Tim Hortons' response to minimum wage hikes sparks series of protests
LA Times Publisher Takes Unpaid Leave of Absence Amid Sexual Harassment Investigation
Carillion: What is the government doing to help SMEs?
'This Place Is a Sh*thole' Projected Onto Trump Hotel In Washington, DC
Ford Will Invest $11 Billion In Electric Cars By 2022
HSBC praises its 'excellent' first-half result after slashing costs
01 August 2017, 10:51 | Ruby West
HSBC's first half 2017 pre-tax profit rises 5 per cent, announces USD 2 billion stock buyback
The bank reported a profit of $3.9 billion in the second quarter, compared with $2.5 billion in the second quarter of 2016.
The buyback was unveiled along with a 12% increase in adjusted pre-tax profit to US$12bn, beating consensus forecasts, or 5% to US$10.2bn on a reported basis.
Chief executive Stuart Gulliver said group revenue was down 11 per cent as the company sold off businesses it does not consider to be central to its long-term strategy.
The latest share buyback, of up to $2bn, comes as HSBC uses excess capital to offset the dilutive effect of shares paid out as dividends.
HSBC chairman Douglas Flint also used the bank's quarterly results to reiterate a warning that the fragmentation of the European banking industry to locations outside London would lead to increased costs and less financing for countries and corporations.
HSBC shares have performed strongly over the past year, as the decline in the value of the pound relative to the dollar has enhanced the value in sterling terms of the bank's overseas earnings.
The bank also announced a $2 billion share buyback for the second half of the year.
HSBC is the largest bank in Europe and presents an opportunity for investors to diversify away from banks that are more heavily weighted in North American markets. But on Monday he said that he could stay at the bank until December 2018, if an external candidate is appointed to take over. "Good credit control and good cost control and a very strong capital position".
The estimate, one of the most detailed yet by a major bank, includes the costs of relocating up to 1,000 jobs to the French capital as well as associated legal fees, Gulliver told reporters on a conference call. At the 2015 strategy day, Mr. Gulliver laid out an aim to get revenue growth in its global network above GDP, and said he tracks the estimated figure every two weeks.
HSBC has carried out two years of recovery measures to streamline its business, cutting tens of thousands of staff in the process. Mr. Flint is leaving in September and will be replaced by Mark Tucker, former CEO of AIA Group Ltd. Mr. Gulliver has said he would leave next year after a new CEO is named.
HSBC won approval last month in China to establish an investment banking joint venture with a state-backed fund, ending a 20-month wait, making it the first such venture in China to be majority-owned by a foreign bank.
Conte reveals why Cahill will captain Chelsea next season
Morata will be hoping to help Chelsea retain their Premier League title next season after the Blues won the trophy last term. Conte expects another signing to arrive in the next few days before they continue their pre-season training in Singapore.
Anti-govt protesters march in Polish cities
Thursday's bill on the Supreme Court has drawn condemnation from the European Union and has led to street protests. Critics concede that the judiciary needs reform, but that the proposed changes are going in the wrong direction.
Kuwait Expels Iranian Diplomats Over 'Terror' Cell
Kuwait has maintained good ties with Iran despite pressure from regional power Saudi Arabia to cut ties with Tehran. In August 2015, Kuwait said it had busted the 26-member cell and seized arms, ammunition and explosives from them.
Tillerson calls on Russian Federation to improve USA relations
Corker had earlier objected to including the North Korean sanctions, initially favoring to address that issue in a separate bill. Goods produced by North Korea's forced labour would be prohibited from entering the United States, according to the bill.
Woman arrested in deadly crash that was livestreamed online
Obdulia Sanchez was driving her sister, Jacqueline Sanchez , and another girl westbound down Henry Miller Road around 6:40 p.m. As for the older sister, she was reportedly uncooperative with police officers and appeared to be highly intoxicated.
International Champions Cup 2017: Chelsea vs Bayern Munich
Chelsea Manager Antonio Conte cautiously praised the Alvaro Morata debut in his postgame press conference. 'I feel good. Bayern made is 2-0 after 12 minutes when Ribery set up Thomas Muller , who volleyed the ball in at the far post.
ECB chief says no date for stimulus change
Markets will be scrutinising his comments for any signs as to a change in the ECB's stimulus policies. The year-on-year number was also higher than expected and increased 2.9% versus the forecasted 2.5%.
Sales of petrol and diesel cars to be banned by 2040
Although many electric auto owners have charging points at home, it is only possible if they have a driveway close to their house. Brokers see price parity between electric and non -electric vehicles as early as next year when Tesla's ramp-up hits full swing.
Mosquitoes carrying West Nile found in Estevan area
Wear a long sleeve shirt, long trousers , and a hat when going into mosquito-infested areas, such as wetlands or woodlands. Between 20 and 25 percent of them will develop a fever, headache, loss of appetite, nausea or a skin rash, he said.