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VPBank is offering exclusive promotions for credit card holders, including up to 50% off at Michelin-starred restaurants and various discounts at duty-free stores across Asia. Customers can also enjoy cashback incentives when using contactless payment solutions at select retailers. The promotional programs run until December 31, 2024, enhancing the overall customer experience with attractive dining, shopping, and travel benefits.
Switzerland remains the top global wealth management center, managing $2.2 trillion in foreign assets, but its lead is narrowing, with the UK and USA closing in. Factors such as growth in Asia, increased competition, the fallout from the Credit Suisse crisis, and overregulation are challenging its dominance. To maintain its position, Switzerland must enhance regulatory frameworks and invest in digital transformation.
Switzerland's appeal to wealthy clients is waning, with foreign assets under management dropping to $2.174 trillion in 2023 from $2.624 trillion in 2020, according to Deloitte. The fallout from Credit Suisse's collapse has eroded confidence, particularly among clients from Europe and the Middle East, while the country's traditional advantages are losing significance. Although Switzerland remains the top offshore wealth hub, its market share has decreased, with competitors like the U.S. and the U.K. closing the gap.
Switzerland remains the leading country in offshore wealth management, managing $2,174 billion for international clients, though its lead over the UK and US has diminished due to Credit Suisse's collapse, which caused $183 billion in outflows. While Switzerland retains its appeal for European and Middle Eastern clients, the stability of its banking market has been shaken, and the importance of local banking is rising globally.
Markets remained subdued as Wall Street awaited corporate earnings, with the US dollar reaching a near two-month high amid inflationary expectations and rising Treasury yields. The AUD/SGD is testing support at the lower wedge trendline around 0.8750, while the EUR/USD is approaching upward trendline support at 1.076, with potential for a bounce if it holds.
The HFS Bulletin for September 2024 outlines various indices used for illustrative purposes, emphasizing that they are unmanaged and not directly investable. Key indices include the Barclays Corporate High Yield Index, which excludes certain bonds, and the Barclays Global Aggregate Index, representing global investment-grade fixed income markets. Other notable indices cover diverse strategies such as equity hedging, event-driven investing, and macroeconomic trends, providing benchmarks for hedge fund performance across multiple asset classes.
A new gold rush is emerging near Singapore’s Changi Airport, where a business park houses Reserve SG, a facility containing over $1 billion in gold, silver, and other valuables. This secure location features numerous private vaults and safe deposit boxes, with precious metals stored in a vast three-storey room.
China is grappling with a complex situation in Myanmar following an attack on its consulate, which has heightened fears of chaos in the region. The Chinese government has expressed serious concerns and demanded an investigation, as it navigates its support for the military junta while managing relationships with armed ethnic groups. Recent military setbacks for the junta raise questions about its stability, prompting China to exert pressure on rebel forces to maintain order and prevent a disorderly collapse of power.
The US is engaging in discussions with several Southeast Asian countries, including the Philippines, Singapore, and Thailand, about the deployment of small modular nuclear reactors (SMRs). This initiative reflects a growing global interest in low-carbon energy solutions, as highlighted by Andrew Light, assistant secretary of energy for international affairs, during the Singapore International Energy Week conference.
In August 2024, significant leadership changes occurred in the Asia-Pacific wealth management sector, including the appointment of a new CEO for DBS in Singapore and key roles at Eastspring Investments, Lighthouse Canton, and Emirates NBD. Notable hires included Ashwin Jayaram at Julius Baer and Tomoko Ueda at BlackRock, while VP Bank closed its Hong Kong office, focusing on Singapore. Other firms like Capital Group and Federated Hermes also made strategic appointments to enhance their regional presence.
SGP
Country
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
vpbank launches exclusive dining and shopping promotions for credit card holders
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gold rush ignites in singapore with billion dollar treasure vaults
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us explores deployment of small nuclear reactors in southeast asia
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asia pacific wealth management sector appointments and changes in august 2024
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09:00 22.10.2024
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