Banking

  Bloomberg Standard Chartered (StanChart) Plc shares surged after it beat estimates in the first quarter and the lender said revenue would climb more this year than the previously predicted. Underlying pretax profit posted a surprise 4% rise to $1.5 billion in the period on a jump from its trading business, the London-based bank said in a statement on Thursday. Revenue ...

  Bloomberg China’s central bank pledged to support the economy through targeted financing for small businesses and a quick resolution of the ongoing crackdown on technology firms in Beijing’s latest bid to reassure investors nervous about growth and Covid lockdowns. The People’s Bank of China (PBOC) “will step up the prudent monetary policy’s support to the real economy, especially for ...

  Bloomberg Massive outflows from US equity funds are just getting started as the Federal Reserve ramps up its hawkish rhetoric, according to Bank of America Corp (BofA) strategists. In the week through April 20, investors pulled $19.6 billion from US large caps, the largest exit since February 2018, the strategists wrote in a note, citing EPFR Global data. The ...

  Bloomberg Zimbabwe’s central bank said it has “no reason or appetite to raid” foreign-exchange accounts and denied allegations from the country’s largest industry lobby group of US dollars being raided and a bank run. The Confederation of Zimbabwe Industries in a position paper had asked the central bank to dump its weekly foreign currency auction and also highlighted the ...

  Bloomberg China’s central bank governor stressed the importance of keeping inflation under control in two separate speeches and pledged more targeted support for small businesses, reinforcing policy makers’ cautious approach to monetary stimulus. The People’s Bank of China’s “policy is to maintain price stability,” Governor Yi Gang said on a panel at the Boao Forum for Asia. In separate ...

  Bloomberg Vietnam’s Military Commercial Joint Stock Bank will sell about 49% of its unit in Cambodia to Japan’s Shinsei Bank Ltd for an undisclosed amount as early as the fourth quarter, according to CEO Luu Trung Thai. The Hanoi-based bank, known as MB, spent $75 million to create the unit founded in 2018, he said. MB, which targets profit growth ...

  Bloomberg JPMorgan Chase & Co was removed as the most senior underwriter for Kingsoft Cloud Holdings Ltd.’s Hong Kong stock offering after one of the bank’s analysts cut the share-price target for the Chinese technology company by half. The New York-based bank lost the so-called lead-left role in arranging Kingsoft Cloud’s listing. JPMorgan is still a sponsor of the ...

  Bloomberg ICICI Bank Ltd posted a 59% rise in profit in the March quarter, helped by a drop in bad loans and growth in income from lending. Net income stood at 70.2 billion rupees ($918 million) for the three months ended March, compared with 44 billion rupees a year ago, according to an exchange filing. That beat the average ...

  Bloomberg Credit Suisse Group AG said it expects to post a first-quarter loss due to a $210 million hit to revenues from Russia’s invasion of Ukraine, and a previously-indicated increase in legal provisions. The Zurich-based lender said that its results, due next week, would be negatively affected by its exposure to the war both with respect to counterparty and ...

  Bloomberg The Bank of Japan (BOJ) reiterated its ultra-loose monetary policy with four days of unscheduled bond buying as the widening interest rate gap with the US puts upward pressure on bond yields and weakens yen. The move comes as Japan’s benchmark 10-year yield stayed elevated at the 0.25% upper limit of the BOJ’s tolerated trading band despite announcing ...