Daily Dispatches: BoA defers more pay

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Bank of America-Merrill Lynchplans to use more deferred compensation to pay its investment bankers, Chief Executive Officer Brian Moynihan said. "The amount of deferral is going to be consistent with both companies." (Bloomberg)

The financial sector should enhance three areas to avoid potential risks. Addressing an Asian Financial Forum audience, Hong Kong Monetary Authority chief executive Norman Chan Tak-lam identified the areas: banks should maintain sufficient liquidity, increase pay for senior staff and improve their structure. (The Standard)

AXA Asia-Pacific Holdings telegraphed higher than expected profits, putting pressure on rival bidders to raise their offers in a A$13.3bn battle for the company. (Sydney Morning Herald)

Morgan Stanley, still struggling to rebound from the credit crisis, yesterday reported that a steep drop in trading revenue damped fourth-quarter profits. (The Australian)

Tax issues in Singapore were keenly debated at a roundtable yesterday, where representatives of the business community, government and academia discussed their wishlists for the 2010 Budget. In one discussion, Ajit Prabhu, Deloitte Singapore head of tax, and Paula Eastwood, PricewaterhouseCoopers Singapore head of tax, raised the need for Singapore to stay competitive in personal income tax rates. (Asia One)