Eagle Hospitality Reit
The Monetary Authority of Singapore (MAS) has directed the trustee of Eagle Hospitality Real Estate Investment Trust (Reit) to remove the Reit manager amid breaches of capital and financial requirements.
DBS Trustee Limited, the trustee, has to appoint a new manager "as soon as practicable", said the authority yesterday.
The move comes after MAS requested for written submissions from the trustee and the manager, Eagle Hospitality Reit Management, on why the latter should not be removed. The authority said the submission from the latter's shareholder raised "no new material facts".
Dutch bank ABN Amro said yesterday it would cut almost 3,000 jobs in the coming years, as it focuses on profitable activities in the Netherlands and north-west Europe.
ABN, one of the three dominant lenders in the Netherlands, said it would cut 15 per cent of its current staff of about 19,000 by 2024, as it looks to bring down costs by €700 million (S$1.1 billion) to €4.7 billion per year. The bank also said it would aim for a core capital adequacy ratio of at least 13 per cent, and consider share buybacks if the so-called CET 1-ratio under Basel IV rules topped 15 per cent.
Tokyo Stock Exchange
Tokyo Stock Exchange president and chief executive officer Koichiro Miyahara has decided to resign over a system failure that caused an unprecedented all-day suspension on the bourse in October, the Nikkei business daily reported yesterday.
The outage on Oct 1 cast a shadow on the exchange's credibility.
Mr Akira Kiyota, CEO of Japan Exchange Group, which operates the Tokyo Stock Exchange, will stay on and also serve as president of the Tokyo bourse, the Nikkei said.