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Lloyds Banking Groups Strong Performance Driven by Income Growth and Cost Management

Lloyds Banking Groups statutory pretax profit for the July–September quarter was £1.8 billion, somewhat less than the £1.9 billion it made a year

Lloyds Banking Groups statutory pretax profit for the July–September quarter was £1.8 billion, somewhat less than the £1.9 billion it made a year earlier but more than the £1.6 billion experts had predicted. The largest mortgage lender in the UK credited good asset quality, efficient cost control, and income growth for its impressive performance. Credit card and unsecured loan activity drove the £4.6 billion increase in total lending balances to £457 billion, while the mortgage portfolio had a £3.2 billion growth. Lloyds kept the net interest margin at 2.9% and the return on tangible equity at about 13% as part of its outlook. The bank expects one more base rate drop by the Bank of England by the end of 2024 and a 3.1% increase in home prices for the year. Read More..

B2B Tech News | 9 months ago        

CAF Projects First Net Profit in Years Amid Governance and Transparency Push

On October 22, FIFA President Gianni Infantino attended the 46th CAF General Assembly in Addis Ababa. During the meeting, CAF presented its 2022–202

On October 22, FIFA President Gianni Infantino attended the 46th CAF General Assembly in Addis Ababa. During the meeting, CAF presented its 2022–2023 certified financial report and its 2024–2025 budget. Patrice Motsepe, the 2021 CAF president, announced a sharp decrease in losses, from $28.9 million to $9.2 million. Noting that more than $50 million had been spent on contests in the previous year, he underlined the necessity of better financial, governance, and transparency standards. For the first time in many years, CAF is expected to profit $11.7 million, which Motsepe says would help advance African football and raise its international profile. Infantino emphasised CAFs dedication to fighting racism in football and the advancements made by African countries. Read More..

B2B Tech News | 9 months ago        

Thailand Finalizes Terms for Hydropower Import Agreement with Singapore, Laos

According to government sources, Thailand is still negotiating the details of an extension to a multilateral deal with Singapore to import hydropower

According to government sources, Thailand is still negotiating the details of an extension to a multilateral deal with Singapore to import hydropower from Laos via Malaysia and Thailand. Singapores Energy Market Authority EMA has called the 2022 agreement "historic," emphasising its potential to lessen Southeast Asias dependency on fossil fuels. Wheeling charges are expenses related to the transmission of energy that need to be resolved in Thailand before power may be exported from Laos to Singapore via Thailand. Power imports from Laos have all but stopped because of the volatility of natural gas prices worldwide, and disputes over energy purchase assurances still exist even after Malaysia agreed to provide power directly to Singapore. Read More..

B2B Tech News | 9 months ago        

India Maintains Investment Restrictions on Neighbors Despite China Border Agreement

Despite a recent border patrol deal with China, India will keep limiting investment in its neighbours. The countrys delicate geopolitical position is

Despite a recent border patrol deal with China, India will keep limiting investment in its neighbours. The countrys delicate geopolitical position is highlighted by Finance Minister Nirmala Sitharamans statement that India must take foreign direct investment FDI mindlessly, taking into account its source. Her comments, which she delivered before a BRICS summit between President Xi Jinping and Prime Minister Narendra Modi, suggest that lifting trade restrictions would only happen for a while. India has been scrutinising investments from its neighbours more since 2020, mainly from Chinese companies, which has discouraged large inflows. This strategy seeks to protect national interests in light of Indias growing trade imbalance with China, which has increased to $85 billion since the 2020 border dispute. Read More..

B2B Tech News | 9 months ago        

Paytm Shares Surge Nearly 6% After NPCI Approves Onboarding of New UPI Users

After the National Payments Corporation of India NPCI authorised the business to onboard new customers for digital payments via UPI, reducing a signif

After the National Payments Corporation of India NPCI authorised the business to onboard new customers for digital payments via UPI, reducing a significant regulatory burden, shares of the Indian fintech company Paytm PAYT.NS surged by about 6% on Wednesday. Users of UPI, a popular realtime payment system, may send money without sharing their bank information. The permission came after the Reserve Bank of India RBI ordered the winding down of Paytms banking arm in January, and the companys secondquarter statistics revealed a drop in its user base due to regulatory issues. According to analysts, this action lowers regulatory concerns and might aid Paytm in regaining its customer base. However, a crucial obstacle still stands as the business needs RBI permission for payment aggregation. Read More..

B2B Tech News | 9 months ago        

BRICS Nations Represent 37.4% of Global GDP, Outpacing G7, Says Putin at Business Forum

President Vladimir Putin stressed at the BRICS business conference that the BRICS group is expected to propel significant global economic growth in th

President Vladimir Putin stressed at the BRICS business conference that the BRICS group is expected to propel significant global economic growth in the future years due to its size and rapid expansion. The summit is scheduled in Kazan from October 22–24. In contrast to the G7, which accounted for 29.3% of the world GDP, the BRICS countries total GDP exceeded $60 trillion last year, or around 37.4%. Putin informed the guests that the goal of BRICS is sustainable growth, not hostility against other countries. Given Russias geopolitical isolation, business executives from South Africa and Egypt recognised the enormous potential inside BRICS, pointing to expansions in infrastructure projects, commerce, and agricultural imports. Read More..

B2B Tech News | 9 months ago        

Hyundai Motor India Shares Fall 5% on Market Debut, Despite Record ₹27,000 Crore IPO

In contrast to the ₹1,960 offer price, Hyundai Motor Indias shares fell 5% on their market debut, listing at ₹1,934. Retail investors hesitated be

In contrast to the ₹1,960 offer price, Hyundai Motor Indias shares fell 5% on their market debut, listing at ₹1,934. Retail investors hesitated because of price worries, fearing limited profits, even though the record ₹27,000 crore $3.3 billion IPO was oversubscribed more than twice. Targeting a $19 billion value, Hyundai, the secondlargest carmaker in India with a 15% market share, saw its market capitalisation close at about ₹1.51 trillion $17.96 billion. Brokerages such as Nomura and Macquarie initiated coverage with "buy" and "outperform" ratings, citing strong potential in Hyundais SUVcentric portfolio amidst slowing car sales in India, despite analysts concerns over the high P/E ratio of 26 times fiscal 2024 earnings compared to Maruti Suzukis 29 times. Read More..

B2B Tech News | 9 months ago        

Nigeria Blocks Shells $2.4 Billion Oil Sale to Renaissance Consortium, Approves Exxons Deal with Seplat

Although Nigeria approved Exxon Mobils identical deal with Seplat Energy, it vetoed Shells proposed $2.4 billion sale of all its onshore and shallowwa

Although Nigeria approved Exxon Mobils identical deal with Seplat Energy, it vetoed Shells proposed $2.4 billion sale of all its onshore and shallowwater oil businesses to the Renaissance group. Without providing more information, Gbenga Komolafe, the CEO of the Nigerian Upstream Petroleum Regulatory Commission NUPRC, said that Shells acquisition "could not scale the regulatory test." Shell is disappointed by this decision since it wants to concentrate on deepwater investments in the face of growing problems in Nigeria, such as theft and sabotage in onshore operations. Security concerns have caused oil majors to pull out of Nigerias onshore sector. Exxons transaction, pending clearance for more than two years, permits Seplat to acquire large shares in infrastructure and oil leases. Read More..

B2B Tech News | 9 months ago        



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