Subscribe to our free daily newsletters
  Energy News  




Subscribe to our free daily newsletters



TRADE WARS
Standard Chartered profits leap 93% in first half of year
by Staff Writers
Hong Kong (AFP) Aug 2, 2017


Asia-focused bank Standard Chartered on Wednesday said pre-tax profits were up 93 percent in the first half of the year as it continues to rally after job cuts and restructuring.

But it stopped short of paying interim dividends, with chairman José Viñals saying more clarity was needed on the impact of global regulatory reforms which are still under consideration.

The bank swung back to profit in 2016 after scoring its first annual loss for over a quarter of a century in 2015 as it struggled to cope with the effect of bad debts.

Results in the six months to June showed underlying pre-tax profit of $1.9 billion, up from $994 million year-on-year.

Net profit almost doubled to $1.2 billion from $580 million in the same period a year ago.

Underlying loan impairments were at $583 million, down from $1.1 billion.

Chief executive Bill Winters described the performance as "encouraging" and said the bank was now leaner and more efficient.

"Although we still have a long way to go, we are headed in the right direction," he said in a statement.

However, business confidence remains fragile, said Winters, who cited geopolitical uncertainty and the unknown outcomes of regulatory reforms.

Winters replaced former CEO Peter Sands in 2015 after shareholder calls for a boardroom cull following profit warnings.

The London-based bank announced 15,000 job cuts around the world that year and said that it would exit or restructure $100 billion of assets to re-focus on affluent retail clients.

In Wednesday's results statement, both Winters and Viñals also said they would prioritise fighting financial crime and would strengthen their own compliance programmes after a number of cases against the bank.

Hong Kong's stock market regulator filed a lawsuit against the bank over "market misconduct" for a 2009 initial public offering on the city's bourse in January.

In August 2014, the bank was hit by US regulators with a $300 million fine and restrictions on its dollar-clearing business for failing to detect possible money-laundering.

It paid $667 million in 2012 to settle charges that it had violated US sanctions by handling thousands of financial transactions involving Iran, Myanmar, Libya and Sudan.

lm/amu

STANDARD CHARTERED

TRADE WARS
Economic rebound bypasses Spain's poorest neighbourhood
Seville, Spain (AFP) July 31, 2017
Elvira Montadas pushes her neighbour in a wheelchair along a badly paved sidewalk, past crumbling buildings, in return for some pocket change. This is one of the odd jobs allowing her to survive in Spain's poorest neighbourhood - Los Pajaritos in Seville, the country's fourth largest city famous for its Alcazar palace. A divorced mother of two teenage daughters, 49-year-old Montadas has ... read more

Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
India must rethink infrastructure needs for 100 new 'smart' cities to be sustainable

Allowable 'carbon budget' most likely overestimated

Sparkling springs aid quest for underground heat energy sources

Google's 'moonshot' factory spins off geothermal unit

TRADE WARS
Scientists map ways forward for lithium-ion batteries for extreme environments

High-temperature superconductivity in B-doped Q-carbon

UMD engineers invent the first bio-compatible, ion current battery

First basic physics simulation of impact of neutrals on turbulence

TRADE WARS
Shale-rich Oklahoma to host mega-wind farm

U.S. wind power momentum up 40 percent from last year

ABB wins $30 million order to support integration of offshore wind energy in the UK

GE's renewables not enough to boost overall revenue

TRADE WARS
A new picture emerges on the origins of photosynthesis in a sun-loving bacteria

India facing renewable energy challenges

Schneider Electric India commissions 720 kWp solar plant at its manufacturing facility in Vadodara

World Bank tries to make Pacific solar power decisions easier

TRADE WARS
Construction of two nuclear power plants in US halted

Areva signs MOX fuel fabrication contract with Japan

Nuclear contaminates earnings of France's EDF

Underwater robot probes inside Fukushima reactor

TRADE WARS
New light-activated catalyst grabs CO2 to make ingredients for fuel

Biochar could clear the air in more ways than one

Algae cultivation technique could advance biofuels

Fungi that evolved to eat wood offer new biomass conversion tool

TRADE WARS
U.S. insists all options are on the table with Venezuela

Canadian oil struggling for world position

U.S. gas prices for August could be the highest for the year

Japan protests Chinese gasfield activity in East China Sea

TRADE WARS
Could a geoengineering cocktail control the climate

Could spraying particles into marine clouds help cool the planet

Al Gore: I've given up on climate 'catastrophe' Trump

New carbon-capturing membranes may reduce greenhouse gas emissions




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement