Connect with us

Published

on

The leading executive at HSBC Holdings has announced that job cuts will commence within a few weeks as part of the bank's extensive restructuring. The bank's new global wholesale banking division's chief stated their intention to complete the restructuring process rapidly.

"We understand fully that this is causing a distraction and disruption, so our goal is to resolve this as rapidly as we can," Roberts expressed to Bloomberg TV's Manus Cranny. "We're looking at a few weeks until we disclose the initial stage, followed by a few more weeks. We're committed to operating at a very swift pace."

He mentioned that information regarding the overall count of impacted jobs will be disclosed around the period of HSBC's annual results. "By February, we'll not only have a figure ready, but also an established organisational structure," he added.

Roberts is in charge of HSBC's operations in the US and the Americas, a position he took up five years ago following a 30-year stint at Citigroup, where he was primarily the chief lending officer. As part of his new duties, which involve implementing a new wholesale banking model, he will be moving from New York to London in January. The search for someone to take over his US position has already begun, according to Roberts.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

TSMC Maintains US Investment Plan Amid Political Tensions, Set to Receive Final Award from Chips and Science Act

Published

on

By

Taiwan's semiconductor manufacturer, TSMC, maintains its US investment plan despite Trump's election. TSMC is on the verge of receiving its last grant from the Chips and Science Act, a program initiated by Biden, which Trump has criticized as 'very poor'.

"The company affirmed that their investment strategy in the US continues to be the same," was the late Thursday announcement made via email, with no further details provided.

TSMC, the leading global contract chip manufacturer and significant provider for firms like Apple and Nvidia, plans to invest $65 billion in constructing new facilities in Arizona, USA.

During his campaign, Trump alleged that Taiwan was taking away the US semiconductor industry.

TSMC, GlobalFoundries, and potentially one more semiconductor manufacturer are on the brink of getting their last Chips and Science Act grants from the Biden government, as informed by two individuals familiar with the situation this week.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Hong Kong Stock Futures Plunge Amidst Beijing’s Plan to Address Local Government Debt: Market Reaction and Implications

Published

on

By

Hong Kong's stock futures plummeted following Beijing's disclosure of a strategy to handle local government debt. During the conventional trading session, the Hang Seng Index fell by 1.1 percent, and the situation deteriorated even further post-closure.

"After 4pm, when the NPC press conference began, HSI futures fell by over 400 points," stated Louis Wong, the executive director of Phillip Capital Management in Hong Kong. "This could indicate that investors are somewhat let down by the announcement of the stimulus package, which primarily aimed at tackling the covert debt issues of provincial governments."

During the standard trading period, the Hang Seng Index dropped by 1.1% to 20,728.19, and the Tech Index slipped by 0.2%. The Shanghai Composite Index also saw a decrease by 0.5%. Meanwhile, the CSI 300 Index receded by 1%, reducing its surge this week to 5.5% – nonetheless, it's the greatest increase in the last five weeks.

The market took a hit as Chinese property developers experienced a drop, with Longfor Group suffering the most as it plummeted 5.8 per cent to HK$13.72. China Overseas Land and Investments also felt the blow, dipping 3.8 per cent to HK$15.36, while China Resources Land saw a decrease of 2.9 per cent to HK$26.75. Additionally, online gaming company NetEase saw a 5.6 per cent decline to HK$119.40, and food delivery service Meituan also took a hit, falling 4.1 per cent to HK$191.80.

Carlos Casanova, an economist at the Swiss private bank UBP, suggests that Beijing might delay any additional moves until more information about the tariff plans of US President-elect Donald Trump is revealed.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

From Prison to Prosperity: Binance Billionaire CZ Charts New Course After Incarceration

Published

on

By

'The Monarch returns': Binance tycoon CZ outlines post-prison existence

The creator of the globe's biggest digital currency exchange discusses his four-month jail term, upcoming endeavors, and beyond.

Making a return from a US prison located across the globe, the cryptocurrency tycoon known as CZ isn't resuming his position as the head of the biggest crypto exchange. His agreement with the US Department of Justice (DOJ) prevents him from being at the forefront of the company, a condition he says he is comfortable with.

Zhao expressed in the interview that he does not foresee returning to his position as Binance's CEO. This was his first public statement since being freed. He shared that he had led the company for seven years and while he found it rewarding, it was also demanding. He believes that part of his life is now closed.

