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HSBC ramps up Asia pivot as pandemic hammers profits

HSBC on Tuesday vowed to accelerate its Asia pivot despite spiralling tensions between China and the West after it reported a 30 percent plunge in profits for 2020 caused by the coronavirus pandemic. .....»»

Category: financeSource: thestandard thestandardFeb 23rd, 2021

HSBC boosts Asia pivot as pandemic cuts profits by 30%

HONG KONG—HSBC on Tuesday vowed to accelerate its Asia pivot despite spiraling tensions between China and the West after it reported a 30-percent plunge in profits for 2020 caused by the coronavirus pandemic. .....»»

Category: financeSource:  thestandardRelated NewsFeb 23rd, 2021

Pandemic hammers HSBC profits in H1

HONG KONG (AFP) – HSBC on Monday said profits for the first half of 2020 plunged by 69 percent on year as the banking giant was hammered by the coronavirus pandemic and spiralling China-US tensions. The lender reported post-tax profits of $3.1 billion while pre-tax profit was $4.3 billion, a 64 percent drop on the same period last year. Reported revenue was down nine percent at $26.7 billion. Chief executive Noel Quinn described the first six months of the year as ”some of the most challenging in living memory”. ”Our first-half performance was impacted by the COVID-19 pandemic, falling interest rates, increased geopolitical risk and heightened levels of market volatility,” he said in a statement to the Hong Kong stock exchange, Even by the standards of the current economic maelstrom engulfing global banks, HSBC has had a torrid year. Before the coronavirus crisis it was beset by disappointing profit growth, ground down by US-China trade war uncertainties and Britain’s departure from the European Union. The Asia-focused lender embarked on a huge cost-cutting initiative at the start of the year, including plans to slash some 35,000 jobs as well as trimming fat from less profitable divisions, primarily in the United States and Europe. The coronavirus upended some of that cost-cutting drive with banks hammered by market volatility and the economic slowdown caused by the pandemic. But HSBC has a further headache — geopolitical tensions via its status as a major business conduit between China and the West. HSBC makes 90 percent of its profit in Asia, with China and Hong Kong being the major drivers of growth.  Caught in crossfire As a result it has found itself more vulnerable than most to the crossfire caused by the increasingly bellicose relationship between Beijing and Washington. The bank has tried to stay in Beijing’s good graces. It vocally backed a draconian national security law that Beijing imposed on Hong Kong in June to end a year of unrest and pro-democracy protests. The move sparked criticism in Washington and London but analysts saw it as an attempt to protect its access to China, which has a track record of punishing businesses that do not toe Beijing’s line. But that has not shielded it from Beijing’s wrath. Last month the bank was a subject of multiple reports in China’s state-run media claiming that it had helped to provide the evidence that led to the arrest in Canada of Huawei executive Meng Wanzhou on a US arrest warrant. HSBC released a statement on its Chinese Weibo accounts saying it had not ”framed” telecom giant Huawei or ”fabricated evidence” that led to the arrest of Meng. China’s internet censors blocked access to HSBC’s statement within hours of publication, without offering an explanation. Quinn referenced the bank’s growing political vulnerability in Monday’s statement. ”Current tensions between China and the US inevitably create challenging situations for an organization with HSBC’s footprint,” he said. ”However, the need for a bank capable of bridging the economies of East and West is acute, and we are well placed to fulfill this role,” he added. The bank’s Asia operations continued to show ”good resilience”, Quinn said, with profit before tax of $7.4 billion. Earlier this year Quinn put some of the job cuts on hold as the pandemic struck. But in Monday’s statement he vowed to press ahead with the cost-cutting. ”As we seek to accelerate our transformation in the second half of the year, I am mindful of the impact it will have for some of our people, particularly those leaving us,” he said......»»

Category: sportsSource:  abscbnRelated NewsAug 3rd, 2020

HSBC ramps up digital spending

British banking giant HSBC is ramping up investments in information technology as consumers continue to shift to digital transactions amid the pandemic......»»

Category: financeSource:  philstarRelated NewsNov 22nd, 2020

HSBC cuts 35,000 jobs amid outbreak

Asia-focused banking giant HSBC on Tuesday axed 35,000 jobs, far more than expected, and posted slumping annual profits, as it warned over the financial impact of the deadly coronavirus......»»

Category: newsSource:  thestandardRelated NewsFeb 19th, 2020

AREIT bucks pandemic crunch with earnings above target

Ayala-backed AREIT Inc. generated profits worth P1.23 billion on the back of “stable operations during the pandemic.”.....»»

Category: financeSource:  philstarRelated NewsFeb 24th, 2021

Shakey s to restart building diners this year

Shakey's Pizza Asia Ventures Inc. is resuming its network expansion plan that was put on hold last year because of the coronavirus pandemic......»»

Category: financeSource:  philstarRelated NewsFeb 23rd, 2021

Philippine businesses increasingly rely on cloud-based IT solutions

A majority (94%) of Philippine businesses view cloud-based IT solutions as an important factor in mitigating the impact of the pandemic, according to a survey entitled “The Role of Cloud in Asia and Confidence in Asian Innovation”, commissioned by Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group......»»

