. | . |
HSBC's China investment bank adds Communist Party committee: FT by AFP Staff Writers Hong Kong (AFP) July 21, 2022 HSBC has become the first foreign lender in China to set up a Chinese Communist Party committee in an in-country investment banking venture, the Financial Times reported Thursday. HSBC Qianhai Securities installed a CCP committee after HSBC's stake in the joint venture increased from 51 to 90 percent, the FT said, citing two people familiar with the decision. Chinese law requires every company to set up its own CCP committee but the rule is "not yet widely enforced" among foreign banks, the newspaper added. Such committees can place party representatives at a company's managerial level, but people close to HSBC told the FT that the committee in question would not have any management role. HSBC did not immediately respond to AFP's request for comment. Senior employees at foreign banks warned that HSBC's move will pressure competitors to follow suit and some have been looking into the option, the FT reported. Last year, HSBC announced it would embark on a multi-year strategic pivot to Asia and the Middle East, with ambitions to lead Asia's wealth management market. The bank said it would invest $6 billion in Hong Kong, China and Singapore and hire more than 5,000 wealth advisors -- while slashing 35,000 jobs and cutting its retail operations in the United States and France. HSBC has around 7,000 staff in mainland China, according to the FT. The bank has been caught in ongoing geopolitical tensions between China and the West in recent years, coming under pressure from both sides. British and American politicians have criticised the bank for complying with Hong Kong's controversial national security law, including freezing the accounts of activists. Separately, the bank drew flak from Beijing for providing information to US prosecutors that led to the arrest of Huawei executive Meng Wanzhou in 2018. In April, HSBC's largest shareholder Ping An Insurance Group called for the bank to split off its Asian operations, noting the difficulty of balancing between east and west. hol/reb/lb
Euro up as Russia gas returns, equities struggle ahead of ECB decision Hong Kong (AFP) July 21, 2022 The euro rose Thursday after Russia resumed gas supplies to Europe, while traders await a crucial European Central Bank policy meeting, with the continent's equities struggling. The news helped Asian markets, which recovered from an early sell-off to end mixed following news that the Nord Stream 1 pipeline's taps had been switched back on after 10 days of maintenance. The announcement removed a measure of uncertainty among traders who had feared Moscow would keep gas flows cut in retaliation for ... read more
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |