DIRS.INFO The most relevant business & tech news

☆ South Korea's inflation is 'mostly driven by the supply side,' StanChart says
▼ + stars: | 2024-04-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSouth Korea's inflation is 'mostly driven by the supply side,' StanChart saysChong Hoon Park, head of Korea economic research at Standard Chartered Bank, discusses the Bank of Korea's decision to hold interest rates.

Persons: StanChart, Chong Organizations: Standard Chartered Bank, Bank of Locations: Korea

☆ StanChart CEO Winters meets China FX regulator, launches investment banking unit
▼ + stars: | 2024-03-26 | by ( ) www.cnbc.com time to read: +2 min

Standard Chartered CEO Bill Winters met with the head of China's foreign exchange regulator on Monday, a month after the bank suspended new investments by its clients in the country into offshore products via a quota-based channel. "We have confidence in China's continued financial sector opening and economic transition," Winters said. "The inauguration of SCSCL will enhance Standard Chartered's ability to serve clients domestically and internationally, deepening and diversifying our capabilities in China". StanChart started hiring staff in China since 2023 as it geared up to launch the investment banking unit targeting niche bond deals, chairman of the unit said last year. Blackstone's Schwarzman held a meeting on Monday with the chief secretary of Communist Party of China, Cai Qi, a statement from China's Ministry of Foreign Affairs shows.

Persons: Bill Winters, Winters, Zhu Hexin, StanChart, Zhu, China's, StanChart's Winters, Noel Quinn, Blackstone's Schwarzman, Cai Qi, Cai Organizations: China's, Administration of Foreign Exchange, SAFE, Standard Chartered Securities China, China Development, Communist Party of China, China's Ministry of Foreign Affairs Locations: London, China, U.S, Los Angeles

☆ StanChart strategist discusses China's CPI target, inflation outlook
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Quite unlikely' that China will hit its CPI inflation target of 3% this year: StanChart strategistBecky Liu, head of China macro strategy at Standard Chartered, says "our forecast for CPI inflation is only averaging 0.5% in 2024."

Persons: Becky Liu Organizations: Standard Chartered Locations: China

☆ Standard Chartered suspends key outbound investment channel for Chinese clients
▼ + stars: | 2024-02-27 | by ( ) www.cnbc.com time to read: 1 min

Standard Chartered has suspended new subscriptions by its clients in China into offshore products via a quota-based channel since last week, the Asia-focused bank said in a statement to Reuters. The London-headquartered bank cited "commercial reasons" as its explanation for the suspension of new investments under the qualified domestic institutional investor (QDII) program. It did not elaborate. StanChart's move comes amid Beijing's efforts to stem capital outflows as weaker yuan and a slowing economy have driven savers to move assets offshore. Launched in 2006, QDII is one of the few outbound investment channels qualified domestic and foreign institutions use to help Chinese wealth and corporate clients invest in offshore funds, bonds and other structured products.

Persons: QDII Organizations: Chartered, Reuters Locations: China, Asia, London

☆ StanChart announces $1 billion share buyback, dividend hike as 2023 profit rises 18%
▼ + stars: | 2024-02-23 | by ( ) www.cnbc.com time to read: +1 min

Standard Chartered on Friday reported 2023 pre-tax profit rose 18%, in line with forecasts, and rewarded shareholders with a $1 billion share buyback and a jump in dividend. StanChart , which earns most of its revenue in Asia, said statutory pretax profit for 2023 reached $5.09 billion, in line with $5.1 billion from 15 analyst estimates compiled by the bank. A fresh $150 million writedown of its stake in Bohai Bank, following a $700 million hit earlier this year, reduced its value to $700 million from $1.5 billion at the start of the year. StanChart said banking industry challenges and the uncertainty swirling around the property market were to blame for the decline in the stake's current value. The London-headquartered lender also announced a final dividend of $560 million or 21 cents per share, resulting in a 50% increase of full year dividend payout to 27 cents, greater than a consensus view of 23.7 cents.

