Global revenues from climate-related businesses such as energy efficiency rose by 75% in 2008 to $530 billion and could exceed $2 trillion by 2020, HSBC Global Research estimated.
In the 2006 Stern Review on the economics of climate change, climate-related revenues were forecast to climb to $500 billion by 2050. “We can see that this seemingly huge figure has already been surpassed well ahead of time as more and more businesses adapt their business model,” said Joaquim de Lima, global head of quant research for equities at HSBC.
The climate sector has surpassed the size of the global aerospace or defence industry, with the United States, Japan, France, Germany and Spain accounting for 76% of global climate revenues, the report found. For revenues to rise to $2 trillion, the way energy is generated and used needs to change and continued government support is needed.
The four core investment pillars will be low-carbon energy production, energy efficiency, control of water, waste and pollution and climate finance, the report said. Energy efficiency recorded the highest investment returns in the year to date at 30%.
“This is a very significant trend given the substantial share of climate stimulus funds that have been directed at energy efficiency and energy management by governments across the globe,” HSBC analysts said.
Agencies
Showing posts with label HSBC. Show all posts
Showing posts with label HSBC. Show all posts
Saturday, September 19, 2009
Tuesday, December 16, 2008
More banks reveal exposure to Madoff
Banks and investment funds across the world lined up on Monday to admit investing billions of dollars in the companies of Bernard Madoff, whom US authorities accused of masterminding a massive fraud.
Britain’s HSBC was the latest bank to join the growing list, saying it had exposure of around $1 billion, making it one of the biggest victims of the alleged $50 billion fraud. Royal Bank of Scotland and Man Group in the UK, Japan’s Nomura and France’s Natixis also said they were hit by the worldwide scandal.
Financial companies, reeling after a year of enormous writedowns on bad credit assets, have so far tallied up more than $10 billion in direct and indirect exposure to the possible fraud by Madoff, the 70-year old trader who was arrested on Thursday. “There is a broader danger here for the industry,” an equity analyst said.
“This huge fraud, supposedly in blue-chip funds, is going to make people nervous, and you’ve already seen massive redemptions,” the analyst said. Shares in France’s Natixis were down 4.7% after it said it had as much as E450 million ($605 million) of exposure to the fiasco. The wider DJ Stoxx banking index was 0.9% lower.
US prosecutors and regulators have accused Madoff, a former chairman of the Nasdaq Stock Market, of running the fraud through his investment advisory business, which managed at least one hedge fund. Man Group, the world’s largest listed hedge fund manager, said it was exposed to Madoff through its fund of funds business RMF, which has $360 million invested in funds directly or indirectly sub-advised by Madoff. BNP Paribas and Santander detailed potential losses on Sunday, and others joined at the start of the trading week, with Italy’s UniCredit showing exposure of around E75 million.
RBS said its potential loss could amount to some £400 million ($595 million), if it assumed that the value of its assets in Madoff’s firm were nil.
Its exposure to the scandal was through trading and collateralised lending to funds of hedge funds invested in the group, the bank said in a statement.
Hedge funds are already struggling after a year that has badly damaged their boast that they can make money whichever way the market turns.
Source: Agencies
Britain’s HSBC was the latest bank to join the growing list, saying it had exposure of around $1 billion, making it one of the biggest victims of the alleged $50 billion fraud. Royal Bank of Scotland and Man Group in the UK, Japan’s Nomura and France’s Natixis also said they were hit by the worldwide scandal.
Financial companies, reeling after a year of enormous writedowns on bad credit assets, have so far tallied up more than $10 billion in direct and indirect exposure to the possible fraud by Madoff, the 70-year old trader who was arrested on Thursday. “There is a broader danger here for the industry,” an equity analyst said.
“This huge fraud, supposedly in blue-chip funds, is going to make people nervous, and you’ve already seen massive redemptions,” the analyst said. Shares in France’s Natixis were down 4.7% after it said it had as much as E450 million ($605 million) of exposure to the fiasco. The wider DJ Stoxx banking index was 0.9% lower.
US prosecutors and regulators have accused Madoff, a former chairman of the Nasdaq Stock Market, of running the fraud through his investment advisory business, which managed at least one hedge fund. Man Group, the world’s largest listed hedge fund manager, said it was exposed to Madoff through its fund of funds business RMF, which has $360 million invested in funds directly or indirectly sub-advised by Madoff. BNP Paribas and Santander detailed potential losses on Sunday, and others joined at the start of the trading week, with Italy’s UniCredit showing exposure of around E75 million.
