China's fifth-largest lender, Bank of Communications Co Ltd , will raise $8.9 billion to meet tighter capital requirements by placing shares with existing shareholders such as HSBC and the country's finance ministry.
Gold fell on Monday, under pressure from a softer euro and from dwindling expectations for the Federal Reserve to signal the need for more measures to keep U.S. rates low, although longer-term investors took their bullion holdings to a fresh record.
Call us crazy, but the two most recent major economic data releases by China -- the consumer price index on Friday and the trade balance on Saturday -- indicate there could be a case to be made for monetary stimulus in the world's second-largest economy.
China's trade balance plunged $31.5 billion into the red in February as imports swamped exports to leave the largest deficit in at least a decade and fuel doubts about the extent to which frail foreign demand or seasonal distortion drove the drop.
Bank regulators approved Capital One Financials acquisition of HSBC's $30 billion U.S. credit card business, the Office of the Comptroller of the Currency announced on Friday.
Bank regulators approved Capital One Financial's acquisition of HSBC's $30 billion U.S. credit card business, the Office of the Comptroller of the Currency announced on Friday.
Leaders of China and India, two of the world's biggest economies, are responding to a decline in their nation's blistering rates of growth by focusing on virtually identical ways to stimulate bank lending and regain financial momentum.
Deutsche Bank has taken 5-10 billion euros ($6.6-$13.3 billion), of the European Central Bank's (ECB) long-term refinancing operation (LTRO), which offers three-year loans to banks at a rate of 1 percent according to a report.
HSBC announced on Wednesday an agreement to sell its insurance businesses in emerging markets for $914 million in cash, in a continuing effort to offload non-banking assets.
German factory orders unexpectedly decline in January, mirroring a sharp drop in orders from outside the euro zone, flashing an early warning sign that Europe's largest economy could be heading back into recession.
Gold prices fell more than 1 percent in Europe on Tuesday, pushing through support at $1,690 an ounce, as jitters over whether private creditors will agree to a Greek bond swap deal and wider euro zone growth pressured the euro versus the dollar.
China lowered its economic growth target to an eight-year-low of 7.5 percent from an 8 percent goal in place since 2005, a signal that the country's leaders are determined to scale back the reliance on external demand and foreign capital, in favor of domestic consumption.
Chinese Premier Wen Jiabao cut his nation's 2012 growth target to an eight-year low of 7.5 percent and made boosting consumer demand the year's first priority as Beijing looks to wean the economy off its reliance on external demand and foreign capital.
Barclays Plc has taken 8.2 billion euros ($10.9 billion) of the European Central Bank's (ECB) long-term refinancing operation (LTRO), which offers three-year loans to banks at a rate of 1 percent, in order to manage funding gaps in Spain and Portugal.
China's 11th National People's Congress (NPC), the Chinese Parliament and top legislative body, will convene its fifth annual meeting Monday to set such key 2012 economic objectives as a lower target for economic growth, while keeping inflation steady.
U.S. stock index futures pointed to a firmer open on Wall Street on Wednesday, with futures for the S&P 500, Dow Jones futures and Nasdaq 100 futures rising 0.1-0.2 percent at 4:58 a.m. ET.
HSBC Holdings Plc said on Monday it will likely face criminal or civil charges from an expanding investigation into its ties to allegedly illegal money transactions, including some tied to Iran.
HSBC Holdings, Europe's biggest bank, said paying rising wages in Brazil, China and other emerging market is the price of avoiding the slowdown being felt by most of its rivals as it posted the largest 2011 profit by a western bank.
HSBC Holdings Plc , Europe's biggest bank, predicted growth in Asia and other emerging markets would outweigh sluggish European economies this year as it posted a $21.9 billion profit for 2011, the best outturn by a western bank so far.
HSBC Holdings , Europe's biggest bank, made a $21.9 billion profit last year, the largest among western banks, as its strength in Asia helped it cope with a euro zone debt crisis that has plunged many rivals into huge losses.
HSBC just missed analysts' expectations with a near $22 billion profit last year, which marked the biggest profit among western banks thanks to its strength in Asia and other emerging markets.
HSBC Holdings is expected to report the West's biggest banking profit for last year, fuelled by the East, while its rivals are struggling with faltering European and U.S. growth.
