HSBC - updates

Rappler's latest stories on HSBC


Ateneo lands 1st runner-up in international business case competition

Jun 23, 2020 - 3:44 PM

PRESS RELEASE: Ateneo de Manila University is the first Philippine university to win 1st runner-up at the prestigious HSBC/HKU Asia Pacific Business Case Competition

TEAM. The Ateneo team composed of (L to R) Annicka Koteh, Lucia Lorenzo, Isa Villanueva, and Javi Macasaet bag the 1st runner-up prize at the HSBC/HKU Asia Pacific Business Case Competition. Photo from Grupo Agatep Inc.

HSBC under fire in UK for backing China's Hong Kong law

Jun 12, 2020 - 1:15 PM

HSBC's support for China's proposed Hong Kong security law angers business and political circles in Britain

HSBC. The bank's building in Hong Kong. Photo from HSBC website

UK banking giants back China's Hong Kong security law

Jun 04, 2020 - 8:30 PM

HSBC and Standard Chartered express support for the highly controversial security law China is pushing in Hong Kong

GLOBAL BANK. An HSBC branch on the outskirts of Paris, France, June 30, 2009. Photo by Loic Venance/AFP

HSBC profits halved as virus batters global economy

Apr 28, 2020 - 3:00 PM

HSBC reports pre-tax profits of $3.2 billion in the 1st quarter of 2020, down 48% from the same period in 2019, citing credit losses from clients struck by the economic slowdown

GLOBAL BANK. An HSBC branch on the outskirts of Paris, France, June 30, 2009. Photo by Loic Venance/AFP

Virus crisis forces UK banks to axe billions in payouts

Apr 01, 2020 - 5:00 PM

Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland, Santander, and Standard Chartered all say they will scrap dividends until the end of 2020

FINED. A logo is pictured above a branch of Barclays bank in central London on July 25, 2018. Photo by Daniel Leal-Olivas/AFP

HSBC axes 35,000 jobs as profits slump

Feb 18, 2020 - 5:45 PM

Banking giant HSBC plans to cut its global workforce by 15% over the next 3 years

(FILES) This file photograph taken on June 30, 2009, shows the logo of international banking firm HSBC on display in the business district of La Defense, om the outskirts of Paris. - HSBC announced a radical overhaul on February 18, 2020, including plans to slash 35,000 jobs and slim operations in the United States and Europe, after profits slid by a third last year. The Asia-focused lender has been trying to lower costs as it faces a multitude of uncertainties caused by the grinding US-China trade war, Britain's departure from the European Union and now the deadly new coronavirus in China. (Photo by Loic VENANCE / AFP)

Allianz PNB Life Insurance partners with HSBC for distribution

Jul 05, 2017 - 9:35 PM

The first product of the tie up is a single pay investment linked life insurance plan that gives access to the Allianz Global Investors Fund

Under Duterte, is PH economy in good hands?

Jan 26, 2017 - 4:20 PM

Growth momentum is there until 2017 but beyond that the management of the new leader Duterte will have a key role says the senior economist at ING bank

MOVING FORWARD. Aquino turned over an economy to Duterte that has benefited from reforms in governance and transparency. How will the economy fare under Duterte? Rappler graphics

#ThewRap: Things you need to know, January 18, 2017

Jan 18, 2017 - 11:35 AM

Hello Here s a roundup of news you need to know this Wednesday

PH's war on drugs likely has short-term impact on FDIs – HSBC

Jan 17, 2017 - 9:00 PM

We do see some challenge in [terms of] foreign investors perception on the latest measure taken by the new government says HSBC s Cheuk Wan Fan

SLOWDOWN. FDIs registered a $342-million net inflow in October 2016, down from $399 million a year earlier and from $469 million in a month ago. Photo by Agence France-Presse

HSBC funding Indonesian forest destruction – Greenpeace

Jan 17, 2017 - 1:03 PM

The environmental group said the British bank had broken its own guidelines which ban supporting palm oil companies involved in unsustainable practices

BARE. This photo taken on August 5, 2016 shows the remains of burned down forest at the outskirt of Pontianak, in West Kalimantan. Bay Ismoyo/AFP

