DBS posts record profit on lending gains, raises bar for Singapore banks. Reuters
Industrial and Commercial Bank of China Ltd (ICBC), the world’s biggest commercial lender by assets, posted a 4.1 per cent rise in profit for the three months ended March, its fastest growth for the period since 2014. Profit was 82.01 billion yuan ($12.18 billion) for the first quarter, compared with 78.80 billion yuan in the same period a year earlier, the bank said in a filing on Monday.
Ties between the two powers are once again taking centre stage at the weekend Singapore conference known as the Shangri-La Dialogue, which gathers defence ministers and top military officials from around the world.
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.
Activity is contracting in the US manufacturing sector but the number of Americans filing applications for unemployment benefits fell last week, signs that factories are suffering from a global slowdown even as the broader labour market remains healthy.
Automation and AI-driven technologies are changing the face of Middle East’s warehousing industry, pushing advanced inventory control high up the industry agenda and sharpening cost-control, space optimisation and competitiveness,
The total trade between the UAE and the UK grew by around 7.4 per cent to Dhs24.45 billion (£5.49 billion) in the first half of this year, up from Dhs22.76 billion (£5.11 billion) in the corresponding period last year.
Cairo WoodShow, North Africa’s leading platform for wood and woodworking machinery, with 120 exhibitors and 7,000 visitors from 25+ countries, is gearing up to organise its 5th edition from December 5 to 8, 2019 at Cairo International Convention Centre.