Word: hsbc
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...provided homes for nervous depositors' cash. But as the economies of those three countries flounder, it's time to look around, and smart investors think they've discovered a new harbor to protect them from the choppy economic seas. "The best safe haven currency," analysts at banking giant HSBC wrote in a research note this month, is Norway's. According to HSBC's reading, right now the Norwegian krone is "probably the best currency in the world...
...That toxic debt was also behind the other bad company news of the day, when HSBC - Europe's largest bank - said it would seek $17.1 billion in new capital, and close its U.S. consumer-lending unit, Household Finance. The American affiliate had saddled HBSC with $16.3 billion in subprime-rooted losses, and explained the group's 62% dip in 2008 profits of $9.3 billion. But closing the troubled unit means adding its 6,100 employees to the list of 3 million American jobs eliminated since November...
...mere fact HSBC turned a profit despite its troubles was a small ray of light amid an otherwise bleak outlook. New figures covering January showed industrial output falling more than anticipated in the eurozone; joblessness rose from 8.1% in December to 8.2% in January, nearly a full percentage point higher than the same month last year. (Find out 10 things to do with your money...
...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...