Latest news with #BNYMellon
Business Recorder
3 days ago
- Business
- Business Recorder
China's yuan looks set for monthly rise
SHANGHAI: China's yuan was largely steady against the dollar on Friday as investors stood sidelined awaiting more clarity on US President Donald Trump's trade policy following conflicting court rulings on his sweeping tariffs. A federal appeals court temporarily reinstated the most sweeping of Trump's tariffs on Thursday, a day after a US trade court ruled that he had exceeded his authority in imposing the duties and ordered an immediate block on them. As of 0327 GMT, the yuan was 0.02% higher at 7.1853 per dollar, while its offshore counterpart was up about 0.06% in Asian trade to 7.1858. The Chinese currency looked set for a monthly rise, after Washington and Beijing earlier this month agreed to roll back most of the tariffs imposed on each other's goods since early April, in an effort to avoid a full-blown trade war. However, US trade talks with China were 'a bit stalled' and getting a deal over the finish line would likely need the direct involvement of Trump and Chinese President Xi Jinping, US Treasury Secretary Scott Bessent said on Thursday. Some currency traders expect the yuan to stay rangebound trading for the time being. 'Tariff developments are likely to be zigzag, and 'de-dollarisation' is expected to persist,' said a trader at a foreign bank. 'Pressure on the yuan should be expected based on the comprehensive asset inflows into the country in recent weeks alone, and we also stress that fundamentals do not support excessive yuan appreciation as risks to price pressures remain to the downside,' Geoff Yu, EMEA macro strategist at BNY Mellon, said in a note. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate at 7.1848 per dollar, 11 pips firmer than a Reuters' estimate of 7.1859. The spot yuan is allowed to trade 2% either side of the fixed midpoint each day.
Yahoo
17-05-2025
- Politics
- Yahoo
‘It's made everyone feel uneasy':Shock after office targeted in ‘anti-Semitic attack'
Residents have reacted in horror after a vandalism attack on an office block in Prestwich. In the early hours of Thursday, May 15, the peace of the George Street area in Sedgley Park was shattered when Rico House, an office block, was targeted. Police said an investigation has been launched after red paint was daubed extensively across the front of the building. The words 'Happy Nakba Day' were painted onto the building. Palestine Action has claimed responsibility for the incident.# READ MORE: Prestwich office block daubed with red paint in 'Anti-Semitic' attack Barclays on Central Street, Bury, smashed and covered in red paint It claims the office block is home to the 'Manchester-based landlords' of Israeli arms firm Elbit Systems. Greater Manchester Police says it was called to reports of criminal damage at the building shortly before 4am on Thursday, and enquiries are ongoing. As well as the attack on Rico House, Palestine Action says it also targeted the Elbit Systems factors in Filton, near Bristol, and the office of BNY Mellon bank, in Edinburgh, this morning. George Street In contrast to other similar incidents, Rico House was targeted at a building surrounded by family homes. The Local Democracy Reporting Service visited George Street on Thursday. The quiet, leafy street, in the heart of Prestwich's Jewish community is mostly residential and the sound of young families enjoying the sunshine in their gardens could be heard. Bury's Council leader, Eamonn O'Brien said he was 'deeply upset' to see 'anti-Semitic attacks on Jewish businesses in our borough'. Those views were echoed by people passing by the building on Thursday. Without exception, those approached did not want their names publishing. One man, in his 50s, said: 'It's shocking and really disappointing. Surely we're better than this. 'Global issues are now coming to the doorstep of our community. 'There's a better way to protest and a better way to get your point across.' Another man, 79, who lives in nearby Kersal, said: 'It's makes everyone in the community feel more uneasy. 'I know it's targeting property rather than people but it's not nice to see. 'It's deeply unpleasant and worrying.' A man leaving Rico House through its damaged front door would not comment, saying the attack on the building 'had already been made public'. Cllr O'Brien, added: 'I would like to reassure our Jewish community that we stand with them against these sorts of attacks and will do all we can to ensure an end to division and hate in our borough. 'I have asked that the council work closely with the police and request an increase in patrols in the area.' The actions have been condemned by community representatives, include the Community Security Trust (CST), a charity which provides security to the UK's Jewish communities. A spokesperson for CST said: 'CST is appalled by the vile paint attack against a mainly Jewish office block in North Manchester. 'We have been working closely with the police and the location, doing our utmost to help identify the anti-Semitic vandals and to give security support.' Christian Wakeford MP, Labour MP for Bury South, has also condemned the attack. 'I'm deeply troubled to have learned that last night there was an attack on a property in the heart of the Jewish community in my constituency,' he said. 'The attack saw anti-Semitic graffiti targeted towards the Jewish owners of the building and those Jewish businesses who use the building. 'Anti-Semitism can never be tolerated. 'I want to reassure all my constituents that any hatred, towards any community in Bury South can never be justified, at any level.' A GMP spokesperson said: 'We were called to reports of criminal damage at a building on George Street, Prestwich. 'The scene has now been processed and closed, but officers continue to conduct further enquiries. ' Anyone with information should call us on 101 quoting log 316 of May 15, 2025.' Nakba Day commemorates the displacement of Palestinians on May 15, 1948, the day which followed the Israeli Declaration of Independence.
