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HSBC Holdings Plc is a bank in limbo. Pandemic-related bad loans have messed up its cost-reduction plan. Coming in the crosshairs of the US-China conflict made investors nervous about the jewel in its crown: the Hong Kong franchise.
Bank to derive income more from fee-based businesses
HONG KONG/LONDON: HSBC Holdings PLC on Tuesday signalled it would embark on a pandemic-induced overhaul of its business model, seeking to flip its main source of income from interest rates to fee-based businesses.
LONDON: The resurgent Covid-19 pandemic is pushing back the recovery in air travel, turning winter into a survival test for carriers now pinning hopes on a spring rebound.
TOKYO: ANA Holdings Inc will cut about 3,500 jobs by fiscal year 2022, and will seek to temporarily transfer employees to Toyota Motor Corp and other automakers, Yomiuri reported, without saying where it got the information.
HONG KONG: Calls from laid-off Cathay Pacific Airways Ltd pilots began arriving at OKAY Property Agency Ltd not long after the Hong Kong airline announced one of the biggest job cuts in global aviation.
TOKYO: Japan's core consumer prices fell 0.3% in September from a year earlier, marking the second straight month of declines in a sign the coronavirus-induced demand downturn is piling deflationary pressure on the world's third largest economy.
As local interest picks up, foreign selling is also increasing
IRVING (Texas): Exxon Mobil Corp plans to lay off an unspecified number of employees as low oil prices force the company to delay major projects, chief executive officer Darren Woods has told his staff in an email
SYDNEY: Hong Kong’s Cathay Pacific Airways Ltd said yesterday it would slash 5,900 jobs and end its regional Cathay Dragon brand, joining peers in cutting costs as it grapples with a plunge in demand due to the coronavirus pandemic.