Call to ease HK start-ups' banking woes
HONG KONG • Hong Kong's banking regulator yesterday urged financial firms to review requirements that have made it virtually impossible for start-ups and small companies to open bank accounts in the city.
It comes after the Hong Kong Monetary Authority had launched a regulatory regime known as a "sandbox" for innovation in the banking sector on Tuesday, amid fears the city is losing ground to other markets, including Singapore.
In a circular to banks, the regulator said robust measures to combat money laundering and terrorist financing were important, but it expected banks to "refrain from adopting practices that would result in financial exclusion".
Slowing post-Brexit growth in Britain
PARIS • Growth will continue to slow in Britain following a shock vote to leave the European Union, before stabilising around a lower pace towards the end of the year, the Organisation for Economic Cooperation and Development (OECD) said.
In its first release since the Brexit vote, the OECD said its composite leading indicator (CLI) for Britain rose to 99.32 in July from 99.29 in June, remaining below the long-term average of 100 it fell under last October. The indicator, meant to flag early signals of turning points in economic activity, showed stable growth momentum in the United States, Japan and the euro area as a whole, the organisation said.
The CLIs also showed major emerging economies were improving, with growth picking up in China, Russia and Brazil, and firming up in India.