Young people are turning to entrepreneurship – but the trend isn’t inevitable August 10, 2014 ENTREPRENEURSHIP is all the rage. Research released today by HSBC shows that nearly a quarter of young people starting university this autumn want to work for themselves when they graduate. Banker, lawyer and consultant are no longer the default options. This news won’t please everyone. Due to the conspicuous wealth of Silicon Valley’s have-yachts and [...]
Tesco’s credit rating downgraded by S&P amid profit fears August 8, 2014 Tesco suffered a fresh blow yesterday after Standard and Poor’s (S&P) downgraded the troubled supermarket’s credit rating over concerns of rising competition in its home market and its recent profit warning. S&P said it had cut its long-term rating on Tesco to “BBB” from “BBB+”, but reiterated its “A-2” short-term corporate credit rating on the [...]
Lloyds backs HSBC against red tape choking bankers August 6, 2014 LLOYDS’ chief executive joined the flood of bankers speaking out against the damaging effects of over-regulation, yesterday warning that red tape risked squeezing the life of much of the industry. Antonio Horta Osorio warned that reversing the burden of proof when a problem arose – treating bankers as guilty until they can prove themselves innocent [...]
Lloyds accused of withholding information during HBOS takeover August 6, 2014 Investors have filed a lawsuit against Lloyds Banking Group, which they say withheld important information during its takeover of HSBC in 2008. The claimants, who own a 25 per cent stake in the bank, allege that the true financial health of HBOS was hidden from them during the government-backed takeover at the height of [...]
WANdisco share price soars as HSBC credit line reassures investors August 5, 2014 Shares in WANdisco rocketed as much as 10 per cent in morning trading yesterday, leading the FTSE 250 risers, after the Sheffield-based cloud software firm announced a $10m (£5.9m) credit facility with HSBC to finance its continued expansion into so-called big data. The financing, available until 2017, was seen as a vote of confidence in [...]
Chinese services PMI at its lowest since records began August 5, 2014 The Chinese services purchasing managers' index came in at 50.0 for July, its lowest reading since data collation began in November 2005. According to research by HSBC and Markit, the sector was stagnant as a result of slowing market conditions in the property sector. Any reading above 50.0 indicates growth, and this is the first [...]
Enough is enough: HSBC chief bites back over mega-fines and regulation August 4, 2014 HSBC’S chairman launched an unprecedented attack yesterday on what he sees as a wave of conflicting and poorly designed regulations sweeping the world’s banking sector. Douglas Flint’s remarks are the latest sign of a growing frustration in the City over the sustained political pressure on the industry. Flint said that new red tape is undermining [...]
London Report: FTSE steadies as investors buy into HSBC stock August 4, 2014 BRITAIN’S top share index steadied after three straight days of falls yesterday, propped up by HSBC as investors bought into the bank’s beaten-down shares after it posted first-half results. The index heavyweight rose 0.9 per cent in spite of a 12 per cent drop in pre-tax profits in the six months to the end of [...]
HSBC profits fall as bank adds $194m to PPI costs August 4, 2014 HSBC has reported a fall in pre-tax profits of 12 per cent to $12.3bn for the first half of 2014, slightly below expectations and barely moving the bank's share price. Revenue also took a hit, falling by four per cent to $31.4bn. Pre-tax profit in Asia was particularly hard hit, falling by close to 15 [...]
HSBC expected to set aside extra £75m for PPI August 4, 2014 HSBC is readying itself for a second wave of charges as the industry's bill for the mis-selling of payment protection insurance (PPI) swept past £23bn. The bank is expected set aside an extra £75m, with the exact amount given in its half-yearly results, released at 9:15 this morning. The extra funds put the total payments for [...]