PH economy to stand out in Asia in 2017 – HSBC

Jan 12, 2017 - 6:35 PM

The financial giant raises its 2016 GDP forecast for the country to 6 8 from 6 5 as well as its 2017 GDP forecast to 6 5 from 6 3

Growing middle class, ASEAN links boost PH investment prospects

Sep 19, 2016 - 10:30 AM

HSBC Philippines chief sees greater UK investor interest in the country while the head of the Philippines’ oldest conglomerate sees the ASEAN market and its growing middle class pulling in more foreign investors

BSP eases forex limits for consumers, corporations

Sep 15, 2016 - 12:30 PM

The new regulations lift the cap on foreign currency that can be purchased without supporting documents to 500 000 for individuals and 1 million for firms among others

HSBC sees peso improving to P45 to $1 by end-2016

Aug 23, 2016 - 7:21 PM

The Philippines is in a good position to attract more foreign investments this year according to HSBC s latest foreign exchange report

HSBC profits plunge as Brexit uncertainty bites

Aug 03, 2016 - 10:05 PM

The bank s earnings after tax drop 40 to 2 61 billion in the second quarter of 2016

epa05202261 The Hong Kong and Shanghai Banking Corporation's (HSBC) logo on the side of the HSBC building in the financial district of Singapore, 09 March 2016. EPA/WALLACE WOON

HSBC urges investors to buy PH stocks post-Brexit vote

Jun 27, 2016 - 7:50 PM

The Philippines is quite good The impact of Brexit in the Philippines is not very big says HSBC s Herald van der Linde

MINIMAL IMPACT. The HSBC investment experts still see the Philippine stock market as a good place to invest even after Brexit victory. Photo by Chrisee Dela Paz/Rappler

London's City finance hub braces for possible Brexit

May 25, 2016 - 1:30 PM

Big banks insurance giants trading exchanges and accounting firms prepare contingency measures in case Britain leaves the European Union

epa05265778 A general view of the financial district of the City of London, London, Britain, 18 April 2016. The debate continues in British media over the potential economic consequences the UK will face if the so-called 'Brexit' goes ahead. Britain on 23 June will vote in a referendum whether to stay or to leave the Euopean Union. EPA/HANNAH MCKAY

HSBC 2015 results disappoint amid 'seismic' economic shifts

Feb 22, 2016 - 6:00 PM

UPDATED The bank also reveals it is under investigation over its hiring practices in Asia Pacific

epa05161638 (FILE) A file picture dated 09 June 2015 shows a pedestrian walking past a HSBC bank branch in London, Britain. Multinational banking giant HSBC will keep its headquarters in London, ending deliberation of a potential plan to relocate to Hong Kong, the company announced late 14 February 2016. The bank's 19-member board voted unanimously to remain in Britain, the company said in a statement. The decision, made following a 10-month review, was seen as a victory for Britain's finance sector. 'London is one of the world's leading international financial centers and home to a large pool of highly skilled international talent. It remains therefore ideally positioned to be the home base for a global financial institution such as HSBC,' the bank said in a statement. 'Asia remains at the heart of the Group's strategy,' the company added, noting that 'Hong Kong will play a pivotal role.' HSBC's Hong Kong-listed shares rose 3.5 percent on 15 February 2016 in early trading. EPA/ANDY RAIN

US-ASEAN Summit likely a 'win' for global trade – HSBC

Feb 15, 2016 - 5:16 PM

The summit could be a springboard for increased trade between the United States and Southeast Asian nations

PH November inflation climbed to 0.6% – HSBC

Dec 01, 2015 - 7:51 PM

HSBC says the consumer price index of ASEAN member economies would fall below targets this year

INFLATION. HSBC points out the benign inflation environment in the region would “allow central banks to keep policy accommodative, or even ease further when and where conditions allow. File photo by Facundo Arrizabalaga/EPA

Philippines immune from China slowdown, HSBC says

Oct 24, 2015 - 9:27 AM

HSBC says capital flight has hurt Malaysia and Indonesia amid lower commodity prices

NO FEAR. HSBC says fragile global economic conditions will not pull down Philippine economic growth

6 in 10 expats integrate well in PH – HSBC survey

Oct 02, 2015 - 4:56 PM

The HSBC Expat Explorer survey shows that 57 of expats living in the Philippines have found their work to be more fulfilling since relocating here

