HSBC says profit dived, warns of risks to world economic growthFebruary 21, 2017 - 11:15 AMT PanARMENIAN.Net - London-based bank HSBC reported Tuesday, February 21 that annual profit slumped by more than 80 percent following a year of "unexpected economic and political events" that contributed to volatile markets and influenced investment activity, The Associated Press reports. Europe's biggest bank that net profit for 2016 tumbled 82 percent to $2.5 billion from $13.5 billion a year ago. Annual revenue fell 18.5 percent to $48 billion. In the most recent quarter, its net loss widened to $4.3 billion from $1.3 billion in the same period the previous year. In a statement, Chairman Douglas Flint said the bank has recently raised its forecast for global economic growth. However, he warned that the risks remain high because of the threat of populism in upcoming European elections, the threat of global trade protection measures from President Donald Trump's administration and uncertainty over Britain's negotiations to leave the European Union. HSBC is in the middle of carrying out a sweeping reorganization to focus on faster-growing Asia, where it earns the bulk of its profits. Last year the bank's Asian business earned $13.8 billion, down 12.5 percent from the year before, while its European unit posted a $6.8 billion loss. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |