The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
Stocks in Asia fell Monday afternoon following an escalation in the U.S.-China trade war late last week.Asia Marketsread more
* Q1 profit before tax $1.38 bln versus $1.26 bln a year ago
* CEO: to maintain strategic investment program even with buyback (Adds CEO comment, details of earnings)
HONG KONG/LONDON, April 30 (Reuters) - Standard Chartered unveiled plans for an up to $1 billion share buyback, its first such in at least 20 years, and posted a 10 percent rise in quarterly profit, signaling the bank was seeing early success in its growth turnaround strategy.
The buyback comes after StanChart CEO Bill Winters unveiled in February ambitious plans to double return on tangible equity and dividends in three years by cutting $700 million in costs and boosting income.
Winters won plaudits from investors for his initial three-year plan that began in June 2015 when he focused on revamping the risk culture, slashing costs and purging bad loans that had accumulated in a post-2008 period of over-aggressive growth.
The bank said on Tuesday in its quarterly earnings filing that it had received regulatory approval to start buying back shares worth up to $1 billion, and that StanChart was now able to manage its capital position "more dynamically."
"We will maintain our strategic investment program and start to buy back $1 billion of our shares, reflecting our confidence in our ability to execute the strategy and create long-term shareholder value," Winters said in the statement.
Pretax profit for StanChart, which focuses on Asia, Africa and the Middle East, grew to $1.38 billion in the January-March period from $1.26 billion a year ago, the London-headquartered bank said.
StanChart announced this month a $1 billion settlement with the United States to bring to a close a long-running probe into whether the bank continued to violate sanctions after 2007, when it said it would no longer do business with Iran.
In addition to the $900 million provision the bank made in 2018, it took a "further and final charge" of $186 million in the first quarter, StanChart said. (Reporting by Sumeet Chatterjee and Lawrence White; Editing by Muralikumar Anantharaman)