Word: hsbc
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...dollars, selling even a small amount of its reserves would dent the value of those that remained. But despite the glitches, argument over the need for a new international reserve does little to lift sentiment in the dollar's favor. Its replacement might be an "implausible suggestion," analysts at HSBC wrote in a May note to clients, but "its pre-eminent position as the reserves currency of the world does not mean that [the dollar] will maintain its value." Like Derrick, HSBC is counting on a further fall in the months ahead. Better not leave that holiday too late...
...part to serve Chinese-owned resources companies prospecting for oil, gold, copper and other metals in places like Angola, Congo, Liberia and Zambia. ICBC is now said to be interested in the Royal Bank of Scotland's Asian assets, along with Australia's ANZ Bank and Anglo-Asian lenders HSBC and Standard Chartered Bank...
Inevitably, though, the laws of economics have reasserted themselves. Since oil prices plummeted, and world stock markets crashed last fall, some $75 billion worth of real estate projects have been suspended and canceled in Dubai, according to a report by the local branch of HSBC bank. Business journal the Middle East Economic Digest puts the figure at more than $300 billion. Postponed developments include the World, a luxury man-made island community designed to resemble a world map, and Dubailand, a theme park planned to be twice the size of Florida's Disney World. Housing prices have fallen...
...money on home decoration and twice-yearly vacations - "not just going back to Pakistan or Bangladesh, like their [immigrant] parents did," says Joseph. Bucking the current publishing trend, Emel is hiring extra staff and planning new magazines to cater to Muslim readers. Advertisers include British Airways and banking giant HSBC...
...That's quite some claim. Currently at its strongest against the dollar and euro since last fall, the krone is set for a "sustained appreciation" over the next year and a half, according to HSBC. The main reason: Norway's budget and current-account surpluses are the biggest among nations with the 10 most traded currencies. Factor in the country's $350 billion sovereign wealth fund pumped full of the country's oil revenues, and the cost of insuring against government default in Norway - a key measure of a currency's safety - is the lowest of those countries. With Norway...