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Today's Top Stories
HSBC Finding Strength in Asia-Pacific Banking
HSBC Holdings plc expects its banking business in emerging markets in Asia to grow in greater prominence in the years ahead, possibly overtaking some of the matured economies in terms of earnings contribution. HSBC Asia-Pacific president and chief executive officer Michael R.P. Smith said it was exciting times in Asia for the banking industry and HSBC was positioning itself to take advantage of the changing global landscape in the industry. "China and India are experiencing phenomenal growth, which helps drive other emerging economies, especially those in South-East Asia, including Malaysia," said Smith. Interestingly, in HSBC's annual report for the period ended Dec 31, 2006, total pre-tax profit contribution by Asia-Pacific countries was a whopping 39.5% or US$8.7bil. Profit contribution from Europe was 31.5% or US $6.97bil, North America 21.1% or US $4.67bil, and Latin America 7.9% or US $1.73bil. This shows the importance of Asian markets as a powerhouse of growth for HSBC.
Gambling Debts in Malta Create Concern
This is not surprising. Although gambling can be a harmless indulgence for some, it does have a corrosive influence, especially on the poorest and less educated section of the population. These are the ones that spend the most, both relatively and absolutely, on lottery tickets. Any basic service provider will tell you that business shrivels when the prize of the Super Five Lottery hits six figures as people forego even basic necessities. It is a vicious circle. Those who least can afford it are the ones who get hooked most easily. Those who feel there's no way to improve their meager financial status, or escape their predicament through their own efforts, are the ones who are most inclined to resort to gambling.
Bad Debt Makes ABC a Chinese Puzzle
China is in the middle of the last and most difficult restructuring of its large lenders: that of Agricultural Bank of China (ABC), a behemoth with nearly half a million employees, 27,000 branches and a stack of bad loans on its books.
Debt Collector Terminates Contract Due to False Information From Client
Comsn Inc. used a credit collection agency to collect individual payments from elderly people who used its nursing care service, and problems between the agency and clients occurred frequently, it was learned Thursday.
The Royal Canadian Mounted Police Pursue Man for Bankruptcy Fraud
This investigation resulted from an Investigation Order issued by the Superintendent of Bankruptcy. "We will continue to aggressively investigate matters like this which are identified through a file selection process involving representatives from the Office of the Superintendent and investigators from the GTA CCS Bankruptcy Investigations Unit," stated Inspector Brian Verheul of the RCMP GTA Commercial Crime Section.