HSBC

HSBC and Barclays on Monday reported a surge in bad debts to a combined $21 billion as recession took its toll on borrowers, but Britain's two biggest banks offered encouragement they could be through the worst.

'Clunkers' boosts sales, UBS Soars, HSBC slips

Auto sales for July which will be announced on Monday are expected to be boosted by the government's cash-for-clunkers program. The program boosted industry wide deliveries of new vehicles to the highest levels of this year.

U.S. stocks headed for a higher open on Monday as solid results from major European banks and expectations of a sales rebound for Ford Motor Co reinforced hopes that the recession is moderating.

HSBC Holdings Plc, Europe's biggest bank, said its first-half profit halved from a year ago to $5 billion as it was hit by rising bad debts in the United States, Europe and Asia.

HSBC's Bill Maldonado is a man who loves to mix science with art -- be that in running Halbis's hedge fund business, riding his high-power Ducati motorbike on a race track or piloting a light aircraft.

Bank of America Corp plans to set up a wholly owned subsidiary in China to expand in the world's fastest-growing major economy, people briefed on the plan said.

Relevant sources from Morgan Stanley &Co confirmed that C.N. Liu, managing director and head of corporate finance department in Hong Kong, have dismissed Morgan Stanley early in July.

Three of China's “big four” banks ranked in the top five in terms of profits among all banks around the world last year, the UK magazine The Banker released on Wednesday.

South Korea's KB Financial Group expects to complete a $2 billion rights offer by early September, CEO Hwang Young-key told Reuters on Wednesday, giving it the muscle to possibly buy Korea Exchange Bank or non-banking financial services companies.

Asian stocks tumbled on Tuesday, as confidence in the recovery ebbed and falling commodity prices and a sharp drop on Wall Street spooked investors into taking profits and buying the yen for safety.

Asian stocks tumbled on Tuesday, after falling commodity prices and a sharp drop on Wall Street spooked investors into taking profits and buying the yen on speculation the rapid pace of recovery may not be sustainable.

Massive policy stimulus should keep China growing at a respectable rate this year and next, but a robust recovery is unlikely given global weakness and soft non-government investment, the World Bank said on Thursday.

Massive policy stimulus should keep China growing at a respectable rate this year and next, but a robust recovery is unlikely given global weakness and soft non-government investment, the World Bank said on Thursday.

Companies which specialize in technologies to boost energy efficiency are benefiting from global economic recovery packages and a growing focus on cutting costs, HSBC research suggested on Monday.

Global Payments Inc said it has bought the remaining stake in its British joint venture with HSBC Bank Plc for $307.7 million in cash.

HSBC Holdings Plc , which last month became one of the first foreign banks allowed to issue Chinese currency bonds in Hong Kong, said on Wednesday it is also preparing for yuan bond issuance in China.

HSBC Holdings Plc and Standard Chartered Bank said on Wednesday that they were preparing for yuan-denominated bond issuance in China to help the country develop its local-currency financial markets.

Europe's biggest bank HSBC Holdings said business will remain challenging for much of 2010 and it may not keep its U.S. credit card arm if the problems facing the business intensify.

HSBC Holdings, Europe's biggest bank, expects to see consolidation in the financial industry later this year and in early 2010 that will create buying opportunities, Chief Executive Michael Geoghegan said on Tuesday.

Venture-capital investments have been falling in a depressed economy but this is not necessarily stifling technology start-ups, as it becomes easier to get firms off the ground without outside investment, Microsoft says.