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Bond Respite Lures #UAE Issuers at Opposite Ends of Credit Scale - Bloomberg

Bond Respite Lures UAE Issuers at Opposite Ends of Credit Scale - Bloomberg United Arab Emirates borrowers at the opposite ends of the credit-rating spectrum are seizing on a lull in the U.S. Treasury rout to sell bonds.Abu Dhabi wealth fund Mubadala Investment Co. is planning a dual-tranche offering denominated in euros, according to a person familiar with the matter. Mubadala issues its debt through a unit, Mamoura Diversified Global Holding PJSC, which has the third-highest credit grade from ...
Tags: Travel, Frankfurt, Treasury, Abu Dhabi, Sharjah, U S Treasury, HSBC Holdings Plc, Rupert Neil Bumfrey, Mubadala, Moody 's Investors Service, Mubadala Investment Co, Union Investment, Sergey Dergachev, Credit Scale Bloomberg, Credit Scale Bloomberg United Arab Emirates, Mamoura Diversified Global Holding PJSC


#SaudiArabia Turns to Euro-Bond Amid Near Record-Low Yields - Bloomberg

Saudi Arabia Turns to Euro-Bond Amid Near Record-Low Yields - Bloomberg Saudi Arabia is tapping international bond markets for the second straight month, marketing euro-denominated debt to take advantage of ultra-low borrowing costs and help reduce its reliance on dollar debt.The world’s largest crude exporter is planning a two-part, benchmark-sized deal with a three-year and nine-year offering, according to a person familiar with the matter, who asked not to be identified because they’re not au...
Tags: Travel, Saudi Arabia, Bloomberg, HSBC Holdings Plc, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, Samba Capital, Saudi Arabia Turns, BNP Paribas SA Goldman Sachs Group Inc


UBS Boosts Middle East Expansion Drive With New Qatari Hub - Bloomberg

UBS Boosts Middle East Expansion Drive With New Qatari Hub - Bloomberg UBS Group AG is setting up a second Middle Eastern hub in Qatar that will eventually add investment banking and asset-management services to its wealth-management business as part of an expansion in the region.The new Doha wealth office will open within weeks and UBS intends to hire about 20 people by the end of the year, a person briefed on the plans said, requesting anonymity because the details aren’t public. Appointments ...
Tags: Travel, Africa, Qatar, Middle East, Switzerland, Ubs, Qatar Investment Authority, World Bank, Doha, HSBC Holdings Plc, Rupert Neil Bumfrey, Ali Janoudi, Tarek Eido


Wrong-Way Bet on Covid Is Changing Oil-Trading Industry Forever - Bloomberg

Wrong-Way Bet on Covid Is Changing Oil-Trading Industry Forever - Bloomberg In January, as a mysterious illness ripped through the Chinese city of Wuhan, global oil prices plunged. Two thousand miles away in the island state of Singapore, one of the most powerful men in the world of commodities trading, Lim Oon Kuin, quietly added to his vast stockpiles of fuel – making a bet that China would successfully control the spread of the new disease.That gamble soured quickly. While China did curb the ...
Tags: Travel, China, Singapore, Bloomberg, Wuhan, Lim, HSBC Holdings Plc, DBS Group Holdings Ltd, Rupert Neil Bumfrey, Trafigura Group, Vitol SA, Hin Leong, Lim Oon Kuin, Hin Leong Trading Pte


Lloyds has named Charlie Nunn, a senior banker at rival HSBC, as its next chief executive

Charlie Nunn, head of wealth and personal banking at HSBC. Simon Dawson/Reuters Lloyds Bank named Charlie Nunn, head of wealth and personal banking at rival HSBC, as its next CEO on Monday. Current Lloyds boss Antonio Horta-Osorio is stepping down in 2021 after a decade at the bank. Nunn may not take up his new job for almost a year from now, because of his notice period and other restrictions. If Horta-Osorio leaves first, CFO William Chalmers could step in as interim CEO, Lloyds said. Nu...
Tags: Finance, Banks, Trends, Banking, Britain, Hsbc, Lloyds Banking Group, Accenture, Lloyds, Colin Jackson, Mckinsey, HSBC Holdings Plc, KBW, William Chalmers, Nunn, António Horta Osório


