HSBC Bank to cut 50,000 jobs in major overhaul: slash investment bank and shrink risk!

http://bcove.me/a7i3qveb

HSBC Holdings PLC will eliminate as many as 50,000 jobs through 2017 by shrinking its global reach as Chief Executive Officer Stuart Gulliver seeks to cut annual costs by about $5-billion (U.S.) to restore profit growth.

Europe’s largest bank plans to reduce full-time employees by 22,000 to 25,000, or about 10 per cent, it said in a presentation to investors on its website on Tuesday. A further 25,000 positions will be cut through the sale of its Turkey and Brazil operations. The bank left its target for return on equity, a measure of profitability, at more than 10 per cent.

Gulliver, 56, is looking to restore investor confidence in a bank battered by a series of scandals and surging compliance costs. Since taking over in 2011, he’s announced more than 87,000 jobs cuts, exited about 78 businesses and reduced the number of countries the bank operates by 15 to 73.

“HSBC is a big bank to move and they’re definitely moving in the right direction,” said Chris White, who helps oversee about 3.9 billion pounds ($6-billion), including HSBC shares, at Premier Fund Managers Ltd. in Guildford, England. “A lot of it feels like it was broadly as expected.”

The shares were little changed at 619.6 pence at 9:30 a.m. in London. They are up about 1.9 per cent this year, trailing a 6.9 per cent gain at Standard Chartered PLC, the other U.K. bank generating most of its earnings in Asia.  

U.K. Cuts

Just months after taking over, Gulliver announced some 30,000 jobs cuts to trim costs by as much as $2.5-billion. In the latest round, as many as 21,000 of the cuts will be lost in a push for digital banking, automation and branch closures. In the U.K., up to 8,000 jobs will be cut, Gulliver said.

Under his plan, the CEO plans to cut risk-weighted assets by about $290-billion, including a reduction at the securities division to less than one-third of the group’s RWAs, and target a return on equity of more than 10 per cent by 2017. The bank cut its ROE target to 10 per cent in February from as much as 15 per cent. In 2014, it had an ROE of 7.3 per cent.

At the investment bank, HSBC plans to cut RWAs by a net $130-billion, or 31 per cent, while “keeping costs flat.” The global banking and markets division had a 6 per cent profit gain in the first quarter, as revenue from foreign-exchange rose.

Asia Focus

The savings program will cost $4-billion to $4.5-billion through 2017, according to the statement.

“We recognize that the world has changed and we need to change with it,” Gulliver said in the statement. “I’m confident that our actions will allow us to capture expected future growth opportunities and deliver further value to shareholders.”

HSBC, founded 150 years ago in Hong Kong, will also sell operations in Turkey and Brazil, while stepping up investment in Asia, expanding asset management and insurance and focusing on places including China’s Pearl River Delta and areas including the internationalization of the yuan.

Jonathan Tyce, a senior banks analyst at Bloomberg Intelligence, said that while it’s a “good cost number,” the short list of disposals “may have surprised a little.”

“Margins are higher” in Asia,” Tyce said in an interview on Bloomberg Television from London on Tuesday. “Everybody’s all over Asia. This is all about improving capital efficiency. You can completely understand the motivation.”

HSBC Fines

With his strategy update, Gulliver is seeking to convince investors that he’s the right man to lead HSBC. At Deutsche Bank AG, Germany’s largest lender, co-CEO Anshu Jain announced his resignation on Sunday, just two months after presenting a strategic update that investors considered too weak.

“Gulliver is not an idiot,” said Chris Wheeler, an analyst at Atlantic Equities in London. “This is quite the opposite to Deutsche Bank as there is tonnes of granularity of where the cost cutting will come, how they’re achieving it and why they’re getting out of countries.”

HSBC has come under pressure to reduce costs and reverse a decline in profit after a year that saw the bank being fined for manipulating currency markets and embroiled in a tax-avoidance scandal in Switzerland.

The bank last week agreed to pay 40 million Swiss francs ($43-million) to close an investigation by Geneva prosecutors into allegations of money laundering at its Swiss private bank.

