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FILE PHOTO - The HSBC bank logo is pictured at a branch office at the Paradeplatz in Zurich

HSBC's 2016 profit slumps 62 percent on writedowns, Hong Kong shares slide

Reuters - By Sumeet Chatterjee and Lawrence White HONG KONG/LONDON (Reuters) - HSBC Holdings reported a 62 percent slump in annual pre-tax profit that fell way short of analysts' estimates as the British ban…

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  • FILE PHOTO -  The HSBC bank logo is pictured at a branch office at the Paradeplatz in Zurich
    HSBC's 2016 profit slumps 62 percent on writedowns, Hong Kong shares slide Reuters

    By Sumeet Chatterjee and Lawrence White HONG KONG/LONDON (Reuters) - HSBC Holdings reported a 62 percent slump in annual pre-tax profit that fell way short of analysts' estimates as the British bank …

    FILE PHOTO -  The HSBC bank logo is pictured at a branch office at the Paradeplatz in Zurich

    By Sumeet Chatterjee and Lawrence White HONG KONG/LONDON (Reuters) - HSBC Holdings reported a 62 percent slump in annual pre-tax profit that fell way short of analysts' estimates as the British bank took hefty writedowns from its restructuring, sending its Hong Kong shares down 3.5 percent. Europe's biggest bank by assets …

  • Asia stocks consolidate recent gains; China shines Reuters

    By Saikat Chatterjee HONG KONG (Reuters) - Asian stocks held ground on Tuesday though Chinese equities surged to a fresh 2-1/2 month high as domestic funds piled into financial counters on expectations …

    An investor walks in front of an electronic board showing stock information on the first trading day after the New Year holiday at a brokerage house in Shanghai

    By Saikat Chatterjee HONG KONG (Reuters) - Asian stocks held ground on Tuesday though Chinese equities surged to a fresh 2-1/2 month high as domestic funds piled into financial counters on expectations the world's second biggest economy may have turned a corner. MSCI's broadest index of Asia-Pacific shares outside Japan …

  • Snap arrives in London to woo skeptical investors ahead of IPO Reuters

    By Simon Jessop and Sophie Sassard LONDON (Reuters) - Snap Inc, owner of popular messaging app Snapchat, kicked off its first investor roadshow on Monday, looking to persuade London money managers to …

    FILE PHOTO: A billboard displays the logo of Snapchat above Times Square in New York

    By Simon Jessop and Sophie Sassard LONDON (Reuters) - Snap Inc, owner of popular messaging app Snapchat, kicked off its first investor roadshow on Monday, looking to persuade London money managers to back its initial public offering in the face of concerns about its growth prospects, valuation and corporate governance. …

  • Exclusive: Burger King and Tim Hortons owner nears deal to buy Popeyes - sources Reuters

    Restaurant Brands International Inc, owner of the Burger King and Tim Hortons fast-food chains, is nearing a deal to acquire Popeyes Louisiana Kitchen Inc, people familiar with the matter said on Monday. …

    A popeyes restaurant sign is seen on the intersections of Broadway and New Orleans a cross the street from the John Hopkins Hospital in Baltimore, Maryland

    Restaurant Brands International Inc, owner of the Burger King and Tim Hortons fast-food chains, is nearing a deal to acquire Popeyes Louisiana Kitchen Inc, people familiar with the matter said on Monday. The deal, which will likely value Popeyes at more than $1.7 billion, is a bet by Oakville, Ontario-based Restaurant …

  • Greece, lenders agree to work out new reforms to unblock aid Reuters

    By Jan Strupczewski and Francesco Guarascio BRUSSELS (Reuters) - Greece and its international lenders agreed on Monday to let teams of experts work out new reforms to Greek pensions, income tax and labor …

    Greek Finance Minister Tsakalotos talks to European Commissioner Moscovici during a eurozone finance ministers meeting in Brussels

    By Jan Strupczewski and Francesco Guarascio BRUSSELS (Reuters) - Greece and its international lenders agreed on Monday to let teams of experts work out new reforms to Greek pensions, income tax and labor market that would allow Athens to eventually qualify for more cheap loans, euro zone officials said. Greece needs a …

  • Germany encouraged over Opel jobs, but UK union worries Reuters

    By Gernot Heller and Costas Pitas BERLIN/LONDON (Reuters) - Initial talks between the German government and carmakers PSA and General Motors have led to some encouraging signs that jobs at Opel factories …

    Opel presents their new Crossland X SUV in Frankfurt

    By Gernot Heller and Costas Pitas BERLIN/LONDON (Reuters) - Initial talks between the German government and carmakers PSA and General Motors have led to some encouraging signs that jobs at Opel factories will be preserved, though no guarantees have been made yet, a top official said on Monday. In contrast, a source …

