Why is bendigo bank share price falling

Bandhan Bank share price slipped to a low of Rs 263.40 on June 28, down more than 6 percent from its previous close, on fears that the floods in Assam and neighbouring areas could impact the operation of the company in the region, analysts said. The Kolkata-headquartered lender has a large focus on the eastern parts of the country. “In most of the cases, loans disbursed by the banks in the northeast region affected by floods are non-collateral loans, thus with flood hitting the region, there is growing employment crisis leading to rise in non-performing assets (NPAs),” IIFL Securities analyst Sanjiv Bhasin said. According to analysts, some of the bank’s portfolio has gone bad already, hence the negative reaction from the market. Alongside, as evident from previous trends, whenever the market falls, the reaction is predominantly more for Bandhan Bank but it recovers fast as well, they said. They added that despite the fall, the bank is not performing too badly but the bad … [Read more...] about Bandhan Bank share price sinks on Assam flood worries

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,322.64 points on Wednesday, down 45.35 points, or 1.91 percent, from the previous trading day. [YONHAP] Stocks plunged by almost 2 percent Thursday to slump for a second straight session amid recession woes and a dim outlook for the chipmaking sector. The won rose against the dollar. The Kospi retreated 45.35 points, or 1.91 percent, to close at 2,332.64 points. Trading volume was moderate at about 506 million shares worth some 8.7 trillion won ($6.7 billion), with losers outnumbering gainers 699 to 183. Institutional investors offloaded a net 321 billion won, and foreigners sold 234 billion won, while retail investors bought 521 billion won. Investors remained cautious after a near 2 percent fall on Wednesday, spooked by soaring inflation and weak economic sentiment data in the United States. Overnight, the central bank chiefs of major economies warned that the world's high inflation … [Read more...] about Stocks fall almost 2% for second straight session

Share to Twitter Share to Linkedin Topline Home retailer Bed Bath & Beyond announced Wednesday the ouster of its chief executive Mark Tritton on the back of disappointing earnings, sending shares of the company tumbling and capping a disastrous stretch for the home retailer. Key Facts Bed Bath & Beyond also announced earnings for the first quarter of its 2022 fiscal year Wednesday that fell well short of analyst expectations: its $2.83 loss per share in the three-month period ending May 28 was far worse than the $1.39 analyst average, according to Refinitiv. Sales for the quarter were down 25% compared to the same period last year. Tritton had been the company’s CEO since 2019, and his exit is effective immediately. Bed Bath & Beyond said its interim CEO will be Sue Gove, an independent director on the company’s board, who said in a statement the company “must deliver improved results.” Shares of Bed Bath & … [Read more...] about Bed Bath & Beyond Replaces CEO, Falls Short On Earnings

The good news is that yields in US Treasury securities may be near their peak. The bad news is that makes the recession I’ve been forecasting since February more likely. The current campaign by the US Federal Reserve to raise its main policy interest rate — the overnight federal funds rate — in response to rapid inflation normally precipitates a business downturn. Since the central bank adopted this measure in 1954, there have been 11 recessions, and only three exceptions, or soft landings — in 1966, 1984 and 1996. A soft landing occurs as the central bank lowers the funds rate after a series of increases with no recession unfolding. Until the Fed cuts rates, it’s uncertain as to whether its credit-tightening campaign is over or has merely paused. My analysis of post-World War II history reveals that a 100-basis-point rise in the funds rate is linked to a 36-basis-point rise in the 10-year Treasury note yield, and a 24-basis-point increase in the 30-year Treasury bond yield. … [Read more...] about Bond market rally signals an impending economic recession

In May, the employee was paid Rs 1.42 crore (165,398,851 Chilean pesos) instead of his salary of Rs 43,000 (500,000 pesos). (Representative Image) The rupee touched a record low, sliding near 79 to a dollar, on June 29 as foreign investors continued selling local equities and crude oil prices rose. Experts say the sharp fall of the rupee can be attributed to the strength of the greenback and lower forward premiums, among others. Moneycontrol explains the reasons for the rupee’s depreciation. How much did the rupee depreciate? The rupee opened at 78.85 per dollar and slid to 78.95, an all-time high, during intra-day trade on Wednesday. On a weekly basis, the currency has depreciated 1.2 percent. Close Why is the rupee in a free fall? Central banks led by the US Federal Reserve tightening interest rates globally, increases in crude oil and commodity prices, lower forward premiums and weakening forex reserves are some of the reasons experts cite for … [Read more...] about MC Explains | Will RBI let the rupee adjust to new lows?

