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High-end real estateAbout 30% of India's UHNWI investments go into luxury real estate, including overseas projects, said Alok Saigal, president of wealth management firm Nuvama Private. People have moved away from investing in land as it is less liquid, and more wealth has been allocated to residential real estate since the pandemic, he added. Around 20% of Dubai's offshore real estate pie is owned by Indian investors. Startups' lureInvesting in startups is becoming increasingly popular, especially with the younger generation of rich Indians, wealth managers told CNBC. Bloomberg | Bloomberg | Getty ImagesAbout 17% of India's UHNWIs' wealth goes into luxury goods, with jewelry, art and watches as top preferences, findings from Knight Frank revealed.
Persons: Knight Frank, Alok Saigal, Alok, Chethan Shenoy, Anand, Saigal, Nitin Chengappa, India's, Chengappa, Anand Rathi Wealth's, LVMH Moet Hennessy Louis Organizations: Getty, India, Nuvama Private, Offshore, Nuvama, CNBC, Standard Chartered Bank, Shoppers, DLF, BMI, Bloomberg, Fitch Solutions, LVMH Moet Hennessy Louis Vuitton SA Locations: Mumbai, Beijing, New York, London, UHNWIs, Dubai, Delhi, New Delhi, India
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of England likely to give a 'tentative' rate cut, StanChart strategist saysSteven Englander, head of Global G10 FX research and North America macro strategy at Standard Chartered Bank, discusses central bank news this week.
Persons: Steven Englander Organizations: Email Bank of, Global, Standard Chartered Bank Locations: Email Bank of England, North America
Best Banks in North Carolina FAQsWhat is the most popular bank in North Carolina? There are 35 state-chartered banks in North Carolina, according to the North Carolina Commissioner of Banks. North Carolina Bank ReviewsThe best North Carolina banks and credit unions will offer strong interest rates, good perks, and accessibility to North Carolina residents. Here are the best North Carolina banks as picked by Business Insider editors in 2024. We reviewed the 10 biggest banks and credit unions in the state and financial institutions included in our Black-owned banks and credit unions guide and Hispanic American-owned banks and credit unions guide.
Persons: Ally, North Carolina Ally, There's, you'll Organizations: First Citizens Bank, National Bank , Mechanics & Farmers Bank, State Employees Credit Union, Banks, Credit Unions, Bank, Employees Credit Union, Mechanics & Farmers Bank, FDIC, North Carolina Best, Ally Bank, Washington , D.C, First, Citizens, SC, Employees Credit, Mechanics & Farmers, & Farmers, Social, North Carolina . Bank of America, Truist, North, SECU, First National Bank, North Carolina . North Carolina Bank, Business, North Carolina Ally Bank, National Bank State Employees Credit Union Mechanics & Farmers Bank Chevron, Chevron, State Employees Credit, Best Bank, Bank offers, First Citizens, Local Credit Union State Employees Credit Union, North Carolina National Guard Social Services, Health, Mental Health, Civil Defense, North Carolina State, Best Local Bank Mechanics & Farmers Bank, Employees, Unions, Better, Bureau, National, Mechanics, Farmers, National Bank and Mechanics & Farmers, Justice Department, First National Bank for First National Bank, American Locations: North Carolina, Washington ,, , Maryland , Ohio, Pennsylvania, South Carolina, Virginia, West Virginia, Washington, AZ, CA, MD, MI, NV, NM, NC, TN, TX, VA, WA, WV, WI, Charlotte, Durham, Greensboro, Raleigh, Winston, Salem, Chevron, North Carolina ., Carolina, East Coast, Charlotte , Durham, Salem ., Banks, SECU, American
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's inflation is likely to stay 'very low' for an extended period, strategist saysBecky Liu, head of China macro strategy at Standard Chartered Bank, discusses the outlook for the country's economy ahead of the Chinese Communist Party's third plenum.
