Chinese banks to post first first-half profit drop in over a decade amid pandemic pain

first_imgChinese commercial banks overall posted a 9.4 percent fall in first half net profit, while the six biggest posted a 12 percent profit fall from a year ago, according to China Banking and Insurance Regulatory Commission (CBIRC) data.China’s cabinet said in June that authorities would push financial institutions to sacrifice 1.5 trillion yuan (US$212 billion) in profit this year to support companies of all kinds by lowering lending rates and fees, and deferring loan payments.The banking regulator has asked some state lenders to fully recognise bad loans on balance sheets and increase buffers for covering souring debt in the first half of the year, which will weigh on profits, two bankers from one of the lenders told Reuters.In a rare move, some leading brokerages in China cancelled their forecasts for first-half bank earnings. One analyst, speaking to Reuters, cited uncertainties about “profits each bank may sacrifice for the real economy”. Some smaller banks are also being pushed by the regulator to take measures such as slashing bankers’ salaries to shore up their balance sheets and face the “tough days”, bankers have said previously.In recent state media interviews, CBIRC chairman Guo Shuqing urged banks to set aside more cash as loan-loss buffers, and come up with “realistic” profit plans.China’s banking industry is expected to dispose of 3.4 trillion yuan ($490 billion) of bad loans in 2020 to contain financial risks in an economy weakened by COVID-19, the official Xinhua News Agency reported on Aug 13.The CBIRC and the banks did not immediately respond to requests for comment.China’s economy returned to growth in the second quarter after a deep virus-induced slump at the start of the year, but analysts say the recovery remains fragile. Regulators have been urging lenders to offer cheap loans and lend more to small businesses in order to support employment and growth.“It’s highly likely that banks will keep implementing some of the fiscal and monetary stimulus policies to counter the impact of COVID-19 in the second half of 2020,” said Zhang Chi, rating director of Fitch Bohua, the rating agency’s China unit.“Lower interest rates, fee cuts, a lending push and loan payment forbearance measures will continue to squeeze the net interest margin of lenders.”Topics : Some of China’s largest banks are set to post their first drop in first-half profits since the global financial crisis, hit by a surge in bad debt and higher loan-loss provisions due to the coronavirus pandemic, analysts and official data indicate.The big five state banks including Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), and Bank of China (BoC) kick off their earnings season on Aug. 28.“Banks had it easy in the past, but now many signs indicate they’re under great pressure,” said Hong Hao, head of research at BoCom International. “The pandemic has hit small businesses hard … the balance sheets won’t be pretty.”last_img read more

Artists to give Madiba a standing ovation

first_img11 December 2013An array of local artists will pay homage to the life and legacy of former president Nelson Mandela at a free concert at the South African State Theatre in Pretoria on Wednesday night.The event, which will celebrate Mandela’s life through song, dance, storytelling and theatrical performances, will start at 7.30 pm and continue well into the night. Seating is on a first come, first served basis, and secure underground parking is available at the theatre.The line-up includes an inter-generational mix of performers including Sipho Mabuse, Gcina Mhlophe, Simphiwe Dana, Dr Sello Galane, the Gauteng Choristers conducted by Sidwell Mhlongo, Jessica Mbangeni in collaboration with a drumming troupe, Vuyani Dance Theatre, Mak Manaka and Ayanda Nhlangothi.Actor Jerry Mofokeng will introduce the story of Mandela and his origins.Excerpts from the play The Rivonia Trial will provide the linking thread through which the reflection will unfold in the voices of Sello Maake ka Ncube, Fezile Mpela, Harriet Manamela, David James, Renos Spaundolos, Xolile Tshabalala, Tshallo Chokow and Max Papo.Soprano and jazz singer Sibongile Khumalo, co-director of the event along with State Theatre artistic director Aubrey Sekhabi, said on Tuesday that it was “an opportunity for South African performers to come together and through cultural expression and reflection, pay tribute to a man who honoured and appreciated South African artists.”Khumalo said the performances would focus on capturing the current mood of the people, which is reflective, celebratory, honouring and humanising.“Madiba was a patriot, who showed us all that it is possible to have a vision for this country and live for it,” she said.The Nelson Mandela Memorial Concert is supported by the national Department of Arts and Culture, its structures and non-governmental organisations in the arts.Source: SAnews.gov.zalast_img read more

