Vietnam 

Standard Chartered expects Việt Nam to be ASEAN outperformer – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Rice loaded for exports. Việt Nam’s export growth is likely to remain steady and outperform peers. — Photo thoibaotaichinh.vn HÀ NỘI — Standard Chartered forecasts Việt Nam to remain the fastest-growing ASEAN economy in the near term, with 2019 growth projected at 6.9 per cent. The FDI-driven manufacturing sector, which is poised for a fourth consecutive year of double-digit growth, will continue to be a key growth driver. The forecast is highlighted in the bank’s recently published Global Focus – Economic Outlook report for Quarter 3, 2019 entitled “The dovish…

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Standard Chartered, Hang Seng Bank close branches as citywide strike, protests wreak chaos in Hong Kong

Some of Hong Kong’s biggest banks closed branches on Monday as strikes and protests brought large parts of the city to a standstill.HSBC Holdings said it had closed 10 of its branches at 2.30pm. Hang Seng Bank, a subsidiary of HSBC, said it had shut five branches for the whole day, while 15 more closed early, in the afternoon.Standard Chartered, one of the three banks that issue currency in Hong Kong, closed several branches in the afternoon, China Citic Bank International closed five out of… Source link

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Standard Chartered cuts Hong Kong’s growth prospects through 2021 as US-China trade war puts the squeeze on city’s economy

Standard Chartered, one of Hong Kong’s three currency-issuing banks, has lowered its economic growth forecast for the city through 2021 due to headwinds from a prolonged US-China trade war, the latest among several financial institutions to cut their outlook.Hong Kong’s gross domestic product (GDP) may grow 1.4 per cent in 2019, expand 2 per cent next year, and increase 2.3 per cent in 2021, the bank said. Earlier forecasts by the bank were 2.2 per cent growth in 2019, 2.6 per cent in 2020 and… Source link

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Running scared? Standard Chartered becomes third big lender in Hong Kong to scrap minimum-balance fee as virtual banks get ready to challenge their dominance

Standard Chartered Bank will abolish its minimum-balance fee from August 1, the third major bank in a week to scrap the charge imposed on small depositors as Hong Kong’s traditional lenders prepare to fight off competition from virtual banks.HSBC and Bank of China Hong Kong both announced last week that they would drop the fee, also effective from August 1.Now all three note-issuing banks, the biggest and oldest lenders in the city, will no longer levy charges on their small depositors. HSBC… Source link

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China 

US-China trade war, financial transparency to spur more belt and road projects, says Standard Chartered

The ongoing US-China trade war and Beijing’s commitment to adopt internationally recognised best financial practices will lead to more infrastructure projects in countries covered by the Belt and Road Initiative, according to Standard Chartered.The global bank, which serves Chinese clients’ project financing needs in 45 markets across belt and road, expects continued growth in business this year despite earlier criticism that some projects have mired host nations in “debt traps” because of… Source link

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Singapore 

Standard Chartered Singapore Marathon: Local female winner suspended for failed drugs test, Singapore News

SINGAPORE – The top local woman finisher at the 2018 Standard Chartered Singapore Marathon (SCSM) has been provisionally suspended after failing a drug test. Lim Baoying was handed the sanction by Monaco-based Athletics Integrity Unit (AIU), the results management authority for the SCSM 2018, which confirmed the suspension to The Straits Times on Tuesday (April 30). The sample Lim provided after the Dec 9 SCSM race had tested positive for modafinil, which is prescribed to people with sleep disorders to stay alert or improve focus, and is on the World…

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Investment 

Standard Chartered first quarter profit up 2 per cent as weak markets, lower wealth management activity weigh

Standard Chartered said on Tuesday that its profit rose 2 per cent in the first quarter, as a weak market environment and lower wealth management activity weighed on its results and trading revenue at its closest banking rivals.The bank, one of three lenders authorised to issue Hong Kong’s currency notes, reported a profit of US$818 million in the first quarter, compared with US$803 million in the same period a year ago.In the quarter, Standard Chartered took a previously announced charge of US… Source link

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Standard Chartered: ‘We’re looking to hire in Hong Kong’ thanks to Greater Bay Area integration

Standard Chartered Bank plans to hire more staff to capture new business in the Greater Bay Area, according to a senior executive.John Tan, regional head of financial markets at Standard Chartered Bank, said more staff are needed to handle the expected growth in trading business arising from the Greater Bay Area.“We want to see more mainland companies trade financial markets in Hong Kong via our Standard Chartered Bank office if the policy would be relaxed under the Greater Bay Area projects,”… Source link

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Standard Chartered to pay US$1.1 billion to resolve Iran sanctions investigations

Standard Chartered said on Tuesday that it agreed to pay US$1.1 billion to settle long-running investigations by United States and United Kingdom authorities into its handling of historical transactions by entities with connections to Iran and its financial crime controls.The settlements would allow the emerging markets lender to move beyond regulatory issues that have dogged it since the bank first reached an agreement with American regulators and prosecutors in 2012 over accusations that it… Source link

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Standard Chartered CEO ‘absolutely’ pleased with pace of turnaround, but says there is more to do

Bill Winters, the Standard Chartered chief executive, says he is “absolutely” happy with progress the emerging markets lender has made and believes it is heading in the right direction.Nearly four years since he took the top job at the bank, Standard Chartered is profitable, has a less risky loan portfolio and has dramatically revamped its financial crime controls as it faced pressure from regulators in the United States, the United Kingdom and other parts of the world.But, the 57-year-old… Source link

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