36 Burst results for "Hsbc"
"hsbc" Discussed on Thinking Crypto News & Interviews
"Welcome to the Thinking Crypto podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. Well, folks, I'm recording this in the airport because I'll be traveling over the next few days. So content will be a bit late, but I wanted to share the following bullish news. It's incredible around Ripple and XRP. First, I want to start off with Bitcoin, though, because CME futures open interest just surpassed 100,000 Bitcoin for the first time ever. Are you bullish yet, folks? I think we see the bull market on the horizon. It's going to take some time. We've got the Bitcoin halving next year. We also have the Bitcoin spot ETF approvals around the corner. So I think the markets recognize this and we are seeing bullish activity. Now let's jump into the Ripple news. First, we got Ripple introducing what's called Ripple payments. The next evolution of Ripple's payments product, delivering a licensed end to end solution for financial institutions and SMEs with 70 plus payout markets, expanded crypto liquidity options, integration with the XRP ledger, decentralized exchange and much more. So they did a full breakdown on their websites. But here we're just seeing Ripple expanding and the use of the XRP ledger is involved. So a lot of the folks who've been saying that XRP will never be used, banks, no one will ever use XRP. Now it's pretty clear what's happening and I'm bullish on XRP. It has the clear path, the clear runway with the SEC lawsuit wrapping up recently. And it has the clarity to go hit new all time highs in the next bull market. So let me give you some of the details here from their blog posts. Ripple has received money transmitter licenses across numerous US jurisdictions, allowing Ripple payments to offer its products and services within those jurisdictions. With single onboarding, customers are now able to access nearly 100% of global payout coverage to more than 70 payout markets through Ripple's international payments network. A new integration with the XRP Ledger's native decentralized exchange will buttress global liquidity options for Ripple customers, streamlining customer onboarding into new markets and improving product performance. Through newly expanded liquidity options, Ripple payments can fulfill customers' liquidity needs on demand 24-7, 365 days per year. Huge news. Now, remember Medeco, a firm that Ripple has invested in, and then they backed out from purchasing, but they're still an active investor, but here's some big news they put out today. HSBC announced that it will be working with Medeco as it plans to launch a new digital assets custody service for institutional clients who invest in tokenized securities. We've been talking about the token economy, everything on the blockchain, assets, securities, real estate, you name it, everything running on the blockchain. And Ripple, of course, is in the mix here, right? With HSBC, a bank, of course, and Medeco. So here's a photo of the team together, Monica Long, who I've had on the podcast, and we'll try to get her back on soon. So huge things happening in the market, folks, and even Medeco's CEO weighed in on this, what HSBC is going to be doing. And obviously, like I said, Ripple is in the mix, and you can imagine the XRP Ledger will be used for tokenization, right? Because you can tokenize pretty much anything on the XRP Ledger. Now we also have news that Ripple has formed a new partnership with Onafriq, if I'm saying that right, O-N-A-F-R-I-Q, which will utilize Ripple payments. Our crypto-enabled payments technology to open up three new payments corridors between Africa and the rest of the world. Folks, I see global expansion happening here. So there you have it, folks, XRP Ledger is in the mix of all of this, and Africa is one of the biggest markets out there with many countries within Africa who have emerging economies and are using blockchain tech and much more. So huge, huge partnership here. I hope you see what's happening. As I said before, I am bullish on XRP. Now the SEC has filed their opposition to Binance's motion to dismiss, and Paul Grewal, chief legal officer at Coinbase, weighed in on this. I'm not going to read through everything, but a TLDR here. He highlights the SEC asserts that a virtually unlimited flexibility of the securities laws grants it a complete authority over crypto exchanges. That misrepresents the law. So Paul goes into details, but that's the TLDR. The SEC, once again, not abiding by the law, they've been called out by the judges in many different cases, being called arbitrary and capricious in the grayscale lawsuit. So we got to keep fighting, we got to keep exposing scumbag regulator, Gary Gensler. So we got to get on social media, contact our representatives and much more. Now we've got news here that Polygon and NEAR, the NEAR protocol, are bringing ZKWASM, so WASM to life if you want to call it that. So the ZKWASM prover research is underway and expected to launch next year. Let me give some details on what this is. This means that developers who build with Polygon's chain development kit, CDK and open source code base will soon be able to use the ZKWASM as a prover. As you all know, with zero knowledge proof technology, you know, everybody's trying to get this going. It's going to