Bloomberg HDFC Bank Ltd.’s profit rises in the third quarter, beating estimates, helped by loan growth and improved asset quality as consumer demand picked up. Net income stood at INR 103.4 billion rupees ($1.4 billion) rupees for the quarter ending December compared with 87.6 billion rupees a year ago. That beat the average estimate of 101.4 billion rupees by ...

  Bloomberg Bank of Korea Governor Lee Ju-yeol signalled the likelihood of more interest rate increases to come following the hike, as the central bank clearly put inflation concerns ahead of uncertainties over Covid-19. Even though the key policy rate, now at 1.25%, is back at pre-pandemic levels, Lee said it was at an accommodative level, adding that another hike ...

  Bloomberg Citigroup Inc. agreed to sell consumer-banking businesses in Indonesia, Malaysia, Thailand and Vietnam to United Overseas Bank Ltd. (UOB) for about S$4.9 billion ($3.6 billion) as Chief Executive Officer Jane Fraser continues her push to simplify the New York-based bank. UOB will pay Citigroup a cash consideration for the net assets of the acquired businesses plus a premium ...

  Bloomberg The UK government has sold 170.4 million shares in NatWest Group Plc — worth about $580 million at current prices — since November, continuing to cut the majority stake it acquired during the financial crisis. The Treasury now owns a 51.98% stake in the lender formerly known as Royal Bank of Scotland, according to a filing. Its stake ...

  Bloomberg The top 1% at Goldman Sachs Group Inc. is set to receive a special one-time reward in addition to annual bonuses, recognizing the Wall Street titan’s roaring success through the pandemic. The unusual payments to partners — the roughly 400 executives who fill out the investment bank’s highest rung — will add millions of dollars to many compensation ...

  Bloomberg Taiwan Semiconductor Manufacturing Co (TSMC) raised its growth projections and unveiled record spending plans for 2022, signalling that the voracious demand for chips that has fuelled a months-long supply chain squeeze will persist for years. Apple Inc’s most important chipmaker is now projecting average sales growth of 15% to 20% annually — as much as double its previous ...

  Bloomberg Apple Inc said that developers have generated more than $260 billion in revenue since the App Store launched in 2008, up about $60 billion from the figure it reported a year ago. The iPhone maker made the announcement as part of a summary of the performance of its digital services across 2021. The company said the App Store ...

  Bloomberg Last year’s record-high car prices won’t be dropping soon. In December, the average price of a new vehicle in the US hit $47,077, up 14% ($5,742), compared to 2020, and up 1.7% ($808) from the previous month, according to Kelley Blue Book. The rise came as US inflation ended 2021 at sizzling levels levels—a 39-year high of 7%—with ...

  Bloomberg Nigeria lifted a seven-month ban on Twitter Inc. in the West African country, after the social network agreed to various conditions. Twitter will establish a legal entity in Nigeria and appoint a country representative to engage with the government when required, the National Information Technology Development Agency, or NITDA, said in a statement announcing the imminent end of ...

  Bloomberg Oil headed for a fourth straight weekly gain, the longest streak since October, on signs that the market is tightening as global consumption withstands the impact of the Omicron virus variant. Brent crude traded above $85 after rallying more than 4% this week. The global crude benchmark has made a strong start to the year, which has been ...