The Hongkong and Shanghai Banking Corporation was founded in Hong Kong on March 3, 1865, and in Shanghai one month later. In 1980, HSBC acquired 51 per cent of Marine Midland Bank, buying the rest in 1987. HSBC Holdings was established in Britain in 1991 as the parent of The Hongkong and Shanghai Banking Corporation ahead of its purchase of the UK-based Midland Bank and the impending 1997 transfer of sovereignty of Hong Kong from Britain to China.
Business Digest, November 3, 2012
Kenji Fujimoto was accepted into Kim Jong-il's inner circle during a 13-year stint serving North Korea's first family. The Japanese sushi chef gives Julian Ryall his take on the communist dynasty'...
HSBC pretax profit expected to rise 79pc
HSBC, which is due to report earnings on Monday, may say third-quarter pretax profit rose 79 per cent as income from its investment banking unit rebounded. Profit, excluding acquisitions and disposals and accounting losses from revaluing the bank's own debt, probably rose to US$5.3 billion year on year, the median estimate of analysts in a survey showed. Bloomberg
RBS in red, seeking Libor settlement
Royal Bank of Scotland swung to a third-quarter loss after setting aside £400 million (HK$4.99 billion) more to compensate clients wrongly sold loan insurance. The net loss was £1.38 billion, compared with a £1.23 billion profit in the year-earlier period. RBS expects to start talks with investigators into the Libor rate-fixing scandal on a settlement soon, which is likely to result in financial penalties, it said. Bloomberg
JAL lifts forecast for full-year earnings
Japan Airlines raised its full-year profit forecast to US$1.74 billion as the carrier, which only exited bankruptcy last year, released its first results since relisting on Tokyo's stock market. But it warned that a territorial dispute between Tokyo and Beijing that led to thousands of cancelled flights has weighed on revenue as it trimmed its sales target. AFP
Cargo unit weighs on Singapore Airlines net
Singapore Airlines, the world's second-largest carrier by market value, reported a worse-than-anticipated 54 per cent decline in second-quarter profit because of losses at its cargo unit and lower fares, even as total revenue rose 2.5 per cent. Bloomberg
Ebay looking to partner with luxury e-retailer
Ebay, owner of the world's largest internet marketplace, is looking to expand in China by teaming up with luxury retailer Xiu.com A person with direct knowledge of the pact said eBay will announce the partnership on November 12 in Shenzhen, where Xiu.com is based. In 2007, eBay "contributed our business in China to a joint venture with a local Chinese company", it said in a regulatory filing in January. Bloomberg