China’s mega banks trim deposit rates as stimulus hits profits

China’s mega banks trim deposit rates as stimulus hits profits

CHINA’S largest state-owned lenders have cut their deposit rates on Friday (Oct 18), their second reduction this year as they rushed to salvage record low margins amid weakened profitability. Major banks including Industrial & Commercial Bank of China and China Construction Bank trimmed the interest offered on one-year, two-year, three-year and five-year time deposits by…

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Netflix beats Q3 earnings targets with five million new customers

Netflix beats Q3 earnings targets with five million new customers

NETFLIX picked up 5.1 million streaming subscribers in the third quarter, topping Wall Street estimates by more than one million users, and said it expected higher customer growth around the holidays when Korean drama Squid Game returns. Shares of Netflix rose 3.5 per cent to US$711.98 in after-hours trading following the earnings report on Thursday…

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Europe: Shares close higher after ECB lowers interest rates

Europe: Shares close higher after ECB lowers interest rates

EUROPEAN stocks closed less than 1 per cent away from record high levels on Thursday (Oct 17) after the European Central Bank (ECB) delivered a widely expected 25-basis-point rate cut, even though it refrained from offering new clues about its next move. The continent-wide Stoxx 600 index ended higher by 0.8 per cent, following a…

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Oil prices edge higher on US crude stockpiles draw

Oil prices edge higher on US crude stockpiles draw

OIL prices inched up on Thursday (Oct 17), bouncing back from two-week lows, after data showed falling crude and fuel inventories in the United States. Brent crude futures settled at US$74.45 a barrel, up 23 US cents, or 0.31 per cent. US West Texas Intermediate crude futures settled down 28 US cents, or 0.4 per…

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