#SaudiArabia’s Acwa Power Set to Raise $1 Billion in Sukuk Sale - Bloomberg

Saudi Arabia’s Acwa Power Set to Raise $1 Billion in Sukuk Sale - Bloomberg Saudi Arabia’s Acwa Power International, half-owned by the kingdom’s sovereign wealth fund, is planning to raise about $1 billion by selling Islamic bonds early next year, according to people familiar with the matter.The company, one of the largest developers of power plants in the Middle East, has appointed the Saudi unit of HSBC Holdings Plc and Samba Capital to advise on the issuance, the people said, asking not to be...
Tags: Travel, Saudi Arabia, Bloomberg, Middle East, Samba, Riyadh, Jazan, HSBC Holdings Plc, Rupert Neil Bumfrey, Acwa Power International, ACWA, Samba Capital, Acwa Power Set, Sukuk Sale Bloomberg Saudi Arabia, Acwa HSBC


Nomura Cuts #Dubai Investment Bank Jobs in Mideast Coverage Shift - Bloomberg

Nomura Cuts Dubai Investment Bank Jobs in Mideast Coverage Shift - Bloomberg:Nomura Holdings Inc. eliminated about a half dozen investment banking jobs in Dubai, as Japan’s biggest brokerage shrinks its Middle East footprint and moves coverage of the region to staff in other offices.The Tokyo-based firm made the cuts in recent weeks, and will now serve Middle Eastern clients from cities where it has bigger operations, such as London, people with knowledge of the matter said. Its asset management...
Tags: Travel, Japan, London, Middle East, United Arab Emirates, Dubai, Tokyo, Middle Eastern, Nomura, Nomura Holdings Inc, HSBC Holdings Plc, Lehman Brothers Holdings Inc, Moelis Co, Rupert Neil Bumfrey, U S Bloomberg, Kentaro Okuda




Wells Fargo preparing for thousands of job cuts

By Hannah Levitt, Bloomberg Wells Fargo & Co., the largest employer among U.S. banks, is preparing to cut thousands of jobs starting later this year, potentially setting a bleak precedent for an industry that’s been resisting mass layoffs as the coronavirus pandemic worsens. Pressure to dramatically reduce costs is coming to a head inside the bank, prompting executives to draft plans that may ultimately eliminate tens of thousands of positions, people with knowledge of the confidential talks sai...
Tags: Business, New York, Jobs, Banks, San Francisco, Bank Of America, Sport, Atlantic, Soccer, Citigroup, Federal Reserve, PPP, Wells Fargo, Fed, Goldman Sachs Group Inc, Deutsche Bank AG


Middle East News: HSBC Warns Against Buying #SaudiArabia's Banks - Bloomberg

Middle East News: HSBC Warns Against Buying Saudi Arabia's Banks - Bloomberg:Six Saudi lenders had their stock recommendations cut to reduce from hold by HSBC Holdings Plc, which said valuations have become too expensive given the negative risks to earnings.The downgrades for Riyad Bank, Arab National Bank, Banque Saudi Fransi, Al Rajhi Bank, National Commercial Bank and Samba Financial Group mean all seven banks covered by the broker now have the same rating, with Alinma Bank being kept at redu...
Tags: Travel, Saudi Arabia, Hsbc, HSBC Holdings Plc, Rupert Neil Bumfrey, Samba Financial Group, Alinma Bank, Banks Bloomberg, Aybek Islamov, Islamov


HSBC warns it could face reprisals in China if UK bans Huawei equipment - the Telegraph

HSBC Holdings Plc Chairman Mark Tucker has warned Britain against a ban on networking equipment made by Huawei Technologies Co Ltd, claiming the bank could face reprisals in China, the Telegraph reported on Saturday.
Tags: UK, Money, China, businessNews, Britain, Hsbc, Telegraph, Huawei, HSBC Holdings Plc, Huawei Technologies Co Ltd, Mark Tucker