be the next layer in how we transact on the blockchains in ZK technology. A prover refers to the party trying to show a claim is accurate to a verifier without revealing the information itself. A verifier is responsible for acknowledging that the information is accurate. So it's great to see these two blockchains working together, NEAR and Polygon. I don't hold any of the NEAR tokens. I do have Matic in my portfolio. I am bullish on Polygon Matic. They're being used by quite a few brands with NFTs and Web3. So this is pretty interesting. We also got news here that decentralized AI platform Ritual lands $25 million in seed funding. We're seeing capital flowing into the market, both into the infrastructure, companies building the infrastructure, as well as the tokens. The Ritual is the brainchild of Web3 investor, Neeraj Pant, who funded projects like Eigenlayer with Anselana and the Keshpoti, Quant, and then builder at data analytics company Palantir. Over the last year, AI companies have witnessed significant growth that offers new experiences, products, and a new source of revenue, Pant said. Although this may be the case, there are also significant problems taking place. So one of the things I've been talking about is that blockchain is gonna be a solution to help police AI, as we are seeing a lot of deep fakes when it comes to media, content, video, you name it, that's gonna be an issue. So blockchain will help verify is the source of this content and this information coming from the actual source, or is it from AI and something that was spinned up by a nefarious actor or whatever it may be. And look, we're also gonna need to have AI police AI itself. So we'll see how things go, but blockchain is the way to improve that verifiability around different content and the rise of deep fakes and so forth. Finally, as our sponsor is Uphold, one of the great crypto exchanges out there, they have 260 plus cryptocurrencies, Bitcoin, all the top old coins, they're fully reserved, secure. I've interviewed the CEO, CFO, so I trust this platform, I've been using it since 2018. So if you'd like to learn more about Uphold, check out the link in the description. And actually a quick note, they're doing a 50,000 XRP giveaway this month. So if you conduct at least $20 in trades, every $20 in trade that you make, you get an entry to win that prize. So check it out. Link will be in the description.
Fresh update on "hsbc" discussed on BTV Simulcast
"Want to get to the S &P 500 mini because we're pointed a little bit lower here Jen and that builds on what we've seen in trade on the Monday and so far in the Tuesday. At the moment we're a fifth of one percent lower. Interesting to see there's this growing debate that we may have come too far too fast on expectations that the Fed is going to cut in early this broadly bearish this year even as the S &P 500 gained nearly 20 percent. Tenure yields at four. Your Aussie dollar slips and then Brent crude is currently flat. I want to get to the Brent trade more detail, show you the brief pop after the comments from the Saudi energy minister to Bloomberg. That was retrenched though at the moment we are around the flat line with HSBC saying OPEC Plus have used up all of their bullets I want to zoom in to the Bloomberg dollar index because after a series of losses is now the best day in seven weeks with yields rising the US dollar appears to be making way of a selling pattern that could offer room for buyers to step in Toronto Dominion say that they're increasing the US dollar rallies on a strong non -farm payrolls report Jen Yeah, Yusuf, let's check in on how markets in Asia are faring. Averill Hong is in our Singapore Hey Jen, we're seeing the Japanese currency against the greenback I think the focus is now shifting to US economic data but early on in the session we We saw it swinging as far as 147 .4 and 147 against the Greenback and this was on the back of investors really digesting the Tokyo inflation print which throw that deceleration to a slowest pace in more than a year. Let's flip the board and take a look as well at the Aussie dollar on the back of the RBA coming in less hawkish in fact it was a dovish tilt at least that's how that's being read by the markets where the RBA actually acknowledged that CPI is moderating that sending the Aussie dollar much lower against many of these other currencies use of. Thank you very much Avril we will check back in with you later on in the program I want to get back to our exclusive conversation with the minister because he says the kingdom will not agree to any COP28 text that calls down of fossil fuels. Avril Aziz Bin Salman told us exclusively that if countries believe they can reduce carbon reuse they should just get on with it. I'm not naming names but it's their choice if they see that we should phase out and phase down hydrocarbon hydrocarbon or I don't care about fossil fuel I care about hydrocarbon. If they do please I once did in the last FII I said please those countries who really believe on phasing out and phasing down hydrocarbons you should come out and put together a plan for how in starting 1st of January 2024 when are they going to freeze well they should at least freeze their production by January 24 and also put together a plan for when that descendants or phasing out will happen. mentioned You this phase out 500 miles from here in Dubai many thousands of people are doing the annual climate summit and one of the issues there is this language which we discussed actually last year about whether that text agreed by to almost every country in the world should say fossil fuels should be phased down. Are you happy to have that language in the text at this time? Absolutely not and I assure you not a single person in that well I'm talking about government do believe in that okay but if they believe in it I would like to put that challenge for all of those who believe who think comes out publicly by saying we have to do that please give me the name the numbers and look at well I'll give you their name and number call them and ask them how they are going to execute effective that January 24 they are with if they believe that this is the highest moral ground issue fantastic let them do that themselves and we will see how much they can deliver if they can deliver not mincing words there the Saudi energy minister speaking to bloomberg senior executive editor for energy and commodities will kennedy out well is fortunately back for every out of the senate now so well talk us through at what surprised you from the interview you got at I'm with the print it was a long conversation and he was he was quite open and expansive I think there are few things he wanted to get across. He was very keen to talk up the deal that OPEC did last week they and haven't really spoken since and I think the thing that he told me that perhaps most surprised me is the detail of the conversation he's been having with the Russians about A persuading them to cut their exports more and about B the Russians working to reassure the market that those cuts are real. they announced what the prince would say was 2 .2 million barrels of cups there's been some skepticism in the market about A how real all those cuts are and B whether people will follow through and I think he was really trying to reassure the market that they president will the of Russia is expected to go to Saudi Arabia in the coming days I look at the reaction in Brenton WTI we saw a brief pop to the upside once your interview hit the tape and the ticker but then it gave back all of that do you think that there's much more of a demand problem than a supply issue given all the reassurances from Saudi I think there's a little bit of both here Yousif on the one hand clearly there is some concern about demand going into the first half of next year and the Prince acknowledged that in his interview and the reason that they decided to is that most analysts have an oil surplus in the in the first half because of slowing demand but importantly rising supply from non OPEC countries we have American oil at a record we have lots supply from South America and what he's trying to do is convince the market that he's done enough that 2 .2
A highlight from MASSIVE RIPPLE XRP NEWS!! HSBC METACO, RIPPLE PAYMENTS XRP LEDGER, AFRICA EXPANSION
"Welcome to the Thinking Crypto podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. Well, folks, I'm recording this in the airport because I'll be traveling over the next few days. So content will be a bit late, but I wanted to share the following bullish news. It's incredible around Ripple and XRP. First, I want to start off with Bitcoin, though, because CME futures open interest just surpassed 100 ,000 Bitcoin for the first time ever. Are you bullish yet, folks? I think we see the bull market on the horizon. It's going to take some time. We've got the Bitcoin halving next year. We also have the Bitcoin spot ETF approvals around the corner. So I think the markets recognize this and we are seeing bullish activity. Now let's jump into the Ripple news. First, we got Ripple introducing what's called Ripple payments. The next evolution of Ripple's payments product, delivering a licensed end to end solution for financial institutions and SMEs with 70 plus payout markets, expanded crypto liquidity options, integration with the XRP ledger, decentralized exchange and much more. So they did a full breakdown on their websites. But here we're just seeing Ripple expanding and the use of the XRP ledger is involved. So a lot of the folks who've been saying that XRP will never be used, banks, no one will ever use XRP. Now it's pretty clear what's happening and I'm bullish on XRP. It has the clear path, the clear runway with the SEC lawsuit wrapping up recently. And it has the clarity to go hit new all time highs in the next bull market. So let me give you some of the details here from their blog posts. Ripple has received money transmitter licenses across numerous US jurisdictions, allowing Ripple payments to offer its products and services within those jurisdictions. With single onboarding, customers are now able to access nearly 100 % of global payout coverage to more than 70 payout markets through Ripple's international payments network. A new integration with the XRP Ledger's native decentralized exchange will buttress global liquidity options for Ripple customers, streamlining customer onboarding into new markets and improving product performance. Through newly expanded liquidity options, Ripple payments can fulfill customers' liquidity needs on demand 24 -7, 365 days per year. Huge news. Now, remember Medeco, a firm