HSBC Reports Rise in Troubled Loans
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HSBC Holdings said its charge for bad debts would be more than $10.5 billion for 2006 because of problems in its mortgage portfolio.
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The People&#39;s Bank of China, or China&#39;s central bank, announced Thursday to raise both lending and deposit interest rates 0.27 percentage point higher as from Oct. 29.
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Investment bank HSBC has revised   downward its forecast for 2007 economic growth and cautioned   that the risk of an outright recession is growing as a retreat   in housing threatens household balance sheets.
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Figures showing falling mortgage approvals and rising repossessions suggest interest rate rises are being felt.
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HSBC Holdings PLC, one of the world's largest banks, said Tuesday that its underlying revenue growth slowed in the third quarter on a weaker performance in investment banking and an increase in bad loans.
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Orders for US durable goods posted a larger-than-expected rise in July, but new home sales showed signs of buckling under the weight of higher interest rates, two government reports showed on Wednesday.
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HSBC Holdings reported that profit rose 5 percent in 2006 despite losses in its mortgage operation in the United States that had led to the removal of two senior executives. The chief executive, Michael F. Geoghegan, said problem loans would take up to three years to work out. HSBC, which is based in London and operates in Europe, Asia and the Americas, reported net income of $15.79 billion for 2006, up from $15.08 billion in 2005. Loan impairment charges and other risk provisions rose to $10.57 billion, from $7.08 billion, largely because of a 20 percent increase in bad debt charges in the subprime mortgage market in the United States.
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New applications for U.S. home loans rose last week to their highest level in four months even though mortgage rates ticked upward from their recent lows, an industry group said on Wednesday.
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Barclays&#39; share price rose on Friday after Britain&#39;s third biggest bank denied it is facing liquidity problems despite being forced to borrow 1.6 billion pounds (2.4 billion euros, 3.2 billion dollars) from the Bank of England.
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HSBC Holdings PLC, Europe's largest bank by market value, reported Monday that profit rose 5 percent in 2006 despite losses in its mortgage operation in the United States that led to the removal of two senior executives.
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Some UK mortgage rates are rising as a direct consequence of the recent turmoil in world financial markets.
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LONDON/HONG KONG  - HSBC's shares slumped to a 9-month low on Thursday after Europe's biggest bank announced its bad debt charge last year would be about $1.8 billion higher than expected as problems grew in its U.S. mortgage lending.
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UK businesses are set to prosper during the next few months - but this could trigger more interest rate rises, a report says.
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New applications for U.S. home loans rose, spurred by a rise in mortgage refinancings last week as 30-year mortgage rates eased to their lowest level since early April, an industry group said on Wednesday.
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LONDON/HONG KONG  - Shares of HSBC Holdings   dropped more than 2 percent on Thursday after the British lender announced its bad debt charge last year would be about $1.8 billion higher than expected.
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The number of loans past due among people with weak credit histories rose to 13.33 percent. One lender, New Century, faces delisting and an S.E.C. investigation.
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CONCERNS for the housing market grew today as influential reports from three lending bodies revealed a slump in demand for mortgage borrowing.