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HSBC Holdings PLC

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  • Citi cuts earnings due to regulatory probes Thursday, 30 Oct 2014 | 4:47 PM ET

    NEW YORK— Citigroup has slashed its third-quarter earnings by $600 million, saying that recent investigations by regulators have altered the results it reported earlier this month. Citi previously reported third-quarter net income of $3.44 billion, or $1.07 per share, on Oct. 14. Among them is a probe of Citi's foreign exchange business by government and...

  • *Bank makes provision to settle UK, US foreign exchange probes. LONDON, Oct 30- Barclays Plc set aside 500 million pounds in the third quarter to cover potential fines for rigging currency markets, taking the shine off a rise in profits as its retail business performed well and costs were cut. Barclays is one of six banks in talks with UK regulators to pay about 1.5...

  • HONG KONG, Oct 30- Even as China quickly expands the use of its currency to financial hubs in Asia and Europe this year, bankers are already looking to Canada and Middle East as the next growing regions for their offshore yuan buinsess. "There is big potential in the Middle East and Canada in terms of where's next for offshore yuan development, and the needs there are...

  • HONG KONG, Oct 30- Even as China quickly expands the use of its currency to financial hubs in Asia and Europe this year, bankers are already looking to Canada and Middle East as the next growing regions for their offshore yuan buinsess. "There is big potential in the Middle East and Canada in terms of where's next for offshore yuan development, and the needs there are...

  • *China official PMI seen at 51.2 vs 51.1 in Sept Data due on Nov 1 at 0100 GMT. BEIJING, Oct 30- Growth in China's manufacturing sector likely picked up slightly in October as demand improved, a Reuters poll showed, offering some tentative signs that the world's second-biggest economy may be stabilizing but at levels which are subdued. "Overall, we see that China's...

  • LONDON, Oct 29- Anyone betting on another "Great Rotation" of investment flows out of bonds and into stocks is in for disappointment: it's not happening, and isn't going to. "The equity cult and the bond cult can live side by side," according to Citi. U.S. mutual funds' net investment flows in stocks over a five-year rolling period troughed at round $550 billion net outflow...

  • *None of the 54 economists polled expect any BoE action on Nov 6. LONDON, Oct 29- A rise in British interest rates in the first quarter of 2015 is now much less certain, according to a Reuters poll in which almost half the economists questioned thought the hike would come later in the year. In an Oct. 1 poll 54 of 60 economists had expected the Bank of England to act before...

  • HONG KONG/ SINGAPORE, Oct 29- Central banks from Asia to America are adding the Chinese currency to their portfolios as growing trade ties and a flurry of reforms by Beijing are leading reserve managers to view the renminbi as a viable reserve currency. Acceptance of the Chinese currency among central banks and sovereign wealth funds which manage billions of...

  • Govt to probe Indians with foreign bank accounts Wednesday, 29 Oct 2014 | 3:04 AM ET

    NEW DELHI— India's government handed over the names of more than 600 Indians with foreign bank accounts to the Supreme Court on Wednesday after public outrage over rampant tax evasion. They all had accounts with a Geneva branch of HSBC, information that was disclosed in 2011 by an employee of the bank and passed to India but not acted on by the previous government.

  • SEOUL, Oct 24- South Korea's economic growth quickened in the third quarter as government and consumer spending rebounded, but exports were knocked by cooling global growth, a sign that more monetary easing may be required to sustain a fragile recovery. Underscoring the tenuous economic momentum, the Bank of Korea said a large part of the consumption uptick was...

  • UPDATE 6-Brent jumps on Saudi supply cut, strong data Thursday, 23 Oct 2014 | 12:45 PM ET

    *Saudi Arabia increases Sept output but cuts market supply. *All eyes on OPEC November meeting. NEW YORK, Oct 23- Brent crude oil jumped as much as $2 a barrel on Thursday after an industry source said Saudi Arabia cut output in September following the summer's tumble in prices.

  • LONDON/ BEIJING/ NEW YORK, Oct 23- Euro zone businesses performed much better than forecasters expected this month and China's vast factory sector grew a shade faster, but U.S. manufacturing activity sputtered to its slowest since July, underscoring the uneven nature of the post-crisis global economy. The improvement in purchasing managers' surveys in Europe...

  • *Europe and China manufacturing beat expectations. *OPEC members unable to agree on cut. LONDON, Oct 23- Brent crude oil rose above $85 a barrel on Thursday on news Saudi Arabia cut its supply to the market in September, even though its overall production grew month on month, and on strong economic data from Europe and China.

  • LONDON, Oct 23- Top managers of a failed bank would be replaced immediately and creditors told within two days the losses they will bear, the Bank of England said on Thursday in its blueprint for avoiding taxpayer bailouts in future financial crises. Had it been in place in 2008 when Royal Bank of Scotland failed, taxpayers would not have had to funnel 45 billion...

  • UPDATE 4-Oil rises above $85 on Saudi market supply cut Thursday, 23 Oct 2014 | 8:45 AM ET

    *Saudi Arabia increases output but cuts market supply. *OPEC members unable to agree on cut. LONDON, Oct 23- Brent crude oil rose above $85 a barrel on Thursday on news Saudi Arabia cut its supply to the market in September, even though its overall production grew month on month.

  • LONDON/ BEIJING, Oct 23- Euro zone businesses performed much better than forecasters expected this month and China's vast factory sector grew a shade faster but there were worrying signs that the upturn could be short-lived. In China, manufacturers booked more foreign and domestic orders but activity remained weak and analysts said the surveys did not point...

  • GLOBAL MARKETS-German survey props up European shares Thursday, 23 Oct 2014 | 4:59 AM ET

    *Mixed morning in Europe after Asia shares slide. LONDON, Oct 23- Stock markets in Europe recovered from a poor start on Thursday after a batch of more optimistic than expected surveys of German and euro zone purchasing managers leavened an otherwise shaky mood. Concerns over growth, banks and a beckoning era of deflation in Europe were at the heart of a stock...

  • *OPEC members unable to agree on cut. Growth in Chinese industry quickened to a three-month high in October, with the HSBC/ Markit manufacturing PMI rising to 50.4 from 50.2 in September. "Prices are back under pressure, and the stabilisation could be short-lived," said Carsten Fritsch, oil analyst at Commerzbank in Frankfurt.

  • Hong Kong shares fall, China manufacturing caps losses Thursday, 23 Oct 2014 | 4:13 AM ET

    SHANGHAI, Oct 23- Hong Kong main share index finished lower on Thursday in line with regional bourses, but further declines were capped by slightly stronger China manufacturing activity. China CNR Corp Ltd said it had been awarded a subway contract from Massachusetts. China CNR Corp Ltd jumped 3.2 percent, and CSR Corp Ltd climbed 1.5 percent.

  • *China October PMI at 3- month high of 50.4- HSBC/ Markit. *OPEC should cut output by at least 500,000 bpd- Libya. China's manufacturing activity quickened to a three-month high in October, with the HSBC/ Markit manufacturing purchasing managers' index rising to 50.4 from 50.2 in September.