Persons: StanChart Organizations: Bohai Bank Locations: Asia, Bohai, China, Bohai Bank, London

☆ StanChart lowers income target as China weighs, launches $1 billion buyback
▼ + stars: | 2024-02-23 | by ( ) www.cnbc.com time to read: +2 min

Standard Chartered on Friday rewarded shareholders with dividends and a fresh $1 billion buyback as profit rose 18%, but set out modest growth forecasts that will concern investors amid worries about global banks' exposure to China. The bank reported 2023 statutory pre-tax profit rose to $5.09 billion, in line with forecasts, and announced a jump in dividends alongside the buyback. The lender booked 13% income growth in 2023 in constant currency terms. A fresh $150 million writedown of its stake in Bohai Bank, following a $700 million hit earlier this year, reduced its value to $700 million from $1.5 billion at the start of the year. That brought total provisions for its China real estate exposure to $1.2 billion in the last 3 years.

Persons: StanChart Organizations: Bohai Bank, HSBC, Wednesday, British Locations: China, Asia, Bohai, Bohai Bank

☆ China's economy needs to get out of deflation for equities to rally: StanChart
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's economy needs to get out of deflation for equities to rally: StanChartSteve Brice of Standard Chartered Wealth Management says that he is getting "quite excited" about Chinese equities.

Persons: Steve Brice Organizations: Standard Chartered Wealth Management

☆ StanChart discusses what's behind China's weak consumer confidence
▼ + stars: | 2024-01-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStanChart discusses what's behind China's weak consumer confidenceEric Robertsen, global head of research at Standard Chartered Bank, says "with real estate prices down quite a bit, equity prices down, and China's interest rates all below 3% now, the vehicle, or the avenue, for accumulating savings, I think, looks impaired."

Persons: StanChart, Eric Robertsen Organizations: Standard Chartered Bank

☆ China is building more resilient economy: StanChart CEO
▼ + stars: | 2023-11-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina is building more resilient economy: StanChart CEOStandard Chartered CEO Bill Winters says new technology sectors in China are "booming", but thinks it's too early to call the bottom for the troubled Mainland property sector.

Persons: Bill Winters, it's Organizations: China Locations: China

☆ StanChart backed Mox Bank is on track for sustainable profitability from 2024, says CEO
▼ + stars: | 2023-11-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStanChart backed Mox Bank is on track for sustainable profitability from 2024, says CEOMox Bank's CEO Barbaros Uygun says the StanChart-backed virtual bank's clients are feeling the impact of higher interest rates this year, but expects it to neutralize into 2024.

Persons: Mox, Barbaros Uygun Organizations: Mox

☆ Morning Bid: ECB on hold, five's alive in the US
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

A view shows the European Central Bank (ECB) flag and the flag of the European Union in front of the ECB Building in Frankfurt, Germany, September 14, 2023. All 85 economists polled by Reuters last week expected the European Central Bank to stay on hold. Israel bombarded Hamas targets as it prepared for a ground invasion, with Russia warning the conflict could spread beyond the Middle East. Russia said it successfully tested its ability to deliver a massive retaliatory nuclear strike by land, sea and air. Reuters GraphicsKey developments that could influence markets on Thursday:Economics: European Central Bank meeting, U.S. GDPEarnings: Unilever, Mercedes, Standard Chartered and, after market close, AmazonReporting by Tom Westbrook.

Persons: Wolfgang Rattay, Tom Westbrook, Mike Johnson, Trump, Ted Pick, James Gorman, Morgan Stanley, Pick, Israel, Sam Holmes Organizations: European Central Bank, European Union, REUTERS, Reuters, Unilever, Mercedes, Treasury, Nasdaq, Republican, United Auto Workers, Ford, Standard Chartered, Amazon, Thomson Locations: Frankfurt, Germany, Asia, U.S, Louisiana, Ukraine, Russia, East

☆ Standard Chartered profit slumps on China real estate and banking losses
▼ + stars: | 2023-10-26 | by ( ) www.cnbc.com time to read: +1 min

Pedestrians walk past the British multinational banking and financial services company Standard Chartered branch in Hong Kong. Standard Chartered on Friday reported first-half pre-tax profit rose 19%, above market expectations, as the emerging markets-focused lender benefited from rising interest rates. Standard Chartered on Thursday said pre-tax profit dropped 33% in the third quarter of the year, far beyond analyst estimates, after taking a nearly $1 billion hit from exposure to China's banking and troubled real estate sectors. The U.K.-headquartered bank, which earns most of its revenue in Asia, booked July-September statutory pretax profit of $633 million. Its Chinese real estate exposure totaled $2.7 billion, down $200 million from the previous quarter.

