HSBC Holdings, the biggest commercial lender in Hong Kong, on Wednesday reported 2 per cent profit growth for 2024, as gains from its wealth-management business and cost savings from restructuring offset the impact of interest-rate cuts. Net profit rose 2.2 per cent to US$22.9 billion or US$1.25 per share from US$22.4 billion a year earlier, […]
Binance, one of the world’s largest cryptocurrency exchanges, is shaking up its trading platform once again. The exchange has announced the removal of five spot trading pairs as part of its regular market review. This change, set to take effect on February 21, 2025, at 03:00 (UTC) where applicable, is aimed at keeping the platform efficient and user-friendly. According […]
This represents a 26.4 percent year-on-year (YoY) increase when compared with $14.83 billion recorded in the corresponding period of 2023. Breakdown of the Central Bank of Nigeria, CBN, Monthly Economic Report for the review period showed that exports fell by 1.98 percent YoY to $51.18 billion from $52.23 billion in the same period of 2023. […]
A little-known biotech company stunned the industry last spring when Summit Therapeutics announced its experimental cancer drug showed greater effectiveness than Merck’s Keytruda. The drug was licensed from Chinese company Akeso Inc., highlighting a growing trend of U.S. companies sourcing breakthrough medicines from China. Almost 30% of Big Pharma deals with at least $50 million […]
The 23rd China International Fair for Investment and Trade (CIFIT) will take place in Xiamen, Fujian Province in southeast China, from September 8 to 11. Since the first CIFIT was launched in the city in 1997, the event has become one of the most influential international investment events in the world. Around 1, 000 business […]
(Jonathan Brady/PA) (PA Archive) Nationwide cut rates on its mortgages hours after a top Bank of England policymaker indicated that the bank’s interest rates may be cut but will remain high for a long time Once again cut. Nationwide slashed rates on its mortgages once again, hours after a top Bank of England policymaker indicated […]
Bangladesh needs to diversify its export products, including light engineering and pharmaceuticals, and explore new market opportunities to face challenges after its graduation from least developed country (LDC) status, said the World Bank country director for Bangladesh and Bhutan. Abdoulaye Seck also observed that the country’s exports might experience a decline of up to 14% […]
The US Federal Reserve chairman has said the central bank will continue to raise interest rates “if appropriate” as inflation remains “too high”. Jerome Powell told an annual gathering of central bankers that the pace of price rises had fallen from a peak. However, it remains above the Fed’s 2% target. In a speech to […]
KEY POINTS The BRICS economic coalition of emerging markets has decided to extend membership invitations to six nations. The BRICS alliance — which presently reunites Brazil, Russia, India, China and South Africa — is set to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to join, Ramaphosa said in a speech […]
The investments made by Savings and Credit Cooperative Organisations in unit trust funds, reasonable interest rates registered by savers and strong product uptake among low-income earners are attributed to notable unit trust account balances held by Ugandan savers compared to its peers in Kenya and Tanzania Unit trust products are organised, collective savings channels that […]