‘We should not overreact to market movements,’ says Standard Chartered chairman

English banking giant Standard Chartered’s chairman suggests that investors should “de-dramatize” the recent market sell-off. “We should not overreact to market movements even if those market movements are sizable,” José Viñals told CNBC’s Geoff Cuttmore on Thursday morning. Viñals comments came amid a stock market rout in Asia following a major Wednesday sell-off on Wall Street. Commenting on the recent market rout, Viñals said he “would de-dramatize the situation,” urging investors to “remembe


English banking giant Standard Chartered’s chairman suggests that investors should “de-dramatize” the recent market sell-off. “We should not overreact to market movements even if those market movements are sizable,” José Viñals told CNBC’s Geoff Cuttmore on Thursday morning. Viñals comments came amid a stock market rout in Asia following a major Wednesday sell-off on Wall Street. Commenting on the recent market rout, Viñals said he “would de-dramatize the situation,” urging investors to “remembe
‘We should not overreact to market movements,’ says Standard Chartered chairman Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: eustance huang
Keywords: news, cnbc, companies, standard, investors, wall, chairman, vials, movements, rout, going, recent, dedramatize, rates, overreact, chartered, market


'We should not overreact to market movements,' says Standard Chartered chairman

English banking giant Standard Chartered’s chairman suggests that investors should “de-dramatize” the recent market sell-off.

“We should not overreact to market movements even if those market movements are sizable,” José Viñals told CNBC’s Geoff Cuttmore on Thursday morning.

Viñals comments came amid a stock market rout in Asia following a major Wednesday sell-off on Wall Street.

Commenting on the recent market rout, Viñals said he “would de-dramatize the situation,” urging investors to “remember what we have.”

“One needs to start from realizing that some valuations were stretched to begin with,” he said

“In a context where interest rates are going up and where growth prospects are significantly revised downwards,” he added, “this is something that is going to take some steam off equity markets.”

Nevertheless, Viñals said, the global and U.S. economies were “still growing strongly,” along with expectations and forecasts that they were going to “keep at good rates” for this year and the next.


Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: eustance huang
Keywords: news, cnbc, companies, standard, investors, wall, chairman, vials, movements, rout, going, recent, dedramatize, rates, overreact, chartered, market


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Don’t ‘overreact’ to market movements: Standard Chartered

Don’t ‘overreact’ to market movements: Standard Chartered20 Hours AgoJosé Viñals of Standard Chartered says both the U.S. and global economies are “still growing strongly.”


Don’t ‘overreact’ to market movements: Standard Chartered20 Hours AgoJosé Viñals of Standard Chartered says both the U.S. and global economies are “still growing strongly.”
Don’t ‘overreact’ to market movements: Standard Chartered Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-10
Keywords: news, cnbc, companies, hours, strongly, market, global, chartered, economies, dont, growing, overreact, movements, standard, vials


Don't 'overreact' to market movements: Standard Chartered

Don’t ‘overreact’ to market movements: Standard Chartered

20 Hours Ago

José Viñals of Standard Chartered says both the U.S. and global economies are “still growing strongly.”


Company: cnbc, Activity: cnbc, Date: 2018-10-10
Keywords: news, cnbc, companies, hours, strongly, market, global, chartered, economies, dont, growing, overreact, movements, standard, vials


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Barclays is reportedly looking at a potential merger with Standard Chartered

Barclays has spoken to its rival bank Standard Chartered about a potential merger but no formal or informal bid was made, the Financial Times reported on Wednesday, citing two unnamed sources. Barclays told CNBC it has no comment on the report. The conversation that took place was part of a wider effort by Barclays to improve its financial performance, according to the report. Sherborne holds a more than 5 percent stake in Barclays and is one of the bank’s largest shareholders. — Read the full r


