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Tuesday, Mar 411:08 AM
Tuesday, Mar 411:08 AM| Comment!
- Boston-based Charles River Associates was hired by Deutsche Bank (DB +1.7%) several months ago, reports the WSJ, to assess the extent of the bank's participation in the alleged rigging of the London gold fix.
- Gold is traded around the clock, but there is no central source for prices, and a group of five meets twice a day in London to determine a snapshot, or fix. Other than Deutsche, the others are Barclays (BCS), HSBC, Scotiabank (BNS), and SocGen (SCGLY).
- Deutsche last month announced its exit from the group, and Standard Chartered (SCBFF) reportedly is the front-runner to replace it.
- Last week: A draft research paper finds strong evidence of mischief.
Wednesday, Feb 197:58 AM
Wednesday, Feb 197:58 AM| Comment!
- "In an animated sequence on its website, PrimeCredit entices borrowers with a suitcase spitting out golden dollar bills, surrounded by male characters whose heads are covered in white gloves. The scene ends with the lucky borrower hoisting a glass of Champagne amid party horns and streamers. Among the products on offer are personal loans up to 50,000 Hong Kong dollars that can be approved within 10 minutes," write the WSJ's Cynthia Koons and Enda Curran.
- The sale would be the latest in a series of moves by Standard Chartered (SCBFF) to shed noncore assets, and the business could be valued at more than $500M.
Wednesday, Feb 512:35 PM
Wednesday, Feb 512:35 PM| 2 Comments
- Ben Lawsky, New York's financial services superintendent, reportedly has opened an investigation into manipulation of the currency markets by large banks and is requesting documents from more than a dozen institutions.
- Lawsky is said to have asked for documents from Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), Goldman Sachs (GS), Lloyds (LYG), Royal Bank of Scotland (RBS), Societe Generale (SCGLF, SCGLY) and Standard Chartered (SCDRF, SCBFF).
Friday, Jan 247:27 AM
Friday, Jan 247:27 AM| 28 Comments
- What was the CEO of a company you're an owner of up to this week? An index of companies whose execs regularly attend Davos has vastly underperformed the market since 2009.
- Attendance at the gathering tends to be dominated by the financials, with GS, C, HSBC, JPM, LAZ, MS, SCBFF, BAC, ITUB, and UBS leading the way to prove their bona fides as thought leaders. Also spotted were the heads of DOW, and PEP.
- Notably absent: Buffett (BRK.A, BRK.B) , Tim Cook (AAPL) (Jobs never attended either), Jeff Immelt (GE), and Virginia Rometty (IBM). Google's (GOOG) founders and Mark Zuckerberg (FB) stopped going a couple of years ago.
Wednesday, Dec 42013, 5:33 PM
Wednesday, Dec 42013, 5:33 PM| Comment!
- Standard Chartered (SCDRF) warned that the operating profit at its consumer banking unit would suffer a "double-digit drop" this year, the first fall in a decade.
- The bank has fared better than European peers through the financial crisis due to its high exposure to Asia; that exposure is now coming back to bite it, with the bank blaming eroding profitability on South Korea. That unit already wrote down $1B in 1H due to a dispute with regulators and a reduction in its branch network and now sees an operating loss of $200M on the year. Bernstein blew the whistle on the phenomenon back in Aug.
- Shares finished the day shedding 6.5% in London trading.
Wednesday, Oct 302013, 12:45 PM
Wednesday, Oct 302013, 12:45 PM| Comment!
- Looking to get around a new EU law limiting bonuses, at least a dozen banks - including HBC, and BCS - are considering "role based" monthly allowances to make up for money previously given as annual performance rewards. The total annual pay and bonus won't change, but it would comply with the law.
- The new rule "clearly puts us at a competitive disadvantage to the American and Asian banks operating in our markets," says Richard Meddings, finance director at Standard Chartered (SCBFF). Not saying if his bank will pay these allowances, Meddings does say Standard Chartered "will continue to be very competitive with our staff."
Friday, Jul 192013, 7:21 AMStay away from the Lloyds (LYG) "love-in" warns Citi after the stock's near 50% move in the last 3 months. Instead, check out Barclays (BCS) where concern over the bank's leverage ratios is overdone. There's also the international U.K banks - HSBC (HBC) and Standard Chartered (SCBFF.PK) - where margin pressure is starting to ease and pound weakness vs. the dollar is "a translational positive." |Friday, Jul 192013, 7:21 AM| Comment!