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A ALL eyes are on RHB Banking Group’s newly minted group managing director (MD) and group CEO Mohd Rashid Mohamad as he steers the fourth-largest banking group by assets forward in a tough operating landscape. “It’s very challenging, especially now in a fast-changing market environment, and as we face potential risks such as geopolitical and inflationary,” acknowledges Rashid in his first exclusive interview as group MD/CEO. Competition has intensified, given new entrants into the market, which are not just new banks but also technology companies that compete for the same pie. Rashid adds that this has partly affected the profitability of the industry, along with many other factors. He notes that banks globally no longer see “high ROEs” as before. For RHB Bank Bhd, its return on equity (ROE) in the past 10 financial years hit a high of 13.4% in FY2012 before … [Read more...] about Cover Story: RHB’s Game Plan in ‘fast-changing’ new normal

Indian corporates may face an elongated receivable cycle, or even default on payments by Russian importers due to the sharp fall in Russian Rouble , bankers said. The Russian Rouble fell nearly 30% on Monday against the US dollar after the country’s premier Vladimir Putin on Sunday ordered his nuclear forces to be on high alert in view of the evolving Russia-Ukraine conflict . Separately, in view of the steep depreciation of its currency, the Bank of Russia on Monday decided to increase the key rate to 20% per annum from 9.50%, the sharpest rate hike since 2014, to compensate for the increased depreciation and inflation risks. “This is needed to support financial and price stability and protect the savings of citizens from depreciation,” the central bank said. Indian companies have a significant presence in Russia. As per data by Indian embassy in Russia, bilateral trade between the two countries between April 2020-March 2021 amounted to $8.1 billion. Indian exports … [Read more...] about Indian corporates brace for delay in receivables, defaults as Russian rouble tanks

PETALING JAYA: MR DIY Group (M) Bhd will likely see a recovery in its financial results as the headwind from the Omicron wave has now subsided. The improvement in its performance is also expected in the coming quarters with the full reopening of the economy and the boost in disposable income resulting from the increase in minimum wages. According to Hong Leong Investment Bank (HLIB) Research, the ending of its “price lock” campaign may subsequently see gradual price increase across different product categories. “We gather that the group’s strategy of clawing market share with ‘price lock’ campaign in ‘Harga Kami Tetap Sama’ has garnered positive feedback from the consumers,” the research house said. Commenting on MR DIY’s recently reported first quarter results for the financial year 2022, HLIB Research said it was broadly in line with its expectation at 18% and 16% of consensus forecasts. “We deem this to be broadly in line as we expect the results to chart recovery … [Read more...] about MR DIY on recovery path

PETALING JAYA: Foreign flows into the local bond market returned to positive territory in May amid foreign investors’ flight-to-safety demand and Bank Negara’s hawkish pivot. Nevertheless, the magnitude was only a meager RM531mil, which did not completely offset the relative net foreign outflows of RM2.2bil in April. Total cumulative foreign holdings in the local bond market grew to RM911.1mil for the first five months of 2022, following the net foreign inflows. Notwithstanding this, they were significantly lower than the cumulative net foreign inflows of RM25bil from January to May 2021, according to MARC Ratings Bhd. Total Malaysian Government Securities/Government Investment Issues (MGS and GII) outstanding expanded by 11.1% year-on-year (y-o-y) to RM947.3bil in May 2022 as there was no redemption of government bonds recorded. This is notwithstanding the reduced issuances in both the MGS (May: RM4.5bil; April: RM10bil) and GII (May: RM8bil; April: RM9.5bil) segments during … [Read more...] about Foreign flows into local bond market returns to positive territory

- A + A (June 30): All emerging Asian currencies were set for half-yearly losses on Thursday, with the South Korean won set to lose the most, as policy tightening by the US central bank and concerns over global economic outlook spurred selling in Asian assets. The won dropped 8.4% so far this year, while the Philippine peso and Indian rupee were on track to post half-yearly losses of 7.3% and 5.8%, respectively. Emerging markets in the six-month period were battered by capital outflows due to the US Federal Reserve kicking off its tightening cycle, Russia's invasion of Ukraine, and inflation from higher commodity prices. Among local drivers, China's insistence on a zero-Covid policy also spurred selling as the country's repeated imposition of restrictions means a slower economic recovery for the region's largest economy. "The broader market ... they need some more convincing because I think at the back of their mind, they've still got this hesitancy due to the … [Read more...] about Asian currencies set for half-year losses on rate hikes, inflation woes