‘Extreme Solutions’

In February, Gulliver pledged that underperforming units would face “extreme solutions” after full-year earnings fell 17 per cent and the lender scrapped four-year-old profitability targets, citing a tougher regulatory environment.

HSBC is among the hardest hit by regulator scrutiny, with the Bank of England forcing the largest lenders to separate their consumer from riskier investment banking activities by 2019. It’s also been hurt by an increasing bank levy, costing lenders about 5.3 billion pounds over the next five years.

The bank said earlier this year that it’s reviewing whether to re-domicile from London because of rising tax and regulatory costs. It will complete its headquarters review by the end of 2015, according to the statement.

“It would be a mistake that HSBC flees the country,” Bill Blain, a strategist at Mint Partners, said in an interview with Jonathan Ferro on Bloomberg Television on Tuesday. “This is actually a pretty good place for banks to be.”

Source: Blomberg News


HSBC to cut 50,000 jobs, slash investment bank and shrink risk by $290 billion

HONG KONG/LONDON: HSBC will shed almost 50,000 jobs and take an axe to its investment bank, cutting the assets of Europe's biggest lender by a quarter in a bid to simplify and improve its sluggish performance.

HSBC said it will shrink global banking and markets division to less than one third of HSBC's $2.6 tn balance sheet from its current level of 40%. 

The bank said on Tuesday about half the staff cuts will come from the sale of businesses in Brazil and Turkey. The other half will come from cutting about 10 per cent of the remaining 233,000 staff by consolidating IT and back office operations and closing branches. About 7,000-8,000 cuts are expected to be in Britain, or one in six UK staff.

The cuts will leave HSBC with about 208,000 full-time equivalent staff by 2017, down from 295,000 at the end of 2010 and 258,000 at the end of 2014, although the bank said it will be hiring in growth businesses and its compliance division.

The cuts are part of a second attempt by Chief Executive Stuart Gulliver to boost profits since he took the helm at the start of 2011. The previous effort was foiled by high compliance costs, fines, low interest rates and sluggish growth.

"Slaughtering the staff is not necessarily the solution unless management makes the bank considerably less complex," said James Antos, analyst at Mizuho Securities Asia.

HSBC shares in London opened 0.9 per cent higher at 625 pence before slipping back to underperform both the FTSE 100 index and European banking stocks slightly.

HSBC said it will cut its assets on a risk adjusted basis (RWA) by $290 billion by 2017. That will include a reduction of a third, or $140 billion, in global banking and markets (GBM), its investment bank. That means GBM will account for less than a third of HSBC's balance sheet, down from 40 per cent now.

Investors had been calling for more radical cuts at the investment bank, which Gulliver ran for five years but where returns have suffered in tough market conditions.

"The cuts provide significant headroom for the group to fund asset growth in Asia and absorb RWA inflation, whilst protecting its ability to pay a progressive dividend," said Gurpreet Singh Sahi, analyst at Goldman Sachs.

COST SAVINGS

The bank lowered its target for return on equity to greater than 10 per cent by 2017, down from a previous target of 12-15 per cent by 2016. Gulliver said he will push through annual cost savings of up to $5 billion by 2017. It will cost up to $4.5 billion in the next three years to achieve the savings.

HSBC confirmed the planned sale of its businesses in Turkey and Brazil, adding it would keep a presence in the latter to serve corporate clients. It aims to overhaul underperforming businesses in Mexico and the United States to improve returns.

The bank said it was also targeting growth in Asia by expanding its insurance business and its presence in China's Pearl River Delta region.

Some analysts said the changes did not go as far as hoped, though others said the asset reduction plan was a substantial shift.

"The market is likely to respond positively on the move with investors having a much clearer idea of HSBC's direction going forward," said Steven Leung, a sales director at UOB Kay Hian in Hong Kong.

The bank also set out 11 criteria it will use to evaluate whether to move its headquarters from London to Asia, likely Hong Kong. They include factors such as economic growth, the tax system, government support for the growth of the banking system, long-term stability and an ability to attract good staff.

HSBC said it would complete the review of the possible move by the end of the year.

