Word: hsbc
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Dates: during 2000-2009
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...over the past six months has restored or raised tax breaks on more than 3,700 export items, including consumer goods like toys. The rebates could make Chinese exports even cheaper, but that doesn't mean cash-strapped shoppers in the U.S. and Europe will exercise their credit cards. HSBC estimates China's exports could contract by as much as 19% in the first quarter of 2009. "The international financial crisis is deepening and spreading, with continuing negative impact on the domestic economy," Ma Jiantang, the head of China's statistics bureau, told reporters...
...have merchandise exports from Hong Kong, which in the third quarter grew at their slowest pace in more than six years. Hit by higher costs, slowing orders and tightening credit, thousands of factories owned by Hong Kong firms are closing up in southern China's industrial heartland. This week, HSBC, the city's largest bank, said it would layoff about 450 people in Hong Kong due to deteriorating business conditions and a poor outlook for next year. Supply chain-management firm Li and Fung, which sources clothing and other consumer goods for major American retailers and brands, announced this month...
...star have fizzled. Given the role played by arcane financial engineering in triggering the current crisis--the troubles at AIG, for example, stem largely from its freewheeling London financial-products division--the future looks especially bleak for people working in structured finance and complex derivatives. No surprise, then, that HSBC, Citigroup, Credit Suisse and others have started cutting staff...
...star have fizzled. Given the role played by arcane financial engineering in triggering the current crisis - the troubles at AIG, for example, stem largely from its freewheeling London financial-products division - the future looks especially bleak for people working in structured finance and complex derivatives. No surprise, then, that HSBC, Citigroup, Credit Suisse and others have started cutting staff...
...predicting a wave of bad debts will crash the Indian financial system and economy. That's because commerce on the subcontinent still runs mostly on cash. Dheeraj Dikshit, the head of consumer assets in India for U.K.-based bank HSBC, reckons that credit cards are used for only about 2% of all retail transactions. But cash-strapped consumers will still hurt economic growth. Many spend half their salary on car and house payments and will be forced to cut discretionary spending. Some sectors are already getting hurt. New car sales - 80% of which are financed - are slowing. Tata Motors reported...