The National
15-05-2025
- Politics
- The National
Pro-Palestine protesters target two Scottish offices linked to Israel
Activists from Palestine Action targeted the Allianz offices in Glasgow and the BNY Mellon offices in Edinburgh on Wednesday morning, spraying red paint on both buildings. Campaigners said the companies insure and invest in Israeli weapons manufacturer Elbit Systems. BNY Mellon office in Edinburgh (Image: Palestine Action) BNY Mellon office in Edinburgh (Image: Palestine Action) Allianz office in Glasgow (Image: Palestine Action) The group said the action was taken to mark the Nakba Day, which commemorates the 750,000 Palestinians who were forcibly displaced and more than 500 Palestinian cities, towns and villages which were destroyed by Israel in 1948 during the country's formation. It comes as Israeli strikes killed more than 50 people in Gaza overnight, including a journalist. A Palestine Action spokesperson said: "As we reach the 77th Nakba and 586 days of genocide, we will continue to escalate against Elbit until they are shut down for good. READ MORE: Keir Starmer announces Rwanda-style plan to deport asylum seekers "The state's attempt to intimidate us will never deter our commitment to the liberation of Palestine from the Zionist colonial entity. Our actions wont stop until the Nakba does." Action also took place south of the Border, where several activists blockaded Elbit System's factory in Bristol with a repurposed ambulance. "Almost 20,000 Palestinian children have been killed and that's why we're here to shut down this factory," one activist said from the roof of the factory. Israel's war on Gaza has killed nearly 53,000 Palestinians, many of them women and children, and displaced 90% of the population in Gaza, often multiple times. Gaza's Health Ministry said almost 3000 people have been killed since Israel broke the ceasefire deal on March 18. On March 2, Israel halted the entry of all humanitarian aid into Gaza, with experts warning of famine if Israel does not lift its blockade. Nearly half-a-million Palestinians are facing possible starvation, while one million others can barely get enough food, according to findings by the Integrated Food Security Phase Classification, a leading international authority on the severity of hunger crises. Police Scotland have been contacted for comment.
