In a first for India, British banking major HSBC has executed a trade finance transaction involving an export by Reliance Industries to an American client using the blockchain, which massively reduced the time taken for processing the documents.
Noting that China has got the major portion of rare earths deposits in the world while India is scanted, National Security Advisor Ajit Doval Saturday said the country could counter that by converting its demographic dividend -- young population -- into an asset.
China’s Belt and Road Initiative and plans by Gulf economies to diversify from oil will help HSBC (HSBA.L) to more than double its profit within its commercial bank in the Middle East and North Africa, a senior bank executive said.
A new blockchain-based trade finance platform, developed by HSBC, Standard Chartered and 10 other banks, was launched in Hong Kong on Wednesday to boost efficiency in the multi-trillion-dollar funding of international trade.
Britain’s top share index rose robustly on Monday as HSBC led a rally in banking stocks after strong results, and investors awaited Chancellor Philip Hammond’s annual budget.
European shares, set for their worst monthly performance since August 2015, opened in positive territory in a tentative rebound from a sell-off which has pushed them to a level not seen since December 2016.
Saudi Arabia is unlikely likely to see significant impact on its trade and investment flows following the killing of journalist Jamal Khashoggi, the chief executive of Europe’s biggest bank HSBC said.
HSBC Holdings Plc reported a better-than-expected 28 percent rise in quarterly profit before tax, bolstered mainly by the lender’s Asia business and better control over costs.
A Western boycott of a major business conference in Riyadh next week suggests rising political risks in Saudi Arabia could harm its ambitions to attract foreign capital and diversify its economy away from oil.
Seven banks, including HSBC (HSBA.L) and Banco Santander (SAN.MC), have signed a Memorandum of Understanding (MoU) to create a global digital network in trade finance aiming at allowing cheaper and easier funding for corporates, a Santander manager said.