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Bank reports prompt jitters for the indexes

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Both Hong Kong and mainland stocks at one stage fell yesterday as two major Chinese banks reported weaker first-quarter earnings. But both indexes recovered towards closing.The Hang Seng Index ended just 42 points lower at 28,400, while the Shanghai Composite Index closed flat at 4,476 points after ...

China Banks’ Worst Year Since 2004 Seen as ICBC’s Bad Loans Jump

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Industrial & Commercial Bank of China Ltd. reported a 21 billion yuan ($3.4 billion) jump in soured credit in the first quarter, the biggest increase since at least 2008, in a filing on Wednesday.ICBC, China Construction Bank Corp., Agricultural Bank of China Ltd, Bank of China Ltd. and Bank of ...

China banks’ 2015 profit growth seen below 5%: DBS Vickers

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Chinese banks are likely to see their net profit grow by low-single digit in percentage terms this year due to narrowed interest rate spreads and worsening asset quality, DBS Vickers said on Monday.Net profit expansion of the lenders will be in the zero to five percent range compared to the level in...

Report: Drastic streamlining for SOEs

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Stocks surge on belief that restructuring and mergers will create globally competitive giantsThe nation may slash the number of central State-owned enterprises to 40 from 112 at present through large-scale mergers as part of a broad plan to reform the inefficient State sector, a report in China'...

Private banks bet on Hong Kong as China financial reforms still hazy

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Private banks are not waiting around for reforms to bring greater access to the mainland market. Instead, they are placing their bets on Hong Kong as a long-term hub."We believe running a wealth management platform based in Hong Kong and Singapore is probably going to serve our purpose for a lo...

How to change banking jobs in Asia without losing too many clients

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Private banking in Singapore and Hong Kong is a hot sector for pay rises, chunky bonuses and expanding headcounts.But there’s a major obstacle for many Asian relationship managers looking for their next private banking job: too many of their clients won’t move their assets over and the n...

Goldman Sachs names Stephen Wong HK IB chairman

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Goldman Sachs has promoted Stephen Wong to chairman of investment banking in Hong Kong, according to an internal memo seen by FinanceAsia on Wednesday, after the US investment bank landed a string of high-profile deals and further integrated its China teams.Wong was previously Goldman Sachs's h...

Citibank Hong Kong calls for media agency review

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Citibank has kick started a global review of its media agency relations, with Hong Kong to be part of the tender process.Citibank’s incumbent media agency in Hong Kong is MEC, a partnership that has spanned more than 10 years.A spokesperson from MEC confirmed to Marketing that the Hong Kong of...

The Hot Money Cools on China

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-Some $300 billion has been moved out in the past six monthsWhile the world marvels at the rise of Chinese stock prices, money is quietly leaving the country at the fastest pace in at least a decade. Louis Kuijs, Royal Bank of Scotland’s chief China economist, estimates that China lost $300 bi...

China retakes spot as biggest holder of U.S. debt

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Well, that was short-lived. After just one month, China has nudged Japan out of the way, retaking the top spot as the world's biggest holder of U.S. debt.Treasury Department data released Friday showed that China owned $1.261 trillion worth of U.S. government securities at the end of March, comp...

Here's why investment volume dropped in Q1 2015

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The market has become quieter.The Hong Kong commercial property investment market turned quieter in Q1 2015, with transaction volume falling significantly.According to a research note from CBRE, total investment turnover (including transactions worth US$10 million and above, excluding pure land site...

Fight Over China Currency Policies Threatens Vote on Trade Bill

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WASHINGTON — A heated dispute over how to challenge China on currency policy has imperiled a trade bill that has become President Obama’s top legislative priority, uniting even the president’s top Democratic supporters against taking up the bill in the Senate.Senator Mitch McConnel...