Streetbeat News

SCBFF

Standard Chartered plc

https://www.sc.com/en/

CEO

William Winters

Industry

Commercial Banking

Open

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Standard Chartered Plc (OTC:SCBFF) announced a $1 billion buyback and a final dividend of 21 cents a share after reporting a 63% increase in fourth-quarter adjusted pretax profit to $1.06 billion, beating estimates. The bank launched a 'Fit for Growth' program aiming to save $1.5 billion over three years, despite facing challenges in China and a significant stock value drop after its third-quarter earnings report.

Portfolio Pulse from Benzinga Neuro

February 23, 2024 | 7:23 am

Saudi Arabia has issued $12 billion in debt, its largest foreign borrowing since 2017, contributing to the $25 billion of bonds issued by developing countries this year. The move aims to cover more than half of the nation's fiscal deficit for the year. Citigroup Inc. (C), JPMorgan Chase & Co. (JPM), HSBC Holdings Plc (HSBC), and Standard Chartered Plc (SCBFF) were the main banks handling the sale. Despite this borrowing, Saudi Arabia's total funding requirements are only partially met, but the country's debt stock remains low, allowing for further capital raising. Additionally, Saudi Arabia has cut oil prices significantly, impacting crude oil markets.

Portfolio Pulse from Benzinga Neuro

January 09, 2024 | 8:58 am

Bitcoin has surged to $47,000, driven by expectations of U.S. ETF approvals. Financial institutions like BlackRock (BLK), Ark, Fidelity, Invesco, Galaxy Digital, and WisdomTree have updated their S-1 applications with the SEC. The SEC has until Jan. 10 to decide on these applications. Standard Chartered (SCBFF) predicts Bitcoin could attract $50-$100 billion in spot ETF inflows in 2024, potentially pushing its price to $200,000 by the end of 2025.

Portfolio Pulse from Murtuza Merchant

January 08, 2024 | 7:44 pm

Zodia Custody, a cryptocurrency security subsidiary of Standard Chartered Bank (OTC:SCBFF), is expanding into Hong Kong as part of its Asia-Pacific strategy. The move aligns with Hong Kong's growing affinity for digital assets and its established regulatory framework for digital assets. Zodia's backers include Standard Chartered, Northern Trust, and Japan’s SBI Holdings.

Portfolio Pulse from Murtuza Merchant

October 30, 2023 | 4:54 pm

Deutsche Bank and Standard Chartered's SC Ventures are testing a system that enables blockchain-based transactions, stablecoins, and CBDCs to interact with each other, similar to the SWIFT messaging layer in traditional banking. The system was developed by GFT Group and Red Date Technology. It includes transferring and swapping USDC stablecoins on the Universal Digital Payments Network (UDPN), a permissioned blockchain system run by a consortium of banks.

Portfolio Pulse from Khyathi Dalal

October 26, 2023 | 9:36 pm

Standard Chartered Bank's SC Ventures and Deutsche Bank have successfully conducted a Universal Digital Payments Network (UDPN) proof-of-concept, facilitating real-time transactions between USD Coin and EURS stablecoins. The UDPN is a distributed ledger technology system that ensures smooth interactions between regulated stablecoins, CBDCs, and business IT systems. The aim of the UDPN Alliance is to transition from traditional payment infrastructures to streamlined, cost-effective digital payment solutions.

Portfolio Pulse from Murtuza Merchant

October 23, 2023 | 7:17 pm

Hong Kong property developer Hysan Development Company Limited (OTC:HYSNY) has issued a prospectus for up to $4 billion of medium-term bonds, more than 10 times its average medium-term debt tranche. The bonds are being issued in the form of zero-coupon notes that are heavily discounted to institutional purchasers. The company plans to list the bonds on the Hong Kong exchanges within the next 12 months. The bonds are unsecured and reliant on a guarantee by Hysan to repay. Bank of America Corporation (NYSE:BAC) and UBS Group AG (NYSE:UBS) are handling the debt issuance.

Portfolio Pulse from Daniel Harrison

October 10, 2023 | 3:43 pm

Standard Chartered (OTC:SCBFF) has partnered with Singapore-based fintech Starfish Digital to provide multibank connectivity and enhance cash management processes. The partnership will leverage APIs and Open Banking to offer real-time treasury experience and expand Standard's API offerings. This move is in response to the growing demand for digital corporate banking capabilities.

Portfolio Pulse from Khyathi Dalal

September 28, 2023 | 3:13 pm

Singapore-based startup Silent Eight, backed by HSBC and Standard Chartered, is planning for an IPO by 2025. The company uses AI to assist financial institutions in combating financial crimes. With its software being adopted by major banks, Silent Eight is expected to see substantial growth. The company's revenue is set to triple this year, and it is expected to achieve profitability for the first time.

Portfolio Pulse from Nabaparna Bhattacharya

September 23, 2023 | 8:32 pm

Standard Chartered PLC (OTC:SCBFF) has signed a pact with China's Ant Group to deepen their partnership in green and inclusive finance, global fund management, and sustainable development. The companies will address environmental issues of climate change and ocean protection. Standard Chartered will support Ant Group in building a global liquidity and foreign exchange management structure and strengthen its collaboration in ESG, digital innovation, and inclusive finance.

Portfolio Pulse from Nabaparna Bhattacharya

July 31, 2023 | 12:32 pm

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