It Might Be Harder Than China Thinks to Control Commodity Surge
May 12 2021, 3:15 PM
May 11 2021, 12:59 PM
May 12 2021, 3:15 PM
(Bloomberg) A scorching rally in industrial commodities has spurred China to try and temper prices, though the impact may prove fleeting as the global boom in demand for raw materials is set to drive markets to new highs.
(Bloomberg) A scorching rally in industrial commodities has spurred China to try and temper prices, though the impact may prove fleeting as the global boom in demand for raw materials is set to drive markets to new highs.
Iron ore futures kicked the week off with a surge by the daily limit to a record, though prices eased Tuesday after the Dalian Commodity Exchange raised trading limits and margin requirements and pledged to strengthen market supervision. Steel in Shanghai and coal in Zhengzhou rose after the bourses said they will increase trading fees.
SINGAPORE (CNA) – Oversea-Chinese Banking Corp (OCBC) more than doubled its quarterly profit on Friday as it handily beat market estimates thanks to a robust performance in its wealth management business and a drop in credit allowances. The results rounded up a strong showing by DBS Group and United Overseas Bank in tandem with a […]
By P.R. Venkat Oversea-Chinese Banking Corp. s first-quarter net profit more than doubled mainly supported by lower allowances and higher non-interest income. Net profit for the quarter was 1.50 billion Singapore dollars (US$1.12 billion) compared to S$698 million in the same period year ago, OCBC said Friday. Total income was up 15% to S$2.91 billion, with total non-interest income that includes trading revenues rose 70% to S$1.47 billion. Allowances during the quarter came in at S$161 million from S$657 million set aside in the last year period due to Covid-19 pandemic. While we remain watchful of the prevailing risks in the operating environment, our strong balance sheet and capital position will enable us to capitalise on opportunities arising from improved economic conditions, particularly in ASEAN and Greater China, OCBC Chief Executive Helen Wong said.
OCBC doubles Q1 profit, rounds up strong outlook for Singapore banks Toggle share menu
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OCBC doubles Q1 profit, rounds up strong outlook for Singapore banks
FILE PHOTO: People pass by an OCBC bank branch in Singapore on Nov 4, 2020. (Reuters/Edgar Su)
07 May 2021 07:38AM (Updated:
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SINGAPORE: Oversea-Chinese Banking Corp (OCBC) more than doubled its quarterly profit on Friday (May 7) as it handily beat market estimates thanks to a robust performance in its wealth management business and a drop in credit allowances.
The results rounded up a strong showing by DBS Group and United Overseas Bank in tandem with a recovering global economy that is helping boost bank earning across many countries.
SINGAPORE (Reuters): Singapore bank earnings show lenders on track to follow global peers bouncing back from a pandemic-hit year, beating estimates as economic recovery helps them reduce loan-loss provisions on top of strong wealth management business.
On Friday (May 7), Oversea-Chinese Banking Corp, Singapore s second-largest listed lender, more than doubled its quarterly profit, rounding up a strong showing by DBS Group and United Overseas Bank. We expect that the recovering macroeconomic environment will result in further improvements in the profitability of large Singaporean banks in 2021, supporting their very high Aa1 credit ratings, said Eugene Tarzimanov, a senior credit officer at Moody s Investors Service.