Sanjay Jain News
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Shivram Anantharaman paid a monthly rent of S$2,650 ($2,069) until March. Now, he’s paying S$40 less every month after buying a three-bedroom condominium in Singapore’s East Coast region.
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Sanjay Jain called his real estate broker four days ago to cancel a deal to buy a three-bedroom home in Folsom, California, unnerved by another plunge in the most volatile equities market on record.
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A Standard Chartered Plc affiliate, Qatar Islamic Bank SAQ and Oversea-Chinese Banking Corp. are among bidders for a controlling stake in PT Bank Muamalat Indonesia, the country’s oldest Islamic bank, people with knowledge of the matter said.
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Loan losses at Chinese banks may climb to levels equivalent to 60 percent of their equity capital as real-estate companies and local governments fail to repay debts, according to Credit Suisse Group AG.
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Shares of the following companies had unusual price changes in China trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close.
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United Overseas Bank Ltd. , Singapore’s second-largest lender by market value, reported a 28 percent increase in quarterly profit as declining bad-loan charges offset a slump in client trading and share sales.
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Credit Suisse Group AG said they favor Chinese banks the most among Asian financial stocks while Indian banks look “expensive.”
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Chinese banks are “in a sweet spot” as the unexpected increase in the nation’s benchmark lending rate will boost margins, Credit Suisse analysts including Sanjay Jain wrote in a report.
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China’s stocks rose following the biggest loss in two months on speculation earnings of drugmakers and consumer staples producers will be sheltered from slowing economic growth.
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China’s decision to raise interest rates for the first time since 2007 will boost earnings at banks as their margins on lending widen, according to Morgan Stanley and Deutsche Bank AG analysts.
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