Turkish Airlines Rides Tailwinds for Peer-Beating Stock Recovery - Bloomberg

Turkish Airlines Rides Tailwinds for Peer-Beating Stock Recovery - Bloomberg:The aviation industry’s recovery from the devastating coronavirus pandemic is certain to be long and slow. But you wouldn’t think so if you based your view on the shares of Turkey’s flag carrier.Turkish Airlines has rallied by more than 60% in Istanbul trading from its lows in March, outperforming the 15 emerging-market airline stocks included in the MSCI EM Airlines Index. Shares in local low-cost rival Pegasus Airline...
Tags: Travel, Bloomberg, Turkey, Istanbul, Turkish Airlines, MSCI, HSBC Holdings Plc, Pegasus Airlines, Rupert Neil Bumfrey


HSBC sees double-digit wealth asset growth in Asia by 2023

HSBC Holdings PLC expects to achieve double-digit asset growth in its newly combined wealth business in Asia Pacific in the next three years, as it looks to grab a bigger share of the growing rich population, the unit's regional head told Reuters.
Tags: Asia, Money, businessNews, Asia Pacific, Hsbc, HSBC Holdings Plc


HSBC Sees Oil and Virus Turmoil Boosting Middle East Deals - Bloomberg

HSBC Sees Oil and Virus Turmoil Boosting Middle East Deals - Bloomberg:A historic crash in oil prices and fallout from the coronavirus pandemic will accelerate asset sales in the Middle East and open up a gap for sovereign wealth funds to make “opportunistic investments,” according to HSBC Holdings Plc.“Corporates and sovereign entities will need to look at their portfolios more closely during challenging times and see what is core to them,” Nabil Lahham, head of advisory and corporate finance c...


HSBC lost $200 million in a day on paper as coronavirus dislocated gold market

HSBC Holdings Plc suffered mark-to-market losses of about $200 million in a single day in March after gold prices in London and New York diverged dramatically, the bank said in a filing.
Tags: New York, London, Money, businessNews, Hsbc, HSBC Holdings Plc


#UAE News: #AbuDhabi's NMC Health Brought Scandal to London - Bloomberg

UAE News: Abu Dhabi's NMC Health Brought Scandal to London - Bloomberg:A financial scandal has swept through London and the United Arab Emirates, centered on allegations of fraud at the two core companies of the Abu Dhabi-based tycoon Bavaguthu Raghuram Shetty. Both NMC Health Plc and Finablr Plc have had their shares suspended in London, with NMC losing its place in the FTSE 100 index of leading U.K.-listed companies. It’s been a dramatic turnaround, triggered by a report from the short seller ...
Tags: Travel, London, London Stock Exchange, Middle East, United Arab Emirates, Abu Dhabi, NMC, HSBC Holdings Plc, Muddy Waters Capital LLC, AstraZeneca PLC, Shetty, Rupert Neil Bumfrey, NMC Health, Abudhabi, Bavaguthu Raghuram Shetty, NMC Health Plc


HSBC alleges Zenrock sought multiple loans for same oil cargo - court document

HSBC Holdings PLC has alleged that Singapore-based Zenrock Commodities Trading Pte Ltd engaged in a series of "highly dishonest transactions" which included using the same oil cargo to obtain loans from at least two different lenders, according to a court document seen by Reuters.
Tags: Money, Singapore, businessNews, Hsbc, HSBC Holdings Plc, Zenrock Commodities Trading Pte Ltd, Zenrock


HSBC seeks judicial management for Singapore's Zenrock Commodities - sources

HSBC Holdings PLC has filed a court application to place oil trader Zenrock Commodities Trading Pte Ltd under judicial management over non-payment of dues and other issues, four people familiar with the matter said on Wednesday.
Tags: Money, Singapore, businessNews, Hsbc, HSBC Holdings Plc, Zenrock Commodities, Zenrock Commodities Trading Pte Ltd


HSBC to buy out life insurance joint venture partner in China

HSBC Holdings PLC said on Monday its insurance unit had agreed to acquire its China life insurance venture partner's 50% stake to own fully the company under the new rules on foreign ownership that came into effect in January.
Tags: Money, China, businessNews, Hsbc, HSBC Holdings Plc


HSBC sees mounting credit losses after pandemic halves first-quarter profit

HSBC Holdings PLC on Tuesday warned of more earnings pain ahead after first-quarter profit nearly halved as it set aside a hefty $3 billion in bad loan provisions due to the coronavirus pandemic.
Tags: Money, businessNews, Hsbc, HSBC Holdings Plc