that Ripple has invested in, and then they backed out from purchasing, but they're still an active investor, but here's some big news they put out today. HSBC that announced it will be working with Medeco as it plans to launch a new digital assets custody service for institutional clients who invest in tokenized securities. We've been talking about the token economy, everything on the blockchain, assets, securities, real estate, you name it, everything running on the blockchain. And Ripple, of course, is in the mix here, right? With HSBC, a bank, of course, and Medeco. So here's a photo of the team together, Monica Long, who I've had on the podcast, and we'll try to get her back on soon. So huge things happening in the market, folks, and even Medeco's CEO weighed in on this, what HSBC is going to be doing. And obviously, like I said, Ripple is in the mix, and you can imagine the XRP Ledger will be used for tokenization, right? Because you can tokenize pretty much anything on the XRP Ledger. Now we also have news that Ripple has formed a new partnership with Onafriq, if I'm saying that right, O -N -A -F -R -I -Q, which will utilize Ripple payments. Our crypto -enabled payments technology to open up three new payments corridors between Africa and the rest of the world. Folks, I see global expansion happening here. So there you have it, folks, XRP Ledger is in the mix of all of this, and Africa is one of the biggest markets out there with many countries within Africa who have emerging economies and are using blockchain tech and much more. So huge, huge partnership here. I hope you see what's happening. As I said before, I am bullish on XRP. Now the SEC has filed their opposition to Binance's motion to dismiss, and Paul Grewal, chief legal officer at Coinbase, weighed in on this. I'm not going to read through everything, but a TLDR here. He highlights the SEC asserts that a virtually unlimited flexibility of the securities laws grants it a complete authority over crypto exchanges. That misrepresents the law. So Paul goes into details, but that's the TLDR. The SEC, once again, not abiding by the law, they've been called out by the judges in many different cases, being called arbitrary and capricious in the grayscale lawsuit. So we got to keep fighting, we got to keep exposing scumbag regulator, Gary Gensler. So we got to get on social media, contact our representatives and much more. Now we've got news here that Polygon and NEAR, the NEAR protocol, are bringing ZKWASM, so WASM to life if you want to call it that. So the ZKWASM prover research is underway and expected to launch next year. Let me give some details on what this is. This means that developers who build with Polygon's chain development kit, CDK and open source code base will soon be able to use the ZKWASM as a prover. As you all know, with zero knowledge proof technology, you know, everybody's trying to get this going. It's going to be the next layer in how we transact on the blockchains in ZK technology. A prover refers to the party trying to show a claim is accurate to a verifier without revealing the information itself. A verifier is responsible for acknowledging that the information is accurate. So it's great to see these two blockchains working together, NEAR and Polygon. I don't hold any of the NEAR tokens. I do have Matic in my portfolio. I am bullish on Polygon Matic. They're being used by quite a few brands with NFTs and Web3. So this is pretty interesting. We also got news here that decentralized AI platform Ritual lands $25 million in seed funding. We're seeing capital flowing into the market, both into the infrastructure, companies building the infrastructure, as well as the tokens. The Ritual is the brainchild of Web3 investor, Neeraj Pant, who funded projects like Eigenlayer with Anselana and the Keshpoti, Quant, and then builder at data analytics company Palantir. Over the last year, AI companies have witnessed significant growth that offers new experiences, products, and a new source of revenue, Pant said. Although this may be the case, there are also significant problems taking place. So one of the things I've been talking about is that blockchain is gonna be a solution to help police AI, as we are seeing a lot of deep fakes when it comes to media, content, video, you name it, that's gonna be an issue. So blockchain will help verify is the source of this content and this information coming from the actual source, or is it from AI and something that was spinned up by a nefarious actor or whatever it may be. And look, we're also gonna need to have AI police AI itself. So we'll see how things go, but blockchain is the way to improve that verifiability around different content and the rise of deep fakes and so forth. Finally, as our sponsor is Uphold, one of the great crypto exchanges out there, they have plus 260 cryptocurrencies, Bitcoin, all the top old coins, they're fully reserved, secure. I've interviewed the CEO, CFO, so I trust this platform, I've been using it since 2018. So if you'd like to learn more about Uphold, check out the link in the description. And actually a quick note, they're doing a 50 ,000 XRP giveaway this month. So if you conduct at least $20 in trades, every $20 in trade that you make, you get an entry to win that prize. So check it out. Link will be in the description.
