Word: hsbc
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...Right now, it's a familiar place to many of Britain's banks. On August 7, rival Barclays added $5.4 billion to the enormous sums British lenders have written off amid the credit crisis; London-based HSBC, Europe's largest bank, made a similar contribution a few days earlier. For banks across Europe, as for their U.S. counterparts, 2008 is proving painfully difficult. Globally, banks could write down as much as $450 billion more over the next three to four years, according to research from Deutsche Bank. Lenders, it says, are short of funds equivalent to 4% of their balance...
...global-warming debate has introduced some new catchphrases into the business lexicon. Becoming carbon neutral, for example, is now a goal for multinationals like Dell, HSBC and Tesco. But for another well-known international brand, becoming carbon neutral isn't enough. Last June, Coca-Cola CEO Neville Isdell flew to Beijing and pledged that his company would become "water neutral" - every drop of water it uses to produce beverages would be returned to the earth or compensated for through conservation and recycling programs. "Water is the main ingredient in nearly every beverage that we make," Isdell said. "Without access...
...billion. But BNP is hardly the only player contemplating exploiting Société Générale's troubles to acquire it at a bargain price. French bank Crédit Agricole is also reportedly studying a take-over bid, as are Italian rivals UniCredit, Anglo-Chinese HSBC, along with a few others...
...over the world, including much of the industrial development of the U.S. after the Civil War.) But the job has become too big for one place to handle. Now Nylonkong, that interconnected tripartite city, greases the wheels of trade and development. This is where the great banks - Citigroup and HSBC, Goldman Sachs and JP Morgan - have their headquarters and their key regional offices; this is where ambitious companies go to seek financing or go public. Hong Kong - whose stock market's capitalization jumped almost fourfold in the 10 years from 1996 - has especially been able to benefit from the business...
...surprisingly the big banks - many of them still nursing their wounds from the subprime meltdown - are eager to embrace this new money-spinner. Institutions like ABN Amro, Merrill Lynch and HSBC have all created structured products built around their own indices: protected offerings, for example, that track an index but give a minimum guaranteed return, or leveraged offerings that amplify gains and losses. They can be used to hedge risks presented by global warming, or simply to bet on the likelihood that cash will continue to cascade into the sector...