Zhao revealed that he has been approached with proposals to buy his majority share in the exchange, a stake that comprises a significant portion of his wealth. However, he chose not to disclose the identities of the potential buyers or the proposed amounts.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

HSBC and Five Other Hong Kong Banks Reduce Rates to Two-Year Low, Easing Monthly Mortgage Burdens

Published

on

By

HSBC, along with five other Hong Kong-based banks, have reduced their rates to a two-year low. According to a broker, this reduction could potentially decrease the monthly mortgage payment by HK$709 for a standard 30-year loan of HK$5 million.

Six prominent banks in Hong Kong, which include the three main note-issuing institutions – HSBC, Standard Chartered, and Bank of China Hong Kong (BOCHK) – have once again reduced their prime lending rates this year. This move has brought the cost of borrowing to its lowest point in two years.

BOCHK, HSBC, and its affiliate Hang Seng Bank are set to reduce their prime rate by 25 basis points, bringing it down to 5.375% starting Monday, as per individual announcements. This is the smallest it's been since November 2022.

Starting Monday, Standard Chartered, Bank of East Asia, and ICBC (Asia) – the regional branch of China's largest bank, will all reduce their prime rate by 25 basis points, bringing it down to 5.625 per cent.

Apart from Standard Chartered, the remaining five banks are set to reduce their savings rate to 0.375 percent annually for deposits over HK$5,000 (US$640), while keeping a zero interest rate for deposits less than this amount. Standard Chartered, on the other hand, will lower its savings rate to the same percentage, but this will apply to deposits exceeding HK$1.

"Following another reduction in US interest rates and considering aspects such as economic and market situations, HSBC has chosen to decrease its Hong Kong dollar deposit and lending rates," stated Hong Kong CEO Luanne Lim. "We will persist in keeping an eye on the global situation and local economic forecast, prepared to modify our rates if required."


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

AuGroup Debuts on Hong Kong Stock Exchange as ‘First Share of Furniture Going Overseas’, Showing Bright Growth Prospects

Published

on

By

AuGroup has made its debut on the Hong Kong Stock Exchange, marking a significant milestone as the first overseas furniture stock, and it shows great promise for future growth. [This article was brought to you by our advertising affiliate.]

The relaxing cycle of foreign central banks and the ongoing rollout of positive policy cues from the Mainland have significantly boosted investor confidence in the Hong Kong stock market. The Initial Public Offering (IPO) market has also seen a considerable rebound. Lately, a slew of large-scale IPOs and "A + H" shares have surfaced in Hong Kong, attracting substantial investor interest. On November 8, another high-quality stock, AuGroup (2519.HK), made its official debut on the Hong Kong Stock Exchange, earning the title of "first furniture stock to go international" in Hong Kong's stock market.

Public data reveals that AuGroup is a global frontrunner in the international e-commerce sector, with a focus on high-quality furniture and home decor. In 2023, the firm topped the chart in the B2C foreign e-commerce market for furniture and home decor sold by Chinese vendors; and secured fifth place in the worldwide B2C e-commerce market for the same category. In its recent Initial Public Offering (IPO), AuGroup's public offering in Hong Kong was oversubscribed by a factor of 17.7, culminating in a final offering price of HK$ 15.600.

AuGroup is targeting the furniture and home decor sector, a rapidly expanding B2C e-commerce segment with minimal return rates. Leveraging their robust supply chain and extensive logistics framework, AuGroup can swiftly create a variety of high-quality, competitively priced products to keep up with the fluctuating market needs. Consequently, they have quickly gained considerable market sway in the furniture and home decor sector.

Currently, AuGroup possesses a number of unique brands including ALLEWIE, IRONCK, LIKIMIO, SHA CERLIN, HOSTACK, and FOTOSOK that have gained popularity worldwide. In the year 2023, each of these 11 brands managed to generate over RMB100 million in Gross Merchandise Value (GMV). Based on information from Frost & Sullivan, in 2023, the company topped the charts in six categories for GMV on Amazon's U.S. website. Additionally, the company held a market share exceeding 10% in ten categories on the same site, again in terms of GMV, in the same year.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

DBS Bank Capitalizes on Property Slump, Acquires 75th Floor in ‘The Center’: Expansion into Hong Kong Market Continues

Published

on

By

DBS Bank acquires the entire 75th floor of The Center, expanding its venture into the Hong Kong real estate market. The most recent acquisition from 'Cassette King' Chan boosts DBS's ownership to 11 floors in a building that was previously the world's priciest tower.