Persons: Becky Liu Organizations: Standard Chartered Bank, Communist Locations: China
Mainland China investors these days are often focused on how well U.S. stocks are doing — and bemoaning tepid performance at home. But a look at first-half performance shows that many China stocks still rose by double-digits, including a few artificial intelligence plays. Zhongji Innolight Ranking third in CSI 300 performance in the first half was Zhongji Innolight, which climbed 70%. Nomura rates Zhongji Innolight a buy and its analysts met with the optical communication company in late June. The broad mainland China stock market, measured in Class A shares, has underperformed over the past two years, said Wanda Wang, a research manager at Morningstar.
Persons: BofA, Nomura, Wanda Wang, That's, Invesco's, — CNBC's Michael Bloom Organizations: Nvidia, CSI, Apple, Foxconn, Bank of America Securities, Industrial, FII, Avary Holding, Avary, Chartered Bank, HSBC, JPMorgan, Nomura, Nasdaq, U.S, Morningstar, Capital, Shenzhen Stock Exchange Locations: China, Shanghai, Shenzhen, Avary Holding Shenzhen, Hong Kong
Recent documents submitted to a U.S. federal court allege that major British bank Standard Chartered helped finance sanctioned Iranian entities and terrorist groups, and that relevant evidence was ignored by American authorities. The latest court filings, provided by former Standard Chartered Bank (SCB) employee turned whistleblower Julian Knight, claim that U.S. officials lied by denying that he provided them with evidence of far greater wrongdoing by the bank. The officials then applied to dismiss his whistleblower case against the bank as "meritless" in 2019 in order to shield it, Knight alleged. Knight, who led a Standard Chartered transaction services unit between 2009 and 2011, was one of two whistleblowers who gave U.S. investigators confidential bank statements in 2012 and 2013. The authorities in question, including an FBI agent, said that the whistleblowers' claims "did not lead to the discovery of any new … violations."
Persons: Julian Knight, Knight Organizations: Chartered, Standard Chartered Bank, International Consortium of Investigative Journalists, Iran's Revolutionary Guard, Hamas, Hezbollah, United Arab, BBC, FBI, CNBC, U.S . Department of Justice, ., U.S Locations: U.S, London, Iran, New York, United Arab Emirates, Kuwait, Germany
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina is 'very keen' to step up economic support, strategist saysBecky Liu, head of China macro strategy at Standard Chartered Bank, says, however, that a "mega stimulus" is not yet on the table.
Persons: Becky Liu Organizations: China, Standard Chartered Bank Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFederal Reserve set to cut rates twice in 2024, StanChart strategist saysSteve Englander, head of global G10 FX research and North America macro strategy at Standard Chartered Bank, outlines his forecasts for U.S. monetary policy and the strength of the U.S. dollar.
Persons: Steve Englander Organizations: Standard Chartered Bank, U.S . Locations: North America
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
Japan is "very, very close" to intervening in the yen, Steven Englander, head of Global G10 FX research and North America macro strategy at Standard Chartered Bank, told CNBC as the currency languishes at multi-decade lows. "I think we're actually very, very close to them [Japanese authorities] jumping in ... they've already discussed the political consequences and nobody's sitting there asking for a weaker yen," Englander told CNBC's "Squawk Box Asia" on Thursday. The Japanese yen traded around 151.47 against the U.S. dollar on Thursday after falling to its weakest level in 34 years at 151.97 in the previous session. Standard Chartered's Englander said potential intervention in the yen would be aimed at buying time for Japanese authorities until the U.S. Federal Reserve starts cutting interest rates or until the Bank of Japan hikes its rates a little more. He further noted that when Japanese authorities last intervened in the yen in 2022, it "worked out pretty well," even though investors were initially skeptical of the effectiveness of such currency intervention.
Persons: Steven Englander, they've, nobody's, Englander, CNBC's, Shunichi Suzuki, Masato Kanda, Yoshimasa Hayashi Organizations: Global, Standard Chartered Bank, CNBC, U.S, Reuters, U.S . Federal Reserve, Bank of Japan Locations: Japan, North America, .
