World News

HSBC to push on with overhaul ‘wherever possible’ despite crisis

By Lawrence White LONDON (Reuters) – HSBC will press ahead with plans to shift capital from underperforming businesses, cut costs and strip out layers of management, despite problems caused by the coronavirus pandemic. Chief Executive Noel Quinn said HSBC <HSBA.L> would proceed “wherever possible” with a transformation plan outlined in February, but had paused most […]

World News

UBS ups estimates for COVID-19 insured losses to $30-60 billion

LONDON (Reuters) – Swiss bank UBS <UBSG.S> raised its estimates for COVID-19 insured losses to $30-60 billion from $20-40 billion on Friday, citing increasing uncertainty about non-U.S. business interruption claims. UBS upped its estimates for non-U.S. business interruption to $7-22 billion from $5-15 billion previously, and said it expected $8-16 billion in credit insurance losses, […]

World News

Singtel secures $3 billion in bank credit for subsidiaries

SINGAPORE (Reuters) – Singapore Telecommunications’ <STEL.SI> (Singtel) subsidiaries have secured close to $3 billion in bank credit facilities, it said on Friday. The deals include S$3.45 billion ($2.4 billion) of facilities for Singtel Group Treasury and A$800 million ($510 million) for its Australian subsidiary Optus Finance. The funds will be used for refinancing and general […]

World News

The cost of lockdowns in emerging markets

By Karin Strohecker LONDON (Reuters) – Measures to prevent the spread of coronavirus in developing countries come at a heavy cost to governments and citizens, raising poverty levels and government debt and crimping future growth. Policy-makers have to make some hard socio-economic choices depending on the demographic, fiscal and labour market set-up of their country. […]