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Dispatches: BOC profit weaker than expected

Bank of China blamed weaker non-interest income in the second quarter for its first-half profits coming in below forecasts. (The Standard)

The Industrial and Commercial Bank of China, the world’s biggest bank by market cap, cited multiple factors as challenges in the second half of this year after posting a record quarterly profit on new lending and improved margins. (Shanghai Daily)

Canadian insurer Manulife Financial Corp and Switzerland’s Ace are among bidders for New York Life Insurance Co’s Hong Kong, Taiwan and South Korean assets that are up for sale, sources said, in a deal valued between US$800m and US$1bn. (Bloomberg)

Temasek Holdings has hired a former Royal/Dutch Shell executive Glenn Corrie as its director for energy investments. (Asia One)

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