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJapan is 'very, very close' to intervening in the yen, strategist saysSteven Englander, head of Global G10 FX research and North America macro strategy at Standard Chartered Bank, says "I think the market wants to push them to show their cards, and I think that they will react aggressively to that, and at some point intervene if it looks as if new highs are being hit."
Persons: Steven Englander Organizations: Japan, Global, Standard Chartered Bank Locations: North America
Two crypto experts debate the bull and bear cases for bitcoin
  + stars: | 2024-02-29 | 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 EmailTwo crypto experts debate the bull and bear cases for bitcoinGeoffrey Kendrick, Head of Crypto Research at Standard Chartered Bank, and David Tice, Chief Investment Officer at Ranger Equity Bear ETF, debate the outlook for bitcoin amid its year-to-date rally.
Persons: Geoffrey Kendrick, Head, David Tice Organizations: Crypto, Standard Chartered Bank, Equity Bear
Bill Winters, Chief Executive Officer at the Standard Chartered Bank, attends a panel session of the World Governments Summit in Dubai on February 12, 2024. Ryan Lim | Afp | Getty ImagesStandard Chartered chief executive Bill Winters says environmentally conscious investing can be good for business, dismissing the impact of a U.S. crusade against mission-driven investments. In the United States, for example, Republican lawmakers have decried ESG as a form "woke capitalism" that seeks to prioritize liberal goals over investment returns. But one of the stats that I love is the biggest renewable power center in the United States is the state of Texas, right? Signage atop the Standard Chartered Plc headquarters building, center, in Hong Kong, China, on Monday, Feb. 19, 2024.
Persons: Bill Winters, Ryan Lim, ESG, Winters, CNBC's, Organizations: Standard Chartered Bank, World Governments, Afp, Getty, Standard, Democratic, Chartered Plc, Bloomberg Locations: Dubai, U.S, United States, Texas, Hong Kong, China
Read previewWhen the chief executive of cryptocurrency startup Anchorage Digital posted a message in the company's "announcements" Slack channel in late November about an executive's departure, employees started buzzing. Just over a year after it received the charter, the OCC issued a consent order against Anchorage in April 2022. Regulators are aggressively scrutinizing crypto players and prioritizing monitoring crypto compliance. Regulators' viewThe OCC is now led by Michael Hsu, the former Federal Reserve regulator and self-described crypto skeptic who has viewed crypto companies' regulatory compliance in some areas as inadequate. A crypto bank would face risks in safeguarding digital assets in its custody, maintaining appropriate hedges in crypto-lending, and adhering to capital requirements specific to crypto assets, said Kim, who studies crypto and blockchain technology.
Persons: , Georgia Quinn, Nathan McCauley's, McCauley, Goldman Sachs, Andreessen Horowitz, Quinn, Brian Brooks, CoinDesk, Oliver Wyman, FTI, Brooks, Michael Hsu, Hsu, Evelyn Hockstein, Mark duBose, Seoyoung Kim, University's, Kim, Diogo Mónica, Axel Springer, Mark McCombe, Max Levchin, BNY, Seyfarth Shaw, Ellenoff Grossman, it's Organizations: Service, Anchorage, Business, Citadel Securities, Apollo Global Management, Visa, OCC, Regulators, Securities, Exchange, IBM, KPMG, Anchorage Digital Bank National Association, Federal Reserve, Reuters, Business Insider, Santander Bank, University's Leavey School of Business, KKR, BlackRock, BNY Mellon Locations: Anchorage, United States, Santa, San Francisco, Portugal
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA 'small allocation' to China makes sense right now: Standard CharteredManpreet Gill of Standard Chartered Bank discusses China's recent policy measures, what they mean for stock markets, and whether it's worth buying China right now.
Persons: Manpreet Gill Organizations: Standard Chartered Bank Locations: China
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
Dollar pares gains on soft U.S. inflation data
  + stars: | 2024-01-12 | by ( ) www.cnbc.com   time to read: +3 min
The dollar index pared gains on Friday after U.S. producer prices unexpectedly fell in December, raising expectations of an early U.S. rate cut. That led traders to add to bets for a rate cut in the coming months. Fed funds futures now imply a 79% chance of a March rate cut, up from 73% on Thursday, according to the CME Group's FedWatch Tool. Traders maintained their view that a March rate cut is likely even after consumer price inflation data on Thursday came in above economists' expectations. The dollar index was last up 0.19% at 102.40.