Category: techSource:  thestandardRelated NewsFeb 22nd, 2021

More Pinoys interested in retirement planning

As the pandemic wears on, more Filipinos are becoming increasingly interested in planning for their retirement, even more so than their neighbors in Asia, according to the newly-launched Manulife Asia Cares Survey......»»

Category: financeSource:  philstarRelated NewsFeb 20th, 2021

Vaccines and economic stimulus

The Philippines’ performance, both in the management of the pandemic and the economy, was the worst among all Southeast Asia countries in 2020. The nation’s recovery now hinges on two factors: the rapid vaccination of 80 percent of the population, and a financial stimulus to jumpstart the economy. The senators are worried that we have […] The post Vaccines and economic stimulus appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsFeb 18th, 2021

Queering The Region

While the Philippines is celebrating National Arts Month, the first-ever Southeast Asia Queer Cultural Festival (SEAQCF) has just formally opened, celebrating LGBTQ+ creativity across the region and tackling, defining and rhapsodizing about belonging, being and longing. The formal opening was held online on 13 February 2021 because of the ongoing coronavirus pandemic that forces many […] The post Queering The Region appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsFeb 14th, 2021

Panelo on Philippines COVID-19 survey result: Unbelievable

President Duterte’s chief legal counsel Salvador Panelo yesterday disputed a survey suggesting that Filipinos are the most disapproving of their government’s handling of the COVID-19 pandemic in Southeast Asia......»»

Category: newsSource:  philstarRelated NewsFeb 14th, 2021

Filipinos most disapproved of gov t pandemic response in Southeast Asia — survey

Filipinos had the lowest approval rating for their government's response to the pandemic among Southeast Asian countries, a new survey made public on Wednesday has found......»»

Category: newsSource:  philstarRelated NewsFeb 10th, 2021

Cebu chamber named COVID-19 hero for Asia Pacific region

CEBU CITY, Philippines — An international award-giving body gave recognition to the Cebu Chamber of Commerce and Industry (CCCI) for its efforts in addressing the crisis brought about by the coronavirus disease 2019 (COVID-19) pandemic. The CCCI was named as awardee in the COVID-19 Hero Chamber Award category at the 2020 APAC Chamber of Commerce […] The post Cebu chamber named COVID-19 hero for Asia Pacific region appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsFeb 7th, 2021

CCCI Wins Award for Their COVID-19 Efforts

The Cebu Chamber of Commerce and Industry has received the COVID-19 Hero Chamber of the Year award at the Asia-Pacific (APAC) Chamber of Commerce Awards by Glue Up. This award acknowledges chambers in the APAC region for their efforts and innovation amidst the global pandemic. Glue up, a leading engagement software for chambers, announced the […].....»»

Category: newsSource:  metrocebuRelated NewsFeb 6th, 2021

Xinhua Asia-Pacific news summary at 1600 GMT, Feb. 2

ISLAMABAD -- Pakistani Prime Minister Imran Khan launched COVID-19 vaccination drive with China-donated vaccines on Tuesday as part of the country's efforts to bring the pandemic under control......»»

Category: newsSource:  philippinetimesRelated NewsFeb 3rd, 2021

Kai Sotto due home for Gilas commitment

After a long wait due to the difficult travel measures amid the pandemic, Filipino teen wonder Kai Sotto has come home in the nick of time to reinforce the Gilas Pilipinas training camp for the upcoming FIBA Asia Cup Qualifiers later this month......»»

Category: sportsSource:  philstarRelated NewsFeb 2nd, 2021

Peso still among most stable currencies in Asia

The peso remained one of the most stable currencies in Asia last year despite the economic crisis brought about by the coronavirus pandemic, according to the Department of Finance ......»»

Category: financeSource:  philstarRelated NewsFeb 1st, 2021

Qatar to Replace PH as Host of Men’s Group in ACQ

After the Philippines begged off of being the host of Group A matches after the imposition of travel bans in the country amid the coronavirus disease 2019 (COVID-19) pandemic, Qatar will officially be the replacement host for the third window of the FIBA Asia Cup Qualifiers (ACQ) February window. FIBA announced on Thursday Night that […].....»»

Category: newsSource:  metrocebuRelated NewsJan 30th, 2021

Pandemic hugot ni Regine: Mas naging importante ang relationship ngayon kesa materyal na bagay

SA kabila ng patuloy na banta ng pandemya, nagpapasalamat pa rin nang bonggang-bongga ang Asia’s Songbird na si Regine Velasquez dahil sa mga blessings na natatanggap niya at ng kanyang pamilya. Isa na nga riyan ang pagkakaroon ng digital Valentine concert — ang “Freedom” na mapapanood na nga ng madlang pipol sa Feb. 14, mismong […] The post Pandemic hugot ni Regine: Mas naging importante ang relationship ngayon kesa materyal na bagay appeared first on Bandera......»»

Category: newsSource:  inquirerRelated NewsJan 29th, 2021

Viber usage spikes as pandemic strikes

Viber, one of the world’s leading apps for free and easy communication, has recorded an overall increase in app usage across the Asia Pacific region in 2020, a year marked by massive changes on how people communicate and interact with each other as caused by the COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsJan 29th, 2021