StanChart: More Pain Before Gain
Thu, Jul. 21, 2:15 AM
- Singapore's central bank has vowed to take action against four institutions for failures in anti-money laundering controls, saying it seized $177M in assets linked to alleged fraud at Malaysian state fund 1MDB.
- Preliminary findings uncovered "instances of control failings” at UBS, Standard Chartered (OTCPK:SCBFF) and DBS Group (OTCPK:DBSDY), as well as "substantial breaches" of anti-money laundering regulations at Falcon Private Bank.
Mon, Jul. 11, 7:51 AM
- Donghai Airlines intends to purchase 25 737 MAX 8s and five 787-9 Dreamliners in a deal valued at more than $4B.
- Xiamen Airlines has signed an MOU to buy up to 30 737 MAX 200 planes worth $3.4B.
- Standard Chartered (OTCPK:SCBFF) announced an order for 10 Next-Generation 737-800s valued at $960M.
- Britain has signed a contract for nine new P-8A Poseidon military aircraft and 50 Apache AH-64E attack helicopters.
- Embraer (NYSE:ERJ) sealed an agreement with Boeing to jointly market and support its military cargo KC-390 aircraft.
- The U.S. planemaker also announced a redesign of the smallest member of its 737 MAX jet family, saying it would carry 12 more passengers.
- AirAsia (OTC:AIABF) is near a $12.6B deal for as many as 100 A321s.
- Virgin Atlantic is set to announce an order for at least 10 A350-1000s, worth more than $3.5B.
- Raytheon (NYSE:RTN) awarded CPI Aero (NYSEMKT:CVU) a contract valued at approximately $4M for next generation jammer pod structures.
- CAE won civil aviation training contracts valued at more than C$180M.
Wed, Jun. 29, 11:02 AM
- In the first are what are expected to be a series of mandatory "fireside chats," the heads of the five major U.K. banks, along with some smaller lenders, came into the Bank of England yesterday.
- Source: FT
- At the meeting - chaired by a senior central bank official and including an appearance by Governor Mark Carney - the bankers were given a supportive message about the amount of liquidity in the system, and "encouraged" to keep the lending spigots open (as opposed to the credit crunch that followed Lehman Brothers).
- Those present included the CEOs of HSBC, BCS, LYG, RBC and OTCPK:SCBFF.
Tue, Jun. 28, 5:19 AM
- Moody's will revise the outlook of "a number of big U.K. lenders" to negative from stable today due to fallout from last week's EU referendum, Sky News reports.
- The plan comes just hours after rival Standard & Poor's stripped the U.K. of its coveted triple-A rating and Fitch downgraded the sovereign.
- Related tickers: HSBC, BCS, RBS, LYG, OTCPK:SCBFF
Thu, May 12, 8:35 AM
- In what could only be described as certain to happen once the Panama Papers leak hit, the New York Department of Financial Services has asked Goldman Sachs (NYSE:GS), along with BNP Paribas (OTCQX:BNPQY), CIBC (NYSE:CM), and Standard Chartered (OTCPK:SCBFF) about their possible involvement with shell companies, according to CNBC.
- The NYDFS also requested information from 13 other lenders over the matter last month.
Tue, Apr. 26, 8:32 AM
Mon, Apr. 11, 6:18 AM
- Looking to pare its balance sheet after booking record impairments, Standard Chartered (OTCPK:SCBFF) is seeking to sell major assets in Asia, Bloomberg reports.
- The London-based bank is speaking with potential buyers for about $1.4B of stressed loans made to Indian firms including GMR Infrastructure (OTC:GMQRY), and has started a sale of around $3B of assets across the rest of the region.
- Those assets include loans as well as proprietary bond and equity investments in China, Indonesia and Malaysia.
Thu, Apr. 7, 9:22 AM
- European bank investors haven't reacted kindly to a string of dividend cuts from the likes of Santander (NYSE:SAN), Deutsche Bank (NYSE:DB), Barclays (NYSE:BCS)and Standard Chartered (OTCPK:SCBFF), but BIS Chief Economist Hyun Song Shin believes payouts have been too high since the financial crisis.