Thursday, Jun 202013, 4:47 AMThe British banking sector needs to formulate plans to raise a combined £13.4B in order to meet Basel III capital requirements, the Bank of England's Prudential Regulation Authority said today. Banks had a total shortfall of £27.1B at the end of 2012 and have already drawn up programs to raise £13.7B, although some of the proposals need regulatory approval. RBS's (RBS) shortfall was £13.6B, Lloyds' (LYG) was £8.6B and Barclays (BCS) was £3B. However, the U.K. units of Banco Santander (SAN), HSBC (HBC) and Standard Chartered (SCBFF.PK) were in surplus. (PR) |Thursday, Jun 202013, 4:47 AM| Comment!
Sunday, Jun 92013, 6:05 AMThe U.K.'s Parliamentary Commission on Banking Standards will reportedly debate a 600-page report that it has put together tomorrow and on Tuesday, with probable topics of discussion including splitting RBS (RBS) up into "good" and "bad" banks, a lack of competition, excessive pay and inadequate regulation. One of the problems, says an official, is that the banks are too big and complex for effective governance. |Sunday, Jun 92013, 6:05 AM| 4 Comments
Thursday, Jun 62013, 4:14 PMHSBC (HBC) and Standard Chartered (SCBFF.PK) are most at risk of an emerging market selloff, says JPMorgan, owing to their high exposure to ... emerging markets. In a report titled - "Fed Tapering: Who is afraid of EM selloff? We are!" - the bank says EM is going through the most disruptive period since Lehman and warns of a "material slowdown" in EM fixed-income revenues and "drying up" volumes. Also worth keeping an eye on are European banks with heavy LatAM exposure - SAN and BBVA. |Thursday, Jun 62013, 4:14 PM| Comment!
Tuesday, May 212013, 9:46 AMChina's official non-performing loan data ($86B in bad debt in Q1) "greatly understates" the extent of the problem, says Carson Block, believing the unwind will force Beijing to recapitalize a number of banks. Block's Muddy Waters recently made headlines with a short of Standard Chartered (SCBFF.PK, SCDRF.PK) - a U.K. bank earning most of its profit in Asia. China Financial ETF (CHIX) +32% Y/Y. |Tuesday, May 212013, 9:46 AM| Comment!
Monday, May 202013, 6:54 AMMorgan Stanley (MS) finally unloads its Indian wealth-management unit, inking a deal to sell the business to Standard Chartered (SCBFF.PK) for an undisclosed amount. Morgan started the unit amid an economic and stock market boom in India in 2008, but things haven't panned out as hoped. |Monday, May 202013, 6:54 AM| Comment!
Sunday, May 122013, 5:13 PMMuddy Waters is short Standard Chartered (SCBFF.PK, SCDRF.OB), saying the market "misunderstands the amount of risk that's presently in the book." MW's Carson Block cites Standard Chartered's $1B load to Samin Tan, chairman of Bumi (PBMRF.PK), the coal company at the center of a dispute, and a $30M loan to Far Eastern Energy (FEEC.OB), with a market cap of $42M, as red flags. He says shorting Standard Chartered is "a very nice way to play the eventuality of the China unwind." |Sunday, May 122013, 5:13 PM| Comment!
Thursday, Mar 282013, 9:21 AMThe "generous" capital ratio imposed by the Bank of England - 7% by 2013's end vs. 10% in 2019 by Basel - may allow the country's lenders to avoid dilutive share shales. "There is no trigger for any fresh equity issuance," says analyst Ian Gordon, expecting "very limited" impact on existing capital plans. RBS -0.7%, LYG +0.7%, BCS +1.8%, HBC +1% premarket. |Thursday, Mar 282013, 9:21 AM| Comment!
Wednesday, Feb 272013, 9:57 AMStanley Black & Decker (SWK +1.1%) completes its $850M acquisition of Hong Kong based Infastech from CVC and Standard Chartered. Infastech is one of the largest Asia-based manufacturers of mechanical fasteners and the deal will help SWK increase its revenues from emerging markets to 16% of total sales. SWK also expects the acquisition to add $0.20 to its adjusted EPS in 2013 and $0.40 in 2015. (PR) |Wednesday, Feb 272013, 9:57 AM| Comment!
Wednesday, Feb 272013, 9:10 AMMorgan Stanley (MS) is in talks to sell its Indian wealth management business to Standard Chartered (SCBFF.PK), reports Bloomberg. Morgan was reported several months ago as looking to unload the struggling unit. StanChart wii perhaps give it a go in a market where so many others have failed. |Wednesday, Feb 272013, 9:10 AM| Comment!