The bank also has to separate its British retail banking operation, which is to be based in Birmingham in central England. The "ring-fenced" bank will account for about two thirds of UK revenues, or $11 billion, and will have some 26,000 staff, or 57 per cent of the total in the United Kingdom.  - Reuters

Science on high intensity interval training: HIIT, or SHIIT?

Let me pose you a question: would you rather go down to the video store (if it hasn’t yet gone bankrupt) to hire a DVD, or stream it from the comfort of your own home? You’ve probably answered: the comfort of your own home, unless of course you get all nostalgic about walking down the street to hire discs. I know I do!

Okay, okay, now let me pose you a further question: would you rather spend one hour exercising, or 30 minutes? Stop, don’t answer that just yet. What if I were to say that both workouts would give you equivalent results? Unless you’re a time wasting enthusiast, pain junky, or DOMS devotee you’re probably going to answer 30 minutes. Well a new (old) exercise regiment known as high intensity interval training (HIIT) is offering just that.

Yes, if you believe one of the internet’s many great fitness prophets, then you will be aware that HIIT is the shit! Slow endurance training is the DVD for hire and HIIT is Netflix, which is of course, the shit. So is HIIT truly the shit, or should you beware of false fitness prophets?

What is HIIT?

Before I answer your previous question. What is HIIT? Simply put, HIIT involves performing intervals of highly intense exercise followed by either complete rest, or low intensity exercise. The high intensity-low intensity combination seems to be the more popular of the two currently.

How about an example? Sure, here’s one. Let’s say running is your game. Your HIIT may involve a ratio of a one minute sprint, to 45 seconds of slow jogging, repeated for a total of 15 minutes. It certainly doesn’t have to follow this exact ratio, or duration and these variables change greatly from protocol to protocol, that was simply an example. I should note, however, that scientific data to date has found minimal difference between different interval ratios thus far (9).




Why HIIT might be the shit?

HIIT is proposed to lead to multiple complex physiological changes to the skeletal muscle system that promote fat burning efficiency and preference, and more efficient oxygen utilisation. In turn, this is proposed to: make you skinnier, fitter and it will likely give you the ability to fly! But probably not the last one.

Science and HIIT (SHIIT):

Of course theory means little unless it translates to real world, real life changes. So, does it? Spoiler, it generally does.

Aerobic health:

A review paper analysing studies on individuals suffering from various different lifestyle diseases found HIIT to be effective. Specifically, cardiovascular fitness, as measured by Vo2 max, was 9% higher when individuals performed HIIT as opposed to moderate intensity continuous exercise (1). Another large scale review paper on scientific studies to date found HIIT to improve: aerobic fitness level more so than normal, moderate intensity exercise in both sedentary and active individuals. But it was only as effective as continuous exercise training in athletic persons (2). If that wasn’t enough science for you, a third study found HIIT to improve aerobic fitness as well as moderate intensity continuous exercise in a relatively fit group of people (3). This basically tells us that the lower your fitness level is, the better you will respond to HIIT and if you only want to do one sort of training, HIIT will be more effective than continuous training for aerobic fitness. Conversely, if you’re really fit and only want to do one form of exercise, then HIIT is as good as continuous moderate intensity exercise for aerobic fitness.

Muscles, muscles, muscles:

What about those muscles? Can you skip the separate weight sessions and do an all in one HIIT session? Well, the scientific data is very limited on this. But the one study that does exist on this topic, found that when having an active rest period was compared to having complete rest, complete rest won. Yes, complete rest led to greater work output, which in turn would likely mean improved: muscle mass, strength, power, looking shredded bro (4)! This makes sense and says that resistance training HIIT will likely provide you with some nice adaptations, but not as good as traditional weight training where proper rest between sets is taken.

Weight loss:

What about weight loss then? The data ain’t crystal clear on this. One study found HIIT boxing was better than continuous brisk walking at improving body fat percentage (5). Another study found participants had a decreased waist circumference following HIIT, but not following moderate intensity continuous exercise (6). Yet, in complete contrast, continuous moderate intensity exercise was found to decrease trunk fat more so than HIIT in another study (7). All in all, the science isn’t certain on whether HIIT or continuous training is best for weight loss. But if you base your workout on the number of calories you’re burning, based on average heart rate or a similar method, then you should be no worse off than performing continuous exercise, as average heart rate tends to be higher for HIIT and stays elevated for longer following exercise.

