Europes biggest bank by assets, hsbc holdings, has posted a 33 fall in annual pre tax profit, massivly below expectations. The bank which makes half of its revenue and 90 of its profits in asia posted a profit of 13. 35 billion for 2019, down from 19. 89 billion a year earlier. Lets go to our Asia Business hub, where Maura Fogarty is following the story. Good to see you, maura. Lets start with that big drop in earnings. Do we know more detail as to whats going on . Yeah, essentially, they have written down about 7 billion worth of their business in europe. That tells you exactly just how pessimistic they are about their business in europe. So, no surprises there that the theyre pessimistic. What was surprising was that they took that write down of goodwill and said overnight, thats over and done with by the way, were also exiting some of those businesses notjust in europe, but also in the us. What are those businesses . Mostly in investment banking. Hsbc mostly in investment banking. H
More on our website bbc. Co. Uk news and the news app. Now on bbc news, live to singapore for Asia Business report. Apple warns it wont meet its revenue reductions due to the coronavirus out break. And americans are drinking less milk, leading to the decline of the dairy industry there. Hello, and welcome to Asia Business report. I am karishma vaswani. Lets begin with the coronavirus, also known as covid 19 because in the last few hours, apple became the major us firm to say it wont meet its revenue projections for the Current Quarter due to the lake. It appears Chinas Communist Party will postpone its most important annual gathering. The tokyo marathon has been cancelled for general runners. In singapore, it is expected to unveil a massive budget to offset a slowdown caused by the coronavirus outbreak. At a time when the economy is already feeling the pinch from the us china trade war, singapore has indicated it will increase spending. Companies will be given tax rebates and rental wa
Us e. We have an interview with general flynns attorney, Sidney Powell. She will join us. Also john solomon, Gregg Jarrett will weigh in. In and well also have an investigation in what is new yorks epic failure, an Elderly Population in new york, they were not only not protected by their government, they were put in harms way. New york state, new york city, whats a completely failed, those people completely failed to fail for anything. Dead bodies stacked up d discovered inside of you halls, stacked up inside of funeral homes. We showed you t this woman. Mayor de blasio, this doesnt make any sense. Just come and get these bodies out here out of the home people are dying at home at an alarming rate how dare you make us have to deal with that ive been living with the body for days how dare you, mayor de blasio sean its worse than anybody knew. We have aod fullfledged investigation tonight and will show youav more of that and more of that tape in detail beer but we begin with tonights big
Making their way despite the terrible rain trying to be first to watch and see what happens. To explain, the cardinals will make their way across the back of the vatican to the Sistine Chapel. You can just see the Sistine Chapel poking out of the back of the basilica and then we expect in the next hour if its anything like this morning thousands of people to fill the square. There are big screens up so they can see the chimneys clearly but as you say, this morning, here in the square people werent sure whether it was black or white smoke. People began to realize, no, we havent chosen a pope yet. Well see what happens later today. Thank you. Earlier this morning i spoke to vatican Senior Communications adviser greg burke, and we began by talking about the issue of the day, the black smoke which weve now seen twice and why there was so much confusion because it was a great deal darker last night. There were lots of tweets last night saying very, very black smoke, you know, no doubt about
And good morning. From the Brooklyn Navy yard, the sight of tonights cnn democratic debate. Im carol costello. Thanks for joining me this morning and what a show we have on tap. Getting ready to rumble in brooklyn just 12 hours from now. Hillary clinton and Bernie Sanders will take to the stage and grapple in their last debate before tuesdays all important primary in new york. Cnn crews have been scrambling to construct this massive stage and the stakes loom even larger. Both campaigns sharpening attacks and firing up supporters. Sanders electrified a reported crowd a record crowd in Washington Square park. Clinton throes her own bombs at the bronx. Looking to stop sanders recent surges of momentum. And on the republican side, things getting even nastier. Donald trump ratchets up attacks on his own party. Ted cruz accusing trump staffers of all being thugs. And lets begin with the democratic debit and joe johns has more on that this morning. Good morning. Reporter good morning carol. B