China’s largest five banks report strongest first-half profit since height of property crash
China’s five largest banks have reported profit growth of between 3 percent and 5 percent in the first half, as falling deposit costs eased pressure on lending margins despite weak…
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China’s CXMT posts first-half profit after revenue surge
CXMT, China’s largest chipmaker by market value, posted a sharp turnaround to profit in the first half on Friday in its first earnings release since listing, buoyed by surging prices…
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Didi plans to invest over US$200 million in Argentina, manager says
Chinese ride-hailing company Didi Global expects to invest more than US$200 million in Argentina this year to launch new services in smaller cities and develop safety technology, its country manager…
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Warsh says Fed has ‘work to do’ if above-target inflation persists
The US central bank will “have work to do” if policymakers are not confident that underlying inflation is returning to its 2 percent target, Federal Reserve Chairman Kevin Warsh said…
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Wall Street opens subdued ahead of Warsh’s speech
Wall Street’s main indexes opened muted open on Friday, as an AI-fueled rally fizzled out ahead of Federal Reserve Chair Kevin Warsh’s much-anticipated Jackson Hole appearance. The Dow Jones Industrial…
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China to reform home sales system to curb delivery risks
China on Friday issued guidelines for local governments to reform their housing sales system, requiring a shift towards the sale of completed housing units to curb delivery risks as Beijing…
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BYD posts first quarterly profit rise in over a year, but misses estimates
Chinese electric vehicle maker BYD (1211) on Friday posted its first quarterly profit rise in more than a year, helped by a surge in exports that offset weak domestic sales.…
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Gold inches up ahead of Fed Chair Warsh’s Jackson Hole remarks
Gold prices ticked up on Friday, with investors looking out for Federal Reserve Chair Kevin Warsh’s remarks at the Jackson Hole symposium later in the day to gauge the central…
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China’s Bank of Communications posts 4 percent net profit rise in first half
Bank of Communications (3328) reported on Friday a 4 percent rise in first-half net profit. Net profit reached 47.874 billion yuan in the six months ending June 30, up from…
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China’s AgBank posts 4.9 percent rise in first-half profit
Agricultural Bank of China (1288) reported on Friday a 5.8 percent rise in first-half net profit. Net profit reached 146.381 billion yuan in the first half this year, up from…
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Hang Seng Index closes flat on Friday ahead of Warsh’s speech
Hong Kong stocks closed flat on Friday, as investors await US Fed chair Kevin Warsh’s speech. The benchmark Hang Seng Index inched up 19 points, or 0.1 percent, to 25,584…
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Meituan swings to profit in Q2 as price wars subside
Chinese food delivery giant Meituan (3690) on Friday swung to profit and exceeded revenue growth estimates as a year of bruising, subsidy-fuelled competition in China’s one-hour delivery market showed further…
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Bank of China posts 5.1 percent rise in first-half profit
Bank of China (3988), China’s fourth-largest commercial bank, reported on Friday a 5.1 percent rise in first-half net profit. Net profit reached 123.594 billion yuan in the first half, up…
Keep ReadingChina’s ICBC, world’s biggest bank, posts 3.3 percent profit rise in first half
Industrial and Commercial Bank of China (1398), the world’s largest lender by assets, reported on Friday a 3.3 percent rise in first-half net profit. Net profit reached 173.682 billion yuan…
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China Construction Bank first-half profit rises 4.6 percent
China Construction Bank Corp (0939) reported a 4.6 percent rise in first-half net profit, according to a filing on Friday. The Chinese lender reported a net profit of 169.564 billion…
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Shanghai plans subsidies to kick start dormant offshore debt market, sources say
Shanghai plans subsidies for offshore issuers selling bonds and measures to deepen debt investment as part of a renewed push to turn a long-dormant market in the city’s free trade…
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S&P affirms China’s ‘A+’ rating, sees growth above 4 percent as fiscal support continues
S&P affirmed China’s sovereign credit rating at ‘A+’ on Friday, citing its expectation that the country’s economy will likely continue to grow by 4 percent or more over the next…
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BOC Hong Kong’s H1 profit up 7 percent, declares special dividend
BOC Hong Kong (2388) posted a 7.1 percent rise in first half net profit to HK$23.7 billion. It declared a second interim dividend of 29 HK cents, and a special…
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Dah Sing Banking first half profit grows 12 percent
Dah Sing Banking (2356) posted a 12.8 percent rise in first-half net profit to HK$1.78 billion and declared an interim dividend of 35 HK cents. Net interest income grew 7…
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Hong Kong exchange to launch Shein derivatives after trading debut next week
Hong Kong’s bourse operator (0388) will allow short selling of Shein’s (0625) shares after the fast-fashion retailer makes its trading debut on September 1 as well as launch weekly and…
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Chinese state oil giant CNOOC sees potential for US-China energy cooperation
Chinese state-owned oil and gas major CNOOC (0883) sees potential for energy cooperation between China and the United States, a senior executive said on Thursday, adding that the company would…
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As Jackson Hole conference kicks off, three Fed officials issue inflation warnings
Federal Reserve officials shared on Thursday their ongoing concerns about the US inflation landscape, as central bankers gathered in Jackson Hole, Wyoming for the Kansas City Fed’s closely watched annual…
Keep ReadingHang Seng Index dips in early trading on Friday
The Hang Seng Index slid in the early morning trading session on Friday. The benchmark Hang Seng Index dipped by 46 points, or 0.2 percent to 25,518 points. The Hang…
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Nasdaq, S&P 500 lifted by Nvidia’s forecast; investors eye speech by Fed’s Warsh
The technology-heavy Nasdaq outperformed peers at the close of trade on Thursday after chip maker Nvidia’s bumper revenue forecast reaffirmed the strength of the AI boom and fueled gains in…
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Nvidia ignites chip stock rally as forecast shows AI boom is intact
Nvidia ignited a chip-stock rally on Thursday with a rare long-term revenue projection that did what its recent quarterly beats could not — ease investor fears that the AI boom…
Keep ReadingNasdaq leads Wall St after Nvidia quells AI fears
Wall Street’s main indexes opened higher on Thursday, boosted by gains in technology stocks after chip giant Nvidia’s blockbuster forecast renewed investor confidence in the AI trade. The Dow Jones…
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US jobless claims dip in latest week; goods trade deficit widens in July
The number of Americans filing new claims for unemployment benefits fell for a second straight weekwhile the overall number of people on jobless relief rolls slid to the lowest level…
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European Central Bank saw a further hike as likely at July meeting
European Central Bank (ECB) policymakers meeting last month thought they would probably need to raise interest rates once more to contain the fallout from the Iran war, the ECB’s account…
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Bilibili’s first-half net profit more than doubles amid strong advertising revenue
China’s video platform Bilibili (9626) posted a 163.7 percent year-on-year jump in half-year net profit to 553.5 million yuan (HK$645.6 million), driven by sustained revenue growth and improved operating efficiency. …
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China launches year-long auto quality drive, mandates defect recalls
Chinese regulators on Thursday ordered automakers to file proactive recall plans for any defects uncovered in self-audits, as part of a year-long campaign to improve vehicle quality and safety in…
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