As ASEAN growth slumps, PH still bright spot in region – HSBC

Sep 15, 2015 - 10:21 AM

HSBC experts also say that India with its resurgent economy and vastly untapped domestic market is a potential ASEAN growth engine

Balloons carry the ASEAN logo stands next to ASEAN members and dialogue partners flags at the main venue of the Myanmar International Convention Center, ahead of the arrival of leaders for the 25th Association of South East Asian Nations (ASEAN) summit, Naypyidaw, Myanmar, 11 November 2014. Azhar Rahim/EPA

'Invest in PH now' - Gov't, business make pitch to US investors

Jun 29, 2015 - 12:27 AM

The conference is part of a high level 3 city trade mission aimed at encouraging US investment in the country

HSBC unveils radical overhaul to axe up to 50,000 jobs

Jun 09, 2015 - 3:49 PM

UPDATED Europe s biggest bank aims to save up to 5 0 billion 4 4 billion euros in annual costs within 2 1 2 years as it seeks to boost profits and move past recent scandals

DOWNSIZING. A file photograph showing a HSBC corporate logo outside a branch of the bank in central London, England, February 9, 2015. Facundo Arrizabalaga/EPA

Philippine inflation unlikely to go lower than 1.6%

Jun 07, 2015 - 7:32 PM

Economists cite the good and the bad of inflation hitting a 20 year low

GOOD AND BAD. The lower-than-expected Philippine inflation rate in May has its positive and negative implications, economists say. File photo by Rappler

HSBC faces French criminal probe over 'SwissLeaks'

Apr 09, 2015 - 11:32 PM

That data indicates the bank helped over 120 000 clients to hide 180 6 billion euros from tax authorities

Most Asian women not ready for 'comfortable retirement' – survey

Mar 08, 2015 - 4:35 PM

Women should start planning for their retirement as soon as they have a regular income an HSBC survey suggests

Foreign investors jittery over PH 2016 presidential polls

Feb 25, 2015 - 8:07 PM

Investors are also looking in general for a fresh face not an old face says an analyst

 investors are starting to worry about next year’s elections despite economic momentum

HSBC confirms boss holds Swiss bank account

Feb 23, 2015 - 8:29 PM

Allegations that London based HSBC s Swiss private banking arm helped clients in more than 200 countries dodge taxes on accounts containing 180 billion euros 204 billion have caused a political storm in Britain

In this file photo, Stuart Gulliver, Group Chief Executive of HSBC Holdings plc in Hong Kong, China, 18 May 2011. David G. McIntyre/Pool/EPA

Swiss raid HSBC in money laundering probe

Feb 18, 2015 - 5:14 PM

2nd UPDATE HSBC Switzerland said: We have cooperated continuously with the Swiss authorities since first becoming aware of the data theft in 2008 and we continue to cooperate

The HSBC headquarters is seen reflected in a neighbouring building in the Canary Wharf financial district in east London February 15, 2015. Peter Nicholls/Reuters

HSBC takes out ads to apologize over Swiss tax claims

Feb 15, 2015 - 9:02 PM

HSBC ad: We must show we understand that the societies we serve expect more from us We therefore offer our sincerest apologies

A branch of HSBC is seen in central London, Britain, 05 August 2013. Facundo Arrizabalaga/EPA

Mexico tax authorities to probe SwissLeaks accounts

Feb 13, 2015 - 10:37 AM

Aristoteles Nunez head of the Mexico s tax collection service says his agency will check whether the Mexicans linked to the SwissLeaks scandal failed to declare any earnings

SWISSLEAKS. A file photo dated 09 December 2009 showing an exterior view of the building of the HSBC Bank at the quai Wilson in Geneva, Switzerland. File Photo by Salvatore di Nolfi/EPA

Venezuela says SwissLeaks accounts 'transparent'

Feb 13, 2015 - 1:58 AM

Venezuela ranked third among the countries with the largest dollar amounts in the leaked Swiss files

British opposition goes on warpath over HSBC scandal

Feb 12, 2015 - 1:41 AM

UPDATED Miliband attacks Cameron as a dodgy prime minister and homes in on Stephen Green the former chief executive and chairman of HSBC who later became a trade minister under Cameron

