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Standard Chartered

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Web site www.sc.com
Ceo Bill Winters
Revenue14.7 billion USD
Total assets663. 5 billion USD (2017)
FoundedLondon
United Kingdom
Subsidiaries Bank Permata
Standard Chartered Hong Kong
Official site sc.com
Number of employees85,000
Parent organizations Standard Chartered
FoundersRoyal charter
Chartered Bank of India, Australia and China
Standard Bank
Date of Reg.
Date of Upd.
ID596448
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About Standard Chartered


Standard Chartered plc is a British multinational banking and financial services company headquartered in London, England. It operates a network of more than 1,200 branches and outlets across more than 70 countries and employs around 87,000 people.

Higher interest rates help to more than double HSBC profits

Higher interest rates help to more than double HSBC profits
Oct 30,2023 2:51 am

... Last week, HSBC s Asia-focused rival Standard Chartered reported an unexpected plunge in its third-quarter profit due to a nearly $1bn billion combined hit from its exposure to China s real estate and banking sectors...

UK banks can withstand fresh crisis, key test finds

UK banks can withstand fresh crisis, key test finds
Jul 12,2023 3:31 am

... The banks and building societies that have been tested include: Barclays, Lloyds, HSBC, NatWest, Santander UK, Standard Chartered, Nationwide Building Society and Virgin Money...

SVB: Banking stocks remain under pressure

SVB: Banking stocks remain under pressure
Mar 14,2023 7:30 am

... Banking group Standard Chartered dropped 1...

Cheaper clothing and fuel see inflation in the United Kingdom will fall 1. 5% in March

Cheaper clothing and fuel see inflation in the United Kingdom will fall 1. 5% in March
Apr 22,2020 12:35 pm

... Sarah Ewing, a senior economist at the Standard Chartered bank, told the BBC s Today programme: Normally, low inflation would be welcome as it is, people have to effectively spend more in the shop, but these are not normal circumstances...

Coronavirus: banks bow to the pressure and the axe shareholder payments

Coronavirus: banks bow to the pressure and the axe shareholder payments
Apr 18,2020 6:42 pm

... Between them, Lloyds, Royal Bank of Scotland, Barclays, HSBC and Standard Chartered were expected to pay a total of £15...

Coronavirus: shares face worst week since the global financial crisis

Coronavirus: shares face worst week since the global financial crisis
Feb 28,2020 5:19 am

... Mayank Mishra, a strategist at Standard Chartered Bank, added: in the past, the market some comfort in the declining infection rates in China as a result of the containment had measures earlier...

UK-Africa summit: Woos Africa to Brexit

UK-Africa summit: Woos Africa to Brexit
Feb 16,2020 10:17 am

... Razia Khan of Standard Chartered Bank, says: In the short-term, greater uncertainty weighs on prospects, although attenuated, in part, by the UK the offer of a renewal of the trade agreement for two years to deal with this uncertainty...

Yorkshire Air Ambulance withdraws Prince Andrew connection

Yorkshire Air Ambulance withdraws Prince Andrew connection
Feb 16,2020 8:36 am

... Standard Chartered Bank and KPMG also announced they were withdrawing support for the duke s business mentoring initiative Pitch@Palace, though sources told the BBC the decisions were made before the interview...

How China became the world's 'economic miracle'

Feb 16,2020 8:28 am

It took China less than 70 years to emerge from isolation and become one of The World 's greatest economic powers.

As the country celebrates The Anniversary of the founding of the People's Republic of China, we look back on how its transformation spread unprecedented Wealth - and deepened Inequality - across the Asian giant.

"When The Communist Party came into control of China it was very, very poor," says DBS chief China economist Chris Leung.

"There were no trading partners, no diplomatic relationships, they were relying on self-sufficiency. "

Over The Past 40 Years , China has introduced a series of landmark market reforms to open up trade routes and investment flows, ultimately pulling hundreds of millions of people out of poverty.

The 1950s had seen one of the biggest human disasters of the 20Th Century . The Great Leap Forward was Mao Zedong 's attempt to rapidly industrialise China's peasant economy, but it failed and 10-40 million people died between 1959-1961 - The Most costly famine in human history.

This was followed by the economic disruption of the Cultural Revolution in the 1960s, a campaign which Mao launched to rid The Communist party of his rivals, but which ended up destroying much of the country's social fabric.

'Workshop of The World '

Yet after Mao's death in 1976, reforms spearheaded by Deng Xiaoping began to reshape the economy. Peasants were granted rights to farm their own plots, improving living standards and easing food shortages.

The door was opened to foreign investment as the US and China re-established diplomatic ties in 1979. Eager to take advantage of cheap labour and low rent costs, money poured in.

"From the end of the 1970s onwards we've seen what is easily The Most impressive economic miracle of any economy in history," says David Mann , global chief economist at Standard Chartered Bank.

Through the 1990s, China began to clock rapid growth rates and joining the World Trade Organization in 2001 gave it another jolt. Trade barriers and tariffs with other countries were lowered and soon Chinese goods were everywhere.

"It became The Workshop of The World ," Mr Mann says.

Take these figures from the London School of Economics: in 1978, exports were $10bn (£8. 1bn), less than 1% of World Trade .

By 1985, they hit $25bn and a little under two decades later exports valued $4. 3trn, making China The World 's largest trading nation in goods.

Poverty rates tumble

The economic reforms improved The Fortunes of hundreds of millions of Chinese people.

The World Bank says More Than 850 million people been lifted out of poverty, and the country is on track to eliminate absolute poverty by 2020.

At the same time, Education rates have surged. Standard Chartered projects That by 2030, around 27% of China's workforce will have a university Education - That 's about the same as Germany today.

Rising Inequality

Still, the fruits of economic success haven't spread evenly Across China 's population of 1. 3 billion people.

Examples of extreme Wealth and a rising Middle Class exist alongside poor rural communities, and a low skilled, ageing workforce. Inequality has deepened, largely along rural and urban divides.

"The entire economy is not advanced, there's huge divergences between the different parts," Mr Mann says.

The World Bank says China's income per person is still That of a developing country, and less than one quarter of the average of advanced economies.

China's average annual income is nearly $10,000, according to DBS, compared to around $62,000 in the US.

Slower growth

Now, China is shifting to an era of slower growth.

For years it has pushed to wean its dependence off exports and toward consumption-led growth. New challenges have emerged including softer global demand for its goods and a long-running trade war with the US. The pressures of demographic shifts and an ageing population also cloud the country's economic outlook.

Still, even if the rate of growth in China eases to between 5% and 6%, the country will still be The Most powerful engine of world Economic Growth .

"At That pace China will still be 35% of global growth, which is the biggest single contributor of any country, Three Times more important to global growth than the US," Mr Mann says.

The next economic frontier

China is also carving out a new front in global Economic Development . The country's next chapter in nation-building is unfolding through a wave of funding in The Massive global infrastructure project, the Belt and Road Initiative.

The so-called new Silk Road aims to connect almost half The World 's populations and one-fifth of global GDP, setting up trade and investment links That stretch across The World .



communist party of china, china economy, manufacturing, asia pacific, global economy, china, china 70th anniversary, asia, economic inequality

Source of news: bbc.com

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