Fox Business - The Power to Prosper
Search Site

Commercial Banks

Insight: Despite curbs, China's vast hot money triangle flourishes

ZHUHAI, China/HONG KONG (Reuters) - In an underground mall just a stone's throw from China's teeming border with Macau, a row of 30 small shops with identical golden plaques does a brisk, though shadowy trade with mainland Chinese visitors, many of them bound for the gambling hub."Good rates. Better than the banks," shout salespeople jostling to usher clients into shops where thick wads of Chinese 100 yuan ($16.31) and HK$1,000 ($130) bank notes change hands and shuffle noisily through electronic cash-counting machines. Licensed as liquor and dry goods stores with stacked shelves of rice wine and cigarettes, many conduct their real business in back rooms - as underground bankers and remittance agents."It's very simple," said one agent surnamed Choi, dressed in sandals and ripped jeans, as he served tea in a back office where larger transactions are typically carried out. "You give me renminbi here. Then we deliver Hong Kong dollars to you in Macau. We can move tens of millions each day...

Read More

  1. A Financial Services ETF Buffett Would Love

    As ETFs have surged in popularity, analysts and investors have wondered which funds would be appealing to legendary value investor Warren Buffett. Buffett's Berkshir...

  2. Intesa Net Profit Falls as Bank Takes "Conservative" Approach

    Intesa Sanpaolo SpA (ISP.MI) Tuesday posted a 62% drop in net profit for the first quarter, a sign that difficult macroeconomic and political conditions continue to ...

  3. ECB's Asmussen Wants Resolution Authority, Single Supervisor

    European Central Bank Executive Board member Joerg Asmussen said Monday that the European Union's mechanism for resolving struggling financial institutions should be...

  4. Lloyds Chairman Bischoff to Retire by May 2014

    Lloyds Banking Group PLC (LYG) on Monday said its chairman, Winfried Bischoff, will retire from the bank by May 2014, the latest sign that the restructuring at the p...

  5. Lloyds Banking Says Chairman Bischoff to Retire by May 2014

    Lloyds Banking Group PLC (LYG) Monday said its chairman, Winfried Bischoff, would retire from the bank by May 2014 at the latest.Lloyds, in which the U.K. government...

  6. Factbox: Targets and changes at HSBC under CEO Gulliver

    HSBC Chief Executive Stuart Gulliver will update investors on Wednesday on how he is doing in meeting his targets more than two years into a 3-year restructuring pla...

  7. Weak Yen Offers a Chance to Sell Australian Dollar

    It finally happened. The Aussie dollar failed to rebound versus the U.S. dollar Thursday to break below the US$1.00 parity level, thereby fulfilling the wishes of a ...

  8. China issues new rules targeting wealth management fund pools: sources

    China's bond market regulator closed off a loophole on Friday that allowed banks that sell high-yielding wealth management products (WMPs) to evade regulatory requir...

  9. Carlyle, FountainVest to Hold Focus Media Stakes after Deal

    Carlyle Group LP and China-focused private-equity firm FountainVest Partners are set to be the two biggest shareholders in Focus Media Holding Ltd. after the adverti...

  10. Morgan Stanley legal costs knock penny per share off profits

    Morgan Stanley investors received a penny less in profit per share last quarter due to legal expenses that were booked between the company's earnings press release o...

  11. Morgan Stanley Legal Charges Reduce 1st-Quarter Per-Share Earnings By 1 Cent

    Morgan Stanley's (MS) settlement of two mortgage-related lawsuits will reduce the securities firm's previously reported first-quarter earnings by one cent, the compa...

  12. China Big Four Banks Issued CNY245 Billion New Loans in April -Report

    China's four biggest banks extended 245 billion yuan ($39.7 billion) in new loans in April, down from the CNY330 billion they issued in March, the 21st Century Busin...

  1. Wall Street bonuses, staff levels to rise in 2013: consultant

    Wall Street bonuses and staff levels are expected to rise this year as trading and dealmaking activity pick up, according to a closely watched report released on Fri...

  2. CEO of SocGen Russia unit held over suspected kickbacks

    The chief executive of Societe Generale's Russian unit was detained on Wednesday on suspicion of taking bribes, dealing a blow to one of the few foreign banks that h...

  3. China Banking System April Net Forex Purchases CNY294.4 Billion

    China's central bank and financial institutions bought a net 294.4 billion yuan ($47.48 billion) of foreign currency in April, compared with a net purchase of CNY236...

  4. ASIA MARKETS: Japan's Nikkei Jumps To Reclaim 15,000, Lead Asia

    Japanese shares soared Wednesday on the back of a weaker yen and strengthening expectations for earnings growth, sending the benchmark Nikkei Stock Average above the...

  5. Analysis: For all the debt, there's a shortage of bonds

    Debt may be everywhere but there's a scarcity of bonds.With governments awash with debt and furiously selling new securities to fund bloated budget deficits, the ide...

  6. ASIA MARKETS: Japan's Nikkei Reclaims 15,000; Asia Stocks Mixed

    Japanese shares soared Wednesday on the back of a weaker yen and strengthening expectations for earnings growth, sending the benchmark Nikkei Stock Average above the...

  7. Hong Kong Stocks Rise On Banks, Property Shares

    Hong Kong stocks rebounded early Wednesday after two days of declines, with financials and property developers buoyed by another record finish for key U.S. indexes o...

‹ Prev12345Next ›
Freebase CC-BY
Source: Commercial Banks on Freebase, licensed under CC-BY
Other content from Wikipedia, licensed under the GFDL