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LONDON: Asia-focused bank HSBC announced on Wednesday that it will make another $2-3 billion (1.5-2.3 billion euros) of new cost savings by 2016, extending its restructuring plans.The lender said in a statement that it will seek the additional sustainable cost savings on top of its wide-ranging restructuring process that was launched in 2011.HSBC revealed last week that it had slashed a total of $4.0 billion from its annual costs, axing about 46,000 jobs since 2011 as part of a vast restructuring."We have transformed HSBC in the first phase of the execution of our strategy," said chief executive Stuart Gulliver in Wednesday's strategy update."We have announced the closure or disposal of 52 non-strategic or underperforming businesses, achieved $4.0 billion of annualised sustainable cost savings and generated double-digit loan growth in 15 priority markets."HSBC is now simpler, easier to manage and ready to take advantage of growth opportunities."HSBC announced last week that ...
TAIPEI: Taiwan sold only 83 percent of the 30-year government bonds it aimed to sell, the central bank said on Wednesday, at a yield of 1.99 percent, as demand for long-term bonds has weakened.The central bank auctioned T$35 billion ($1.17 billion) in 30-year government bonds, but only T$28.9 billion have been sold.The yield was above forecasts in a Reuters poll for a level of between 1.93 percent and 1.96 percent.Copyright Reuters, 2013 
MUMBAI: Shares of India's Tata Steel, one of the world's leading steel producers, fell nearly three percent on Tuesday, a day after it announced a $1.6 billion asset writedown on its European unit.Tata Steel said the writedown for the financial year that ended March 31, was due to "weak economic and market conditions" in Europe, that it forecast would continue "over the near- and medium-term".The writedown "reflects that investments have not delivered as per management's ...
MILAN: The world's biggest airport retailer Autogrill said on Tuesday its net loss increased 69 percent to 31.2 million euros ($40.51 million) in the first quarter.The Italian travel retail and restaurant group said recession in Europe weighed on motorway traffic, reducing the number of customers at the roadside restaurants which traditionally generated most of its revenue.Sales rose 0.5 percent in the quarter, helped by growth in North America and positive results for its airport retail ...
DUBLIN: Explorer Petrel Resources Plc is seeking a larger partner to help it fund drilling off the coast of Ireland and hopes to conclude a deal in coming months, as it capitalises on a surge of interest in the country's oil potential.Ireland's oil prospects have come to the fore after positive results last year at the Barryroe field in the Celtic Sea, which now looks set to be developed, turning the country into an oil ...
PARIS: European aerospace giant EADS said Tuesday its first quarter profits soared 91 percent from a year ago to 241 million euros ($316 million) amid solid demand for its commercial aircraft.Orders for the first three months rose to 49.9 billion euros compared to 12 billion during the same period last year, said the parent company of Airbus.Orders for Airbus' commercial aircraft showed the highest jump, leaping 496 percent.Sales for the first three months of the ...
FRANKFURT: Commerzbank, Germany's second-biggest bank, said Tuesday the subscription price for new shares in its planned capital increase has been set at 4.50 euros ($5.85) apiece, meaning it stands to raise up to 2.5 billion euros in all. Commerzbank said in a statement that it is issuing a total 555.5 million new shares.The capital increase is taking the form of a so-called rights issue where existing shareholders can apply for the new shares. For every ...More Articles...
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