RBS said its potential loss could amount to some £400 million ($595 million), if it assumed that the value of its assets in Madoff’s firm were nil.
Its exposure to the scandal was through trading and collateralised lending to funds of hedge funds invested in the group, the bank said in a statement.
Hedge funds are already struggling after a year that has badly damaged their boast that they can make money whichever way the market turns.
Source: Agencies
Saturday, December 13, 2008
Bank of America to slash 30,000 to 35,000 jobs
Bank of America said it expects to cut 30,000 to 35,000 jobs over the next three years, as it faces a deteriorating economic environment and tries to absorb Merrill Lynch.
The final number could be even higher, analysts say. Charlotte, North Carolina-based Bank of America said it hasn’t yet completed its analysis for eliminating positions, and won’t until early next year. The company and Merrill have about 308,000 employees in total, and the cuts will affect workers from both companies and all types of businesses.
Bank of America is considered one of the country’s healthier banks, and its decision to slash so many jobs illustrates the breadth of the layoffs hitting the United States. The nation lost more than half a million jobs in November alone, and economists expect many more to come. Bank of America’s action is a particularly hard blow for Charlotte, which is also home to the beleaguered Wachovia Corp, a once strong bank that is now being acquired by Wells Fargo & Co. In what amounts to a fire sale. Just three months ago, when the Merrill Lynch deal was announced, Charlotte was dubbed Wall Street South; now, the banking center is being hit as hard as Wall Street and other towns across America, where people go to work in the morning unsure if they will still have a job that night. The announcement of job cuts at Bank of America was hardly unexpected, considering the merger and the wave of job losses seen in the banking industry and in other sectors over the past few months. Bank of America and Merrill Lynch have already eliminated thousands of investment banking jobs over the past year, as have other banks, in an effort to lower costs as they face increasing defaults in mortgages, credit card debt and other loans.
HSBC lays off 193 staffers in India
Foreign lender HSBC has decided to slash 193 jobs in its Indian consumer assets business segment after reviewing its portfolio in the backdrop of the prevailing economic conditions, the bank said. The bank is restructuring its consumer assets business division in the country and has made "every efforts to redeploy the staff," HSBC said. "Some 620 people have been redeployed in suitable positions in the bank and other group entities in India. The leavers have been placed in the bank's priority returners scheme which will give them first preference for suitable jobs that come up in the next year," it said.
Source: Agencies
The final number could be even higher, analysts say. Charlotte, North Carolina-based Bank of America said it hasn’t yet completed its analysis for eliminating positions, and won’t until early next year. The company and Merrill have about 308,000 employees in total, and the cuts will affect workers from both companies and all types of businesses.
Bank of America is considered one of the country’s healthier banks, and its decision to slash so many jobs illustrates the breadth of the layoffs hitting the United States. The nation lost more than half a million jobs in November alone, and economists expect many more to come. Bank of America’s action is a particularly hard blow for Charlotte, which is also home to the beleaguered Wachovia Corp, a once strong bank that is now being acquired by Wells Fargo & Co. In what amounts to a fire sale. Just three months ago, when the Merrill Lynch deal was announced, Charlotte was dubbed Wall Street South; now, the banking center is being hit as hard as Wall Street and other towns across America, where people go to work in the morning unsure if they will still have a job that night. The announcement of job cuts at Bank of America was hardly unexpected, considering the merger and the wave of job losses seen in the banking industry and in other sectors over the past few months. Bank of America and Merrill Lynch have already eliminated thousands of investment banking jobs over the past year, as have other banks, in an effort to lower costs as they face increasing defaults in mortgages, credit card debt and other loans.
HSBC lays off 193 staffers in India
Foreign lender HSBC has decided to slash 193 jobs in its Indian consumer assets business segment after reviewing its portfolio in the backdrop of the prevailing economic conditions, the bank said. The bank is restructuring its consumer assets business division in the country and has made "every efforts to redeploy the staff," HSBC said. "Some 620 people have been redeployed in suitable positions in the bank and other group entities in India. The leavers have been placed in the bank's priority returners scheme which will give them first preference for suitable jobs that come up in the next year," it said.
