HSBC boosts investments in growth push, unveils US$2b share buyback
06 May, 2018, 14:44 | Author: Billie Castillo
The bank has announced four buy-backs since 2016, buying a combined US$5.5 billion of shares in the previous three occasions.
HSBC Holdings PLC's new chief executive sought to cheer investors with a share buyback of up to $2 billion, even as the bank reported on Friday an unexpected 4 percent drop in first-quarter pre-tax profit due to a surge in investments.
It said that costs in the first three months were up more than $1 billion to $9.38 billion compared with past year.
HSBC said it's in "active discussions" with the US Department of Justice about solving civil claims based on the department's investigation of HSBC's legacy RMBS securitisation activities.
Adjusted pre-tax profit fell 2.9 per cent to US$6.03 billion, matching a consensus estimate of US$6 billion, while the adjusted revenue was US$13.9 billion. "We are investing to grow revenue further".
$1.40 EPS Expected for CVS Health Corporation (CVS) on May, 2
It increased, as 21 investors sold EXTR shares while 50 reduced holdings. 67 funds opened positions while 132 raised stakes. Diam Company Ltd decreased Blackrock Inc ( NYSE :BLK) stake by 1,527 shares to 188,048 valued at $96.64 million in 2017Q4.
"Our global businesses performed well in the first quarter, maintaining momentum from the end of 2017".
Still, the bank - the largest foreign bank operating in China - increased its investments on the mainland and in the United Kingdom in retail banking and wealth management.
The bank had been expected by some analysts to continue its string of earnings growth seen over the a year ago.
The main pillar of that strategy is centred around the fast growing Pearl River Delta region in southern China that borders Hong Kong, and to make it its gateway to the world's second-largest economy HSBC plans to grow its retail and corporate banking business in the region by hiring thousands of staff and opening new branches, a plan that has suffered some setbacks amid China's slowing growth.
Flint, who took over as CEO in February, said that HSBC is benefiting from interest rate hikes and economic growth, particularly in Asia.
Rising interest rates helped the bank generate more profit from a large base of deposits after years of low rates in the United States pushed down margins.
True enough, candidates of the JD (S) and JD (U) were trounced by the Congress with Mr Siddaramaiah being among those defeated. The BJP chief said that since his party came to power at the Centre in 2014, it had gone on to form governments in 14 states.
Despite the Goldman Sachs move into cryptocurrency, not all of the bank's executives are ready to jump into the deep end just yet. JPMorgan CEO Jamie Dimon famously called bitcoin a "fraud", but that opinion is not shared by The Goldman Sachs Group Inc .
Liberal Jewish groups like J Street and American Friends of Peace Now said his remarks were incendiary and offensive. He added: "President Abbas has shown a commitment to non-violence and a two-state solution".
Some fans also take this reference back to 1979, just two years after the release of Star Wars: Episode IV - A New Hope. It's incredible to see Star Wars fans rally around the spirit of Chewbacca and UNICEF's lifesaving mission.
SVP Original Programming Marta Fernandez and Manager of Original Programming Kathleen Clifford are the Starz execs in charge. The fans will get to see a lot of familiar characters on the show, as the war between the Old gods and the New gods starts.
French President Emmanuel Macron says he does not know whether US President Donad Trump will stick to the 2015 Iran nuclear deal. Iran remains defiant towards US -led efforts to make changes to the nuclear deal .
Cambridge Analytica sought information on Facebook to build psychological profiles on a large portion of the US electorate. However, Cambridge Analytica abused Facebook's system and gathered the data of over 87 million people in total.
Revenue from Apple's " other products" was $3.9 billion, and sales for the Apple Watch and AirPods were up nearly 50 percent. For the quarter ending 31 March, Apple posted a net profit of $13.8bn (£10.1bn), up from last year's $11bn (£8.1bn).
Sridevi's family, Boney, Janhvi and Khushi went to receive the award and Boney shared that it is a proud moment to all of them. On Thursday, Janhvi paid a tribute to her late mom Sridevi by wearing one of her sarees at the National Film Awards 2018.
But I'm also not gonna allow a person to have financial gain off my mistakes. "I said I'd rather fess up to my mistakes". It's a s-ty moment when you know you're wrong and there [are] no excuses for your wrong behavior.
What You Need to Know About the April Jobs Report
However, franchise employment dropped 10,600 jobs in April, including a fall of 2,000 jobs in auto parts and dealers, ADP said. Both the African-American unemployment rate and the Hispanic unemployment rate are at the lowest level ever recorded.
Justify wins Kentucky Derby on soggy track
The horses and jockeys were forced to navigate sloppy conditions at Churchill Downs in the first leg of the Triple Crown. In 2004, the Curse of the Bambino was lifted when the Boston Red Sox finally emerged with a World Series title.
Kuala Lumpur-Singapore named busiest global air route
Total passenger traffic on the route was more than 4.6 million, compared with about four million for Singapore-KL. The 30,537 trips is nearly equivalent of 84 flights a day in a city state with a population of just 5.6 million.
Severe weather awareness week: Tornadoes
Severe Thunderstorm Watch is being peeled away this morning as round one of thunderstorms exits off to the east. The Storm Prediction Center has issued an enhanced risk of severe thunderstorms in parts of Iowa and Missouri.
Ex-VW CEO Winterkorn Charged by USA in Diesel-Cheating Case
The indictment of Winterkorn alleges that he was informed of VW's diesel emissions cheating in May 2014 and again in July 2015. Volkswagen settled criminal charges with the US Justice Department in 2017 and agreed to a US$4.3 billion payment.