United Bank News
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Philippine stocks fell the most among Asian emerging markets, extending a decline from a record, after valuations surged and on speculation first-quarter economic growth will weaken.
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United Bank for Africa Plc, Nigeria’s fifth-largest lender by market value, plans to increase loans by as much as 40 percent this year to fund oil, power and manufacturing projects.
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United Bank for Africa Plc, the Nigerian lender operating in 22 countries, rose for a third day to the highest in six weeks after saying first-quarter profit advanced 33 percent.
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Indian companies may defer plans to acquire rivals and add capacity by about three years as they focus on reducing record debt, according to Rahul Shukla, Citigroup Inc.’s local head of corporate banking.
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Taiwan’s dollar strengthened for a third week as the island’s shares rallied to a 21-month high. Government bonds rose after economic growth trailed estimates.
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Taiwan’s dollar rose to a six-week high as foreign funds turned net buyers of the island’s stocks. Government bonds gained on concern a bird flu outbreak will hurt the economy.
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United Bank for Africa Plc, Nigeria’s fifth-largest lender by market value, rose for the first time in eight days after Vetiva Capital Management Ltd. upgraded the stock and said it was trading at a discount to its price target.
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The yield on Taiwan’s five-year bonds dropped by the most this week since July amid concern regional economic weakness will hurt the island’s exports. The local currency strengthened.
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Kuwait plans to spend as much as 5 billion dinars ($17.5 billion) on its infrastructure-led state development plan in the current fiscal year as bankers called on the government to execute projects.
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United Bank Ltd., Pakistan’s third- largest lender by assets, forecast full-year profit growth will accelerate to about 30 percent as the lender opens more local offices and expands overseas.
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