Surveys by the Chinese Government and HSBC have today revealed China’s manufacturing activity continued to grow in February, albeit at a slower pace.
The HSBC China Manufacturing purchasing managers’ index (PMI) dipped to 55.8 in February from 57.4 the previous month.
However, a reading above the crucial 50 mark means the sector is expanding.
In the meantime, manufacturing [...]
Europe’s largest bank, HSBC, has today said pre-tax profits fell to $7.07 billion (£4.6 billion) last year compared with $9.3 billion in the previous year.
The banking giant said loan impairments charges and other credit provisions were $26.5 billion in 2009 – a rise of 9% compared with the previous year.
Stephen Green, chairman of the bank, [...]
According to reports, banking giant HSBC has bowed to shareholder pressure and abandoned plans to raise its chief executive’s salary.
The Financial Times said the bank had consulted shareholders on proposals to raise Michael Geoghegan’s salary by 36% to £1.4 million ($2.2 million).
The FT also reported that the bank had planned to up the salary of [...]
In an interview with Sky News, HSBC chief executive Michael Geoghegan has warned of the dangers of the new super tax, introduced by the Government to claw back some of the bailout funds used to rescue the banking industry.
The warning comes just a week after London Mayor, Boris Johnson, warned that high-earning bankers are leaving [...]
Banks are increasingly tempting their current account holders with mortgage offers, as they seek to become “one-stop shops” in financial services.
Research from financial products analyst, Defaqto, suggests the number of mortgage offers available exclusively to current account customers is on the rise.
According to the firm, Abbey offers free valuations and cash back on certain mortgages [...]
Euroclear, which is Europe’s largest settlements group, has today announced that Tim Howell will become the group’s chief executive officer.
Forty-nine-year-old Howell is currently the Global Head of HSBC Securities Services, where he is responsible for the custody, fund administration and corporate trust businesses of the HSBC Group.
He has been a member of the Euroclear [...]