Wimbledon has come under pressure to drop HSBC as a sponsor over the bank’s support of the national security law in Hong Kong. In a letter to the tennis championship’s Chief Executive Sally Bolton, lawmakers from the All-Party Parliamentary Group (APPG) on Hong Kong asked Bolton to reconsider Wimbledon’s involvement with HSBC, which they said had “repeatedly…
Wimbledon Urged to Cut Ties With HSBC Over Its Support of Hong Kong’s National Security Law
June 21, 2022
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Business & MarketsChinaChina Human RightsCompaniesEurope-China RelationsHong KongHSBCInternational RelationsSportsSports NewsTennisUKWimbledonWorld
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Major Bank CEO Says Free Speech ‘Increasingly Difficult’ After HSBC Suspends Banker Over Climate Talk
The head of one of HSBC’s biggest competitors has said that free speech is becoming “increasingly difficult” after a top executive at HSBC Holdings was suspended when he criticized central bankers and policymakers for exaggerating the financial risks of climate change. Stuart Kirk, the global head of responsible investing at HSBC’s asset management division, was suspended following an internal investigation…
HSBC Suspends Top Banker for Accusing Policymakers of Overstating Climate Risk
A top executive at HSBC Bank has been suspended after he criticized central bankers and policymakers for exaggerating the financial risks of climate change. The bank, according to a Financial Times report, has suspended Stuart Kirk, who is global head of responsible investing at HSBC’s asset management division. Kirk gained attention at an event last…
HSBC Launches $1 Billion Lending Fund for Female Entrepreneurs
HSBC Holdings said on Thursday it was launching a $1 billion lending fund to invest in female-owned businesses over the next 12 months. “The level of funding received over time by female-led businesses is significantly lower than male counterparts, while the recent impacts of the pandemic have seen these same businesses disproportionately affected,” Sam Cooper-Gray,…
HSBC Gets Approval to Buy out China Life Insurance Joint Venture
LONDON—HSBC said on Thursday it had received regulatory approval in China to take full ownership of its life insurance joint venture in the country, as it continues to expand its non-core banking services. HSBC has got clearance from the Shanghai office of the China Banking and Insurance Regulatory Commission to buy the remaining 50 percent…
HSBC Fined Almost £64M Over Money Laundering Failures
The UK’s financial watchdog has hit banking giant HSBC with a £63.9 million fine for failings in its anti-money laundering processes. The Financial Conduct Authority (FCA) issued the punishment after finding “serious weaknesses” across HSBC’s automated systems used to monitor hundreds of millions of transactions a month to identify possible criminal activity. It highlighted three…
HSBC and Wells Fargo Use Blockchain to Settle Forex Trades
December 13, 2021
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Business & EconomyCompanieseconomyEuropeFargoForexGold & CommoditiesHSBCMarketsTechTech NewstradesUKUSUS NewswellsWorld
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LONDON—HSBC and Wells Fargo have begun using a blockchain platform to settle bilateral foreign currency (FX) trades in the latest sign of how technology which underpins crypto assets is spreading to more mainstream activities. Baton Systems, the company behind the Core-FX distributed ledger technology, or DLT, said on Monday the two banks are using the…
EU Fines HSBC, Credit Suisse, Others Over ‘Sterling Lads’ Forex Cartel
BRUSSELS—EU antitrust regulators on Thursday fined Barclays, Credit Suisse, HSBC, and NatWest 344 million euros ($390 million) for foreign exchange market rigging, closing a key chapter in a high-profile investigation. UBS avoided a 94 million euro fine by alerting the European Commission to the cartel, which was set up via a chatroom known as “Sterling…
HSBC Shares Leap in Hong Kong Following Release of Huawei CFO
September 27, 2021
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Business & EconomyChinaChina Business & EconomyChinese RegimeCompaniesHK BusinessHong KongHSBCHuaweiMeng WanzhouUS-China relations
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Hong Kong-listed shares of HSBC saw the biggest gain in nearly four months on Monday, following the release of a Chinese telecom giant’s CFO. Huawei CFO Meng Wanzhou, daughter of the company’s founder, was accused in 2018 of lying to HSBC about Huawei’s control of another company during a 2013 presentation, putting the bank at…
HSBC, StanChart May Face Secondary Shockwaves From Evergrande Crisis: Analysts
September 24, 2021
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Business & EconomyChinaChina Business & EconomyCompaniescrisisEuropeevergrandeHK BusinessHong KongHSBCMarketsSecondaryShockwavesStanChartUKWorld
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LONDON—HSBC and Standard Chartered could face spillover damage to their profits and balance sheets from the debt crisis enveloping China Evergrande Group even though the two banks say they have limited their direct exposure, analysts have warned. Other banks and insurers could also suffer indirect effects such as loss of fees or a devaluation of…
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