Standard Chartered has called a halt to its grand expansion as it seeks to conserve capital amid the worst drop in profits for more than 12 years.» Read More
LONDON, June 26- Standard Chartered warned profits would fall in 2014 for the second year in a row after first-half earnings dropped by a fifth due to tougher regulations and low market volatility in its trading business.
LONDON, June 26- Standard Chartered on Thursday warned of lower profits this year after a 20 percent slump in first-half earnings, as tougher regulations and low market volatility hit its trading business.
Standard Chartered said its profits would fall by about 20 percent in the first half of this year from a year ago.
*Growing supply may help China gain upper hand in pricing. SHANGHAI, June 26- Brazil's Vale, the world's biggest iron ore miner, is starting to offer discounts on shipments of the steelmaking raw material to top consumer China, joining Australian rivals in cutting prices following a global surge in production.
SHANGHAI/ HONG KONG/ SYDNEY, June 26- A warehouse fraud at China's third-largest port has forced banks and trading houses to consider new controls in the country's massive commodity financing business, which traders say could lead to drying up of credit for all but large firms and state-owned companies.
*UK becomes first Western country to sell Islamic bond. LONDON, June 25- Britain became the first Western country to sell an Islamic bond on Wednesday, attracting 2.3 billion pounds in orders, more than 10 times the amount it was looking to sell.
HARARE, June 25- A series of Zimbabwean-owned banks are struggling to stay above water as loan defaults grow, forcing lenders to turn to foreign investors if they can and undermining President Robert Mugabe's black economic empowerment drive.
LONDON, June 25- Britain became the first Western country to sell an Islamic bond on Wednesday, drawing orders of more than 2 billion pounds- over 10 times the planned issue amount. The five-year sukuk issue, intended to raise 200 million pounds, is being launched by the government as part of an effort to boost London's position as a centre for Islamic finance.
*Shanghai Gold Exchange chief says wants to have China gold fix. SINGAPORE, June 25- China and Singapore are vying to provide feasible gold price benchmarks in Asia, as calls grow in the top consuming region for more localized pricing of the precious metal at a time when the global benchmark is under regulatory scrutiny.
The Singapore Exchange said it will launch a physically deliverable gold contract to meet demand in Asia, the top consumer of the precious metal.
In a sluggish year for Asian exporters, Taiwan's economy and stock market are in a "sweet spot" thanks to Taiwan's position in the tech supply chain.
Luxury retailers in China are suffering amid an anti-corruption drive and uncertain economic outlook and they're unlikely to recover anytime soon.
SHANGHAI/ SYDNEY, June 18- China's CITIC Resources Holding Ltd said on Wednesday a court has been unable to secure more than 100,000 tonnes of alumina stored at Qingdao port, deepening fears that firms exposed to a metals financing scam at the port could face big losses.
SHANGHAI, June 18- Chinese commodities trader CITIC Resources Holding Ltd said on Wednesday that more than 100,000 tonnes of alumina stored at Qingdao port was missing, deepening fears that firms exposed to a metals financing scam at the port could face big losses.
*Lack of finance a major hurdle for Africa's development. *World Bank leading program to promote credit bureaus. LUSAKA/ LAGOS, June 17- When Joyce Musonda wanted to start a business two years ago selling kitchen tiles from her backyard in an up-and-coming district of Zambia's capital of Lusaka, she braced herself for a battle to find a start-up loan.
China's gradual monetary policy loosening may be discreet, but the cumulative effect is proving just as powerful as an outright cut in bank reserves.
BEIJING, June 16- China's piecemeal approach to loosening monetary policy this year may be discreet, but the cumulative effect is proving just as powerful as an outright cut in bank reserves.
ACCRA, June 13- Rising bond yields, mounting inflation and a weakening currency have taken the shine off Ghana, a country until recently hailed as a model for African growth.
HONG KONG/ QINGDAO, China/ SYDNEY, June 13- The trail that led investigators to a suspected metal financing scam at China's Qingdao port which has spooked Western banks and hit global metals prices began with a Communist Party corruption probe 1,000 miles away in the old Silk Road city of Xining.
HONG KONG, June 11- At least two global banks involved in commodity financing in China have asked some clients to shift copper and aluminum, used as collateral for loans, to better regulated warehouses, three sources with direct knowledge of the matter said. Standard Chartered and South Africa's Standard Bank had already contacted clients, two sources said.