Singapore lender OCBC names insider Tan Teck Long as next CEO
Tan Teck Long will replace Helen Wong, who was the first woman to head a Singapore bank at the time of her appointment.
Southeast Asia's largest bank, DBS Group (DBSM.SI), opens new tab, appointed its first female chief executive, Tan Su Shan, in August last year.
Tan will assume the additional role of deputy CEO with immediate effect, while Wong will remain, post retirement, the chairman of OCBC China and a director of OCBC Hong Kong.
The incoming CEO has been head of global wholesale banking since joining OCBC in March 2022.
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Reuters
2 hours ago
- Reuters
Kotak Mahindra Bank's Q1 profits drop more than expected on higher provisions
MUMBAI, July 26 (Reuters) - Kotak Mahindra Bank ( opens new tab, India's third-largest private lender by market capitalisation, reported a drop in first-quarter profit on Saturday, as it set aside more funds for potential bad loans and saw a contraction in lending margins. The bank's standalone net profit fell 47.5% to 32.81 billion indian rupees ($379.42 million) for the quarter ended June 30, down from year-earlier 62.5 billion rupees ($722.75 million), which included a 27.3 billion rupee gain on a stake sale of its insurance subsidiary to Zurich Insurance (ZURN.S), opens new tab last year. On average, analysts had expected a profit of 35.82 billion rupees, according to data compiled by LSEG. The lender's net interest margin, a key gauge of profitability, fell to 4.65%, from 5.02% a year earlier, reflecting the impact of the Reserve Bank of India's recent interest rate cuts. When rates are lowered, banks typically pass on the benefits to borrowers first and only later reduce deposit rates, which can temporarily squeeze margins. Meanwhile, Kotak Mahindra Bank's asset quality deteriorated, with the gross non-performing assets ratio at 1.48% at the end of June, versus 1.39% a year earlier. Indian lenders have kept a tight lid on unsecured lending after grappling with higher bad loans in that segment, a move that has helped support asset quality. The bank's provisions for bad loans more than doubled year-on-year to 12.08 billion rupees. Net interest income grew 6% to 72.59 billion rupees in the first quarter. While credit growth has slowed across the industry, Kotak Mahindra Bank's loan book expanded 13%, driven mainly by a 16% rise in loans to retail consumers. ($1 = 86.4750 Indian rupees)
BBC News
12 hours ago
- BBC News
Matcha: World's thirst for the tea swallows global supplies
Matcha mania is sweeping the world. The bright green Japanese tea can be found in everything from Starbucks' lattes in the UK to Krispy Kreme doughnuts in global matcha craze is being driven by social media, with influencers sharing brewing tips, reviews and recipes. The "Matcha Tok" hashtag has clocked up tens of millions of growing popularity is also linked to Japan's post-pandemic tourism boom, with the country's weak currency making it an attractive destination as well as boosting demand for Japanese the midst of the hype, demand for the powder is soaring. US-based tea importer Lauren Purvis tells the BBC her customers are seeing what was once a month's supply of matcha running out in days."Some cafes are even asking for a kilo a day. They're desperate to keep up," says Ms Purvis, who runs Mizuba Tea that surging demand, combined with smaller tea crops due to heatwaves and US tariffs on Japan, is also pushing up matcha prices. Traditionally, Matcha - which is sought for its health benefits, caffeine and flavour - is the product of a centuries-old and highly-specialised is made from green tea leaves called tencha, which are kept under shade for weeks while they're still growing. This step is crucial for developing the tea's signature "umami" flavour - a savoury taste that complements its natural leaves are harvested, dried and ground into powder using stone mills, which can produce just 40g (1.4oz) of matcha an in recent months growers have struggled, as record-breaking heatwaves have hit the Kyoto region, where about a quarter of Japan's tencha comes from, hot weather has led to poor harvests even as demand country also faces a shortage of farmers as its population ages and not enough younger people go into the in Uji, a city in Kyoto famous for matcha, often see their shelves emptied by tourists as soon as their doors a result, many retailers have set limits on how much customers can Camellia Tea Ceremony allows customers to purchase only one tin of matcha each as visitor numbers doubled over the last year, says director Atsuko master Rie Takeda says she also has to closely monitor her stocks of matcha, as orders that would previously arrive in just days can now take more than a works for Chazen, a tea ceremony chain based in Tokyo, which hosts traditional rituals serving matcha to guests. Shortages mean tea prices at Chazen's outlets have risen by around 30% this year."