Powerless

Temasek is starting to call the shots at Standard Chartered. If the Singaporean sovereign wealth fund ups its stake in the UK-based emerging markets bank to 20% from its current 19%, StanChart could lose its licence to issue notes in Hong Kong. The bank is powerless to prevent its largest shareholder embarrassing it in its largest market. Hong Kong does not want its Note-Issuing Banks under the influence of foreign governments. In July, the Hong Kong Monetary Authority (HKMA) ruled its NIBs sho...