Daily Dispatches: HSBC banks on Asia
Stephen Green has managed to steer HSBC through the murky waters of the financial meltdown without the aid of government handouts. The 145-year-old bank, despite deep losses on subprime mortgage lending at its HSBC Finance Corp subsidiary in the United States, has been riding the wave of sizzling growth in Asia, where it derives two-thirds of its profits. (Shanghai Daily)
ANZ Bank and Australia's Finance Sector Union have clashed over the bank's plan to open a Philippines operations hub employing 300 people, with the FSU saying the move could cost 100 Australian jobs, mostly in Victoria. (The Australian)
UK insurer Prudential is in talks with large investors about transferring some shares to Hong Kong so that its stocks can be traded in the SAR when its rights issue prospectus is released. The rights issue is aimed at raising funds to help finance the US$35.5bn (HK$276.9bn) buyout of American International Assurance. (The Standard)
Most human resource practitioners in Singapore are still bogged down with mundane administrative chores when they should be playing key roles as strategic business partners and change agents, according to a recent study to get a measure of the state of HR practice here. (Asia One)
The Royal Bank of Scotland is rebuilding its markets and trading teams in Australia after the business was decimated in the past three months by headhunting raids led by investment banking rivals Merrill Lynch and the emerging Nomura. (The Australian )
