Word: hsbc
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Dates: during 1990-1999
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...then investing them in safe, modest-yielding assets. The secretive billionaire had long been known as a generous contributor to Jewish causes around the world. Last week he was on the verge of wrapping up his life's work, the sale of Republic National and Safra Republic holdings to HSBC Holdings, Britain's largest bank, for $10 billion. Banking experts believe the sale will be completed despite Safra's death...
...attack came as Safra was moving to complete the sale of Republic National to the London-based HSBC banking group for $10.3 billion. He'd been forced to reduce his price by $450 million after Japanese financial regulators claimed that one of Safra's clients, Princeton Analytics, may have cheated Japanese investors out of $1 billion. The bank had also lost $191 million from Russia's 1998 debt default, and last summer alerted the FBI to the possibility that some of its accounts were being used for money laundering by Russian organized crime. Indeed, concerns over money laundering prompted Republic...
...last month and foreign investment predicted to shrink 30% for the year, the government has embarked on a huge program of domestic spending to stimulate demand. "It is the old pattern in China--three steps forward and two steps back," says Joe Zhang, head of China research for HSBC Securities in Hong Kong. "At the moment we are backtracking." Says Andy Xie, chief China economist for Morgan Stanley Dean Witter in Hong Kong: "If they continue, they will end up renationalizing the economy. And that is not the way China needs...
...they stocked up in anticipation of a strong Christmas season. December sales fell 0.1% from the level of November, even though stores slashed prices to lure shoppers. "The most impressive evidence of a slowdown in the economy is the weakness in retail sales," says Lacy Hunt, chief economist for HSBC Securities. "Retailers are terribly overstocked despite the massive discounting." That is partly because rising interest rates have been making it more costly for already overburdened consumers to borrow and spend. Americans took out a hefty $120 billion in new loans last year, increasing consumer debt to a record $891 billion...
...battle for control of Midland Bank has begun. Last week Lloyds Bank announced that it was considering making a $6.6 billion bid for Midland, Britain's third largest bank, besting the $5.8 billion offer made by Hong Kong-based HSBC Holdings. If the deal goes through, the Lloyds-Midland combo, with assets of $197 billion, will rank 18th in the world...