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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China’s biggest banks well prepped on non-performing loans, ready for stricter reporting standard

The latest window guidance, which calls for recognising NPLs at more than 60 days overdue, has only been issued to China’s six biggest banks: Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China, Postal Savings Bank of China and Bank of Communications. Photo: Reuters 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 Poor’s upgrades BIDV’s credit ratings – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    A BIDV branch in Hà Nội. BIDV’s long-term issuer credit rating has been improved by one notch to BB- by Standard & Poor’s. — Photo bidv.com.vn HÀ NỘI — Global ratings agency Standard & Poor’s has upgraded the long-term issuer credit rating of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) by one notch from B+ to BB- and kept the outlook “stable”. It said the rating action follows its upgrade of Việt Nam’s sovereign credit rating to ‘BB/B’ from ‘BB-/B’, reflecting BIDV’s high systemic importance to…

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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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Hong Kong virtual bank among Standard Chartered’s digital bets as bank aims to improve returns

Standard Chartered hopes to make its proposed virtual bank in Hong Kong a key pillar of its digital strategy as the lender looks to streamline and grow its retail business in parts of Asia and Africa, Bill Winters, the bank’s chief executive, said on Tuesday.The lender, which is based in London but generates much of its revenue in Asia, is waiting to hear whether it will receive one of the first virtual bank licences that the Hong Kong Monetary Authority plans to issue this year.Speaking at the… Source link

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Vietnam 

Standard repo contracting framework launched – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Standardised repurchase agreement (repo) contracting frameworks will be implemented in the second quarter of this year to increase liquidity in Việt Nam’s bond market. Chairwoman of the Việt Nam Bond Market Association (VBMA) Nguyễn Thị Kim Oanh announced the change in the association’s annual meeting on Tuesday. In the meeting, the master agreement for repo transactions was introduced, with 20 members of the association signing a memorandum of understanding (MoU) on the use of the master agreement. The contract form…

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