HSBC Switzerland met clients in 25 countries – reports

Feb 10, 2015 - 9:29 PM

The latest files in the so called SwissLeaks affair shows that during 2004 and 2005 the bankers had at least 1 645 meetings in 25 countries with clients or prospective clients

SWISSLEAKS. A file photo dated 09 December 2009 showing an exterior view of the building of the HSBC Bank at the quai Wilson in Geneva, Switzerland. Salvatore di Nolfi/EPA

HSBC 'tax dodge' revelations are just tip of iceberg, says leaker

Feb 10, 2015 - 2:11 PM

Herve Falciani an IT worker turned whistleblower says the media reports on the documents contents were based on just a fraction of the files he gave to the French state

Customers use ATM machines outside an HSBC bank in central London, 09 February 2015. Facundo Arrizabalaga/EPA

Secret HSBC 'tax dodger' files cause global shockwaves

Feb 10, 2015 - 9:04 AM

UPDATED Secret documents published online alleging banking giant HSBC helped wealthy customers dodge millions of dollars in taxes spotlights the financial dealings of the world s ultra rich

A branch of HSBC is seen in central London, Britain, 05 August 2013. Facundo Arrizabalaga/EPA

Reforms to buoy PH growth in the long term

Jan 30, 2015 - 2:10 PM

While rosy economic prospects loom for the former Sick Man of Asia analysts warn of a turnaround if serious reforms are not put in place

DTI: Public spending to put PH back on ‘high growth path’

Dec 01, 2014 - 9:05 PM

Economists however do not share Trade Secretary Gregory Domingo’s optimism of over 7 growth for 2015 as they lower expectations for the country’s growth

Economists lower expectations for 2014 Philippine economic growth

Nov 28, 2014 - 3:34 PM

With only a 3rd quarter economic growth of 5 3 experts say that ‘normalized’ government spending private consumption and investments will help the country stay on its growth track

HSBC sets aside $378M for fine over forex scandal

Nov 03, 2014 - 11:05 PM

The Asia focused lender sets aside the amount for a potential fine in Britain to settle allegations of foreign exchange market rigging as it posted mixed third quarter earnings

Headline inflation drops to 4.4% in June

Jul 04, 2014 - 1:28 PM

Headline inflation may approach the upper end of the central bank s 3 to 5 target range for 2014 an HSBC report says

FOOD PRICES STILL GOING UP. Some negative supply shocks from typhoon Yolanda are dissipating, including housing prices but food prices are still elevated and will continue to increase in the coming months. File photo by AFP

HSBC, 4 other banks sued for manipulating gold prices

Mar 06, 2014 - 10:41 AM

Five banks at the center of London s gold trade have been sued in New York for manipulating prices in the latest accusation of fraudulent collusion in the global finance hub

A class suit was filed against 5 big banks in New York over alleged manipulation of prices of gold and gold derivatives. AFP PHOTO

'PH aviation consolidation good for Cebu Pacific'

Feb 26, 2014 - 12:13 PM

HSBC says industry consolidation in the Philippines provides a better operating environment for Cebu Pacific

HSBC REPORT. HSBC says industry consolidation in the Philippines would foster a better operating environment for Cebu Pacific. Photo from Airbus

China manufacturing index hits 7-month high: HSBC

Oct 24, 2013 - 11:06 AM

This adds to the evidence that the world s second largest economy is recovering the British banking giant says

China's manufacturing sector is at its strongest pace in 7 months, a sign of recovery. This general view shows a central business district in Beijing. AFP PHOTO / WANG ZHAO

Higher forecasts for PH after strong Q2

Aug 30, 2013 - 12:44 PM

Banking giants Citi and HSBC upgrade their 2013 growth forecasts for the Philippines citing expected modest gains in the export sector and sustained household and government consumption

Oil prices drop amid upbeat data from China

Aug 05, 2013 - 7:57 PM

Oil prices fell on Monday despite upbeat economic data from China

OIL PRICES FALL. Global oil prices fell on Monday despite upbeat economic data from China. Photo by AFP

China manufacturing falls to 11-month low: HSBC

Jul 24, 2013 - 11:28 AM

This is the first evidence the Asian economic giant is losing further momentum

LOW ACTIVITY. China's manufacturing sector continued to shrink in July, according to HSBC. This general view shows a central business district in Beijing. AFP PHOTO / WANG ZHAO