DBS Group Holdings, the largest bank in Singapore, is leveraging a dip in property prices to grow its Hong Kong operations by acquiring additional office space in a building formerly known as the world's priciest office tower.

DBS Bank's branch in Hong Kong spent HK$646 million (approximately US$83.1 million), equivalent to HK$27,028 per square foot, to purchase the whole of the 75th floor of The Center situated in the city's business hub, as per official documents dated November 6. Previously in September, the bank had shelled out HK$700 million, at a rate of HK$26,000 per square foot, for the 66th floor.

The most recent acquisition signifies a markdown of 18% compared to the price in 2018. China Unicom (Hong Kong), a cellular service provider, is presently the tenant of the 75th floor, paying a monthly lease of HK$1.46 million, set to expire in June 2027 as per official documents. Following this transaction, DBS will increase its stake in the tower to 11 floors.

DBS has not provided an immediate response to a request for a statement.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

US Chip Restrictions Challenge China’s AI Ambitions; SMIC CEO Sees Potential in Legacy Chips Demand

Published

on

By

The CEO states that American limitations on chip technology obstruct China's leading chip foundry's AI aspirations.

Zhao Haijun, the joint CEO of SMIC, maintains that the foundry can still take advantage of the growing need for less sophisticated 'legacy chips' necessary for certain AI items.

"AI is a boon for the semiconductor production industry," stated Zhao in a financial results discussion with analysts on Friday. "It has the potential to drive our business expansion in the forthcoming years."

The rise of artificial intelligence (AI) in recent years has resulted in a heightened need for global foundries. These foundries have swiftly adjusted their production lines to concentrate on manufacturing graphics processing units (GPUs). These chips are essential for training AI models. TSMC, the world's leading contract chip manufacturer, expressed optimism about its prospects for the coming year in October, attributing this to the robust demand for AI.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

L’Oreal Boosts China Supply Chain to Mitigate Disruption Risks: A Strategic Shift towards Localization and Technological Integration

Published

on

By

CIIE: L'Oreal, the cosmetics titan, bolsters its supply chain in China to minimize disruption risks

'Our focus is on this localisation strategy, aiming to manufacture as much as possible, wherever possible in China,' states the executive.

"By doing this, our reliance on international supply chains, primarily those not only in China but also majorly in the US or Europe, will gradually decrease."

The team has already improved its supply chain procedures in Suzhou and Yichang and began utilizing Guangzhou as a port, after discovering an excessive dependence on Shanghai. This over-reliance became problematic when Shanghai faced significant delays during Covid lockdowns.

"We've established storage facilities in locations previously unoccupied, such as the northeastern region of China, bringing us nearer to our consumers," Gupta stated. "In addition, we're mechanizing our larger facilities, which lessens our reliance on numerous personnel."

The business has also utilized technology to strategize for internet sales.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Hong Kong Housing Market to Stabilize Following Unexpected Prime Rate Cut: Analysts’ Predictions

Published

on

By

Analysts predict a stabilization in Hong Kong's housing prices following a rate decrease in the near future. The surprise reduction in the prime-rate by domestic lenders is anticipated to attract more purchasers, bolstering prices.

The surprising reduction in the prime rate by Hong Kong banks on Friday will decrease financing expenses and attract additional purchasers to the market. Experts anticipate that city's housing prices will reach their lowest point "in the near future".

BOCHK, HSBC, and its affiliate Hang Seng Bank are set to reduce their prime rate by a quarter point, bringing it down to 5.375% starting Monday, as per individual announcements. Standard Chartered, Bank of East Asia, and ICBC (Asia), the regional division of China's largest bank, will also lower their prime rate to 5.625%.

The actions of the banks came as a surprise, considering that Hong Kong banks usually lower their rates only once for every two to three reductions by the US, stated Raymond Cheng, who is a managing director at CGS International Securities in Hong Kong.

"The most recent reduction implies that the mortgage rate in Hong Kong will also decrease by 25 basis points, dropping to 3.625 per cent from its previous rate of 3.875 per cent."

