Gold is doing something we have not seen for 5 years
The last more than two months have been a kind of wake-up call for investors. After a particularly uneventful year in 2017, when the stock market climbed sharply without significant downward movement, Wall Street and investors were surprised by the rapid corrections in February and March.
As you might expect, not too many industries have escaped the sudden decline in equities. The fast-growing technology sector is volatile, the social media giant Facebook is involved in a privacy scandal. Meanwhile, most US multinational companies have been struggling since US President Trump’s announcement of punitive tariffs on steel and aluminum.
We have not experienced anything like that for five years
But an asset has not fallen in step with the stock market: gold. The shiny yellow metal has improved by 2.4% by April 12th. By comparison, the Dow and S & P 500 have fallen 1.4% and 1.8% since the beginning of the year and more than 10% since reaching their historical highs on January 26th.
Strong first quarters have been common for gold in recent years. In 2016, Gold even achieved the best performance in three decades. But it is not the nominal rise in the price of gold in the first quarter of 2018 that is so impressive. It’s what the precious metal has been doing from a trading perspective since the beginning of the year.
Continue reading “Are we facing a new gold rally?”
KUALA LUMPUR, April 3 — CIMB Group Holdings Bhd is on track to achieve its target of RM200 million gross written premiums for its non-life insurance business this year.
Chief Executive Officer (Group Consumer Banking), Samir Gupta, said the group had been partnering with Sompo Holdings (Asia) Pte Ltd to market and distribute Sompo’s non-life insurance products through its distribution network, which includes Singapore and Indonesia.
“We started off in 2016 in Singapore and Indonesia, and in Malaysia in August last year.
“In Malaysia, the response has been good. In the first four months in the market last year, the group managed to collect a total premium of RM22 million while in the first two months of this year, the group had already achieved 20 per cent of the target,” he told reporters after the launch of CIMB-Sompo bancassurance partnership in Malaysia.
Continue reading “CIMB targets RM200m in non-life insurance premiums for 2018”
Last week, the Central Bank of Malaysia, Bank Negara Malaysia has introduced a new initiative to digitize its financial services and empower society called eCCRIS which stands for the electronic Central Credit Reference Information System.
In the bank’s statement, the Governor Tan Sri Muhammad Ibrahim said it is the bank’s efforts to expand the scope of the use of its traditional CCRIS report.
He said the report is used not only by borrowers and lenders, but it also include the purposes of individual financial health screening, debt management and settlement activities, as well as screening of job applicants by employers. This development is in line with Bank Negara’s aspiration to see the wider use of credit scores.
Continue reading “eCCRIS to Digitize and Empower Financial Services & Society”