Persons: StanChart Organizations: Chartered, Hong Kong ., HK, China Bohai Bank Locations: Hong Kong, Asia, China Bohai, China

The U.K.-headquartered bank, which earns most of its revenue in Asia, booked July-September statutory pretax profit of $633 million. That compared with $996 million a year earlier and the $1.41 billion average of 16 analyst estimates compiled by the bank. China Bohai booked a 17.8% fall in January-June net interest income, leading to a nearly 7% decline in its overall profit, according to company filings. StanChart's Chinese real estate exposure totalled $2.7 billion, down $200 million from the previous quarter. StanChart has recently had "no contact" with FAB, Chief Financial Officer Andy Halford told reporters on a conference call on Thursday.

Persons: Peter Nicholls, StanChart, China Bohai, Andy Halford, Jefferies, Joe Dickerson, Dickerson, Selena Li, Lawrence White, Christopher Cushing Organizations: Chartered, REUTERS, Bank, Bohai, China Bohai Bank, HK, Abu Dhabi Bank, Thomson Locations: London, Britain, Bohai Bank, China, HONG KONG, China Bohai, Russia, Ukraine, Asia, Tianjin, StanChart

☆ Crypto token ether could rise five-fold by end-2026, StanChart says
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

Representation of Ethereum, with its native cryptocurrency ether, is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Oct 11 (Reuters) - Ether, the second-largest cryptocurrency, may rise more than five-fold in value by the end of 2026, according to global bank Standard Chartered (STAN.L), its latest prediction of rocketing crypto prices. The price of crypto tokens are generally driven by the sentiment of investors. Ether has gained some 30% this year, though remains almost 70% below its all-time high of about $4,869, hit in Nov. 2021. StanChart said in July that top crypto token bitcoin could reach $50,000 this year and $120,000 by the end of 2024.

Persons: Dado Ruvic, Geoff Kendrick, Kendrick, StanChart, Bitcoin, Tom Wilson, Elizabeth Howcroft, Louise Heavens Organizations: REUTERS, Chartered, StanChart, FX Research, Reuters, Thomson Locations: West

☆ Standard Chartered-owned crypto firm Zodia launches in Singapore
▼ + stars: | 2023-09-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Zodia Custody, a company that helps large institutions store their crypto, launched in Singapore on Tuesday in a bid to tap into the country's rapidly growing digital asset market. The development makes Zodia the first entity that is owned by and partnered with banks to provide digital asset custody services for financial institutions in Singapore, Zodia said in a news release. Zodia is also part-owned by SBI Digital Asset Holdings, the crypto division of Japanese bank SBI. "Singapore is a market that has been no stranger to the crypto world for a long time," Sawyer said. Standard Chartered has a "fantastic brand" in Singapore, Sawyer said, adding that the backing of such a large institution has helped boost its conversations with major financial firms.

Persons: Zodia, StanChart, Julian Sawyer, Sawyer, blockchain, Crypto, Zodia's, Coinbase Organizations: Standard Chartered, Northern Trust, SBI Digital Asset Holdings, SBI, CNBC, Starling, Chartered, Arrows, United, United Arab Emirates Locations: Singapore, British, Asia, Africa, Japan, Pacific, Abu Dhabi, United Arab, India

The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. The change in CFO will not likely impact Winters' departure timing greatly, Britzman said, with the StanChart CEO more focused on hitting the lender's key performance goals. De Giorgi previously held senior roles at Bank of America Merrill Lynch, including head of global investment banking. Before then, he worked in equity capital markets and financial institutions at Goldman Sachs (GS.N), rising to become chief operating officer for the investment bank by the time of his departure in 2012. That long period of underperformance has seen the bank's shares fall nearly 30% since Winters took over as CEO in June 2015.

