Breaking News, Latest Philippines Headlines, World, Entertainment, Politics, Weather & Video News
by Roland JACKSON The UK arm of failed US lender Silicon Valley Bank has been bought by HSBC for a nominal £1 ($1.2) in a rescue deal, the government and HSBC announced Monday. The sale, overseen by the Bank of England and the Treasury, comes after SVB collapsed Friday sparking panic in Britain over its key customers in the technology and life science sectors. “Silicon Valley Bank (UK) Ltd has today been sold to HSBC,” […]
London, United Kingdom (AFP) HSBC has agreed to sell its Canadian division to Royal Bank of Canada for US$10.1 billion, the Asia-focused banking giant announced Tuesday. The large sale comes after UK-listed HSBC faced calls from biggest shareholder Ping An Insurance Group to cut costs and shift more resources to Asia. HSBC added in a statement that it would use the funds to invest in its core business and return cash to investors. “We decided […]
LONDON, United Kingdom (AFP) – European banks, while pledging to tackle carbon emissions, are heavily financing companies involved in the expansion of oil and gas production, activist group ShareAction said on Monday. A total 25 lenders, led by HSBC, Barclays and BNP Paribas, last year provided fossil fuel groups with a total of $55 billion (48.5 billion euros), ShareAction said in a report. The activist group urged investors to use their shareholder rights to push […]
SINGAPORE (AFP) — The boss of Asia-focused lending giant HSBC backed Hong Kong’s decision to mirror China’s zero-Covid strategy on Thursday despite rising concern within the finance industry over the business hub’s international isolation. Hong Kong has maintained some of the world’s harshest quarantine measures and travel restrictions during the pandemic. The strategy has kept infections low but ensured a business hub that dubs itself “Asia’s World City” has been cut off internationally for the […]
by Elaine YU Agence France-Presse HONG KONG, China (AFP) — Banking giant HSBC said on Tuesday that pre-tax profit rose last year but it suffered a bruising final quarter as worries over the global economy and the US-China trade war began to bite. The London-headquartered behemoth told investors it was still aiming to meet targets despite the looming twin storms of Brexit and the long-running trade impasse between Washington and Beijing. But analysts warned it […]
HONG KONG, China (AFP)–Banking giant HSBC said on Monday that pre-tax profit rose 4.58 percent to $10.7 billion in the first six months of the year and voiced “cautious optimism” despite the China-US trade row. After wide-ranging cutbacks that saw 50,000 jobs axed in an overhaul announced in 2015, the bank said it was now hiring “more frontline staff” in its strongest businesses as it seeks new growth. “We are investing to win new customers, […]
HONG KONG, China (AFP ) — Hong Kong banking giant HSBC said Friday that pre-tax profit dipped four percent to $4.76 billion in the first three months of the year owing to rising operating costs but added it would buy back $2 billion worth of stock. It also said revenue rose six percent to $13.7 billion in the period as it benefits from an improving global economy and rising interest rates. The upbeat January-March results […]
by Elaine Yu Agence France-Presse HONG KONG, China (AFP) — Profits at banking giant HSBC leapt five fold in the third quarter to $4.6 billion, the company said Monday, as business booms in Asia and a huge restructuring drive bears fruit. The massive jump in pre-tax profits came weeks after a new chief executive was unveiled as part of a management overhaul that has seen the London-based behemoth roar back from costly write downs. John Flint, head […]
HONGKONG, China (AFP) — HSBC said profits were up Monday in the first half of the year in what it called an “excellent” result after a turbulent 2016. The Asia-focused giant has been on a recovery drive over the past two years to streamline the business and slash costs, and has laid off tens of thousands of staff. Pre-tax profit for the six months to June rose five percent to $10.2 billion compared with $9.7 […]
HONG KONG, China (AFP) — HSBC said on Thursday that pre-tax profit fell 19 percent in the first three months of the year but the bank’s chief described them as “a good set of results” after a turbulent 2016. The London-based giant has been on a recovery drive over the past two years aiming to slash costs with measures including laying off tens of thousands of staff and slimming down its business. It blamed the […]
LONDON, United Kingdom (AFP) – HSBC profits plunged last year on huge writedowns and restructuring charges, the banking titan said Tuesday, warning of uncertainty over Brexit and Donald Trump’s economic policies. The London-headquartered bank with a focus on Asia said net profit tumbled to $1.29 billion (1.22 billion euros) in 2016, down 90 percent on a year earlier. Profit before tax stood at $7.1 billion, down 62 percent after HSBC slashed the value of its […]
LONDON, United Kingdom (AFP) – HSBC shares rallied Monday in a positive response to quarterly profits after the British banking giant underwent a radical cost-cutting exercise. Adjusted pre-tax profit — which strips out one-off items and unfavourable currency movements — rose seven percent in the three months to September to $5.59 billion from a year earlier, beating analysts’ expectations. Reported pre-tax profit, however, plunged 86 percent from a year earlier to $843 million. That figure […]
