BEIJING: Industrial and Commercial Bank of China (ICBC), the world’s largest commercial lender by assets, said soured lending to the real estate sector in the first half of this year rose 15 per cent. The lender reported 38.8 billion yuan of non-performing loans (NPL) at the end of June, comparedContinue Reading
SHANGHAI: China’s central bank issued draft rules on Tuesday (Aug 30) to regulate related transactions of financial holding companies. Such transactions must conform to rational commercial principles, be backed by genuine businesses and be priced fairly, the People’s Bank of China said in a statement. In addition, the transactions shouldContinue Reading
BEIJING: China will strive to stabilise employment and prices in the 2nd half of the year, said the country’s financial ministry in a statement published on its website on Tuesday (Aug 30). China and taiwan will make good utilization of local government special bonds in the second half andContinue Reading
SEOUL: South Korea stated on Tuesday (Aug 30) it would cut annual government investing for the first time in over a decade next year, since it seeks to curb its pandemic-era incitement and help the central bank rein in a red-hot economic climate. Unveiling the first budget proposal under right-leaningContinue Reading
SEOUL: The head of South Korea’s central bank said on Tuesday (Aug 30) his bank’s financial policy stance would not change after Federal government Reserve Chair Jerome Powell said a week ago the US economy will require tight monetary policy “for some time”. Financial institution of Korea Chief excutive RheeContinue Reading
ISLAMABAD: The Worldwide Monetary Fund (IMF) board on Mon approved the seventh and eighth reviews of Pakistan’s bailout programme, Finance Minister Miftah Ismail mentioned, which will release US$1. 17 billion within funds to the cash-strapped country. He also said the IMF had agreed to extend the particular programme by aContinue Reading
SHANGHAI: Farming Bank of China and taiwan (AgBank), the country’s third-largest commercial loan provider by assets, stated net profit increased 5. 5 per cent year on year in the first 1 / 2 of 2022. Profit was 128. 9 billion yuan (US$18. 63 billion) in the 6 months through toContinue Reading
TOKYO: Olympus Corp said on Monday (Aug 29) this had agreed to sell its microscope device to private equity company Bain Capital intended for 427. 6 billion yen (US$3. 1 billion), in what will be the Japanese company’s biggest divestment yet. The sale of the unit, which also makes industrialContinue Reading
SINGAPORE: Cina Petroleum and Chemical substance Corp said upon Monday (Aug 29) it expects second-half refinery throughput to become flat versus the initial half with yearly processing volume regarding 2022 down 6 per cent versus 2021, after the country’s COVID-19 measures hit gasoline demand at home. The company, better knownContinue Reading
BEIJING: Profit at China’s state-owned firms dropped 2 . 1 % to 2 . 68 trillion yuan (US$387. 54 billion) in the first seven a few months of the year compared to same period this past year, the Ministry of Finance said. That combined a 2 . 1 per centContinue Reading