Genworth Financial Inc.’s stock rose more than 25% on Monday as investors showed more confidence that financing will be secured for the company’s long-delayed acquisition by a China-based investment … ( read original story …)
FINANCE
China may have thrown a wrench into the looming TikTok sale — here’s what it could mean for TikTok as it tries to avoid a Trump ban
The restrictions could delay a TikTok sale to a US company, running down the clock in advance of Trump’s potential ban. ( read original story …)
China Central Bank Says It Will Improve Benchmark Interest Rate System
Improving China’s benchmark interest rate system would help build up financial markets, deepen market-based interest rate reforms and improve monetary policy management, the People’s Bank of China … ( read original story …)
China’s bank sector cleanup puts local governments in firing line
As China’s regulators flesh out details of a long-awaited master plan to clean up the country’s banking sector, it’s becoming increasingly evident that much of the burden is going to fall on the … (…
China central bank to improve benchmark interest rate system
China’s central bank said on Monday it will make interbank repo rates by depository institutions (DR) a key reference for monetary policy adjustment and financial market price-setting. ( read original story …)
China’s big banks face fallout as pandemic forebearance expires
China’s big banks up provisions for COVID-19 risks * Bad loans rise at all five banks * Net interest margins fall at four of five banks (Recasts, adds comments from bank officials) BEIJING/SHANGHAI, … (…
Credit Suisse Plans to Double China Headcount in Five Years
Credit Suisse Group AG plans to double its headcount in China over five years as the firm accelerates its pursuit of the nation’s wealthy, seeking to move past a scandal that’s engulfed once-favored … (…
China’s Yuan Strengthens as Trade and Economic Concerns Fade
China’s yuan has rallied to its strongest levels in more than a year, as the country’s economy continues to recover and investors grow less concerned about fresh U.S. tariffs. ( read original story …)
Pintec wins ‘Best Consumer Finance Product in China’ award from The Asian Banker
PRNewswire/ — Pintec Technology Holdings Ltd. (‘Pintec’; NASDAQ: PT), a leading independent fintech solutions provider, … ( read original story …)
China’s mega banks lost billions of dollars in profit as bad loans rise during coronavirus pandemic
The five largest Chinese banks posted at least 10% year-on-year fall in profits in the first half of 2020 as they set aside more funds for potential loan losses in the coming months. ( read…
Impairments hit China Construction Bank profit
China Construction Bank Corp.’s first-half net profit fell 11% compared with the same period a year earlier as impairment losses surged amid the … ( read original story …)
Bad Debt Wave Drags China’s Big Banks to Worst Profit Drop
China’s biggest banks posted their worst profit declines in more than a decade, putting pressure on their dividend plans, as bad debt ballooned and the government drew them into efforts to backstop a … (…
China’s Slower Factory Growth Eclipsed by Robust Services in Boost to Economic Recovery
China’s factory activity grew at a slower pace in August as floods across southwestern China disrupts production, but the services sector expanded at a solid rate in a boost to the economy as it ……
