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HSBC’s top executives prepare move to Asia after announcement of 2020 earnings
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(Bloomberg)
. Updated: 21 Feb 2021, 05:16 AM IST Bloomberg
The coming reset comes just 12 months after an overhaul that called for cutting 35,000 jobs, about 15% of the total, over three years. But Chairman Mark Tucker told the Asian Financial Forum conference in January that the pandemic has upended those plans
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HSBC Holdings Plc is considering the return of some global leaders to the bank’s original hometown, reinforcing Asia’s role as its center of gravity.
A cadre of senior executives is set to relocate in coming months to Hong Kong from HSBC’s Canary Wharf headquarters, say people familiar with the plans, as Europe’s biggest bank pares its global ambitions.
February 19, 2021 | 12:05 am Font Size
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CHINA BANKING Corp. (China Bank) raised P20 billion from its issuance of three-year bonds to be used for its expansion programs and other strategic initiatives.
The issued volume was four times its original offer of P5 billion, the lender said in a statement on Thursday.
“This successful issuance represents a strong start of the year for China Bank. The strong demand we garnered underscores the investing public’s sustained confidence in China Bank amid these challenging times,” China Bank President William C. Whang was quoted as saying.
The papers carry a coupon rate of 2.5% per annum to be paid monthly and are set to mature in 2024.
MANILA, Feb. 11 A fifth of the 30 institutions polled by the Department of Finance (DOF) correctly predicted the contraction of the Philippines’ gross domestic product (GDP) by 9.5 percent in the pandemic-hit year of 2020.
DOF Undersecretary and its Chief Economist Gil Beltran said that of these 30 forecasts released since November last year, 10 were a little more pessimistic, with GDP estimates ranging from -9.6 percent to -10.6 percent.
The remaining 14 were less gloomy in their outlook, Beltran said, with GDP projections of -7.1 percent to -9.1 percent for 2020.
“During these trying times, however, a pessimistic forecaster, no matter how confident he might be in his outlook, would hope that he be proven wrong. For if he were to be eventually proven correct in his gloomy assessment, that would spell more economic suffering. In a sense, such correct reading of the tea leaves would give no pleasure to the forecaster,” Beltran said in his memorandum to Finance Secretary Car