A pedestrian walks past an HSBC advertisement in Hong Kong. Agence France-Presse
Europe's biggest bank said it had been hit by falling interest rates disruption caused by the coronavirus and political tensions between the US and China.
For the first time since the Great Recession a decade ago, the US Federal Reserve is poised to cut interest rates, shoring up America’s defenses as the global economy weakens.
Australia’s strong economic performance of recent decades has allowed its central bank to avoid the kinds of unorthodox policies seen in other countries, but record low rates mean less conventional measures may be needed to tackle new challenges.
HSBC Holdings beat forecasts with a 31 per cent rise in the first quarter profit, bolstered by a surge in income from its core Asian business due to the absence of legal and regulatory expenses borne in the year-ago quarter. Reining in costs has been one of the biggest challenges for HSBC Chief Executive John Flint
Oil prices gained for a fourth straight session as data showed a drawdown in US crude stockpiles, adding to ongoing worries of tight supply, which have offset concerns over a weaker global economy and demand.
The partially convertible rupee ended at Rs78.9650/9750 per US dollar (Dhs21.49) after touching a lifetime low of Rs78.97. The currency had closed at Rs78.77 on Tuesday.
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Council, launched ‘Dubai Global’, an initiative to establish 50 integrated