Persons: Steve Englander, Englander, Martin Luther King Jr, Sterling, bitcoin Organizations: U.S, British, Global, Research, Standard Chartered Bank, Branch, Traders, U.S . Securities, Exchange Commission, Wednesday Locations: Yichang, Hubei province, U.S, Yemen, America, Zealand, Iran, Red, Gaza
Healthcare & Pharmaceuticals category · November 27, 2023 · 11:26 AM UTC · ago · agoGSK said on Monday that its blood cancer drug Blenrep had reached a key goal in a late-stage trial, as the British drugmaker looks to bolster its oncology business after a series of setbacks.
Persons: Blenrep Organizations: Pharmaceuticals, GSK Locations: British
Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The surge in their borrowing from Chinese banks has catapulted the yuan past the euro into becoming the second-biggest currency used in global trade finance, providing a fillip to Beijing's ambitions to internationalize the yuan. "Panda bonds are steadily promoting the renminbi's function as a funding currency", the People's Bank of China (PBOC) said a report last month. German automaker Volkswagen Group (VOWG_p.DE) told Reuters it will use its inaugural 1.5 billion yuan panda bond proceeds only for its onshore China business. ($1 = 7.2421 Chinese yuan renminbi)Reporting by Samuel Shen and Rae Wee Editing by Vidya Ranganathan and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.
Persons: Yuan, Dado Ruvic, Fiona Lim, Lim, SWIFT, Mercedes, Yuan internationalisation, Mark Williams, It's, Maybank's Lim, Williams, Samuel Shen, Rae Wee, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, BMW, Crédit Agricole S.A, National Bank of Canada, People's Bank of China, Standard Chartered Bank, Bank of China's, Volkswagen Group, Reuters, Benz Group, Capital Economics, Thomson Locations: Rights SHANGHAI, SINGAPORE, China, Hong Kong, Asia, Russia, Argentina, Pakistan, Nigeria
Prime Minister Srettha Thavisin's signature 500 billion baht ($13.87 billion) stimulus policy has faced criticism over fears it could stoke inflation and adversely impact the fiscal position of Southeast Asia's second-largest economy. Thailand's economy grew just 1.8% year-on-year in the second quarter, sharply slowing from the previous quarter, hit by weak exports that undercut a recovery in its crucial tourism sector. But some analysts are sceptical, as are some opposition lawmakers who have attacked the ruling Pheu Thai party for risking breaching Thailand's fiscal regulations. "We expect Thailand's fiscal outlook to remain uncertain for the rest of this year," said Tim Leelahaphan, an economist at Standard Chartered Bank in Thailand. "Also, the Pheu Thai-led government's ability to implement its pledged economic policies including the handout scheme has yet to be assessed, adding to fiscal uncertainty."
Persons: Lertsuridej, Srettha Thavisin, Devjyot, Srettha, Prommin, Tim Leelahaphan, Martin Petty Organizations: Reuters, Government House, REUTERS, Rights, stoke, Standard Chartered Bank, Thomson Locations: Bangkok, Thailand, Rights BANGKOK
Profitable Klarna poses IPO valuation conundrum
  + stars: | 2023-11-09 | by ( Karen Kwok | ) www.reuters.com   time to read: +4 min
Last year, Siemiatkowski raised money at a $6.7 billion equity value, or 85% below its 2021 price tag of $45.6 billion. The implied Klarna valuation, before netting out the company’s cash or debt, would be roughly $14 billion. It’s hard to see Klarna getting close to those multiples, if it’s valued like a bank, since the Swedish company is nowhere near as profitable. For Siemiatkowski, then, the key to gaining an IPO valuation uplift will be to convince investors that Klarna is a lender but not a bank. Klarna raised $800 million at a $6.7 billion valuation in July 2022.