HSBC first-quarter profit halves on increased loan loss provisions due to coronavirus crisis

HSBC Holdings PLC's first-quarter profit nearly halved from a year-ago, missing estimates, after boosting provisions against bad loans as the coronavirus pandemic hits borrowers worldwide. Europe's biggest bank by assets said profit before tax came in at $3.21 billion (2.59 billion pounds) for January-March, down from $6.21 billion a year ago and below an average analyst forecast of $3.67 billion compiled by the bank. HSBC warned the impact of the pandemic on the global economy woul...
Tags: Europe, Business, News, Hsbc, HSBC Holdings Plc


HSBC first-quarter profit slides 48% on coronavirus crisis, misses forecasts

HSBC Holdings PLC's first-quarter profit tumbled a worse-than-expected 48% after boosting provisions against bad loans as the coronavirus pandemic hits borrowers worldwide.
Tags: Money, businessNews, Hsbc, HSBC Holdings Plc


HSBC appoints insider Quinn as CEO amid growth headwinds

HSBC Holdings PLC has appointed Noel Quinn as chief executive officer, handing the insider and interim boss the reins of Europe's biggest bank and ending months of speculation an external candidate could get the role.
Tags: Europe, Money, businessNews, Hsbc, Quinn, HSBC Holdings Plc, Noel Quinn


HSBC sends home 100 London staff, confirms China coronavirus case

HSBC Holdings PLC has sent home more than 100 staff in London after a worker tested positive for the coronavirus, the first known case at a major company in Europe's main financial hub.
Tags: Europe, London, Money, China, businessNews, Hsbc, HSBC Holdings Plc


Workplace vs. Coronavirus: ‘No One Has a Playbook for This’

The deadly disease has arrived in some offices, and employers are figuring out how to adapt.
Tags: News, Facebook Inc, HSBC Holdings Plc, Amazon.com Inc, Seattle (Wash, Coronavirus (2019-nCoV


Workplaces Begin Coping With Coronavirus

The deadly disease has arrived in some offices, and employers are trying to adapt.
Tags: News, Facebook Inc, HSBC Holdings Plc, Amazon.com Inc, Seattle (Wash, Coronavirus (2019-nCoV


HSBC’s #SaudiArabia Affiliate Seeks to Boost Corporate Lending - Bloomberg

HSBC’s Saudi Arabia Affiliate Seeks to Boost Corporate Lending - Bloomberg:HSBC Holdings Plc’s affiliate in Saudi Arabia is ready to “compete aggressively” to regain market share in corporate lending after acquiring Alawwal Bank.“We have no appetite whatsoever to continue to lose market share,” Saudi British Bank’s Managing Director David Dew said in an interview in Riyadh. “For SABB, margins as a whole have peaked for this particular interest rate cycle and are now on a downward trend.”The lend...
Tags: Travel, Saudi Arabia, Hsbc, Riyadh, HSBC Holdings Plc, Dew, Rupert Neil Bumfrey, Sabb, Saudi British Bank, Alawwal Bank, David Dew, Boost Corporate Lending Bloomberg


HSBC Plans to Cut 35,000 Jobs, Weighed Down by Virus and Hong Kong Unrest

The London-based bank aims to cut $4.5 billion in costs and scale back its Western operations.
Tags: Hong Kong, London, News, China, Hsbc, HSBC Holdings Plc, Layoffs and Job Reductions, Economic Conditions and Trends, Coronavirus (2019-nCoV, Hong Kong Unrest


HSBC to slash investment bank, 35,000 jobs in strategy overhaul

HSBC Holdings PLC said on Tuesday it would shed $100 billion in assets, shrink its investment bank and revamp its U.S. and European businesses in a drastic overhaul that will mean 35,000 jobs cut over three years.
Tags: Money, businessNews, Hsbc, HSBC Holdings Plc


HSBC Plans to Cut 35,000 Jobs and Refocus on Asian Markets

The London-based bank aims to cut $4.5 billion in costs, but it faces the coronavirus outbreak in China and continued uncertainty in Hong Kong.
Tags: Hong Kong, London, News, China, Hsbc, HSBC Holdings Plc, Layoffs and Job Reductions, Economic Conditions and Trends, Coronavirus (2019-nCoV