Adherence:

If HIIT is quicker to do, then you’d think people would do it more and stick to it. And they do! High intensity interval training led to a greater level of adherence (89% vs 71%) than moderate intensity continuous training (8). Grouse!

Is it healthful? 

Ladies and gentlemen, HIIT is the shit! Or at least it is pretty darn good and very relevant to our time-centric society:

• HIIT is likely as good as endurance exercise for aerobic fitness and if you’re of a low fitness level it’s probably better.
  
  
•  Resistance training HIIT won’t get you as ripped as traditional resistance training with structured rest periods. But it’s probably not a great deal worse.
  
  
• HIIT will lead to at least equivalent weight loss to continuous moderate intensity exercise in a shorter period of time, likely due to an elevated average heart rate.
  
  
• HIIT generally leads to higher adherence, so you’re more likely to stick with it.

Our verdict :Highly healthfull. If you’re time poor and unfit, HIIT’s the most effective way to turn things around. Although if time is less of a factor and you really want to optimise your health you should combine HIIT, anaerobic exercise and aerobic exercise as part of a proper periodised program. Especially, if you have sport related goals.

I hope this has been healthful!

Isithealthful

I hold a Doctor of Physiotherapy, Bachelor of Exercise Science and am a qualified personal trainer. I have extensive clinical and research experience and a strong passion for all things health. This has driven me to write the blog: Is it healthful, in order to analyse sound scientific research to determine if a product, service or intervention is healthful, or simply a waste of money or time.

 
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Trees and plants can feel stress, need time to recharge like humans

KEPONG: Trees feel stress and need rest the same way humans do, and the Forest Research Institute of Malaysia (FRIM) is playing doctor to keep them healthy.

FRIM director-general Datuk Dr Abdul Latif Mohmod said trees in the cities were the worst affected.

“It causes them to fall sick, making them susceptible to attacks from fungi and pests,” he said at the institute’s open day and World Environment Day yesterday.

He said a tree that looked healthy on the outside could be hollow inside, making it hard to diagnose its problem with the naked eye.

Dr Latif said FRIM used sonar technology as an “X-ray” machine to diagnose such trees.

Research officer Ahmad Aza­ruddin Mohd Noor demonstrated the use of the device called the Picus Sonic Tomography.

“The device generates a 3D image of a tree’s insides, effectively identifying decay and cavities in the trunk,” said Ahmad Azaruddin, a certified arborist (professional in cultivating, managing and the study of trees) who has helped local councils manage trees.

“A tree that has become 30% hollow can fall in the event of a thunderstorm. If that happens, it can be very dangerous,” he said.

To prevent this, his team would usually prune it to preserve its structural integrity.

He said the team would do its best to preserve a tree due to its benefits to the urban ecosystem.

“We will be forced to cut it down only if the damage is too severe,” he said, adding that less than 20% of trees faced such a problem.

“In the cities, it only happens to trees that are more than 100 years old or those with roots that have been damaged.

“In the forests, the usual culprits are termites,” he said.

Dr Latif said as trees feel stress, FRIM closes its canopy walkway on Mondays and Fridays to let them rest.

“Our canopy walkway can accommodate 200 visitors a day. We don’t want to give the trees too much stress,” he said.

He also said Malaysians should be proud of FRIM’s man-made tropical forest as it was the world’s largest and oldest.

The forest covers seven arboreta (repositories of living plants) and a botanic garden.

He said it was originally an abandoned mining land and that the Forestry Department, which owned less than a hectare of it, planted its first tree there in 1923.

“Today, it spans 544.3ha and houses 73 out of 92 critically endangered plants in Malaysia,” he said, adding that more than 1.3 million people visited FRIM last year.

Dr Latif said FRIM prided itself as a community-friendly institute that facilitated learning and embraced outstanding universal values.

“Because of this, we are working towards being gazetted as a Unesco World Heritage site by 2020.”

