Posted by
admin on February 3, 2012 |
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Hong Kong’s financial system grew a less than expected 3 percent in the fourth quarter from a year previous as Europe’s debt crisis hampered exports. The development was the least in two years and compared with the 3.1 percent median forecast in a Bloomberg News survey of 12 economists. Financial Secretary John Tsang gave the number in his budget speech today. For the full year, growth was 5 percent.
Hong Kong can give focus this year on supporting growth rather than limiting the risk of real-estate bubbles as property prices fall and exports weaken. Chief Executive Donald Tsang said last week in Davos, Switzerland, that he has never been as scared about the global economic outlook, and UBS AG says the city may have a “superficial” depression in the first half. A budget surplus will “help to shore up Hong Kong’s defenses in an increasingly unstable global financial environment,” .UBS sees Hong Kong’s economy growing 1.6 percent this year, while Standard Chartered Plc predicts increase of 2.9 percent.
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Posted by
admin on February 2, 2012 |
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European governments moved toward a argument over a second free package for Greece, just as a dimming economic viewpoint in Portugal opened a new front in the debt crisis. Euro leaders left a Brussels high point late yesterday with no agreement over how to plug Greece’s increasing budget hole and German Chancellor Angela Merkel expressing annoyance with the Athens government’s incapability to carry out a financial alteration.
Bargaining with Greece over a balance record and its economic management outshine efforts to point the way out of the monetary disaster. EU chiefs agreed to speed the setup of a full-time 500 billion-euro ($654 billion) rescue fund and signed off on a German-inspired deficit-control concord. The summit was the 16th in the two years since the Greek debt emergency aggravated a Europe-wide drama, leading to extraordinary aid packages for Greece, Ireland and Portugal and disturbing European confidence that the ordinary currency was unyielding.
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Posted by
admin on January 31, 2012 |
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Citigroup Inc. (C), the third major U.S. lender by assets, slash 2011 bonuses in its investment banking division by about 30 percent on average amid slumping revenue, according to a person saying on the subject. A number of trades within the securities and finance unit had bonuses concentrated by as much as seventy percent compared with the earlier year, said the person, who asked to stay unidentified because the decisions aren’t public. The unit, led by James “Jamie” Forese, includes bond and stock trading as well as debt and equity underwriting.
Chief Executive Officer Vikram Pandit, 55, is firing workers and shrinking costs in the unit as he grapples with declining revenue. The bank said this month that it will cut about 1,200 workers from the division to save $600 million this year and more reductions may pursue. The unit’s income dipped 21 percent ever since 2009, while reimbursement and other operating costs jumped 15 percent.
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