Tuesday, October 22

Tag: HSBC

Canada Approves Royal Bank Deal for HSBC’s Canada Unit
22Dec By adminNo Comments
World

Canada Approves Royal Bank Deal for HSBC’s Canada Unit

Updated Dec. 21, 2023 9:20 pm ETOTTAWA—Canada on Thursday approved Royal Bank of Canada’s proposed $10.1 billion deal for HSBC Holdings’s Canadian unit, over a year after the two lenders unveiled the transaction.Canadian Finance Minister Chrystia Freeland said RBC agreed to a series of conditions that cover employment levels in Canada, customer service and financing to help construct affordable housing.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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The Big Bank With a $15 Billion Conundrum in China
21Nov By adminNo Comments
Money

The Big Bank With a $15 Billion Conundrum in China

HSBC Holdings has a $15 billion headache in China—a big stake in a local lender that it can’t easily sell and that could require a big write-down.Long after most other Western banking giants have exited similar positions, HSBC has held on to its roughly 19% position in Bank of Communications, an investment that dates back to 2004. HSBC, Europe’s largest bank by market value, has said the stake is strategically important for its ambitions to grow in Asia.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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India still far from replacing China as global growth engine, says HSBC
13Oct By adminNo Comments
Business

India still far from replacing China as global growth engine, says HSBC

By Anup RoyIndia’s impressive recent economic gains are unlikely to displace China as the world economy’s main growth engine anytime soon, according to HSBC Holdings Plc.  “The numbers don’t exactly add up,” economists Frederic Neumann and Justin Feng wrote in a report Friday. India, at the moment, “runs on too few cylinders,” while China is “simply too large to have its importance for the world economy readily eclipsed,” they said. HSBC expects the gap between the two economies to continue to widen in the foreseeable future, expanding to $17.5 trillion by 2028, based on IMF forecasts. That is equal to the current size of the European Union’s economy. The gap between the two stood at $15 trillion last year. The bank’s take is in stark contrast to the bullish outlook...
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‘World’s money is flowing in the wrong direction’: Funding of fossil fuels eclipses climate finance
4Sep By adminNo Comments
Money

‘World’s money is flowing in the wrong direction’: Funding of fossil fuels eclipses climate finance

Funding for polluting industries far outstrips support for climate change mitigation, a new report shows. Top banks are funding two of the world’s most polluting industries far more aggressively than governments are funding solutions, a new report reveals.ADVERTISEMENTBanks including HSBC, Citigroup and JP Morgan Chase have poured almost €3 trillion into the expansion of fossil fuels in the Global South since the Paris Agreement on Climate Change was adopted seven years ago.A further €340 billion has been funnelled into industrial agriculture, the second major cause of climate change, according to an analysis by NGO ActionAid.This is 20 times more than Global North governments have provided developing nations to mitigate the climate crisis.“The world’s money is flowing in the...
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