Word: hsbc
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Dates: during 2000-2009
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Scotman Thomas Sutherland, a manager at a shipping company, wisely recognized the profits to be had in the burgeoning trade in a developing market like China. The bank he helped start, Hongkong and Shanghai, now called HSBC, became one of China's top financial institutions within just a few years of its founding. That...
...HSBC is sitting pretty. It boasts the most extensive branch network of any foreign bank on the mainland, with 20 outlets spread from Chengdu in the far west to Tianjin on the northeast coast. The bank has invested more than $4 billion since 2001 to buy stakes in Chinese financial institutions, including nearly 20% in both Bank of Communications, China's fifth largest bank, and Ping An Insurance, its second biggest life insurer. Compared with the same period in 2004, pretax profits in China increased sixfold, to $161 million, in the first half of 2005. As a sign...
...inside and out of Japan, are quick to note that Livedoor is not a large company, even by Japanese standards, and, therefore, they argue that the ?Livedoor Shock? now consuming Japan risks blowing the economic impact of the company?s woes out of proportion. Peter Morgan, Chief Economist for HSBC Securities in Tokyo calls Livedoor a symbolic battle and a specific case that has little implications for the rest of the economy. ?The economy is better now than it?s been for quite some time,? he says. ?The fundamentals still look pretty good...
...However, any indication that the accounting and securities manipulations are widespread rather than isolated to Livedoor could send markets reeling once again and derail Japan?s fitful recovery. Morgan of HSBC says there is no sign of that so far, ?but if Livedoor had that brilliant idea, it?s possible that other companies might have had similar thoughts.? For now, however, most analysts TIME contacted contend that Japan?s stock market, its economy, and the financial reporting controls are fundamentally strong. In fact, Peter Tasker, an economist at Dresdner Kleinwort Wasserstein in Tokyo, maintains that the ?Livedoor Shock? could...
...place throughout the E.U., and member nations pledged to spend $100 million to fight off the global spread of bird flu, focusing on the most needy countries. In the U.K., businesses have been urged by the government to develop contingency plans against a pandemic: the giant global bank HSBC estimates human-to-human transmission could make ill half its worldwide staff. The World Bank is calling for rich nations to donate millions - to pay for mass culling, compensation and animal vaccination - to the places where the disease has lodged, and wants the West to invest in research to speed...