China now has five of the world’s 10 biggest companies May 7, 2014 THREE Chinese behemoths top this year’s list of the world’s biggest public firms, while no European companies remain in the top ten, a dramatic signal of a changing world economy. The top spots are taken by the Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China and China Construction Bank. The country is [...]
HSBC’s profits plunge despite tough cost cuts May 7, 2014 DIVING investment bank profits dragged down HSBC’s performance in the first quarter, the bank’s financial results showed yesterday. The UK-based lender’s profits came in at $6.79bn (£4bn), down 20 per cent on the same period of 2013 despite tough cost-cutting measures. Revenues fell 8.3 per cent to $15.88bn, outstripping the 5.3 per cent fall in [...]
Bottom Line: Bank’s overhaul has further to go May 7, 2014 HSBC’S patchwork of asset sales, writedowns and restructuring efforts over the past three years has made the bank a safer place to invest, boss Stuart Gulliver reckons, even if the cuts give the regular updates a confusing ruffled appearance, with impairments and flattering charges making comparisons each quarter less meaningful. For example, a 32 per [...]
Dreary April as Bric economies dip May 7, 2014 ALL FOUR of the Bric economies recorded some mild contraction in their private sectors last month, according to an influential survey of businesses released today. According to HSBC’s latest emerging markets index, firms in Brazil, Russia, India and China all reported a modest drop in business activity, with scores slightly below the neutral 50 level. It [...]
London Report: FTSE led down by Experian and HSBC first quarter results May 7, 2014 BRITAIN’s blue-chip FTSE 100 index closed down by 2.12 points at 6,796.44 points yesterday, hindered by a drop in HSBC and credit data firm Experian. HSBC’s 1.3 per cent fall trimmed the most points off of the FTSE. The bank said its 20 per cent drop in first-quarter profits resulted from muted customer activity in [...]
City Moves for 07 May 2014 | Who’s switching jobs May 6, 2014 Aviva InvestorsThe asset management business has appointed Katherine Wade to its equity investment team. She has more than 20 years’ experience and joins from Citigroup, where she was an equity sales generalist. Prior to that, Wade held sales and research roles at NatWest Securities and Bankers Trust. Deutsche BankThe bank has announced the appointment of [...]
Mothercare shares slide over talks with lenders May 6, 2014 Shares in Mothercare fell more than five per cent this morning after it emerged this weekend that the retailer is in talks with its lenders again over the terms of its banking covenants just seven months after securing a £90m refinancing deal. The retailer, which has Mothercare and Early Learning Centre stores, asked [...]
China’s forecast chopped after sluggish output May 5, 2014 CHINA’S manufacturing base showed signs of a further contraction in business activity during last month, adding weight to concerns that the world’s second-largest economy is still slowing down. Markit and HSBC’s latest purchasing managers’ index (PMI) for China’s vast industrial sector came in at just 48.1 yesterday morning, 0.3 points lower than analysts expected. A [...]
Mothercare back at the table with its lenders over debt pile May 5, 2014 MOTHERCARE is in talks with its lenders to renegotiate the terms of its banking covenants just seven months after securing a £90m refinancing deal. The mother and baby products retailer has asked its banks HSBC and Barclays for more headroom to help it invest in opening new stores as it seeks to turn around its [...]
London Report: Supermarkets’ results to show split in fortunes May 5, 2014 THE varying fortunes of the UK’s supermarkets will be revealed this week as Morrisons gives its quarterly results while Sainsbury’s announces full-year figures. Sainsbury’s annual results are forecast to show that underlying pre-tax profits rose 3.5 per cent to £782m. However investors will be anxious to see the company’s plans for the next year, especially [...]