In Hong Kong, a significant number of home loans are designed as prime-based lending, where the interest rates are determined at a level either higher or lower than the bank's prime rate. As a bank decreases its prime rate, the interest rate for these prime-associated mortgages similarly goes down, which aids in lessening the monthly expenditures and total borrowing costs for those purchasing homes.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

TSMC Ceases Advanced Chip Production for Mainland China Amidst US Export Curbs Evasion Allegations: Inside Sources

Published

on

By

TSMC stops taking advanced chip orders from mainland China following US export restrictions evasion: insider

TSMC has informed its mainland Chinese customers that it will cease the production of advanced chips for them, as per an individual who was informed about the announcement.

Earlier this week, TSMC announced that it will cease to take orders for the processing of advanced nodes at 7-nanometre or less from certain customers, starting from the upcoming week. This information was provided by an executive from a mainland chip design company who wished to remain anonymous due to the delicate nature of the topic. The executive had been informed about the notice.

The initial report about the domestic semiconductor industry came from Ijiwei.com, a Chinese news publication, on Friday. There was no immediate reaction from TSMC when asked to give their comments.

TSMC has rejected any claims of misconduct and has vowed to cooperate with the US Commerce Department in examining the matter. Meanwhile, Huawei has stated that it hasn't made any chips through TSMC since the amended foreign direct product rule, which was aimed at Huawei, was enforced by the US Department of Commerce in 2020.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Global Giants Lean on Tech & Localized Supply Chains: Betting on China’s Market Amid US Trade Tensions

Published

on

By

International corporations are wagering on China's economy in spite of Trump's triumph and US commerce disputes. During Shanghai's CIIE trade exhibition, overseas businesses dismiss concerns of a fresh trade conflict between the US and China following Trump's win.

3M, the American multi-industry corporation known for creating a variety of products from industrial to domestic goods, announced that they are implementing smart technologies like robotic arms in their automotive production lines in China. These technologies will be used to monitor product specifications and provide personalized suggestions based on customer needs. The company launched its operations in China four decades ago and currently has seven manufacturing plants across the country.

Jack Xiong, the director of research and development operations for 3M China in Greater China, asserts that a localized supply chain is beneficial to both production and growth. He explains that this facilitates product development that caters specifically to the needs of local consumers and enhances the promptness in the supply chain response.

Kim Nam-kook, who is the head of investment and operations at E-Land Group — South Korea's biggest fashion and retail firm — has stated that they have made substantial investments in implementing advanced technologies within their supply chain in China.

Kim stated, "The magnitude of the Chinese market is so vast that it constitutes a 10 to 20 percent portion of the total international sales for some Korean firms. This percentage remains firm even amidst market instability."


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

Business

Trump’s Election Triumph Ignites Optimism Among Chinese Cryptocurrency Advocates: Anticipating a Bright Future for Digital Assets in Mainland China and Hong Kong

Published

on

By

Cryptocurrency supporters in China are elated by Trump's election win

These supporters anticipate a promising outlook for digital assets and associated regulations in mainland China and Hong Kong.

"He also mentioned that this change could potentially impact the regulatory perspectives on digital assets in mainland China in a positive way."

Bitcoin values soared past $75,000 at a certain moment on Wednesday, marking an increase of over 66% since the beginning of the year.


Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe to get the latest posts sent to your email.

Continue Reading

SUBSCRIBE FOR FREE

Advertisement
Business24 mins ago

TSMC Maintains US Investment Plan Amid Political Tensions, Set to Receive Final Award from Chips and Science Act

Business57 mins ago

Hong Kong Stock Futures Plunge Amidst Beijing’s Plan to Address Local Government Debt: Market Reaction and Implications

AI1 hour ago

Trump’s Triumph: Navigating the New Landscape for Big Tech and Beyond

AI1 hour ago

Trump’s Triumph: Navigating the New Era for Big Tech

Business1 hour ago

From Prison to Prosperity: Binance Billionaire CZ Charts New Course After Incarceration

Politics2 hours ago

Analyzing Trump’s Second Term: Implications for UK Trade, Security, and Ukraine Conflict

Business2 hours ago

HSBC and Five Other Hong Kong Banks Reduce Rates to Two-Year Low, Easing Monthly Mortgage Burdens

Politics2 hours ago

Harman Urges Starmer to Extend State Visit Invitation to Trump Despite Past Tensions

Politics2 hours ago

Harman Urges Starmer to Extend State Visit Invitation to Trump Amid Political Tensions