H&S® Plastic Wig Display Stand Mannequin Dummy Head Hat Cap Hair Holder, great head mannequin

first_imgJust what i was looing for. . This merchandise was what i essential to display my hand crafted hats. As a new company i didn’t want to invest to much and these had been cheap.Not experienced any expertise of this kind of product previously but. Quite delighted with product or service thank you, i assume following time i will invest in anything far more sizeable, but this item is excellent worth and does the occupation.They are quite fantastic, stronger than they search in the photo and not far too large. They can be assembled and disassembled swiftly and conveniently so really fantastic for travel far too.Key specs for H&S® Plastic Wig Display Stand Mannequin Dummy Head Hat Cap Hair Holder (Black):Material: High Quality durable PE plasticStable, Durable and StrongEasy to fold and assembleA must have for wig ownersIdeal for traveling, you can fold it away flat when not in useComments from buyers“Not had any experience of this sort of item previously but, get your heads together, Great product, fits loads of different styles of wigs, Lightweight and portable., Just what I was looing for., easy to assemble and fast delivery”Quick to assemble and rapid shipping and delivery. Precisely as expected, uncomplicated to assemble and rapidly supply.Quickly dispatch good merchandise thanks.Just what i desired and not unhappy in in any case.Precisely what i was looking for.Quick to assemble and best for my wig selection. Rapidly delivery, effortless to assemble and great for my wig collection.Fab just the job, will be ordering additional in the potential.It is gentle, straightforward to set up, just comply with the pics on the packaging. Basic to acquire down, and it lays flat so incredibly portable and simple to keep. It stands nicely and keeps the wig in shape even though drying.Very rapidly shipping and superior quality products.States what it dose, holds my wig nicely.Fantastic merchandise, matches masses of various designs of wigs. Arrived exceptionally quickly, and handle to maintain all my cosplay wigs safe on the shelf without having slipping off them. Uncomplicated to set up, and matches all distinctive styles of wigs, male and woman.The product was as required but the recommendations have been all in chinese. Thankfully it was pretty very simple to get the job done out how to set it jointly.Good excellent awesome selling price.Troublesome when the leading keeps coming unfastened.Fantastic for household and journey, these stands take up tiny place, are inexpensive and do the work demanded of them. Great shipping and delivery support as well.They are superior and do the occupation but it would be nice if they were being sturdier.Honest solution at the funds conclusion. Does what its intended to as prolonged as you dont get nervous squeezing the bits alongside one another.No problems, i want this to the foam stand and it has a good peak to the hair does not rest totally on the desk.Would recommend durable and great quality. . Would advocate better top quality than my past a person.I bought this product so that i could photograph my crocheted hats devoid of getting to look in the pictures. It does the occupation, but as it isn’t really rounded it leads to the hats to look a little oddly shaped. Superior for the rate and will be wonderful for me, but not for people who have to have a qualified appear in pictures. Would be helpful at craft fairs and so on.Terrific cost and it does the task.Great strong development,[will come flat packed. ]last_img read more

Four suggestions for Economic Growth from Bahamas Minister at AIBT Conference

first_img Related Items:#AIBT, #magneticmedianews Facebook Twitter Google+LinkedInPinterestWhatsApp#Bahamas, October 10, 2017 – Nassau – A four pronged solution for economic growth was offered by Bahamas Financial Servicers Minister, Brent Symonette as he opened the Association of International Banks and Trusts Nassau Conference last Wednesday.   Minister Symonette said The Bahamas needs business dynamism, commending the #AIBT for its conference theme, ‘Business Unusual’.Development of more innovative products and services to attract a new client base; revamping of government agencies to provide for a more efficient and productive customer experience to local and international clients; relaxing and amending the immigration process and allowance for the exchange of professionals were named as the way out of and into new untapped opportunities.    The Minister challenged attendees that together, with Government the private sector must be a catalyst to develop solutions to create opportunities to enact change and grow the Bahamian economy.The Financial Services Minister said,  “My Ministry has identified some quick fixes which will allow for ways to open the door to the global economy.”  Other topics of the AIBT Nassau Conference held at Baha Mar were: Global Regulation of Financial Services; An Actionable Framework for Success in The Bahamas and The Global Marketplace.#MagneticMediaNews Facebook Twitter Google+LinkedInPinterestWhatsApplast_img read more