Economic Times
12-05-2025
- Business
- Economic Times
‘Buy America' sweeps across global markets after trade talks
With Wall Street kicking off another rally, American stocks are now trading like Donald Trump's 'Liberation Day' shock never happened. ADVERTISEMENT The S&P 500 jumped 2.8% at the open, surpassing levels from early April. The Nasdaq 100 Index was on the cusp of a bull market, powered by a resurgence in megacap tech shares. The dollar rose and Treasuries fell. The easing of trade tensions between the US and China gives investors their clearest indication yet that the Trump administration is taking a softer approach to the clashes that upended global markets just a few weeks ago. With hopes riding high that the US economy can avoid a recession, traders also pushed back their bets that the Federal Reserve may not need to cut interest rates as quickly. 'This news was much better than expected,' said Geoffrey Yu, a currency and macro strategist for EMEA at BNY Mellon. 'We doubt the market will forget April, but worst-case scenarios are now a distant memory and people will allocate accordingly.' Big tech stocks, which had been hammered in the selloff, led the advance, with the Nasdaq 100 Index jumped 3.4%. Meanwhile, safe haven assets dropped, with gold, the Japanese yen and the Swiss franc sinking in unison. The euro fell as much as 1.5% to $1.1084, putting it on track for its worst day this year. ADVERTISEMENT Swaps tied to Fed meetings now favor a quarter-point reduction in September. Last week, they indicated a change as soon as July. 'Were the last six weeks just some sort of nightmare? The weekend suspension of most of the tariffs between the US and China has suddenly left trade policy looking a lot more like the optimistic expectations from the beginning of April.'— Cameron Crise, Macro StrategistSome investors were wary about the lack of detail in Monday's announcement and the risk of another flare-up between Beijing and Washington. While the two countries have three months to work through their differences, that's not a lot of time to negotiate a complex trade dispute. It's also unclear what the goal is at the end of the cooling-off period. Asked what would happen at the end of 90 days to avoid tariffs ratcheting back up, Treasury Secretary Scott Bessent indicated on Monday that there's a chance to extend the truce further. In the meantime, Chinese exporters will likely use the time to ship even more products to the US or through other countries, exacerbating imbalances. It's unlikely that US equities will return to their record highs anytime soon, said Roberto Scholtes, head of strategy at Singular Bank. He cautioned that even if an agreement is reached, companies will suffer the economic damage from the confusion and uncertainty of US economic policy. ADVERTISEMENT 'We took advantage and bought the dips,' he said. 'Now we're on hold, but weighing whether sell the rally.'Trade pressures are already starting to hit businesses, with companies from United Parcel Service Inc. to Ford Motor Co. to Mattel Inc. withdrawing guidance, citing tariff uncertainty that's getting too hard to navigate. ADVERTISEMENT The average company in the S&P 500 made 6.1% of its revenue from selling goods in China or to Chinese companies in 2024, according to an analysis from Bloomberg investors said the shift in sentiment will be enough to drive a recovery in global markets. ADVERTISEMENT After falling nearly 19% since a peak in February amid fears of a global trade war, the S&P 500 has now recouped about half of these losses. In currency markets, the bounce back has been more restrained. The Bloomberg Dollar Index is 2.7% below its April 2 level. For equity investors, 'there is no more dip to buy, so if you were not invested, it's really hard to go in now,' said David Kruk, head of trading at La Financiere de L'Echiquier. 'It's a real pain trade for those who missed the rebound.' (You can now subscribe to our ETMarkets WhatsApp channel)
Yahoo
03-05-2025
- Business
- Yahoo
BNY secures licence for regional headquarters in Saudi Arabia
The Bank of New York Mellon (BNY) has obtained a regional headquarters (RHQ) licence from the Ministry of Investments in Saudi Arabia (MISA). In a statement, the company said that this new regional headquarters, located in Riyadh, will facilitate its strategic, administrative, and corporate services across the Middle East region. BNY has been providing asset servicing solutions in Saudi Arabia, which include global custody services, global risk solutions, custody FX, and institutional accounting. All these services are offered under a 'Capital Markets Authority' licence. The company has maintained a presence in Saudi Arabia for several decades, collaborating with clients in the region, including the UAE, Kuwait, Qatar, Bahrain, and Oman. BNY International head Hani Kablawi said: 'The Kingdom of Saudi Arabia is delivering on its Vision 2030, and we will continue to bring BNY's expertise across the financial lifecycle to help the KSA achieve its ambitions. 'Today's announcement underscores the strategic importance of the Middle East in BNY's international growth plans and our commitment to being an enduring partner to our clients across the region.' Currently, BNY Mellon serves over 90% of Fortune 100 companies and almost all of the top 100 banks worldwide. As of 31 March 2025, BNY Mellon had $53.1tn in assets under custody and/or administration and $2tn in assets under management (AUM). In September 2024, BNY launched Alts BridgeSM, a comprehensive solution that combines data, software, and services. The aim is to cater to the demand from wealth intermediaries seeking streamlined access to alternative and private market investments. "BNY secures licence for regional headquarters in Saudi Arabia" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