Persons: Sebastian Siemiatkowski, Klarna, That’s, Breakingviews, Siemiatkowski, Liam Proud, Streisand Neto Organizations: Reuters, Bank, Reuters Graphics Reuters, Revenue, Thomson Locations: U.S, Swedish, United Kingdom
A taxi drives in front of skyscrapers at the central business district, including AIA Central, China Construction Bank (CCB) Tower, Bank of China Tower, Cheung Kong Centre, HSBC and Standard Chartered Bank headquarters, in Hong Kong, China August 17, 2021. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 2 (Reuters) - The Hong Kong Monetary Authority (HKMA) on Thursday left its base rate charged through the overnight discount window unchanged at 5.75%, tracking a move by the U.S. Federal Reserve to keep rates steady. The U.S. central bank held interest rates steady on Wednesday as policymakers paused its aggressive tightening of monetary policy to consider if conditions were restrictive enough to tame inflation. "The Hong Kong dollar exchange rate remains stable, and the Hong Kong dollar interbank rates might remain high for some time," HKMA said in a statement, adding that local financial and monetary markets continue to operate in a smooth and orderly manner. Hong Kong's monetary policy moves in lock-step with the United States as the city's currency is pegged to the greenback in a tight range of 7.75-7.85 per dollar.
Persons: Tyrone Siu, HKMA, Donny Kwok, Jacqueline Wong Organizations: AIA Central, China Construction Bank, Bank of China, Cheung, Cheung Kong Centre, HSBC, Standard Chartered Bank, REUTERS, Hong, Hong Kong Monetary Authority, U.S . Federal Reserve, Hong Kong, Thomson Locations: Cheung Kong, Hong Kong, China, HONG KONG, U.S, United States
[1/3] The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. The broader European banking index (.SX7P) fell as much as 2.4% to its lowest in four months by 1017 GMT. Top fallers on the index were Standard Chartered, down 9%, Swedbank (SWEDa.ST), down 7% and BNP Paribas (BNPP.PA), down around 4%. Concerns about China's economic fragility are also hitting some European banks with major operations in Asia. Sabadell (SABE.MC) rose around 3.7% after raising its outlook for 2023 net interest income growth on the back of higher interest rates.
Persons: Peter Nicholls, Chris Hiorns, Banks, Hiorns, Angelo Meda, Meda, Iain Withers, Naomi Rovnick, Joice Alves, Jesus Aguado, Danilo Masoni, Amanda Cooper, John Stonestreet, Toby Chopra Organizations: Chartered, REUTERS, BNP, European Central Bank, Traders, SIM, Sabadell, Thomson Locations: London, Britain, LONDON, Milan, Asia, Madrid
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
Local government debt reached 92 trillion yuan ($12.58 trillion), or 76% of the country's economic output in 2022, up from 62.2% in 2019. Reuters is reporting these measures for banks to defuse local debt risks for the first time. Banks are being encouraged to issue new loans to LGFVs to repay bonds and non-standard debt, the sources said. And, Chinese investors are rushing to buy bonds of LGFVs, including from the riskiest issuers, as Beijing's attempts to reduce local debt risks encourages them to bet on an implicit government guarantee. Over 2.1 trillion yuan LGFV bonds matured in the first half of 2023, and another 1.75 trillion yuan in the second half of this year and 1.69 trillion yuan in the first half of 2024, the highest maturity pressure in history, the note said.
Persons: Tyrone Siu, , National Financial Regulatory Administration didn't, Banks, CLIFF LGFVs, LGFVs, Simon Cameron, Moore, Kim Coghill Organizations: AIA Central, China Construction Bank, Bank of China, Cheung, Cheung Kong Centre, HSBC, Standard Chartered Bank, REUTERS, Rights, People's Bank of China, Reuters, Treasury, National Financial Regulatory Administration, Communist Party, ANZ Research, UBS, Financial, Beijing, Shanghai, Thomson Locations: Cheung Kong, Hong Kong, China, Rights BEIJING, Beijing, Tianjin, Guizhou, Guangxi
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