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HSBC in €255m plan to move 1000 jobs to Paris after Brexit

HSBC in €255m plan to move 1000 jobs to Paris after Brexit

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the USA print edition of The Wall Street Journal (August 1, 2017).

HSBC (HSBA) put on a show of financial strength Monday by revealing its third share buy-back in a year and releasing interim results ahead of expectations.

It also announced a share buyback program of up to $2 billion, which is expected to be completed this year.

"We have made an excellent start to 2017", Chief Executive Stuart Gulliver said in a statement.

The yields on those assets has been very weak as United States interest rates have been low.

HSBC's ring-fenced United Kingdom business will be based in Birmingham.

The lender reported pre-tax profits of US$10.2 billion compared to US$9.7 billion for the same period in 2016.

US Navy ship fires warnings at Iranian ship
According to the US statement, the Iranian boat approached the USS Thunderbolt , coming within 137 meters (150 yards). The warning shots were fired into the water, out of concerns of a possible collision.

'Kuwait orders Iran envoy to leave'
There, security forces found weapons and explosives, believed to belong to infiltrators from Iran and Lebanon's Hezbollah. In August 2015, Kuwait said it had busted the 26-member cell and seized arms, ammunition and explosives from them.

Humans Have Produced Whopping 9 Billion Tons of Plastic
Setting aside the low rate of recycling found in plastic production , another major problem is its short lifespan. Of the total amount of produced from 1950 to 2015, roughly half was manufactured in just the last 13 years.

While HSBC's headline numbers slightly beat expectations, the fine print shows how banks are still feeling the fallout from the financial crisis almost a decade ago, and in unexpected ways. HSBC says its global reach should be a magnet for companies looking to trade or invest overseas, and it can do anything from managing their cash to helping them tap capital markets, all supported by a strong retail brand and private bank.

"I can not tell you whether we'll do a further buyback this year, but we are using buybacks as a regular part of the toolkit to manage returns to shareholders", Gulliver said in the conference call.

"It's an obsession because we need to prove the logic of the network that comes from referrals going between the three global business", Mr. Gulliver said.

Chairman Douglas Flint said that as central bank interest rates edged higher, the bank "began to benefit from improved margins on our core deposit bases".

British businessperson Mark Tucker, now group CEO and president of insurance group AIA, will take over from Flint in October.

HSBC said it had seen a seven per cent increase in revenue from transaction banking products, although overall revenue of $26.2bn was 11 per cent lower "primarily due to currency translation differences, the absence of fair value movements on our own debt and revenue from the operations in Brazil that we sold". Stripping those events out, revenues rose by 3 per cent.

Operating profit for the half-year to June 30 was $10.2bn (£7.78bn).

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