ADVFN - Advanced Financial Network.
HOME» NYSE » N » NKE Stock Price » NKE Stock News

Nike Share News

 Nike, Stock Price
NKE Stock Price
 Nike, Stock Chart
NKE Stock Chart
 Nike, Stock News
NKE Stock News
 Nike, Company Information
NKE Company Information
 Nike, Stock Trades
NKE Stock Trades

PwC Survey Shows Record Profits From Banks' China Operations

SYDNEY--International banks have defied concerns of a slowdown in Asia's largest economy, reaping record profits from their Chinese operations last year and most forecast annual growth of around 20% until 2015, according to a survey by PricewaterhouseCoopers. Growing investment by multinational companies in China helped foreign banks more than double their net profits in the country to RMB16.73 billion in 2011 ($2.62 billion), the survey of 41 international lenders found. Meanwhile, banks such as Barclays Bank (BCS), Credit Suisse (CS), Deutsche Bank (DB), JPMorgan Chase and Co. (JPM) and Australia's big four lenders boosted their assets under management by almost a quarter to RMB2.15 trillion. The upbeat findings come as growth has started to slow in the world's second-largest economy. This week the International Monetary Fund cut its estimates for China's economic expansion this year and warned of the possibility of a hard landing there in the medium term. The slowdown is also being felt in the corporate sector. Since Friday, major Chinese companies including electronic equipment maker ZTE Corp., China Eastern Airlines Corp. and retailer Suning Appliance Co. have lowered their earnings forecasts, while some foreign companies, such as Nike Inc. as well as Burberry Group PLC, have also indicated softening growth in demand in China. Yet China still offers better prospects for many global banks than the sluggish economies of their home markets. On Monday, Citigroup Inc. Chief Executive Vikram Pandit staked the future of the third-largest bank by assets in the U.S. on growing business in faster-growing, lower-income economies after reporting a 12% fall in earnings to $2.95 billion, or 95 cents a share, from $3.34 billion the previous year. Foreign banks are now more dedicated to their Chinese investments than since 2008, the survey found. In Shanghai, foreign banks now hold 12% of the RMB8.2 trillion assets held by banks--a proportion PwC expects to grow as Beijing continues to liberalize its currency and restrictions on its financial system. For many of the banks--particularly Europe's crisis-hit lenders--a major barrier to growth is raising funds to finance lending. Many are now focussing on raising more capital from local corporate deposits rather than through their parent companies, according to PwC Financial Services Advisory Partner William Yung. "The fundamental challenge for the foreign banks over the next three years will be balancing the investment and needs of a dynamic and fast-developing Chinese market against the constraints of a slowing economy back home," Mr. Yung said. --Suzanne Kapner, Carlos Tejada and Paul Mozur contributed to this article -Write to Caroline Henshaw at Subscribe to WSJ:

Stock News for Nike (NKE)
10/24/201608:50:00Activewear is a Growing Fad for Millennials
10/24/201608:50:00Activewear is a Growing Fad for Millennials
10/21/201616:06:57Current Report Filing (8-k)
10/20/201606:04:26Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
10/19/201608:29:50Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
10/19/201608:25:35Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
10/18/201608:45:56Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
10/18/201601:30:00Nike Co-Founder Gives $500 Million for Oregon Science Center
10/18/201600:30:00Nike Co-Founder Phil Knight Gives $500 Million for University...
10/14/201606:01:36Amended Current Report Filing (8-k/a)
10/11/201608:49:36Quarterly Report (10-q)
10/06/201616:15:00NIKE, Inc., Announces New VP, GM for North America Geography
10/03/201616:18:48Statement of Changes in Beneficial Ownership (4)
09/30/201616:47:26Current Report Filing (8-k)
09/30/201615:14:09Current Report Filing (8-k)
09/28/201617:26:00Nike Squeezed by Rivals, Old and New, as Athleisure Spreads
09/28/201609:49:00U.S. Hot Stocks: Hot Stocks to Watch
09/27/201619:54:00Nike Revenue and Profit Rise, Though Growth in a Key Indicator...
09/27/201617:20:00Nike Revenue and Profit Rise
09/27/201617:18:00Nike Revenue and Profit Rise, Though Growth in a Key Indicator...

Nike and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2016 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations