Day: August 3, 2020

HSBC to speed up 35,000 job cuts as profits slump

HSBC plans to speed up job cuts after interim profits plunged and the bank said bad loans linked to the coronavirus could reach $13bn (£9.8bn).

HSBC boss Noel Quinn said it will “accelerate” an earlier restructuring plan which included axing 35,000 jobs.

“Our operating environment has changed significantly since the start of the year,” he said.

Mr Quinn also said the bank would examine “additional actions” to strengthen its business.

Europe’s biggest bank reported a 65% drop in pre-tax profits to $4.3bn for the first half of the year – much steeper than analysts had forecast.

HSBC also said it

RBI monetary policy: Will Reserve Bank cut interest rate in upcoming MPC meet amid these fears?

The present inflation trajectory, albeit based on an incomplete set of data, would be worrying for the MPC in normal times.

Suvodeep Rakshit

Going into the August policy, the RBI MPC will have two conflicting data points: (1) recession remains firmly on the cards and (2) inflation during the lockdown had inched up uncomfortably above the RBI’s upper tolerance level of 6%. Given the uncertainty on the depth of the recession, the MPC will have to remain accommodative in its stance and (possibly) deliver another rate cut of around 25 bps (but will be a close one). The more important

‘TikTok could become Microsoft’s deal of the decade’

The onus is on Nadella to get it done, and quickly. (Image: AP)

Let’s get something clear upfront: Microsoft Corp.’s purchase of TikTok isn’t worth $50 billion.

That’s my opinion. But then again, it’s not my money. Some investors in its parent company, ByteDance Ltd., think it’s worth that much, according to a Reuters report last week. Good for them. We’ll soon find out its true value, and more importantly, that of Microsoft’s chief executive officer.

After a weekend of speculation, the American software giant came out Monday morning, Beijing time, to confirm talks to buy the short-video sensation that