Vietnam 

Foreigners still permitted to make term deposits at Vietnamese banks – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Resident and non-resident foreigners in Việt Nam are still permitted to make term deposits at local banks. — VNA/VNS Photo HÀ NỘI — Resident and non-resident foreigners in Việt Nam are still permitted to make term deposits at local banks despite some banks saying they would not accept savings deposits from individual foreign customers, the State Bank of Việt Nam has said. Last week, some banks announced that they would stop taking savings deposits from foreign individuals starting this month to follow the central bank’s Circular 48/2018/ TT-NHNN, which took effect on July…

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Home 

Why the stock market rally will not last long, despite dovish moves by central banks

Few would have predicted at the end of last year, when stock markets were in free fall, that global equities would bounce back so spectacularly.In the first half of 2019, the MSCI All-Country World Index, a leading gauge of shares in developed and developing economies, surged almost 15 per cent, its best first half of the year since 1997. The fierce rally has left the index just 4.5 per cent shy of its all-time high reached in January last year.The dramatic gains in stock prices stem mainly… Source link

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Vietnam 

Deutsche Bank’s restructuring not expected to harm VN market – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The logo of Deutsche Bank building in Amsterdam. The German lender’s latest decision to remove global equities unit from its business portfolio may not impact the Vietnamese market. — AFP Photo HÀ NỘI — Recent developments at Deutsche Bank will have no effects on capital flows into Việt Nam, according to Bảo Việt Securities Co (BVSC). German Deutsche Bank early this week announced it will axe its global equities unit, cut some fixed-income operations and lay off around 18,000 staff as part of its restructuring plan. …

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China 

Chinese banks may not have enough capital to lend economy out of slowdown, says Fitch

Chinese banks do not have adequate capital to support the sort of large-scale lending that could bolster economic growth in the world’s second-largest economy, Fitch Ratings has said.The global credit rating agency has predicted China’s economy to slow from 6.2 per cent this year to 5.8 per cent in 2021. Grace Wu, senior director and head of Fitch’s Greater China banks business, believes that “the peak of the US tariffs has yet to come”.The US and China agreed to a temporary trade war truce… Source link

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Property 

Two Hong Kong banks cut their valuation of used homes as city’s civic unrest threatens to knock property bull run off its footing

Two of Hong Kong’s biggest commercial banks cut their valuation of pre-owned homes in several housing estates in anticipation of declining prices, after the city was rocked for the past month by record number of street protests.HSBC and Bank of China (Hong Kong), two of the city’s three currency printing banks, cut their valuations for used homes in the New Territories and Kowloon by up to 3.6 per cent, according to data on their websites.“Valuations have dropped as a result of the political … Source link

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Home 

Deutsche Bank’s ‘fundamental transformation’ under CEO Christian Sewing to cost US$8.3 billion and 18,000 jobs

Deutsche Bank unveiled a radical overhaul that will see the lender exit its equities business, post a €2.8 billion (US$3.1 billion) second-quarter loss and cut the workforce by 18,000 to reverse a slide in profitability.Chief executive Christian Sewing will shelve the dividend this year and next and take restructuring charges of €7.4 billion through 2022 to pay for an overhaul that shrinks the German lender’s once-mighty investment bank along with its global footprint and key fixed-income… Source link

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Vietnam 

Banks announce impressive profits in H1 2019 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Vietcombank’s pre-tax profit hit a record high of more than VNĐ11.1 trillion (US$476.39 million) in H1 2019. — Photo VCB HÀ NỘI – Domestic banks have unveiled positive business performance results in the first half of this year, with some new records being set. Among the group of large-sized banks, Vietcombank’s pre-tax profit hit a record high of more than VNĐ11.1 trillion (US$476.39 million) in H1 2019, meeting 54 per cent of the bank’s annual plan. The value was nearly equal to the bank’s profit gained in the whole of…

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Vietnam 

Moody’s upgrades two VN banks’ ratings – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  An OCB branch. — Photo Courtesy OCB HCM CITY — Orient Commercial Joint Stock Bank (OCB) announced on Wednesday that its local and foreign currency counterparty risk ratings and counterparty risk assessment have been upgraded to Ba3 by Moody’s Investors Service. Ba3 is the highest rating in Việt Nam in recent times, and the upgrade reflects the bank’s improvement in terms of capital and assets as well profitability, it said. Moody said on its website the outlook for OCB’s long-term ratings remains stable, and the bank’s overall liquidity is comfortable, with…

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Vietnam 

Banks starts to adopt advanced authentication method to enhance security – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Vietcombank from July 1 started to apply advanced authentication method to increase security for customers. — Photo thebank.vn HÀ NỘI – A number of banks are introducing smart technology to tighten security and make customer transactions safer. They have started to apply enhanced authentication methods for online transactions since the beginning of this month to comply with the central bank’s regulations on improving security for customers. It means standard text messaging will be replaced with a new system that can send passwords to devices even if the recipient has…

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Vietnam 

Banks short of credit growth quota for remaining months of 2019 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Customers at an OCB transaction office in Hà Nội. Photo OCB  HÀ NỘI Though there remains six months, some banks have almost used up the assigned quota for the whole year, and experts said it would be difficult for the banks to get an expansion approval from the State Bank of Việt Nam (SBV). According to the current legal regulations, the central bank assigns an annual credit growth quota for each bank depending on its health at the beginning of the year to match the 14 per cent growth target…

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