Latest news with #IndustrialBank
Khaleej Times
2 days ago
- Business
- Khaleej Times
Syria welcomes Japan's decision to lift sanctions on four banks
Syria has welcomed Japan's decision to lift sanctions and unfreeze assets on four Syrian national banks, calling it a 'positive step' toward the country's economic recovery and reconstruction. Japanese broadcaster NHK World-Japan had reported that its government had decided to partially lift sanctions that had been imposed on Syria. As part of the move, sanctions were lifted on The Industrial Bank, Popular Credit Bank, Savings Bank and Agricultural Cooperative Bank. In a statement issued on Friday, the Ministry of Foreign Affairs and Expatriates said the move to ease restrictions would help bolster financial and economic cooperation between the two nations. 'This decision is a step in the right direction toward achieving stability and prosperity, and advancing Syria's reconstruction process,' the statement said. It added that the lifting of sanctions will facilitate the implementation of development projects across various sectors and help alleviate the hardships faced by the Syrian people. "Syria hopes that this step will pave the way for further openness and constructive cooperation with friendly Japan, based on mutual respect and common interests," it further said in the statement. On May 24, the United States lifted comprehensive economic sanctions on Syria on Friday, marking a dramatic policy shift following the end of Bashar al-Assad's regime and opening the door for new investment in the war-torn country.
South China Morning Post
2 days ago
- Business
- South China Morning Post
Fury as Chinese bank offers to help rich clients' kids gain top internships
A Chinese bank has triggered outrage by offering to help its rich customers secure prestigious internships for their children, prompting a heated debate about privilege and inequality on social media. Industrial Bank, a regional lender from Fujian province, said in a now-deleted post on the social platform WeChat that it could arrange for its clients' offspring to gain work experience at top firms including Google and JP Morgan, according to screenshots circulating online. To qualify for the scheme, households would need to deposit large new sums with the bank: 10 million yuan (US$1.4 million) for non-private banking customers and 5 million yuan for private banking clients, the post added. The scheme quickly went viral and triggered intense backlash on Chinese social media. The reaction has been particularly fierce given China's sky-high youth unemployment rate and a spate of recent scandals involving nepotism in the job market On Tuesday, Industrial Bank announced it had paused the offer and apologised for any 'misunderstandings caused by incomplete descriptions', according to the state-run news outlet Securities Times. In the statement, the company claimed it had not directly arranged internships for its customers' children, but had merely intended to refer them to external recruitment consultants, Securities Times reported.
Bloomberg
5 days ago
- Business
- Bloomberg
China Bank Touts Wall Street Internship for $1 Million Deposit
As Chinese banks battle for deposits amid sinking interest rates, one lender, briefly, took a novel approach to win business: It offered help in securing internships at some of the nation's biggest companies as well as Wall Street banks for families who put in more than $1 million. In ad posted on WeChat, Fujian-based Industrial Bank Co. touted its help to private banking clients or their offspring get internships at firms including JPMorgan Chase & Co. and Citigroup Inc. as well as major Chinese companies. The offer was rescinded after it was slammed on social media.
Express Tribune
09-05-2025
- Business
- Express Tribune
Chinese firms sell innovation bonds
Listen to article Chinese banks, brokerages and private equity firms are among companies kicking off plans on Thursday to sell so-called sci-tech innovation bonds. Beijing published detailed rules on Wednesday for a "technology board" in the bond market to fund innovation amid intensifying Sino-US rivalry. Tech companies can already issue such bonds, but financial companies have become eligible under the new mechanism. China's central bank will provide low-cost funding to support bond sales, while local governments will help share losses in the event of defaults. It represents China's latest effort towards technology self-sufficiency as Washington steps up curbs against Chinese tech advancement. It is also a boon to private equity and venture capital firms suffering from slow initial public offerings at home. Industrial Bank, Guolian Minsheng Securities Co and Wuxi Venture Capital Group are among more than a dozen companies announcing plans to issue sci-tech innovation bonds on Thursday. People's Bank of China Governor Pan Gongsheng said on Wednesday that nearly 100 companies are planning to sell such bonds to raise more than 300 billion yuan ($41.46 billion) in total, and he expects the list to grow further. "Government support may help whet appetite of risk-averse bond investors," said Chen Yuting, analyst at Huafu Securities. "A booming market would in turn stimulate tech innovation." Industrial Bank said it plans to raise 10 billion yuan via bond sales to fund innovative businesses and technology-related loans.
Time of India
08-05-2025
- Business
- Time of India
Chinese companies line up to sell 'innovation bonds', capitalising on Beijing's technology push
Chinese banks, brokerages and private equity firms are among companies kicking off plans on Thursday to sell so-called sci-tech innovation bonds . Beijing published detailed rules on Wednesday for a "technology board" in the bond market to fund innovation amid intensifying Sino-U.S. rivalry. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Remember Tiger's Ex-Wife? Try Not To Smile When You See Her Now Click Here Tech companies can already issue such bonds, but financial companies have become eligible under the new mechanism. China's central bank will provide low-cost funding to support bond sales, while local governments will help share losses in the event of defaults. Bonds Corner Powered By Chinese companies line up to sell 'innovation bonds', capitalising on Beijing's technology push Chinese banks, brokerages and private equity firms are among companies kicking off plans on Thursday to sell so-called sci-tech innovation bonds. Not just for retirees: Why Gen Z should embrace bonds early in their journey HUDCO plans first overseas debt issue in FY26 to reduce borrowing costs 10-yr bond yields rise 8 bps to close at 6.438% after India strikes terror bases in Pakistan Indian bond yields dip as traders see buying window Browse all Bonds News with It represents China's latest effort towards technology self-sufficiency as Washington steps up curbs against Chinese tech advancement. It is also a boon to private equity and venture capital firms suffering from slow initial public offerings at home. Industrial Bank, Guolian Minsheng Securities Co and Wuxi Venture Capital Group are among more than a dozen companies announcing plans to issue sci-tech innovation bonds on Thursday. Live Events People's Bank of China Governor Pan Gongsheng said on Wednesday that nearly 100 companies are planning to sell such bonds to raise more than 300 billion yuan ($41.46 billion) in total, and he expects the list to grow further. "Government support may help whet appetite of risk-averse bond investors," said Chen Yuting, analyst at Huafu Securities. "A booming market would in turn stimulate tech innovation." Industrial Bank said it plans to raise 10 billion yuan via bond sales to fund innovative businesses and technology-related loans. Brokerage Guolian Minsheng aims to issue up to 1.0 billion yuan of three-year bonds, mainly to finance tech-related investments. Wuxi Venture Capital plans to sell 400 million yuan worth of three-year bonds. Proceeds will be used to swap existing equity investments and invest in new funds. But there are signs proceeds from the bonds are used nowhere near technology or innovation in some cases. Xuzhou Construction Machinery Group said on Thursday it plans to raise 1.0 billion yuan selling sci-tech innovation bonds to refinance bank loans. Muyuan Foods said it will use the 300 million yuan from planned bond sales to replenish working capital . ($1 = 7.2367 Chinese yuan renminbi)