- Returning too much capital, he says, is stifling lenders' ability to lend and thus crimping future profits, he argues. Even more absurd, a number of banks are raising capital while at the same time promising to maintain payouts - in other words, asking investors for money so they can give some of it right back (minus the underwriter's fee, of course). Credit Suisse (NYSE:CS) was the latest to do so last October.
- The most curious part of investor demands for dividends is that when banks retain profits, it's still shareholder money as long as said funds are spent on silly acquisitions (or bonuses).
Fri, Apr. 1, 5:12 AM
- Qualcomm (NASDAQ:QCOM) has agreed to pay $7.5M to settle Chinese "princeling" charges, a term used in Asia that refers to hiring young relatives of key executives or political figures.
- A U.S. judge has dismissed Standard Chartered (OTCPK:SCBFF) from a class action accusing 16 banks of harming investors by rigging prices in the $5.3T-a-day forex market.
- Uber CEO Travis Kalanick failed to win the removal of an antitrust suit accusing him of scheming to drive up prices for passengers.
- Lastly, the FCC ruled that Netflix did not violate any regulations when it "throttled" the picture quality for AT&T and Verizon wireless customers and it has no plans to investigate.
Tue, Feb. 23, 4:22 AM
- Standard Chartered (OTCPK:SCBFF) shares plunged after full-year underlying operating income fell 15% to $15.4B.
- Swiss Re (OTCPK:SSREY) posted a 31% rise in 2015 net income, announced the retirement of CEO Michel Lies, and declared a dividend hike and €1B buyback.
- Danone (OTCQX:DANOY) reported a rise in sales for the fourth quarter, boosted by a resurgent performance in its fresh dairy unit in the U.S.
Dec. 1, 2015, 3:28 AM
- All U.K.-based banks have passed the country's annual stress tests, which measure the British banking sector's ability to handle global financial shocks.
- Although none of the lenders will be required to submit a revised capital plan, StanChart (OTCPK:SCBFF) and RBS only passed the exam after taking steps to improve their capital ratios during the testing process.
- Other banks included in the exercise: HSBC, Barclays (NYSE:BCS), Lloyds (NYSE:LYG), Santander (NYSE:SAN) and Nationwide.
Nov. 3, 2015, 2:03 AM
- Standard Chartered's (OTCPK:SCBFF) new CEO Bill Winters has announced plans to raise £3.3B ($5.1B) in capital through a rights issue, presenting a fresh strategy for the lender as it reported quarterly results.
- For the three months through September, the bank posted a pre-tax loss of $139M due to growing regulatory costs and rising loan impairments in India.
- StanChart also announced a strategic review that will see it cut 15,000 jobs and put greater focus on affluent retail clients.
Oct. 26, 2015, 2:45 AM
- Standard Chartered (OTCPK:SCBFF) plans to exit its equity derivatives and convertible bonds businesses, as part of a plan to cut costs and focus on using capital more efficiently.
- The decision is the bank's latest move to reshape its operations under new CEO Bill Winters, and follows plans plans to ax thousands of jobs worldwide by dismantling its stock brokerage and equity research divisions.
Oct. 9, 2015, 6:21 AM
- Looking to reverse a two-year profit slide, Standard Chartered's (OTCPK:SCBFF) new Chief Executive Bill Winters plans to cut up to a quarter of the bank's most senior staff.
- According to an internal memo seen by Reuters, the layoffs will result in the loss of around 1,000 top jobs.
- Winters, who took over as CEO in June, said the bank had already reduced the number of employees and the other affected staff will be told by the end of November.
Sep. 9, 2015, 8:22 AM
Jul. 24, 2015, 4:52 AM
- U.S. authorities have now initiated investigations into whether banks should have raised alarms about money flows linked to alleged corruption at FIFA.
- Prosecutors have questioned lenders, including HSBC (NYSE:HSBC), Standard Chartered (OTCPK:SCBFF), Delta National Bank (OTCPK:DEBC) and Trust Company in connection with the soccer scandal.
- The probes could also create a headache for the financial industry over its money-laundering controls, which are increasingly under the regulatory microscope.
Currently, there's no company description for SCBFF.
Industry: Money Center Banks
Country: United Kingdom
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