• Fri, November 29, 2024

by: Bill Williamson

Exclusive: HSBC pulling back from China credit card business after struggling to expand

HSBC is pulling back from its credit card business in China eight years after its launch, as the lender struggled to expand and make the enterprise profitable in the world's second-largest economy, sources with knowledge of the matter said.

by: Bill Williamson

Lobbying ban proposal for former Minnesota legislators to resurface in 2025

by: Bill Williamson

Zenith Bank unveils Paris branch in grand style

by: Bill Williamson

Golding Farm Foods Welcomes Chris Lischewski as President to Drive Strategic Growth

Golding Farms Foods, a leading manufacturer of private label, branded, and co-manufactured sauces and dressings welcomes Chris Lischewski as President to drive strategic growth, operational excellence and innovation.

by: Bill Williamson

From Tech Job to Thriving Business: How One Entrepreneur Built a $20,000/Month Income

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them. 24/7 Wall St. Layoffs can be a catalyst for change if you use them to your advantage.

by: Bill Williamson

Putin claims 'everything is under control' as inflation spikes and ruble plummets

The currency has depreciated to levels last seen at the onset of the war due to new sanctions. Heavily reliant on imports, the country is grappling with rising inflation exacerbated by military spendi

by: Bill Williamson

India plans to raise FDI limit to 100% in insurance, amend key provisions of 1938 Act

Finance ministry proposes amendments to Insurance Act of 1938, including raising FDI to 100%, seeking public comments by December 10.

by: Bill Williamson

India Inc thrilled over Finance Ministry's proposal to hike FDI Limit in insurance sector to 100%

Insurance industry welcomes Finance Ministry's reform proposals, including raising FDI limit to 100%, seeking stakeholder feedback for amendments.

by: Bill Williamson

ChatGPT Operator: How Contextual And Specialized AI Transform Work?

By integrating seamlessly with external tools and providing targeted solutions, these AI agents are set to redefine productivity and problem-solving across industries.

by: Bill Williamson

Zenith Bank expand global footprints with official commissioning of Paris Branch

by: Bill Williamson

Santander's European Co-Head of Leveraged Finance Leaves Bank

Louis L'Heureux, co-head of Banco Santander SA's leveraged finance team in Europe, has left the firm, according to people with knowledge of the move.

by: Bill Williamson

Uganda government to wholly finance $4 billion oil refinery through equity

At the end of the PFA, the government abandoned the private companies and sought public partners for the refinery.

by: Bill Williamson

No TDS on cash withdrawal by foreign representations from Dec 1: Income Tax department

As per section 194N of the Act, TDS is required to be deducted when an individual withdraws a sum exceeding Rs 20 lakh in cash during a fiscal year without having filed income tax returns for the previous three Assessment Years.

by: Bill Williamson

Meet Top 10 Companies Revolutionizing the Market and Transforming Their Sectors

In a dynamic and ever-evolving business landscape, 2024 is witnessing the rise of innovative companies shaping the future across diverse industries. From tech-driven solutions to creative storytelling,

by: Bill Williamson

Jack Ma returns to Alibaba campus, as China moves to boost business confidence

Jack Ma, founder of Alibaba Group Holding, on Friday visited the company's campus in Hangzhou, capital of eastern Zhejiang province, in a show of support for the e-commerce empire he created a quarter of a century ago,

by: Bill Williamson

Turnarounds uncertain at Macy's, Kohl's, Nordstrom as department stores enter the holiday season

Plus, off-price retailers such as Ross Stores (ROST) and TJX Companies (TJX) owned TJ Maxx and Marshall's, "are taking sales away from department stores constantly," Swartz added. But, the legacy department stores have still fallen behind digitally and questions surround whether they'll remain public companies in the future amid evolving shopper patterns and high operating costs.

by: Bill Williamson

Nigeria and France sign infrastructure and finance deals

Nigeria and France have signed two agreements to boost infrastructure development and food security while Nigerian lenders Zenith Bank and United Bank for Africa (UBA) expanded their operations into France.

by: Bill Williamson

Dubai unveils major new strategies for innovation, resilience and food security

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, approved the series of new initiatives to enhance Dubai's innovation ecosystem and strengthen its preparedness for future challenges.

by: Bill Williamson

India Q2 FY25 GDP Growth Data 2024 updates Live: Economic growth slows to 5.4%

Get all real-time and latest live news on India's Gross Domestic Product (GDP) growth in 2nd quarter of the 2024-25 Financial Year.

by: Bill Williamson

Adani saga a week on: market cap loss, negative outlook, cancelled deals & a fightback by group

US indictments landed a blow on Adani Group, with international deals being reviewed and ratings agencies changing outlook. But recent efforts have helped it claw back market cap.

by: Bill Williamson

GDP report: international business powers island's economy

Bermuda's international business sector accounted for almost a third of the island's gross domestic product last year, the economy minister said yesterday. Outlining the 2023 GDP report, Jason

by: Bill Williamson

NBK-Egypt reports $104.8mln in net profit by the end of Q3 2024

by: Bill Williamson

US business community calls for deeper China-US economic ties

by: Bill Williamson

Breaking barriers in finance: How ATME is set to reimagine regional capital markets with RWA tokenisation

Bahrain's regulated digital exchange dedicated to tokenised RWAs. Licensed by the Central Bank of Bahrain (CBB), ATME seamlessly integrates blockchain technology with traditional financial instruments to offer a secure and compliant digital marketplace that connects businesses seeking efficient funding pathways to fuel growth with investors exploring unique portfolio diversification opportunities.

by: Bill Williamson

15 up-and-coming AI-powered fintech startups, according to top VCs

Find out which AI-focused fintech startups are capturing VC attention, offering innovative solutions in finance.

