Subscribe free to our newsletters via your
. Earth Science News .

Standard Chartered sees single-digit growth in first half
by Staff Writers
Hong Kong (AFP) June 26, 2013

US Treasury official in China
Washington (AFP) June 26, 2013 - The US Treasury's top official for international affairs will visit China Wednesday for talks and to prepare for the two countries' annual strategic dialogue, the Treasury announced.

Lael Brainard, Under Secretary for International Affairs, will be in Beijing Wednesday and Thursday to meet top economic officials "as part of the administration's continuing bilateral engagement on economic issues of importance," the Treasury said in a statement.

The talks will also prepare the ground for the fifth annual US-China Strategic and Economic Dialogue, high-level meetings between senior officials of the two superpowers, to be held in Washington during the week of July 8.

Standard Chartered on Wednesday said it expects to see a net profit growth of "mid-single digit rate" for the first half of 2013 compared to the same period last year, helped by strong client activity and volume growth.

The London-based, Asia-focused lender said it expects income to grow double-digits in markets such as Hong Kong, Africa, while they expect income in South Korea and Singapore to remain weak.

"This is a good performance against a backdrop of ongoing turbulence in the global economy," chief executive Peter Sands said in a pre-close trading update filed to the Hong Kong stock exchange where it is listed.

"Growth has remained resilient across our footprint markets of Asia, Africa and the Middle East with high levels of client activity," Sands said, adding that the group's performance in the second quarter was an "acceleration" compared to the first.

The group remains upbeat for the outlook for the rest of the year.

But operating profit for consumer banking fell "by a low double digit percentage" compared to the same period last year due to an increase in loan impairment.

The bank also said it is "comfortable" with analyst forecasts for around $8 billion in operating profit for the year, from $6.88 billion in 2012.

The British lender said in March its net profit was flat at US$4.79 billion for 2012, compared to 4.75 billion in 2011, after it was hit by huge fines for violating US sanctions on Iran and other countries.

The settlements "dented our profit growth and damaged our reputation", Sands said in a statement at the time.

US authorities said the bank had stripped messages on financial transfers routed through US banks of information that would show the beneficiaries were businesses and entities that fell under American sanctions.

Standard Chartered agreed to pay US authorities the huge fines last year to settle charges it violated American sanctions, principally on Iran but also on Myanmar, Libya and Sudan.

-- DowJones Newswires contributed to this story --


Related Links
The Economy

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

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

Walker's World: France's crisis looms
Paris (UPI) Jun 24, 2013
It is starting to look as though France might be the country to watch this fall as the next phase of the European crisis unfolds. Hitherto, conventional wisdom said that the German elections in September would be the pivotal moment but opinion polls suggest that Angela Merkel is likely to remain German chancellor, though she may well have to govern in a grand coalition with the Social D ... read more

India chopper crash kills 20 as flood rescue forges on

India rescue chopper crash death toll rises to 20

WIN-T Increment 1 Enables National Guard to Restore Vital Network Communications Following a Disaster

Australia costs from natural disasters to soar: study

Ames Laboratory scientists solve riddle of strangely behaving magnetic material

Laser can identify substances, could be military tool

Disney Research creates techniques for high quality, high resolution stereo panoramas

Cheap, color, holographic video

Gulf of Mexico could see record 'dead zone': US

Genetic survey sheds light on Oceans' lean, mean microbial machines

Microbes Reign in World's Oceans

Rising seas washing away Pacific leader's home island

The rhythm of the Arctic summer

Global cooling as significant as global warming

Warm ocean drives most Antarctic ice shelf loss

Jet stream changes cause climatically exceptional Greenland Ice Sheet melt

Dutch government introduces nitrogen-reduction bill for nature areas

Rotation-resistant rootworms owe their success to gut microbes

Pesticides tainting traditional China herbs: Greenpeace

Research suggests plants capable of employing quantum physics

Calgary woman's drowning brings flood toll to four

Mexico storm upgraded to hurricane: forecasters

India flood rescue ops intensify, up to 1,000 feared dead

Flooding in Canada forces evacuation in another city

New Sudan armed forces chief after rebel attacks

Uganda president's son denies plan to succeed father

Africa juggles East and West, as Obama comes to visit

In Ghana's gold country, Chinese miners flee crackdown

Australia, Indonesia to face off over people smuggling

Outside View: Cosby's inciteful insights on Muslims

New frontier for cybersecurity: your body

What do memories look like?

The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal 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. 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