Word: hsbc
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...aftermath of Asia's 1997 economic meltdown. Dhanin says just before the Thai baht collapsed, he almost retired. But times were so tough that Dhanin, who had spent decades building a firm that now employs 100,000 people in 20 countries, found himself confronted by a bevy of bankers. HSBC was calling in about $400 million in loans made to CP, and the company didn't have the cash. Dhanin was forced to unload assets to raise money, including stakes in a Chinese motorcycle manufacturer and a brewer--companies he believed would thrive as the mainland market developed...
...work in his bakery on a broad boulevard in Istanbul's modern new financial district at about 11 a.m. last Thursday when a tremendous bang shook down the building's windows and walls. Across the street, yellow smoke poured from the 18-story headquarters of the British-owned HSBC bank, where a pickup truck packed with homemade bombs had just set off a mighty explosion. "That first moment was not at all like you would imagine from the movies," Yilmaz says. "No one was screaming or running. If you had slapped me, I would probably have just stared blankly...
...wholesale crackdown on deadbeats is unlikely. Most debtors are less than 40 years old, precisely the demographic the Roh administration needs to claim a majority in the National Assembly. Forgiving the debt of youthful voters might swing more of them to Roh's side. Says Jinsang Kim of HSBC Securities in Seoul: "What we have is the carrot without the stick...
...have also led fixed-income investors to seek out countries offering higher rates. And the swelling budget deficit, which threatens to slow U.S. economic growth, has cast doubt on the greenback's outlook just as many overseas economies are starting to rebound. Says Marc Chandler, chief currency strategist at HSBC USA bank: "The dollar is in a long-term decline...
Istanbul has now joined Riyadh - and Casablanca and Jakarta and Karachi and Mombasa, among others - as a new theater of al-Qaeda's global jihad. A brace of suicide bombings killed some 27 people at the city's British consulate and the headquarters of the London-based bank HSBC on Thursday, following on last Saturday's attacks on two synagogues that killed 25 people. The attacks, for which al-Qaeda affiliated groups have claimed responsibility are a reminder both of the group's resilience, but also of its new form. And the fact that Thursday's targets were British served...