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Thailand's richest tycoon in $6.6B bid for discount retailer
Bangkok :: Thailand | 1 month ago
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Tuesday launched a $6.6 billion takeover bid for Thai discount retailer Siam Makro as rapid economic growth drives a boom in the kingdom's retail sector. The agreed bid is the latest mega-deal involving billionaire Dhanin Chearavanont, whose
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France launches probe into HSBC accounts
Zurich :: Switzerland | 1 month ago
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In 2009, French investigators seized the computer belonging to technology consultant Herve Falciani, a 40-year-old French-Italian citizen, at the demand of Swiss authorities. The data seizure listed 127,000 accounts belonging to 79,000 people
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Banking giant HSBC slashes 1,149 jobs in cost-cutting drive as unions consider strike action
London :: United Kingdom | 1 month ago
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The bank said the move, which will lead to a potential reduction of 1,149 roles, is necessary because of the 'changing nature' of the business as well as regulation. But the Unite union said more than 2,000 were being axed, blasted the announcement
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HSBC to shed 1,149 UK jobs in new round of cutbacks
London :: CA :: USA | 1 month ago
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Chris Helgren These are part of a 3-year revival plan by Chief Executive Stuart Gulliver to reduce costs, raise returns and focus on profitable areas. Banks across the world are shedding thousands of staff to try to increase profitability, improve
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China manufacturing-activity growth slows in April, HSBC data show
Los Angeles :: CA :: USA | 1 month ago
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Purchasing Managers' Index fell to a two-month low of 50.5 from March's final reading of 51.6, and well below a Bloomberg forecast of 51.5. While the headline index remained above the 50 mark that divides growth from contraction, the subindex for
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HSBC chairman warns poorer customers could lose out
Flint :: United Kingdom | 1 month ago
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Group Chairman Douglas Flint attends a news conference after an informal meeting of local shareholders in Hong Kong May 21, 2012. Bobby Yip "I do worry that we are beginning to see the industry move towards serving higher net worth individuals and
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Banks oppose HSBC's plan to sell stake in insurance JV
Toronto :: Canada | 1 month ago
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H SBC's plan to sell stake in its Indian life insurance joint venture (JV) with two public-sector banks has run into rough weather...OBC Life Insurance, approached prospective buyers without seeking their opinion, even as the JV shareholding
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HSBC reviewing Iraq operations
Dubai :: United Arab Emirates | 1 month ago
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Holdings is reviewing its operations in Iraq while continuing to invest in Egypt despite a challenging near-term environment there, the bank's regional chief executive said yesterday. In terms of Iraq, it's a market that we will continue to review,
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Bank, telecom, retail sectors 'attractive'
Bangkok :: Thailand | 1 month ago
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Kasikornbank and Tesco Lotus, the bank's Equity Strategy Thailand report said last week...For the six banks under its coverage, it is anticipating profit-before-tax growth of 11 per cent on year for the first quarter of this year, or 18 per cent due
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Ex-HSBC worker: US told him to head for Spain
Madrid :: Spain | 1 month ago
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A Spanish newspaper reports that a man wanted by Switzerland on suspicion of stealing confidential banking information is saying U.S. officials warned that he was in danger and advised him to go to Spain...He was freed with conditions, and is now
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