Barclays has spoken to its rival bank Standard Chartered about a potential merger but no formal or informal bid was made, the Financial Times reported on Wednesday, citing two unnamed sources. Barclays told CNBC it has no comment on the report. The conversation that took place was part of a wider effort by Barclays to improve its financial performance, according to the report. Sherborne holds a more than 5 percent stake in Barclays and is one of the bank’s largest shareholders. — Read the full r
Barclays is reportedly looking at a potential merger with Standard Chartered Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-05-23  Authors: yen nee lee, justin solomon
Keywords: news, cnbc, companies, potential, banks, barclays, reportedly, unnamed, looking, bank, merger, chartered, financial, report, times, comment, reported, standard


Barclays is reportedly looking at a potential merger with Standard Chartered

Barclays has spoken to its rival bank Standard Chartered about a potential merger but no formal or informal bid was made, the Financial Times reported on Wednesday, citing two unnamed sources.

Barclays told CNBC it has no comment on the report. Two unnamed sources close to the bank, cited by Reuters, said there was no truth in the rumor and it wasn’t exploring any potential mergers with other lenders.

Stanchart said it’s “entirely focused on executing our strategy, and [does] not comment on this type of speculation.”

The FT reported that one director each from the two London-headquartered banks met to discuss the possible benefits of merging. The conversation that took place was part of a wider effort by Barclays to improve its financial performance, according to the report.

Barclays has come under pressure from activist investor Sherborne, which is pushing the British lender to shrink its under-performing investment banking unit, Reuters reported last week.

Sherborne holds a more than 5 percent stake in Barclays and is one of the bank’s largest shareholders.

— Read the full report by Financial Times.


Company: cnbc, Activity: cnbc, Date: 2018-05-23  Authors: yen nee lee, justin solomon
Keywords: news, cnbc, companies, potential, banks, barclays, reportedly, unnamed, looking, bank, merger, chartered, financial, report, times, comment, reported, standard


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Standard Chartered first quarter pretax profit climbs 20%, beats forecasts

Standard Chartered posted a better-than-expected 20 percent rise in pretax profit for the first three months of the year, helped by a surge in loan demand and improvement in asset quality. That was above an average estimate of $1.21 billion drawn from nine analysts in a poll collated by the bank. The bank’s operating income in the quarter rose 7 percent to $3.9 billion. Net impairment on financial assets in the quarter was at a similar level to the same period last year and 29 percent lower than


Standard Chartered posted a better-than-expected 20 percent rise in pretax profit for the first three months of the year, helped by a surge in loan demand and improvement in asset quality. That was above an average estimate of $1.21 billion drawn from nine analysts in a poll collated by the bank. The bank’s operating income in the quarter rose 7 percent to $3.9 billion. Net impairment on financial assets in the quarter was at a similar level to the same period last year and 29 percent lower than
Standard Chartered first quarter pretax profit climbs 20%, beats forecasts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-05-02  Authors: philippe lopez, afp, getty images
Keywords: news, cnbc, companies, standard, stanchart, posted, quarter, return, 20, bank, winters, profit, forecasts, pretax, beats, billion, rose, climbs, chartered, equity


Standard Chartered first quarter pretax profit climbs 20%, beats forecasts

Standard Chartered posted a better-than-expected 20 percent rise in pretax profit for the first three months of the year, helped by a surge in loan demand and improvement in asset quality.

The first-quarter profit jump on Wednesday builds on early signs of success, including a return to dividend payments, for StanChart, which, under the leadership of Chief Executive Bill Winters since 2015, has undergone a sweeping restructuring.

Pretax profit for the bank, which focuses on Asia, Africa and the Middle East, rose to $1.26 billion in the quarter ended March 31 from $1.05 billion in the same period a year ago, it said in a statement to the stock exchange.

That was above an average estimate of $1.21 billion drawn from nine analysts in a poll collated by the bank.

The bank’s operating income in the quarter rose 7 percent to $3.9 billion. Net impairment on financial assets in the quarter was at a similar level to the same period last year and 29 percent lower than in the fourth quarter, the bank said.

StanChart in February unveiled a new medium-term goal of an 8 percent return on equity, as it recovers from a restructuring that saw the key profitability metric fall into the negative. It has not announced the timetable for achieving the goal.

It posted an annualized return on equity of 7.6 percent in the March quarter, compared to 6.3 percent in the first quarter of 2017.

“This encouraging start to the year shows that we are firmly on the path laid out in February that will take us above an 8 percent return on equity in the medium term,” Winters said in the statement.

Losses from bad debts had plagued StanChart in the recent past, but the bank has since tightened limits on who can make decisions about such big loans and decreased internal limits for exposure to a single client.

Hong Kong shares of StanChart were trading up 0.8 percent after the results, while the broader Hong Kong market was down 0.6 percent.


Company: cnbc, Activity: cnbc, Date: 2018-05-02  Authors: philippe lopez, afp, getty images
Keywords: news, cnbc, companies, standard, stanchart, posted, quarter, return, 20, bank, winters, profit, forecasts, pretax, beats, billion, rose, climbs, chartered, equity


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Standard Chartered faces investigation over $1.4 billion client transfer from tax haven, source says

Financial watchdogs in Europe and Asia are investigating Standard Chartered Plc over the transfer of $1.4 billion of private bank client assets from Guernsey to Singapore ahead of new tax transparency rules, according to a source familiar with the matter. Britain, Guernsey and Singapore have all signed up to the treaty but Guernsey implemented the rules ahead of the Southeast Asian city-state. The Financial Services Commission and Standard Chartered’s home regulator the Financial Conduct Authori


Financial watchdogs in Europe and Asia are investigating Standard Chartered Plc over the transfer of $1.4 billion of private bank client assets from Guernsey to Singapore ahead of new tax transparency rules, according to a source familiar with the matter. Britain, Guernsey and Singapore have all signed up to the treaty but Guernsey implemented the rules ahead of the Southeast Asian city-state. The Financial Services Commission and Standard Chartered’s home regulator the Financial Conduct Authori
Standard Chartered faces investigation over $1.4 billion client transfer from tax haven, source says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-10-05  Authors: keith tsuji, getty images
Keywords: news, games, cnbc, companies, faces, standard, financial, transfer, chartered, singapore, haven, billion, rules, sources, services, client, investigation, tax, guernsey, reported, source


Standard Chartered faces investigation over $1.4 billion client transfer from tax haven, source says

Financial watchdogs in Europe and Asia are investigating Standard Chartered Plc over the transfer of $1.4 billion of private bank client assets from Guernsey to Singapore ahead of new tax transparency rules, according to a source familiar with the matter.

The Monetary Authority of Singapore (MAS) and Guernsey’s Financial Services Commission are looking into the movement of assets in late 2015 just before the Channel Island adopted new global rules on exchanging tax information.

Under the rules countries will agree to automatically share annual reports about accounts belonging to people subject to taxes in each member nation.

Britain, Guernsey and Singapore have all signed up to the treaty but Guernsey implemented the rules ahead of the Southeast Asian city-state.

The Financial Services Commission and Standard Chartered’s home regulator the Financial Conduct Authority declined to comment on the story while MAS did not respond to a request for comment outside of office hours.

The investigation was first reported by Bloomberg, which cited anonymous sources saying that Standard Chartered reported the matter itself to the regulators. It said the sources said regulators were looking into Standard Chartered’s processes, but had not suggested the bank colluded with clients to evade tax.

Standard Chartered said last year that it was to close its trust operations in Guernsey and centralize that part of its business in Singapore.


Company: cnbc, Activity: cnbc, Date: 2017-10-05  Authors: keith tsuji, getty images
Keywords: news, games, cnbc, companies, faces, standard, financial, transfer, chartered, singapore, haven, billion, rules, sources, services, client, investigation, tax, guernsey, reported, source


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