  • Freeport warns of arbitration as Indonesia mining dispute escalates Reuters

    By Fergus Jensen and Wilda Asmarini JAKARTA (Reuters) - U.S. mining giant Freeport-McMoRan Inc warned on Monday it could take the Indonesian government to arbitration and seek damages over a contractual …

    Freeport Indonesia spokesman Riza Pratama speaks during a news conference in Jakarta

    By Fergus Jensen and Wilda Asmarini JAKARTA (Reuters) - U.S. mining giant Freeport-McMoRan Inc warned on Monday it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at the world's second-biggest copper mine. In an escalation of the dispute, Freeport …

  • UK government has no intention of revoking Article 50: PM May's spokesman Reuters

    The British government has no intention of revoking its withdrawal from the European Union once the formal exit process has been triggered, Prime Minister Theresa May's spokesman said on Monday. May plans …

    Britain's Prime Minister Theresa May smiles during her meeting with French Prime Minister Bernard Cazeneuve inside 10 Downing Street

    The British government has no intention of revoking its withdrawal from the European Union once the formal exit process has been triggered, Prime Minister Theresa May's spokesman said on Monday. May plans to trigger Article 50 of the EU's Lisbon Treaty by the end of March, beginning up to two years of divorce talks. Lawyers …

  • Amazon to create over 5,000 jobs in Britain in 2017 Reuters

    Online retailer Amazon is set to create more than 5,000 jobs in Britain this year, the company said on Monday, boosting its investment in the country once more even as it prepares to leave the European …

    FILE PHOTO: An Amazon package is seen after being delivered in London

    Online retailer Amazon is set to create more than 5,000 jobs in Britain this year, the company said on Monday, boosting its investment in the country once more even as it prepares to leave the European Union. Amazon, along with other tech giants such as Google and Apple, has increased its commitment to Britain in the last …

  • GM shares could climb 35 percent if it sells Opel: Barron's Reuters

    (Reuters) - General Motors Co shares could climb by as much as 35 percent if it succeeds in selling its European Opel brand and focuses on its healthier markets, Barron's said on Sunday. Last week, GM …

    A water tank is seen at the General Motors assembly plant in Ramos Arizpe

    (Reuters) - General Motors Co shares could climb by as much as 35 percent if it succeeds in selling its European Opel brand and focuses on its healthier markets, Barron's said on Sunday. Last week, GM confirmed reports that it was in talks to sell its Opel business to Paris-based PSA Group, which manufactures brands including …

  • SoftBank shares up; sources say company willing to cede control of Sprint Reuters

    Shares in SoftBank Group Corp <9984.T> rose nearly 3 percent in morning trade on Monday after a Reuters report that the Japanese company is prepared to cede control of Sprint Corp to T-Mobile US Inc  …

    SoftBank Group Corp Chairman and CEO Son attends a news conference in Tokyo

    Shares in SoftBank Group Corp <9984.T> rose nearly 3 percent in morning trade on Monday after a Reuters report that the Japanese company is prepared to cede control of Sprint Corp to T-Mobile US Inc to clinch a merger of the two U.S. wireless carriers. SoftBank is expected to approach T-Mobile parent Deutsche Telekom …

  • Japan Inc signals boost to domestic capex but less keen on the U.S.: Reuters poll Reuters

    By Tetsushi Kajimoto TOKYO (Reuters) - One third of Japanese firms are looking to lift business investment at home in the next financial year, but companies are less bullish about capital spending in …

    FILE PHOTO -  Toyota Motor Corp's miniature production line model is displayed at the company's museum in Toyota

    By Tetsushi Kajimoto TOKYO (Reuters) - One third of Japanese firms are looking to lift business investment at home in the next financial year, but companies are less bullish about capital spending in the United States due to uncertainty over the Trump administration's policies, a Reuters poll showed. Japanese auto firms, …

  • Kraft withdraws $143-billion offer to merge with Unilever Reuters

    By Carl O'Donnell NEW YORK (Reuters) - U.S. food company Kraft Heinz Co withdrew its proposal for a $143-billion merger with larger rival Unilever Plc , the companies said on Sunday, raising questions …

    FILE PHOTO - Bottles of Heinz tomato ketchup of U.S. food company Kraft Heinz are offered at a supermarket in Zumikon

    By Carl O'Donnell NEW YORK (Reuters) - U.S. food company Kraft Heinz Co withdrew its proposal for a $143-billion merger with larger rival Unilever Plc , the companies said on Sunday, raising questions about whether Kraft could turn its focus to another target. Kraft had made a surprise offer for Unilever to build a global …