Special Reports2 hours ago

Driving Tomorrow: Delving Deep into Top Industry Trends and Innovative Technologies Revolutionizing the Automotive Landscape

Automakers & Suppliers2 hours ago

Revving into the Future: Lamborghini’s Pioneering Innovations and Sustainability in the Luxury Car Market

Business2 hours ago

Imminent HSBC Job Cuts as Part of Rapid Restructuring, High-Level Executive Reveals

Politics3 hours ago

Finding Common Ground: David Lammy Embraces Diplomacy with President-Elect Donald Trump Amidst Past Criticisms

Business3 hours ago

AuGroup Debuts on Hong Kong Stock Exchange as ‘First Share of Furniture Going Overseas’, Showing Bright Growth Prospects

Politics3 hours ago

Special Relationship on the Rocks? Examining the Challenges and History of UK-US Leadership Dynamics Amidst Political Clashes

Business3 hours ago

DBS Bank Capitalizes on Property Slump, Acquires 75th Floor in ‘The Center’: Expansion into Hong Kong Market Continues

Moto GP4 hours ago

Epic Showdown at Sepang: Pramac Boss Says Bagnaia/Martin Duel Shaved Off Years From His Life

Business4 hours ago

US Chip Restrictions Challenge China’s AI Ambitions; SMIC CEO Sees Potential in Legacy Chips Demand

Tech2 months ago

Revving Up Innovation: How Top Automotive Technology Trends are Electrifying and Steering the Future of Transportation

Tech1 month ago

Revving Up Innovation: The Drive Towards a Sustainable Future with Top Automotive Technology Advancements

Tech1 month ago

Revving Up Innovation: How Top Automotive Technology is Shaping Electric Mobility and Autonomous Driving

Tech3 weeks ago

Revving Up the Future: How Top Automotive Technology Innovations are Accelerating Sustainability and Connectivity on the Road

Tech4 weeks ago

Revolutionizing the Road: How Top Automotive Technology Innovations Are Paving the Way for Sustainability and Safety

Tech3 weeks ago

Revving Up Innovation: How Top Automotive Technology is Shaping an Electrified, Autonomous, and Connected Future on the Road

Tech1 month ago

Revolutionizing the Road: The Top Automotive Technology Innovations Driving Us Toward an Electric, Autonomous Era

Tech1 month ago

Revving Up Innovation: Exploring the Top Automotive Technologies Fueling a Sustainable and Connected Future

Tech2 weeks ago

Revving Up Innovation: Exploring Top Automotive Technology Trends in Electric Mobility and Autonomous Driving

AI2 weeks ago

News Giants Wage Legal Battle Against AI Startup Perplexity for ‘Hallucinating’ Fake News Content

AI1 month ago

Revolutionizing the Future: How Top AI Innovations from DaVinci-AI.de to AI-AllCreator.com Are Redefining Industries

Cars & Concepts1 month ago

Hyundai and Kia Innovate to Slash LFP Battery Costs and Reduce Dependence on Chinese Suppliers

Cars & Concepts1 month ago

Fiat 500e Production Freeze Continues Amid Sluggish Sales: Stellantis to Discuss Italian Manufacturing Future

AI3 weeks ago

Unlocking the Future: Top Innovations in AI from Machine Learning to Robotics – A Comprehensive Guide

AI3 weeks ago

Google’s NotebookLM Revolutionizes AI Podcasts with Customizable Conversations: A Deep Dive into Kafka’s Metamorphosis and Beyond

AI1 month ago

Revolutionizing the Future: The Impact of Artificial Intelligence and Machine Learning on Global Industries

AI1 month ago

Meta’s Leap into the Future: Introducing Llama 3.2 with Celebrity Voices and Visual AI Capabilities

AI3 weeks ago

Breaking the Bark-rier: AI-Enabled Collars Aim to Translate Pet Thoughts, But Can They Truly Understand Our Furry Friends?

V12 AI REVOLUTION COMMING SOON !

Get ready for a groundbreaking shift in the world of artificial intelligence as the V12 AI Revolution is on the horizon

SPORT NEWS

Business NEWS

Advertisement

POLITCS NEWS

Trending

Chatten Sie mit uns

Hallo! Wie kann ich Ihnen helfen?

Discover more from Automobilnews News - The first AI News Portal world wide

Subscribe now to keep reading and get access to the full archive.

Continue reading

×