People walk past a branch of Industrial and Commercial Bank of China (ICBC) in Beijing. Reuters. / File Photo
Southeast Asia’s biggest lender DBS Group Holdings Ltd beat market estimates to post a record quarterly profit, as strong lending income offset weakness in wealth management, brokerage and investment banking fees. DBS, the first Singapore bank to kick off the sector’s results, posted an 8.5 per cent rise in first-quarter net profit from a year earlier,
China’s central bank (CB) said on Monday it will cut reserve requirement ratios (RRRs) to release about 280 billion yuan ($41 billion) for some small and medium-sized banks, in a targeted move to help companies struggling amid an economic slowdown.
Policymakers from the Group of 20 industrialised countries are worried that the weakness evident in key economies could spread, especially if elevated trade tensions, such as those between the United States and China, escalate further.
China’s banks extended new yuan loans in August as policymakers ratcheted up support for the slowing economy, and further policy easing is expected in coming weeks as the Sino-US trade dispute takes a bigger toll on the economy.
Major players including Facebook, Intel and others have already ploughed some $15 billion into Jio Platforms this year, as Ambani — India's richest man — seeks to take on US giants Amazon and Walmart in India's growing online retail sector.
In its order four years ago, the European Commission said Apple benefited from illegal state aid via two Irish tax rulings that artificially reduced its tax burden for over two decades - to as low as 0.005% in 2014.
The move to stop dealing with cash comes as part of the municipality’s efforts to constantly upgrade its work system and provide best services to its customers.