US economy slowed more than expected in the fourth quarter

WASHINGTON: The US economy slowed more than initially thought in the fourth quarter, keeping growth in 2018 below the Trump administration’s 3 per cent annual target, and corporate profits failed to rise for the first time in more than two years. Gross domestic product increased at a 2.2 per cent annualised rate, the Commerce Department […]

Hong Kong starts granting licenses for virtual banks

Hong Kong:
Hong Kong’s traditional banks are set to face one of their biggest challenges yet: a new breed of financial technology firms estimated to snare as much as 30 per cent of their revenue. The Hong Kong Monetary Authority has granted three virtual bank licenses and is processing five more, Deputy Chief Executive Arthur Yuen […]