HSBC Holdings Plc, Europe’s largest bank, will eliminate as many as 14,000 more jobs as Chief Executive Officer Stuart Gulliver set out plans to cut an additional $3 billion of costs as he tries to revive profitability.
China’s stocks fell as economic reports overshadowed speculation the government will postpone the resumption of initial public offerings. A gauge of consumer- discretionary stocks dropped the most in two weeks.
Cash flows at China’s life insurers will be squeezed this year by customers canceling contracts out of frustration with low returns and an increase in maturing policies, according to BoCom International Holdings Co. and Capital Securities Corp.
HSBC Holdings Plc, Europe’s largest bank, posted a bigger-than-estimated increase in first-quarter profit after provisions for bad loans shrank, stirring speculation the lender may step up its cost-reduction targets.
When billionaire Dhanin Chearavanont needed cash in 2005, he sold a stake in Thailand’s biggest wholesale chain for 60 baht a share. Eight years later, he’s offering 13 times that to reassemble his empire.
Billionaire Dhanin Chearavanont’s CP All Pcl, owner of Thailand’s 7-Eleven chain, offered to pay about $6.6 billion for discount retailer Siam Makro Pcl in the biggest takeover announced in Asia this year.