But if Huarong continues to meet its obligations, the company’s bonds could end up delivering a windfall to investors who bought after prices plunged this month.“The fact that a regulator finally said something should give the market some confidence,” said David Loevinger, a former China specialist at the U.S. Treasury and now a managing director at TCW Group Inc. in Los Angeles. “The amazing thing is like many investors, if you asked me a month ago, what is the risk of Huarong restructuring its debt, I would have said close to zero. Even though I still think it’s unlikely, the risk is no longer zero.”In a statement late Friday, Huarong said it will accelerate disposal of existing risks and keep focusing on its main business of non-performing loans. Huarong said it’s working on its full-year earnings report with its auditor and will disclose it at an appropriate time.Investors will be keeping a close eye on the company’s near-term debt payments for any signs of stress.Huarong’s onshore securities unit has wired funds to repay a local bond due April 18, people familiar with the matter said on Friday. Reports that Huarong has prepared funds to pay a S$600 million ($450 million) bond due April 27 helped trigger the rally in its offshore debt from record lows on Thursday.The comments from China’s regulator on Friday suggest the worst of the Huarong crisis is likely over, according to Yong Zhu, who manages about $6 billion at DuPont Capital Management in Wilmington, Delaware.“The statement from the China Banking and Insurance Regulatory Commission is a clear indication that the policy of the Chinese government is to support Huarong and avoid near term default,” said Zhu, who doesn’t own the bonds.Credit-default swaps on China Huarong International Holdings Ltd., an offshore unit of Huarong, tumbled to 956 basis points on Friday from a record 1,466 basis points, according to ICE Data Services.What Bloomberg Intelligence says“The Chinese government still operates in an opaque manner. So until something is officially announced, things are still in play. It’s either a bailout or a big haircut. People are sensitive to any news.”-- Dan Wang, credit analyst a Bloomberg Intelligence.If Huarong were to restructure with offshore bondholders taking a hit, investors would reassess the credit risk of other Chinese companies that use a similar funding mechanism, said Nick Smallwood, an emerging-market debt strategist at M&G Investments. That would make future borrowing more costly and difficult to come by, Smallwood said.“I think there is an expectation that Huarong will not default and that it is a structurally important credit, resulting in a higher likelihood of government support,” said Steven Oh, head of fixed income at Pinebridge Investments.Chinese policy makers will have to weigh the broader market implications as they decide how to proceed, according to TCW’s Loevinger.“Clearly, the direction of the policy is they want to send a signal that creditors have to pay more attention to credit risks and they have to stop expecting bailouts,” Loevinger said. “They want to kill the chicken to scare monkeys. But having Huarong default would be killing the tiger. Obviously, it’s a much bigger systemic risk.”(Updates with Monday trading from second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Vic vaccine boss expects high demand

    Victorians are likely to have "significant demand" for the AstraZeneca jab despite ongoing concerns about its side effects, according to the state's vaccination boss.Professor Ben Cowie said he is confident the state will cope with coronavirus vaccine demand, despite the ongoing shortage of Pfizer shots.

  • Deutsche Bank Builds World EM FX Trading Engine in Singapore

    (Bloomberg) -- Deutsche Bank AG is replacing its global pricing engine for emerging-market currencies in London with one in Singapore, drawn by surging trading in Asia and the increasing importance of the Chinese yuan.Locating new and more powerful computer hardware in the city-state will help the bank shave vital fractions of seconds from the time it takes to execute orders in the region, according to Singapore-based David Lynne, the chief of fixed income and currency operations in Asia region.The shift underscores the need to locate servers closer to customers amid the boom in high-frequency trading and the rise of the yuan, which accounts for about 4% of global currency volumes. It is also a win for Singapore, Asia’s biggest currency-trading hub, which is fighting to maintain its lead over chief rival Hong Kong and grab a bigger share of trading in the Chinese currency.“Singapore is growing as a major regional liquidity center, and we along with some of our competitors are building capacity here to boost the speed of transmission into more Asian countries,” Lynne, who is also the regional head of corporate banking, said in an interview last week. “The upgrades we are making in new hardware in Singapore substantially increase our technical capability.”The city-state also has a speed advantage, Lynne said. “It is faster than Tokyo in transmitting FX pricing into local Asia FX markets.”Singapore is ranked third globally behind the U.K. and U.S in the $6.6 trillion-a-day foreign-exchange market, the latest triennial report from the Bank for International Settlements show in 2019. In the past few years, the Monetary Authority of Singapore has been encouraging banks to build systems that would remove a lag caused by routing trades through London or Tokyo, while touting access to the wealthy in the region.To add to daily trading volumes of $640 billion -- up 24% from 2016 -- the MAS has also been promoting its offshore status for Chinese yuan trading.All the major forex hubs are competing for a bigger share of yuan trading -- which had reached a daily average of $284 billion, according to BIS -- especially as capital inflows into China pick up pace. Beijing has also eased investment restrictions as part of broader efforts to turn its currency into a global reserve to rival the dollar.It is the most-traded emerging-market currency, according to BIS data.World’s Traders Catapult China to FX Big League on Yield AppealDeutsche Bank is also boosting its algorithm-based capacity for onshore yuan trading in China, said Lynne, who moved to Singapore with Deutsche Bank in 1998.“We’re increasing our algo capability for China, which requires access to CFETS data,” he said, referring to the China Foreign Exchange Trade System.“We already see a majority of our products trading purely on algo. We expect to see more of that activity pricing on algo in the future.”Deutsche Bank is seeing an increase in demand from clients, particularly those in China, to change the invoice currency for transactions to renminbi. “That will continue to increase,” Lynne said.Emerging-markets team staff will continue to be spread across London, New York, Hong Kong and Singapore, with no impact on headcount from the location of hardware, he said.JPMorgan Chase & Co. and UBS Group AG, the world’s biggest forex trading banks by volumes as per the 2020 Euromoney survey, have already have set up FX pricing and trading engines in the island nation. Deutsche Bank and Citigroup Inc., ranked fourth and fifth respectively, also count Singapore among their global trading centers.Deustche Bank’s other three global FX hubs are London, New York and Tokyo.(Adds Lynne’s comment on speed in fifth paragraph, bank’s other global FX hubs in last.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Jury in George Floyd murder trial to hear closing arguments

    A jury is to hear closing arguments on Monday in the trial of the white ex-police officer accused of murdering African-American George Floyd, a case that laid bare racial wounds in the United States and has come to be seen as a pivotal test of police accountability.

  • Boris Johnson says breakaway European Super League plans ‘very damaging’ for football

    Ministers back football authorities taking action over ‘closed’ competition for Europe’s elite clubs