Standard Chartered Q3 profit doubles
Standard Chartered’s third-quarter pre-tax profit doubled from a year earlier as the lender rode a recovery in pandemic-hit markets.
The bank’s profit surged to $996 million in the September ended quarter, from $435 million a year earlier. Its credit impairment charges of $107 million, were down $246 million year-on-year.
“We delivered a return to top-line growth in the third quarter and achieved further progress against our strategic priorities, with strong performance in our financial markets and trade businesses and ongoing positive momentum in wealth management,” Standard Chartered Group CEO Bill Winters, said in a statement.
KFC, Pizza Hut operator’s ₹2,073-crore IPO
Sapphire Foods India, one of the two operators of KFC and Pizza Hut outlets in the country, will open its ₹2,073-crore initial public offering (IPO) on November 9 with a price band of ₹1,120-1,180 per share.
The IPO will be entirely an offer for sale of 1,75,69,941 equity shares by promoters and existing shareholders, including QSR Management Trust, Sapphire Foods Mauritius Ltd, WWD Ruby Ltd, Amethyst, AAJV Investment Trust, and Edelweiss Crossover Opportunities Fund.
99% development banks committed to cutting coal investment
Almost 99% of all development finance institutions are committed to cutting coal investment following pledges from the G20 nations to stop supporting new projects overseas, according to Boston University’s Global Development Policy Center’s research.
“If these institutions live up to their commitments, it will be easier for developing countries to find official finance for renewable energy and coal power phase-out than for building new coal-fired power plants,” Rebecca Ray, senior researcher at GDP Center said.
Rupee rises against U.S. dollar
The Indian rupee appreciated against the U.S. dollar after ending on a flat note yesterday. The domestic unit opened strong at 74.83 against the dollar and inched further to 74.79 in early deals, a rise of 8 paise over its previous close. The Indian currency gained ahead of the U.S. Fed and other central bank meeting this week.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.03% to 93.84.
ByteDance CFO to lead TikTok
ByteDance CFO Shou Zi Chew will step down to focus on running the company’s short video business fulltime. Chew joined ByteDance as CFO in March and was appointed as TikTok CEO in May.
The Chinese company also plans a major reorganisation to create six business units – TikTok, Douyin, work collaboration unit Lark, business services unit BytePlus, gaming unit Nuverse, and education tech unit Dali, ByteDance CEO Liang Rubo said in a memo.
Oil prices surge
Oil prices surged as OPEC undershot its expected pace of output increases last month, while China ramped up operating rates to meet a spike in diesel demand. Brent crude futures rose 0.3%, to $84.99 a barrel, while U.S. WTI crude futures gained 0.2%, to $84.24 a barrel.
Asian markets update; Sensex opens
Indian indices opened higher after closing on a positive note yesterday. The Sensex opened at 60,360.61 up 222.15 points after rallying over 800 points in the previous session. Similarly, the Nifty opened at 17,970.90, up 41.25 points after gaining 1.46% yesterday.
Asian stocks were mixed in the morning trade as investors awaited several important central bank meetings that may lead the way for risk appetite heading into 2022.
MSCI’s gauge of Asia-Pacific shares outside Japan recovered early losses to be 0.8% higher, with Japan’s Nikkei edging 0.25% lower and Australia’s S&P/ASX 200 down 0.76%. Hong Kong’s Hang Seng gained 0.97%. South Korea’s Kospi was up 1.59%.
In U.S., the S&P 500 rose 0.18% while the Nasdaq Composite added 0.63%. The Dow Jones Industrial Average gained 0.26%, after surpassing 36,000 points for the first time during intraday trading.
Morning note:
India's manufacturing sector activities gained further strength in October as companies scaled up production and stepped up input purchasing in anticipation of further improvements in demand, according to a monthly survey. The October Purchasing Managers’ Index (PMI) data pointed to an improvement in overall operating conditions for the fourth straight month.
The seasonally adjusted IHS Markit India PMI rose from 53.7 in September to 55.9 in October, pointing to the strongest improvement in overall operating conditions since February. – John Xavier
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---- Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)