HSBC Holdings Plc is not thinking it's time to deepen cuts at its securities unit. The bank's investment unit is suffering from drop in trading revenues amid sluggish financial markets. HSBC Holdings is aiming to reduce costs by $5 billion by 2017.
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South African Finance Minister Orders Probe Into Eskom Coal Supply Deal
Eskom, a South African state owned power producer has attracted a probe over its deals for developing new power plants. Country’s finance minister has ordered the probe and cancelled post budget breakfast briefing scheduled to be broadcast by New Age newspaper. The move has been analyzed as a revolt within the government against Gupta family, intimate with President Jacob Zuma.
American International Group, Inc. Reported Larger Than Expected Net Loss of $1.8 Billion in Q4 2015
American International Group, Inc. reported a bigger quarterly loss than expected. The company was hurt by weak underwriting and investment return. The big loss in Q4 made its full year income dropped by more than 70%
Canada Finance Minister, Bill Morneau, to Disclose Liberal's First Budget
The finance minister of Canada, Bill Morneau, is expected to disclose the principal terms of Liberal's first budget on Monday. Morneau's revised budget figures will highlight the problems facing Canada's economy.
Victoria's Secret CEO Announced Resignation, Parent Company's CEO to Assume Leadership
Victoria’s Secret CEO Sharen Turney announced her resignation on Friday, concerning investors and briefly crash the parent company’s shares after the news. However, the company had assured investors that the company will retain its success with the parent company’s founder and CEO Les Wexner assuming the role and Turney remaining as the lingerie brand’s advisor.
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Investment inflows into oil and gas projects are dropping significantly. The investments in oil projects in 2016 is forecast to fall below £1 billion from the five-year annual average of £8 billion.
The renewed signs of prospects in China's steel industry propelled the copper prices move up on Monday to the highest in two weeks. Investors also reacted positively to the China's securities regulator head's resignation. Copper prices rose in four of five weeks.
The Chinese job market has hit a dry spell, with job postings dropping across all sectors at an alarming rate. These findings, put together by the data restructuring company Quanton Data, throw up a pretty grim scenario, specially for the freshers who are about to step into the job market this summer.
Japan's retail electricity market is about to be liberalized, which has the top power companies as well new entrants vying for a share. The companies have come up with their mascots to lure the customers, from a suited gorilla to a cuddly bear, in a land where such characters are loved by children and adults alike.
China’s ruling party decided to replace the country’s chairman of the securities regulator, Xiao Gang, with former central banker Liu Shiyu. The regulator has taken the blame for failing to stabilize the market turbulence in the country over the year.
Google Translate has announced absorbing 13 more languages to its service arena on Wednesday. Google Translate works on machine learning technique. So contributions, from Translate Community of 3 billion users, have been sought to improve the service. Google claims to offer translation for 99% things appearing in the web.
Asian stocks rebounded on Monday ahead of G20 Finance Ministers meeting, which is scheduled on this weekend. Investors are positively looking to reassurances about global economy growth.
Facebook has announced forming a social VR team. The team is led by two executives, Daniel James and Mike Booth, both from the video games industry. The team is expected to compete with several startups trying to bring video conferencing and social networking into VR.
Latin America experienced a phenomenal growth in the last decade. However, according to World Bank, the economic growth has not reached some people.Meanwhile the region's economy is slowing down in the last three years.