Persons: Peter Nicholls, Diego De Giorgi, Andy Halford, De Giorgi, Halford, Matt Britzman, Hargreaves, Bill Winters, Frederic Oudea's, Winters, Britzman, We've, Bank of America Merrill Lynch, Goldman Sachs, Joe Dickerson, StanChart, underperformance, Iain Withers, Lawrence White, Radhika Anilkumar, Bernadette Baum, David Holmes Organizations: Chartered, REUTERS, Bank of America, Pegasus, British, Societe Generale, Goldman, Jefferies, Thomson Locations: London, Britain, Pegasus Europe, Asia, Africa, Bengaluru

☆ StanChart to sell jet leasing arm to Saudi wealth fund unit for $3.6 bln
▼ + stars: | 2023-08-28 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. Riyadh-headquartered AviLease, also known as Aircraft Leasing Co, is a jet lessor owned by Saudi Arabia's sovereign wealth fund. StanChart said in January it was exploring options for its global aviation finance business. Dublin-based Standard Chartered Aviation Finance owns and manages more than 120 aircraft and offers services including jet fuel hedging, debt financing and remarketing of unneeded planes. PIF is setting up startup carrier Riyadh Air to predominantly serve the kingdom’s capital, which has ambitions to become a global business hub.

Persons: Peter Nicholls, StanChart, Simon Cooper, Airfinance, Fahad Al, Saif, AviLease, Rishav Chatterjee, Shounak Dasgupta, Mark Potter Organizations: Chartered, REUTERS, Aircraft Leasing Co, Chartered Aviation Finance, Aviation Finance, Corporate, Institutional Banking, Standard Chartered, Saudi Public Investment Fund, Riyadh Air, Thomson Locations: London, Britain, Saudi Arabia, Riyadh, Saudi, Dublin, Europe, Bengaluru

☆ We don't expect the Japanese 10-year government bond yield to top 1.5%, says StanChart
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe don't expect the Japanese 10-year government bond yield to top 1.5%, says StanChartAbhilash Narayan, Standard Chartered director and senior investment strategist, discusses the Bank of Japan's recent changes to its yield curve control policy.

Persons: StanChart Abhilash Narayan Organizations: Bank of

Companies Standard Chartered PLC FollowJuly 31 (Reuters) - China's Ant Group and Standard Chartered (STAN.L) said on Monday they will work together in green finance and global fund management, broadening their existing partnership. The deal is the first high-profile tie-up between Ant and a major foreign bank since authorities cancelled a planned mega-IPO by the fintech giant in 2020. StanChart will help Ant build "an industry-leading global liquidity and foreign exchange management structure", they said in a joint statement. They also plan to enhance collaboration in environmental, social and governance, digital innovation and inclusive finance, the statement said. Ant also hired StanChart as one of the lead arrangers and book runners for the $6.5 billion sustainability-linked syndicated loan it took out last year.

Persons: StanChart, Ant, Roxanne Liu, Selena Li, Edwina Gibbs Organizations: Chartered, Standard Chartered, Thomson Locations: China

☆ Heineken’s pricing goof has a strategic spillover
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 31 (Reuters Breakingviews) - Dolf van den Brink has had a six-month-long happy hour. Heineken’s misstep occurred even though the company increased prices for its beers by an average of 13% from a year earlier. While consumer goods groups like Unilever (ULVR.L) managed to hike without losing much business, Heineken’s 6% hit to beer sales in the first half suggests van den Brink has not. In Vietnam, which analysts at Bernstein estimate accounts for nearly half of that region’s sales, Heineken admitted its pricing was mistimed. Van den Brink seems confident the worst is over for 2023, because all his price hikes have already happened.

Persons: van den Brink, misstep, Bernstein, Van den Brink, Yawen Chen, ’, George Hay, Oliver Taslic Organizations: Reuters, Heineken, Unilever, Walmart, BT boss’s, of Japan, Thomson Locations: Vietnam, United States

☆ New BT boss’s biggest test is investor relations
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 31 (Reuters Breakingviews) - BT’s (BT.L) board faced the challenge of hiring a new CEO willing to implement a turnaround strategy decided by their predecessor. It has solved that problem by appointing one of its own members, Allison Kirkby, to the post vacated by outgoing Philip Jansen. Shares in the Swedish telco sank 4% on news of her departure, suggesting Telia’s loss is a gain for BT. Kirkby won’t take over until January 2024 but, having sat on BT’s board for more than four years, she should be able to hit the road running. Keeping these two investors on her side will be the real test for Kirkby at BT.