[The demand] is good," Ms Takeda said through a translator. "It's a gateway for more people to know about Japanese culture."It has also attracted more production nearly tripled between 2010 and 2023, according to Japan's agricultural also says green tea exports, including matcha, also rose 25% last year to 36.4bn yen (£180m; $250m). Savour, not hoard The matcha craze has sparked a movement to promote more mindful call out people they see as hoarding matcha or profiteering from its popularity. Others urge tea drinkers to be careful about how much they use, and to savour matcha in its purest form rather than as an ingredient in "a bit sad" to see high-grade matcha used in cooking - where its delicate flavour is often lost - or stockpiled for resale, said Ms Mori."Matcha is the highest grade of tea and it's so special to us. So there's a bit of a contradiction when I hear stories about how it's resold or used in food." The Global Japanese Tea Association is encouraging people to use lower-grade matcha from later harvests, which is more abundant and better-suited for matcha often loses its delicate flavour when used in drinks like lattes, it adds."Promoting awareness of these distinctions helps ensure Japanese tea is enjoyed with respect, while supporting the craft and tradition behind it," the association also says matcha prices are likely to rise further due to tariffs the US is imposing on Tuesday, Washington and Tokyo announced a trade deal that will mean a 15% import tax on Japanese products going into the distributors like Ms Purvis are bracing for the impact. The Oregon-based entrepreneur says orders surged by more than 70% in early July ahead of a deadline for the two countries to reach a trade agreement."As Japanese tea is not grown in the US, there is no American industry under threat that tariffs need to protect," she said. "We hope there will be a realisation that specialty tea should be exempt."Even as soaring demand and limited supplies push up prices, there is some light on the least one matcha cafe chain thinks prices could ease in the future - although not for a while."Low quality matcha is selling for a high price, and we think that this will no longer be a viable business," Masahiro Nagata, co-founder of the Matcha Tokyo, told the BBC."There is a boom at the moment and demand is growing rapidly, but we think that will calm down a bit in two to three years."
Daily Mail
14 hours ago
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ALEX BRUMMER: Banks face a fintech coup
The long and winding road back for NatWest from oblivion to robust domestic lender is complete. Paul Thwaite, the bank's chief executive post state shareholding, can enjoy the new freedoms. He has made no secret of his ambition to build on NatWest's already powerful presence through acquisition. As a standalone franchise, NatWest can now say what it thinks again. We know what happened to Thwaite's predecessor Alison Rose when judged to have spoken out of turn about the banking relationship between NatWest's posh offshoot Coutts and Reform leader Nigel Farage. NatWest's chief and his opposite number at Lloyds Charlie Nunn speak as one. With bank profits soaring and some Government members and backbenchers eyeing up the finance and wealth as tax targets, they are concerned. One can see why Labour might regard NatWest's first half operating profits of £3.6billion, up from £3billion in the same period last year, as easy meat. If the bank can afford to buy back £1.5billion of its shares this year, recompense for taxpayers might seem in order. Indeed, the bank has increased its income guidance for the full year to £16.5billion from £16billion. Partly that reflects additional income from the Sainsbury's bank deal, as well as lower than expected bad loans. Good times do not last forever and a profitable bank, with healthy capital, ought to be good for UK growth. NatWest, Lloyds and the other banks have no room for complacency. A note from NatWest-RBS neighbours in Edinburgh, Scottish Mortgage, run by Baillie Gifford, extols fintech. It praises pioneers Stripe, Wise, NuBank, SEA, Revolut and others for building 'scale financial systems' and broadening access. Unless the incumbents can catch the digital train, High Street lenders could – like IBM – become sunset companies, as Microsoft, Nvidia et al sprint off with the prizes. Powell play After ugly scenes in the Oval Office in February, when Donald Trump berated Ukraine's President Zelensky, it might have been hoped self-restraint had been learned. Trump was at it again on Thursday. This time, the victim was Federal Reserve chairman Jay Powell. Trump, as a real estate magnate, has an expertise in renovation, yet quite why he felt it necessary to don a hard hat and tour the repairs to the 90-year-old Fed headquarters is puzzling. As the two men toured, with Trump towering over the diminutive Powell, it was an obvious ambush. Trump magicked a piece of paper from his pocket and questioned alleged $3billion of costs and an overrun. The clash had little to do with concrete and plumbing, and everything to do with central bank independence. Trump is engaged in a crude campaign to bully Powell into cutting the key Fed funds rate from 4.25 per cent to 4.5 per cent to support output. The greater the pressure, the more likely it has been that Powell would hold the line. He has nothing to lose by being obdurate. His most notable legacy could be his bravery in standing up for the Fed. Fashion refit The controlling Lewis family is taking flack for playing hardball with River Island landlords and reshaping its retail portfolio. The objective is to keep the brand on the High Street in long-term ownership rather than condemn it to administration or rapacious private equity ownership. That rarely ends well.
