Peter Thal Larsen
Peter is Asia Editor of Reuters Breakingviews, based in Hong Kong. He oversees coverage of financial services and regulation. Prior to joining Reuters, Peter spent 10 years at the Financial Times. From 2004 to 2009 he was the FT’s banking editor, leading the paper’s award-winning coverage of global banking during the credit crunch. Between 2000 and 2004 Peter reported for the FT from New York. He played a leading role in the paper’s coverage of the 9/11 attacks and their aftermath. A Dutch national, Peter has degrees from Bristol University and the London School of Economics. Follow Peter on Twitter @Peter_TL
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State-backed banks in both countries have lent too much to politically connected companies that are now in trouble. While India is pushing lenders to come clean, China is still not admitting the extent of the problem. Future growth depends on a proper cleanup.
Choppy markets and higher bad debts knocked HSBC’s pre-tax profit by 14 pct in the first quarter. Erstwhile rival ANZ slashed its dividend after first-half earnings dropped almost a quarter. The process of making banks safer and less exciting is proving far from straightforward.
Top lenders like ICBC and BOC are piling up bad loans yet still reporting flat earnings. Pliable regulators are cutting them extra slack. Investors did not trust the banks’ balance sheets anyway. The latest sleight of hand will only fuel their scepticism.
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- StanChart gets some emerging market relief
- Malaysia mess is unavoidable for CIMB
- Once-bitten investors may be shy of China brokers
- Alibaba sails into media sector's prevailing winds
- Myth of central bank omnipotence is hard to kill
- China's phony bad loan fix sends wrong signal