Posts by Forbes Washington DC
UK proposes easing banker bonus rules to boost competitive edge
SENIOR British bankers will be able to cash in bonuses up to three years sooner under proposals unveiled by the Bank of England on Thursday (Oct 18), as it pushes ahead with reforming tough credit crisis-era rules to boost competition. One year after British regulators scrapped a decade-long cap on banker bonuses, BOE deputy governor…
Read MoreP&G misses quarterly sales estimates on weakening demand in US, China
PROCTER & Gamble missed Wall Street expectations for first-quarter sales on Friday (Oct 18), as consumers in its major markets, the US and China, switched to cheaper household and personal care brands. An uncertain economy in the US has pushed customers mainly from the lower income group to hunt for products at the cheapest price…
Read MoreAmEx profit beats estimate on robust customer spending
American Express reported third-quarter profit above Wall Street estimates on Friday (Oct 18), as higher spending on its cards offset a hit from bigger provisions for credit losses. The credit card giant has been relatively insulated from economic shocks as it caters to affluent customers, but some analysts see limited room for its market value…
Read MoreStanChart sells India personal loan business to Kotak Mahindra Bank
KOTAK Mahindra Bank will buy Standard Chartered Bank’s personal loan business in India, the Indian lender said on Friday (Oct 18), leaving the UK-based company to focus on its wealth and investment banking business in Asia’s third-largest economy. StanChart’s personal loan book had an outstanding of 41 billion rupees (S$640 million) as of Sep 30,…
Read MoreHong Kong marks busiest IPO week in nearly two years with China stimulus giving hope to dealmakers
Hong Kong has recorded its busiest week for new (initial public offering) IPO launches in almost two years with deals opened to raise up to US$1.3 billion, giving bankers and investors confidence the two-year share sale freeze could be easing. Bankers and lawyers think China’s recent policy stimulus has opened the way for new IPOs…
Read MoreChina’s CATL sees faster profit growth in Q3
CHINESE electric vehicle battery giant CATL reported a 26 per cent year-on-year rise in third-quarter profit, a stock filing showed on Friday (Oct 18), accelerating from the previous quarter as it maintains a lead over smaller rivals. CATL made a net profit of 13.14 billion yuan (S$2.4 billion) in July-to-September quarter, while its revenue fell…
Read MoreFrom Bitcoin to Mexican peso, ‘Trump trades’ are appearing again
CORNERS of financial markets that could feel the impact of a Donald Trump victory are stirring again, as the US presidential race tightens with less than three weeks until Election Day. Assets ranging from small-cap stocks to Bitcoin have climbed in recent weeks while the Mexican peso and Treasuries have slipped, as polls show…
Read MoreIndia’s Tata Consumer beats Q2 profit estimates as demand for packaged food rises
Its Indian food business posts a 28% rise in quarterly revenue, as the company expands its distribution network into small towns and villages INDIA’S Tata Consumer Products on Friday (Oct 18) reported second-quarter profit that surpassed estimates, as the salt-to-spices maker benefited from higher demand for its packaged food amid a pickup in rural demand.…
Read MoreUS: Nasdaq, S&P 500 open higher on tech boost
The S&P 500 and the Nasdaq opened higher on Friday (Oct 18), lifted by advances in technology shares, while the Dow Jones Industrial Average edged lower. The Dow Jones Industrial Average fell 51.9 points, or 0.12 per cent, at the open to 43,187.12. The S&P 500 rose 18.0 points, or 0.31 per cent, at the…
Read MoreSGX RegCo reprimands former Sunrise Shares directors, CEO for breaches of listing rules
SINGAPORE Exchange Regulation (SGX RegCo) has reprimanded four former directors and the ex-CEO of Sunrise Shares for breaching listing rules, citing lapses in internal controls and inaccurate financial reporting. The reprimand, issued on Friday (Oct 18), named former chairman and executive director Wong Siu Fai, former CEO Liang Yongdong, and three ex-directors: Zheng Aimin, Tang…
Read MoreSinopharm’s China TCM buyout bid lapses without regulatory nods
CHINA National Pharmaceutical Group’s latest attempt to take China Traditional Chinese Medicine (TCM) Holdings private has fallen through as it was unable to secure necessary regulatory approval from Chinese regulators. The state-backed company, known as Sinopharm, did not receive the necessary approvals from Chinese regulators for outbound direct investment – one of the deal’s…
Read MoreUS dollar falls as risk appetite rises after China; but set for 3rd weekly gain
THE US dollar fell on Friday (Oct 18), taking a breather after five straight days of gains, as risk appetite increased following yet another round of stimulus measures from China that bolstered global equities led by Chinese stocks. The greenback, however, was on track for its third weekly gain, currently up 0.6 per cent this…
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