Federal Reserve Bank of New York President John Williams, one of the US central bank's top policy makers, downplayed fears of recession risks being signaled by bond markets.

Contract signings to purchase previously owned US homes fell more than estimated in February, suggesting that the prior month's surge resulted from pent-up demand and that a sustainable recovery may take more time.

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 said in a briefing on Wednesday

Lyft is raising some US$2.5 billion in its Wall Street offering, which is seen as turning point for the ride-hailing business and the so-called "sharing economy."

Wells Fargo chief executive Tim Sloan, a frequent target of critics following a series of lapses by the bank, is stepping down from his post "effective immediately," the bank announced Thursday.

Sony chairman Kazuo Hirai, who led a major and successful overhaul at the Japanese electronics giant, announced Thursday he would be leaving the firm after 35 years.

Source: SGX Masnet, Bloomberg, Channel NewsAsia, Reuters, The Business Times, PSR