HSBC warns of reprisals in China if UK bans Huawei equipment June 7, 2020 HSBC has reportedly warned Downing Street against a ban on Huawei in 5G telecoms networks, in a further escalation of tensions between Britain and China. The bank’s chairman Mark Tucker made private representations to the Prime Minister’s advisers, according to the Sunday Telegraph. HSBC reportedly claimed it could face reprisals in China if Huawei was [...]
Coronavirus: How safe is it to order takeaway food in lockdown? June 5, 2020 Restaurants have started pivoting to takeaway services amid the pandemic to stay afloat as normal service will only be able to resume, in some capacity, in July. The government has not ruled out restaurants from offering takeaway services and last month issued guidance. We look at how safe it is to order takeaway food and [...]
Hong Kong: Protests continue after thousands attend Tiananmen vigil June 5, 2020 Dozens of pro-democracy protesters marched through a Hong Kong shopping centre this morning after thousands had defied a police ban to attend a vigil commemorating the 1989 Tiananmen Square massacre. Protesters gathered in the heart of the financial hub for peaceful demonstrations against China’s new national security laws, which many fear will wipe out the [...]
The City View: The Hound of Hounslow and the Flash Crash of 2010 June 5, 2020 In this episode Christian is joined by journalist Liam Vaughan, author of Flash Crash – a gripping account of how Navander Singh Sarao ran a trading system from his bedroom in his parents’ house in West London that contributed to the infamous 2010 flash crash where $1tn dollars was suddenly wiped from the value of global [...]
FTSE 100 slips as investors weigh up US-China tensions June 4, 2020 The FTSE 100 is down after a strong rally as investors take stock of high levels of economic uncertainty and rising US-China tensions. The UK’s blue-chip stock index was down 0.41 per cent at 6,355 points in afternoon trading. It marked a change from the first three days of the week, when it rose to [...]
HSBC and Standard Chartered slammed for supporting China’s Hong Kong security law June 4, 2020 HSBC and Standard Chartered have today been critcised for their support of China’s new security law for Hong Kong. HSBC’s Asia-Pacific chief executive Peter Wong signed a petition backing the law, the bank said. HSBC said in a statement: “We respect and support laws and regulations that will enable Hong Kong to recover and rebuild [...]
Hong Kong: HSBC and Stanchart shares rise after backing China security law June 4, 2020 HSBC and Stanchart have both seen their shares rise after backing controversial new security laws China plans to impose on Hong Kong, despite the UK’s opposition. Both banks have said the law could uphold stability in the long-term in Hong Kong, where protests have sparked again despite the risk of coronavirus over China’s encroachment. HSBC [...]
HSBC Asia chief backs new Chinese security law for Hong Kong June 3, 2020 HSBC’s chief executive in Asia has signed a petition backing China’s imposition of a new national security law on semi-autonomous Hong Kong. The bank today confirmed that chief Peter Wong had signed the petition, and also said on social media that it “respects and supports all laws that stabilise Hong Kong’s social order”. The declaration [...]
Zoom revenue surges as video conferencing app cashes in on Covid-19 June 3, 2020 Zoom has reported a huge surge in revenue for the first quarter as the video conferencing app enjoys booming demand during the coronavirus lockdown. The California-based company posted revenue of $328.2m (£260.8m) in the first three months of the year, an increase of 169 per cent on the same period in 2019. Zoom also lifted [...]
UK manufacturing downturn continues despite signs of life June 1, 2020 The UK’s manufacturing sector showed some signs of life in May as the coronavirus lockdown was eased, but the overall picture for Britain’s factories remained highly gloomy. The final reading of the IHS Markit/Cips (PMI) manufacturing purchasing managers’ index came in at 40.7 in May. That was up from the record-low reading of 32.6 in [...]