by: Bill Williamson

CreditAccess Grameen raises approx Rs 390 crore in co-financing from DEG and Citi

Euro 25 million (around Rs 223 crore) was raised from the German Investment Corporation DEG and Rs 170 crore from Citi in a co-financing arrangement.

by: Bill Williamson

EPFO's Central Board of Trustees to meet on November 30, several investment related decisions to be taken up

The Central Board of Trustees of the Employees' Provident Fund Organisation is set to meet for the first time this fiscal year on November 30 and will take up several important proposals around investments including the redemption policy for investments into equity traded funds.

by: Bill Williamson

ERP vs CRM: Understanding the Key Differences

Confused about the difference between CRM and ERP? Discover how each system can enhance your business operations in our comprehensive guide.

by: Bill Williamson

I put my dreams on hold for a stable career in finance. 6 years in, I gave up my 6-figure salary to move to Hawaii and start over.

Adam Knorr started working in finance after college but always knew it wasn't for him. After quitting right before a promotion, he moved to Hawaii.

by: Bill Williamson

Zenith Bank Expands Global Footprints With Paris Branch Launch

Zenith Bank Plc has expanded its global footprint with the opening of Zenith Bank (UK), Paris Branch. The official commissioning, which took place on

by: Bill Williamson

CreditAccess Grameen enters into co-financing arrangement with DEG and Citi

by: Bill Williamson

ESAF Small Finance Bank facing significant asset quality stress, mainly in Tamil Nadu and Kerala

ESAF Small Finance Bank has reduced its microfinance exposure from 72% to 62% and plans to further decrease it to 40% by the financial year 2026.

by: Bill Williamson

Lombard Odier indicted in Switzerland over money laundering

The Swiss Attorney General's Office (OAG) said on Friday it had indicted private bank Lombard Odier and one of its former employees over aggravated money laundering.

by: Bill Williamson

Dos and don'ts of borrowing from lending apps: Tips for safe and smart borrowing

Lending apps have revolutionized the way people access loans by making the process quick and convenient. However, borrowing money through these apps comes with its own set of risks. If not handled wisely, it can lead to financial strain or scams. Here's ...

by: Bill Williamson

Finance adviser calls for inclusive public financial management reform

by: Bill Williamson

Traffic management firm secures asset finance backing to fuel growth

City Traffic Management Services is targeting growth after securing a significant six-figure asset finance package.

by: Bill Williamson

Nisus Finance Services SME IPO: Issue opens on December 4; check key details

The IPO of Nisus Finance Services includes a fresh share sale of 56,45,600 equity shares amounting to Rs 101.62 crore and an offer-for-sale (OFS) up to 7,00,800 equity shares.

by: Bill Williamson

BoE finds potential vulnerabilities in financial market plumbing

The Bank of England said on Friday that a stress test of central counterparties (CCPs)- businesses that form a key part of the plumbing of financial markets - did find some vulnerabilities but overall showed resilience.

by: Bill Williamson

Why Trump could be good for South Africa

South Africa has long struggled with its reputation as a volatile and risky emerging market, but it is now becoming a favorite among investors seeking to navigate a world with Donald Trump as the US president.

by: Bill Williamson

Bank of England finds some vulnerabilities in probe of central counterparties

The Bank of England said on Friday that a stress test of central counterparties (CCPs)- businesses that form a key part of the plumbing of financial markets - did find some vulnerabilities but overall showed resilience.

by: Bill Williamson

RIL gains 2% as US based arm picks 21% stake in Wavetech Helium

As per the agreement, Reliance Finance and Investments will buy a 21 per cent stake for an aggregate consideration of $12 million

by: Bill Williamson

UBA to begin full banking operations in France

During the visit, the Chairman of UBA Group, Tony Elumelu, in the presence of Tinubu and the President of France, Emmanuel Macron, signed the agreement indicative of support by the French Government for the development of UBA's full banking operations in France.

by: Bill Williamson

The films, shows, and books Wall Streeters think best illustrate their work lives

What 2024's rising stars of Wall Street say about the TV shows, movies, or books that best represent their daily lives at work.

by: Bill Williamson

IIFL Finance to raise upto Rs 500 cr via NCDs

by: Bill Williamson

Istanbul Metropolitan Municipality to hold investor meets in UAE and Doha

by: Bill Williamson

Players and powerhouses shaping Africa's VC landscape

Despite 2023 marking the first decline in the volume and value of venture capital investment in Africa after a decade of growth, a

by: Bill Williamson

Otley Girlguiding unit receives grant from Skipton firm

by: Bill Williamson

Exclusive: HSBC pulling back from China credit card business after struggling to expand, sources say

HSBC is pulling back from its credit card business in China eight years after its launch, as the lender struggled to expand and make the enterprise profitable in the world's second-largest economy, sources with knowledge of the matter said.

Exclusive: HSBC pulling back from China credit card business after struggling to expand, sources say

HSBC is pulling back from its credit card business in China eight years after its launch, as the lender struggled to expand and make the enterprise profitable in the world's second-largest economy, sources with knowledge of the matter said.
HSBC is scaling back its credit card business in China due to challenges in expanding its market share, according to sources familiar with the matter. The bank has been unable to significantly grow its credit card customer base in the country, leading to a strategic retreat from this segment. This decision comes amidst a broader context of foreign banks facing difficulties in penetrating the Chinese market, which is dominated by local financial institutions. HSBC's move reflects a reassessment of its business priorities in China, focusing on areas where it can achieve more sustainable growth.

Read the Full Reuters Article at https://www.reuters.com/business/finance/hsbc-pulling-back-china-credit-card-business-after-struggling-expand-sources-say-2024-11-29/