By Adrian Chan The Star/Asia News Network

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Forget chocs, better to plant a tree instead

• Restoring Mother Earth

One to call their own: Residents and families posing with a tree they just planted for the programme. The particular tree will remain as part of each family’s responsibility and heritage in USJ Heights, inherited by future generations.

South Korea declares war on MERS

A family of tourists wearing face masks stand on a street in the popular Myeongdong shopping area in Seoul, on June 4, 2015 (AFP Photo/Ed Jones) 

Seoul (AFP) - South Korea reported on Friday a fourth death from Middle East Respiratory Syndrome (MERS), as an infected doctor fuelled fears of a fresh surge in cases and prompted Seoul's mayor to declare "war" on the virus.

Five new cases overnight took the number of infected people to 41 in what has become the largest MERS outbreak outside Saudi Arabia, with close to 2,000 people in quarantine or under observation.

The latest fatality was a 76-year-old male patient who died Thursday after testing positive for the virus on May 21.

Criticised for its lack of transparency in addressing the health scare, the Health Ministry finally confirmed the name of the hospital where the first patient to be diagnosed with MERS was treated.

The ministry said anyone who had visited the hospital in Pyeongtaek, about 65 kilometres (40 miles) south of Seoul, between May 15-29 should report to a clinic for screening.

The government had initially declined to name any hospitals treating cases of MERS, for which there is no vaccine or cure, arguing it could cause them unfair commercial losses.

- Infected doctor fuels fears -

View gallery

Seoul's Mayor, Park Won-Soon, pictured in May 2014 (AFP Photo/Ed Jones) >>

Of particular concern was the positive test of a doctor at a major Seoul hospital who was understood to have taken part in public meetings attended by up to 1,500 people while infectious.

Seoul Mayor Park Won-Soon criticised the government for not sharing information about the doctor's movements, and said his administration would take the lead in ensuring public safety.

"From now on, Seoul city is embarking on a war against MERS. We will take swift and stern measures... to protect the lives and safety of our citizens," Park told reporters Friday.

Health Minister Moon Hyong-Pyo apologised for the public anxiety caused by the outbreak, but rejected Park's criticisms, saying the mayor was encouraging "mistrust and misunderstanding".

The government had been handling the doctor's case carefully to avoid public panic, Moon added.

More than 1,000 schools, from kindergartens to colleges, have temporarily shut down across the country, while the government's MERS hotline has been taking thousands of calls a day.

View gallery

Tourists wearing face masks look at a map in the popular Myeongdong shopping area in Seoul, on June  …>>

According to the World Health Organisation (WHO) MERS has now infected 1,179 people globally, with 442 deaths. More than 20 countries have been affected, with most cases in Saudi Arabia.

The virus is considered a deadlier but less infectious cousin of Severe Acute Respiratory Syndrome (SARS), which killed hundreds of people when it appeared in Asia in 2003.

- Possible mutation? -

The WHO has said it expects more infections in South Korea, while stressing there was currently "no evidence of sustained transmission in the community".

A health ministry statement said a WHO team would visit next week, citing concerns that the virus has been showing a "slightly different" pattern from the one detected in Middle East.

"We have yet to determine whether there has been any mutation," said Choi Bo-Yul, the head of a civilian task force set up to help with the outbreak.

Among the recent infections was an Korean Air Force chief master sergeant, who represented the first MERS case among members of the military.

The airman is serving at the air base in Osan, south of Seoul, which also hosts the US 51st Fighter Wing.

In a message to base personnel, the fighter unit's chief medical officer, Colonel Krystal Murphy, said around 100 people who had been in contact with the infected man had been asked to remain at home.

"We recommend everyone exercise caution and use good hygiene practices to prevent any further spread," Myers said.

A large number of public events have been cancelled and organisers of the World Student Games in the southwestern city of Gwangju next month admitted they were "very anxious."

"No country has cancelled so far, but obviously we're keeping a close eye on what is a worrying situation and hope it will come under control soon," an official with the Universiade's organising committee told AFP.

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2. S. Korea reports fourth death from MERS outbreak AFP
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Malaysia's 1MDB's questionable accounts

Summary raises  questions over spending. It shows where money went but fails to debunk critics.