Source: Agencies
Wednesday, December 3, 2008
Credit Suisse, HSBC to axe 1,150 jobs
Switzerland’s Credit Suisse AG Britain’s HSBC Holdings are axing hundreds of banking jobs as the biggest financial crisis since the Great Depression continues to bite.
The cuts are the latest in a wave of job losses in which around 90,000 jobs have been axed at major global banks since September. Of these, more than 50,000 were at US bank Citigroup.
Credit Suisse said on Tuesday the bank was cutting 650 jobs, equivalent to roughly 3% of its investment banking workforce of about 21,300. “The cuts will be made mainly in investment banking,” a spokesman for the Swiss bank said.
The bank, which employed around 50,000 people globally at the end of September, has already slashed 1,800 jobs this year.
HSBC, Europe’s biggest bank, said it was cutting 500 jobs at its UK banking business following a review of the business. The bank employs 58,000 people in Britain.
“We deeply regret taking this step, but we consider it essential to ensure our business is operating as efficiently as possible and that we are best placed to deal with the economic downturn and maintain our levels of customer service,” HSBC UK Managing Director Paul Thurston said.
JP Morgan Chase & Co has said it will cut a total of 9,200 jobs at Washington Mutual, which it acquired September 25 after Washington Mutual became the largest US bank to fail amid the ongoing credit crisis.
Of the 9,200 jobs being eliminated as JP Morgan integrates Washington Mutual, 4,000 will be cut by the end of January. The remaining 5,200 employees will remain with JP Morgan through a transition period, but will lose their positions by the end of 2009. ArcelorMittal, the world’s biggest steelmaker, also plans to cut 1,400 support jobs at its French operations. The job cuts will take the form of voluntary redundancies, Daniel Soury-Lavergne, head of the steelmaker’s French business, said in an e-mailed statement.
European steel maker Corus, which was acquired by the Tatas, has said it will cut 146 jobs at one of its units. Corus in a statement said as part of the reorganisation process, the decision has been taken to reduce employment levels at Corus Tubes, a business division of the company, 146 jobs would be at risk.
Citi cuts package
American behemoth Citigroup, which is axing over 75,000 jobs this year to help cut costs and fight financial crisis, is now slashing the severance package, that too for staff having put 10 or more years with the bank.
Source: Agencies
The cuts are the latest in a wave of job losses in which around 90,000 jobs have been axed at major global banks since September. Of these, more than 50,000 were at US bank Citigroup.
Credit Suisse said on Tuesday the bank was cutting 650 jobs, equivalent to roughly 3% of its investment banking workforce of about 21,300. “The cuts will be made mainly in investment banking,” a spokesman for the Swiss bank said.
The bank, which employed around 50,000 people globally at the end of September, has already slashed 1,800 jobs this year.
HSBC, Europe’s biggest bank, said it was cutting 500 jobs at its UK banking business following a review of the business. The bank employs 58,000 people in Britain.
“We deeply regret taking this step, but we consider it essential to ensure our business is operating as efficiently as possible and that we are best placed to deal with the economic downturn and maintain our levels of customer service,” HSBC UK Managing Director Paul Thurston said.
JP Morgan Chase & Co has said it will cut a total of 9,200 jobs at Washington Mutual, which it acquired September 25 after Washington Mutual became the largest US bank to fail amid the ongoing credit crisis.
Of the 9,200 jobs being eliminated as JP Morgan integrates Washington Mutual, 4,000 will be cut by the end of January. The remaining 5,200 employees will remain with JP Morgan through a transition period, but will lose their positions by the end of 2009. ArcelorMittal, the world’s biggest steelmaker, also plans to cut 1,400 support jobs at its French operations. The job cuts will take the form of voluntary redundancies, Daniel Soury-Lavergne, head of the steelmaker’s French business, said in an e-mailed statement.
European steel maker Corus, which was acquired by the Tatas, has said it will cut 146 jobs at one of its units. Corus in a statement said as part of the reorganisation process, the decision has been taken to reduce employment levels at Corus Tubes, a business division of the company, 146 jobs would be at risk.
Citi cuts package
American behemoth Citigroup, which is axing over 75,000 jobs this year to help cut costs and fight financial crisis, is now slashing the severance package, that too for staff having put 10 or more years with the bank.
Source: Agencies
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