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HSBC CHIEF FEARS A DOUBLE DIP

HSBC chief executive Michael Geoghegan has warned that the global economy could be facing a “double-dip” recession. Geoghegan said he was not convinced that a second financial downturn could be avoided and had put expansion plans at the UK’s largest bank on hold as a result. He said:“I’m not as convinced we’re through the worst as others are. The reality is that profits will be quite reduced.”