In acquiring assets of RM13.7 bil, it incurred RM5.4 bil in cost of financing working capital and foreign exchange cost  between 2010 & 2014 - Accountant.

PETALING JAYA: Controversial 1Malaysia Development Bhd (1MDB) has given a brief summary of how it has incurred a RM41.8bil debt bill in a space of five years.

While the explanation showed where the money raised has gone to, it did not debunk criticism on why a sum of RM15.4bil raised locally and some of it guaranteed by the Government, are placed with funds outside the country for purposes of investments and as security deposit for loans.

It also reveals a staggering RM4.5bil that 1MDB has incurred in financing and capital cost and RM900mil in foreign exchange cost, which accountants describe as a sizeable amount that needs to be explained further.

1MDB president and group executive director Arul Kanda Kandasamy said the clarification on the use of its RM42bil debt was necessary to address allegations that RM27bil was “lost” or “missing”.

“In recent weeks, there has been much speculation about the use of RM42bil of debt raised by 1MDB, and more specifically that RM27bil of the debt proceeds are allegedly “lost” or “missing”.

“We provide a summary of what the RM42bil debt has been used for, information that is fully disclosed in 1MDB’s audited and publicly available accounts from March 31, 2010 to March 31, 2014.

“We trust this clarification will help to clear any confusion on this matter,” he said in a statement.

One of the strongest critics of 1MDB is former Prime Minister Tun Dr Mahathir Mohamad who has said that he could not account for some RM27bil of the RM42bil in debts carried by 1MDB.

In the summary, 1MDB for the first time revealed how much it has placed as investments with foreign funds and amounts deposited as security with Middle East funds for guarantees on loans.

The funds for investments are placed with Brazen Sky that has received RM6.1bil and GIL Funds that is holding RM5.1bil.

A sum of RM4.2bil has been placed with Aabar Investments Deposits as security for a US$3.5bil(RM12.9bil) bond issued by 1MDB in 2012. The bonds were issued when 1MDB acquired power plants from T. Ananda Krishnan’s Tanjong Group and the Genting Group in 2012.

The purchase of the power plants was the biggest item in 1MDB’s shopping list. However, the power plants came with a debt of RM6bil, which means 1MDB incurred a cash outlay of only RM12bil to buy the assets, although it lists RM18bil in its summary.

The next biggest item in the Finance Ministry-sponsored fund is a sum of RM1.7bil it paid to acquire three parcels of land – the Tun Razak Exchange and Bandar Malaysia in Kuala Lumpur and 234 acres (94.6ha) in Air Itam, Penang.

1MDB refuted allegations that the three parcels of land cost RM2.1bil, pointing out that the amount incurred was RM1.7bil.

The fund said it paid RM200mil for the TRX land and RM400mil for 495 acres (200ha) in Sungai Besi that is now known as Bandar Malaysia.

Both parcels of land are among the last pieces of large developments left in the city and had been the target of several prominent groups before it was given to 1MDB without any competitive tender.

Since 2011, 1MDB has re-valued the 72-acre (29ha) TRX development and the Bandar Malaysia parcel several times to reflect its soaring valuations.

The two developments now carry a combine value of RM4.3bil.

However, an accountant said the cost of financing and working capital incurred by 1MDB to acquire the assets and run its operations at RM4.5bil was on the high side.

“It raised debts to acquire power plants and three parcels of land. The other amounts raised were largely placed with fund managers as investments or as security deposits. Investments placed with fund managers should give returns and not incur financing cost.

“Similarly, the deposits should also give returns and not incur financing cost,” said the accountant.

The accountant pointed out that stripping out the investments placed with the funds outside Malaysia and the debt of RM6bil inherited when acquiring the power plants, the actual cash outlay 1MDB incurred in acquiring the power plants and three parcels of land was RM13.7bil.

“In acquiring assets of RM13.7bil, it incurred RM5.4bil in cost of financing, working capital and foreign exchange cost between 2010 and 2014.

“That needs further explanation. Without a breakdown in how much was the finance cost and working capital it is difficult to say whether the funds were well utilised,” said the accountant.

By M. Shanmugam The Star/Asia News Network

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