HSBC profits slide on looming inflation default wave April 26, 2022 A deterioration in borrowers’ credit worthiness caused by a historic cost of living squeeze prompted Britain’s biggest lender HSBC to set aside millions of pounds to deal with a rise in defaults. The bank, which sources a large proportion of its profits from China and Asia, banked $600m (£470m) in reserves to cope with a [...]
Sombre faces in Canary Wharf as HSBC profits nosedive on Ukraine war and inflation worries April 26, 2022 It’s not the best of mornings for HSBC as the banking giant saw its first-quarter profits tumble by more than a quarter after taking a hit on expected bad debts due to the Ukraine war and soaring inflation. The lender posted a 28 per cent drop in pre-tax profits to £3.3bn for the first three [...]
The City View: Musk on cusp of Twitter buy, and global markets down April 25, 2022 Today Andy Silvester talks to Jack Barnett, City A.M.’s Economics and Markets reporter. They go through the global market dip and why China’s zero-Covid lockdowns are concerning investors; bank earnings for Q1; and new ONS data showing that 9 in 10 households have recorded an uptick in their cost of living. And in the news, [...]
EU unable to reach consensus on Russian oil embargo April 25, 2022 The EU remains unable to reach a consensus for a complete embargo or punitive tariff on Russian oil and gas imports.
Ukraine: US wants ‘Russia weakened’ to stop further expansion April 25, 2022 The US wants to see “Russia weakened” so it cannot pursue any further hostile military expansion, US secretary of defence Lloyd Austin has said. Austin said Russia has “already lost … a lot of its troops” during the war and that Vladimir Putin has “failed” in his attempted invasion of Ukraine. Austin’s strong statement came [...]
Taking ‘real action’: InPost founder Rafal Brzoska sends 500 tonnes of humanitarian aid to Ukraine April 25, 2022 One of Poland's richest men Rafal Brzoska sent a train carrying over 500 tonnes of food and medical supplies to Ukraine this weekend, in what he calls taking "real action".
Retail investors dismiss ESG in pursuit of returns April 25, 2022 UK retail investors are willing to shrug off the environmental damage of investments as long as they deliver bumper returns, new research has revealed.
US commits $300m more to Ukraine’s fight against Russia, as Moscow accusing Washington of ‘pouring oil on the flames’ April 25, 2022 The United States has committed an extra $300m in military assistance to Ukraine, as the Kremlin warns it was “pouring oil on the flames” of the war. Secretary of State Anthony Blinken stepped onto the tarmac in Kyiv this week as he met president Vlodymyr Zelensky in the Ukrainian capital. During the visit, accompanied by [...]
City political chief hits back at London ‘laundromat’ label April 25, 2022 The City’s political chief has rebuffed claims that London has become a “laundromat” for dirty cash after scrutiny has ramped up in the wake of Russia’s invasion of Ukraine.
Crypto’s DeFi growth stalls as exchange-traded product offering grows April 25, 2022 Data from CryptoCompare shows that the price of Bitcoin started last week with a sharp move higher, from the $39,000 mark to a $42,800 high.