Persons: Allison Kirkby, Philip Jansen ., Swedish telco, Kirkby won’t, Patrick Drahi’s, Jansen, Pierre Briançon, Liam Proud, Oliver Taslic Organizations: Reuters, Telia Company, BT, Kirkby, Deutsche Telekom, Twitter, Soaring, of Japan, Thomson Locations: Swedish, Kirkby

☆ Europe’s inflation data “meh” leaves ECB in limbo
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

Monday’s first estimate of consumer price data for July reinforces the case for a pause on rising rates, but for Lagarde the picture is frustratingly unclear. Lagarde’s hardline colleagues will point out that’s too fast to bring inflation back to the ECB’s 2% target. Markets aren’t sure, ascribing a 70% chance to a pause in September, according to derivatives pricing data collected by Refinitiv. Revisions to the July numbers will follow and policymakers will get inflation data for August before they meet on September 14. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Christine Lagarde, “, Monday’s, Francesco Guerrera, George Hay, Pranav Kiran Organizations: Reuters, European Central Bank, ECB, Twitter, Walmart, BT boss’s, of Japan, Thomson Locations: Frankfurt

☆ Sequoia picks the right moment to ditch deadwood
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

The $85 billion venture firm downsized the commitments it expects its investors to make to vehicles targeting cryptocurrency and its own peers, the Wall Street Journal reported. With those investors, known as limited partners, now less pressed to flee private markets, it’s a smart time for Sequoia to help them shift into more promising opportunities. As last year's downturn tanked their public investments, LPs found themselves relatively overinvested in still-highly-valued private markets, forcing them to pull back from the likes of venture funds. As public markets recover – the S&P 500 Index (.SPX) is up almost 20% this year – this “denominator effect” is fading, a Capstone Partners survey suggests. And with LPs once again keen on private markets, they may be more likely to stick around, despite Sequoia’s self-admitted mistakes on investments like now-bankrupt FTX.

Persons: Sequoia’s, Anita Ramaswamy, ’, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, Wall Street Journal, Capstone Partners, Twitter, Walmart, BT boss’s, Thomson Locations: Sequoia

☆ Walmart focuses India’s retail valuation debate
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, July 31 (Reuters Breakingviews) - Walmart (WMT.N) is bumping up its stake in Flipkart, India’s e-commerce giant, at a handsome valuation. The U.S. retailer is buying shares from Tiger Global for $1.4 billion, according to the Wall Street Journal. It’s a good deal for the seller as investors assess India’s hottest retail businesses. Reliance Industries’ (RELI.NS) retail unit might come sooner; analysts peg its valuation anywhere between $57 billion and $131 billion. How the market finally values India’s consumer will be closely watched.

Persons: India’s, Japan’s SoftBank, Robyn Mak, Pranav Kiran Organizations: Reuters, Walmart, Tiger Global, Wall Street, Reliance Industries, Twitter, BT boss’s, of Japan, Thomson Locations: MUMBAI, Flipkart, U.S, Una

The lender upgraded its guidance for income growth in 2023 to a 12%-14% range from 10% previously. StanChart's robust results showed how global market conditions are playing to the emerging markets-focused lender's strengths. London-headquartered StanChart's transaction banking income shot up by 92% to $2.86 billion, with cash management income up 166%, benefiting from a favorable interest rate environment. That contrasted with the prolonged slump in income at more deal-focused U.S. and European rivals. Reporting by Selena Li and Lawrence White; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Bill Winters, StanChart, Goldman Sachs, Selena Li, Lawrence White, Muralikumar Organizations: Standard Chartered PLC, Jefferies, Hong, Citigroup, Deutsche Bank, Thomson Locations: HONG KONG, Asia, Hong Kong, London

Search resuls for: "StanChart"

25 mentions found