  • PSA chief executive to meet UK's May about Vauxhall takeover Reuters

    By Laurence Frost and David Milliken PARIS/LONDON (Reuters) - The chief executive of Peugeot manufacturer PSA Group will meet British Prime Minister Theresa May to discuss his firm's planned acquisition …

    Carlos Tavares, Chairman of the Managing Board of French carmaker PSA Peugeot Citroen, attends a news conference on media day at the Mondial de l'Automobile in Paris

    By Laurence Frost and David Milliken PARIS/LONDON (Reuters) - The chief executive of Peugeot manufacturer PSA Group will meet British Prime Minister Theresa May to discuss his firm's planned acquisition of General Motors' Opel and Vauxhall operations, a government spokesman said on Saturday. Both Britain and Germany …

  • China to suspend all imports of coal from North Korea Reuters

    China will suspend all imports of coal from North Korea starting Feb. 19, the country's commerce ministry said in a notice posted on its website on Saturday, as part of its efforts to implement United …

    A cargo ship is loaded with coal during the opening ceremony of a new dock at the North Korean port of Rajin

    China will suspend all imports of coal from North Korea starting Feb. 19, the country's commerce ministry said in a notice posted on its website on Saturday, as part of its efforts to implement United Nations sanctions against the country. The Ministry of Commerce said in a short statement that the ban would be effective …

  • After night in cell, Samsung scion taken for questioning Reuters

    Handcuffed and tied with white rope, the scion of one of the world's biggest conglomerates, Samsung Group, was taken on Saturday for questioning by South Korean authorities after spending a night in a …

    Samsung Group chief, Jay Y. Lee arrives at the office of the independent counsel team in Seoul

    Handcuffed and tied with white rope, the scion of one of the world's biggest conglomerates, Samsung Group, was taken on Saturday for questioning by South Korean authorities after spending a night in a small detention cell. Samsung Group chief Jay Y. Lee was arrested on Friday for his alleged role in a corruption scandal …

  • Kraft Heinz bids $143 billion for Unilever in global brand grab Reuters

    By Martinne Geller and Pamela Barbaglia LONDON (Reuters) - U.S. food company Kraft Heinz Co made a surprise $143 billion offer for Unilever Plc in a bid to build a global consumer goods giant, although …

    A Heinz Ketchup bottle sits between a box of Kraft macaroni and cheese and a bottle of Kraft Original Barbecue Sauce on a grocery store shelf in New York

    By Martinne Geller and Pamela Barbaglia LONDON (Reuters) - U.S. food company Kraft Heinz Co made a surprise $143 billion offer for Unilever Plc in a bid to build a global consumer goods giant, although it was flatly rejected on Friday by the maker of Lipton tea and Dove soap. It would bring together some of the world's …

  • Exclusive: SoftBank willing to cede control of Sprint to entice T-Mobile - sources Reuters

    By Liana B. Baker NEW YORK (Reuters) - Japan's SoftBank Group Corp <9984.T> is prepared to give up control of Sprint Corp to Deutsche Telekom AG's T-Mobile US Inc to clinch a merger of the two U.S. …

    The logo of U.S. mobile network operator Sprint Corp is seen at a Sprint store in San Marcos, California

    By Liana B. Baker NEW YORK (Reuters) - Japan's SoftBank Group Corp <9984.T> is prepared to give up control of Sprint Corp to Deutsche Telekom AG's T-Mobile US Inc to clinch a merger of the two U.S. wireless carriers, according to people familiar with the matter. SoftBank has not yet approached Deutsche Telekom to discuss …

  • Oil steady, but down for the week as glut worries face OPEC cuts Reuters

    By Devika Krishna Kumar NEW YORK (Reuters) - Oil prices ended steady on Friday but lower on the week, with U.S. crude notching its first weekly decline in five weeks, as the market weighed rising U.S. …

    A gas station attendant pumps fuel into a customer's car at PetroChina's petrol station in Beijing

    By Devika Krishna Kumar NEW YORK (Reuters) - Oil prices ended steady on Friday but lower on the week, with U.S. crude notching its first weekly decline in five weeks, as the market weighed rising U.S. drilling and record stockpiles against efforts by major producers to cut output to reduce a global glut. U.S. energy companies …

  • Yen gains as political worries stoke safe-haven bids Reuters

    By Richard Leong NEW YORK (Reuters) - The yen rose against major currencies on Friday as concerns about the upcoming French elections and the lack of movement in fiscal changes in the United States kindled …

    Light is cast on U.S. one-hundred dollar bill next to Japanese 10,000 yen note

    By Richard Leong NEW YORK (Reuters) - The yen rose against major currencies on Friday as concerns about the upcoming French elections and the lack of movement in fiscal changes in the United States kindled safe-haven demand for the Japanese currency. "We are trading in this political policy vacuum," Mazen Issa, senior …