Monitor Show 07:00 11-06-2023 07:00
"Pop culture is always evolving, and those changes impact our lives in ways that are both visible and not so obvious. I'm Lucas Shaw, and I cover the business of pop culture for Bloomberg. My job is to uncover how entertainment is changing and explain what that means for you, because context changes how you see things, how you change things. Context changes everything. Start exploring my coverage and more at Bloomberg .com. The trend has been moderating. It's good news that we have a strong labor market. We are in a pretty good position with respect to productivity. We expect the market to continue to rally until year end. This is Bloomberg Surveillance with Tom Kean, Jonathan Ferro, and Lisa Abramowitz. Let's get your week started. Live from New York City this morning. Good morning, good morning. For our audience worldwide, this is Bloomberg Surveillance on TV and radio. Alongside Lisa Abramowitz, I'm Jonathan Ferro. Your equity mark is positive by 0 .2 % on the S &P. Let's embrace the happy talk. After the biggest week of gains of the year so far on the S &P 500, Brett Ryan, Deutsche Bank, the Fed is done. Max Kettner, HSBC, Goldilocks is back. Yeah. Is this happy talk really driven by something fundamental or just what you talked about earlier? Recency bias, which is basically the new plastics. It's recency bias. It sounds painful for you, Bramo, but I'm with you. I think a lot of people right now are frustrated with the idea that we're constructing a one -year forecast based on the previous week's price action. This is such a frustrating moment. Can I just say that? That honestly, every week we have a new narrative. It's been what narrative ping pong that we've been talking about all year and suddenly people are changing their outlooks on a dime as every swing in price seems to happen. And is it happening on technical reasons? Is it happening on fundamental reasons? It is a nuanced picture with data giving you conflicting signals and people are taking it and just writing whatever narrative they'd like. We can have some healthy debate here. Barclays believe the Fed is.
Monitor Show 16:00 09-05-2023 16:00
"Doesn't it and how things shake out there with the two -year now approaching 5 % once again This is something that people are gonna focus on as they figure out how to value stocks moving forward Yeah, absolutely and to Jess's point, too there was another note out by the folks over at HSBC and I thought it was interesting because they were saying that when you Really go back and look historically here Look at that sort of stock market almanac here a lot of those September losses that you saw were actually driven more by fundamentals and through more by events rather than that seasonality and cyclicality that I think a lot of people I think might actually repeat itself. Of course here we are and I guess what is it the only the second trading day of September? So it's all we got quite a few before we'll find out who's right and who's wrong But nevertheless, we're gonna have a lot of fun along the way Dow Jones Industrial Average not having much fun on a daily basis down about six tenths of a percent or roughly 196 points the S &P lower by about 19 points or four tenths of a percent We were talking a little bit earlier how even with Tesla rallying four or five percent on the day That's not enough more than four hundred stocks lower on the day in the S &P the Nasdaq down on 11 points or about a tenth Of a percent in the Russell 2000. That's your big decliner on a percent basis down more than two percent Yeah Continue to peel up back those layers remain on the S &P 500 you had 88 stocks move higher 414 moved lower today on the Dow 8 only advanced scarlet 22 moved lower Yeah Let's take a look at how the industry groups have fared for the day 24 groups and you could see only a handful of In the green autos and components that's Tesla They're up by three point eight percent as a group software and services up almost one percent and we should mention of course energy Tin you talked about energy being a bright spot in the market. The group had gained as much as one point six percent So this is a far cry from the advances earlier on the flip side You have home builders leading down the consumer durables transportation losing ground by about two point three percent Those are the airline companies and materials off by one point eight percent.
A highlight from Flash Hash: 09/01/2023
"Let's bullshit and see who wins bullshitting. Splash Ash everybody, who's excited? I am excited. I can tell, the inflection really shows the excitement. I can't maintain my excitement. I'm extremely, extremely excited. Splash Ash. There it is. That's what I was waiting for. Oh, or did you whisper that or did your mic go up? Splash Ash. Can't hear that. Oh, I have a, I forgot I have the, I got a filter, so it's like blocking that out. I was whispering it way too quiet. I was like, is it going, is my mic going out? It's a beast of a filter. It's like no whispers around here. It's AI, baby. Okay. So you can't even be clapping. Oh, wow. That's a really good. You can't even do asthma if you want it to. Man. I can't even hear you drinking, doesn't it? Wow. I appreciate that. I really appreciate not being able to hear people like chewing or taking their drinks whenever they're about to meet. I didn't do that. I want that. I got dogs. I got children running around. Anyways, we got to show them real cool. Yeah, you do need that. We'll figure that out later. But now, Splash Ash, and it's been a minute. Since we've done one and we're back. So we'll do a little, little intros for the people that are new to hashing it out or Splash Ash. I'm Christian. I produce this. Wrangle these cats. Keep these guys in line while we try and take two minutes a piece. Yes, the claws maybe need to come out. Everyone's wanting, but we also have one. Is it doctor? Corey, Penny, was it? Give us, give us a little. I'm a doctor, but it's in something else. So you can use it if you want to. Not a medical doctor. Save a life. I'm a reality doctor because I know physics. I just made that up. It's an interesting term. Is that what you call it? I just made that up. I'm a doctor of time and space. I mean, if that's indeed what you are, you can make out whatever you want. You're like a Dr. Octopus kind of doctor? I guess based on what he did. My research puts me closer to that than him. Definitely, for sure. Okay, well, Dr. Octopus down there, why don't you introduce yourself? My name's Jesse Broke, and I do this podcast. Excellent, as always. That's it. So verbose, I love it. And the man with the silky voice in the red, sir? Yeah, I didn't get enough sleep, so my voice is not too silky. Anyways, my name's Fergalotty, AKA Black Sauce, AKA 007 .5. AKA Black Zordon, coming at you, reigning champion of Flash Ash. I believe one of them is in dispute, but I'm pretty sure that's gonna go my way. Let's do this. I like the confidence. Also, you go by D, if anyone was wondering. Oh, yeah, my name's D. What about Fergalotty? Did you mention that one? AKA Fergalotty, that's a big one. That's probably the longest standing one. Yep. You missed the important one. That's right. The actual name. Yeah, that's how you can find me on Twitter. So we have three different topics, two minutes a piece. Let's start with the topic that one Dr. Reality brought to the table. The subject is tornado cash founders charged with money laundering and sanctions violations. We got two minutes, starting with one Dr. Corey Petty. Your time starts now. Yeah, so the link that I gave was actually the Justice Department's announcement of them charging the tornado cash founders with sanctions and arresting one of them and breeding through it. And they arrested them on charges of committing money laundering. Mostly it's about facilitating the Lazarus Group in North Korea, but a lot of the charges are around committing money laundering, operating a money services business, and one other one, which I forgot what it is. It's around the same case. Yeah, conspiracy to commit money laundering, conspiracy to commit sanctions violations, and conspiracy to operate an unlicensed money transmitting business. These people basically created tornado cash. There's probably some operational costs associated with doing that, and they promoted it. And now one of them's in jail for probably more than five years, or prison more than five years, depending on how things go there. Another one is, I guess, at large. And it's this concept of like, it's hard to get around this, and it scares a lot of people who make privacy technology. And I'm not sure how to make them feel good about it, because it is relatively scary. Like, I think privacy is mandatory, or allowing, or a lot of the human rights for humans to exist. Like a lot of people say privacy is a human right. I think privacy is a requirement for satisfying human rights, which is a bit different. And you don't have it in digital infrastructure, then you can't have digital human rights. 10 seconds. And it's gonna be real hard to do things like that when the United States is actively trying to shut it down. You read some of the articles on this, it makes it very clear that they have zero tolerance in terms of technology like this. All right. Very good on your time, as always. D, Fergalotti, whatever your alias is today. You're two minutes, there's no. Yeah, I mean, this article is, I guess we can just hash out, there's no real debate or side to take on this. It sets a pretty rough precedent, like if they're actually found guilty. And it's bad, it's like you can't build anything that preserves privacy without some government official wanting to lock you up and throw away the key. So it's kind of frightening. It's some of the allegations are kind of out there, but it seems like, like you said, they made tornado cash and then promoted, that was dangerously close to the tornado cash. They made tornado cash and they promoted it and now they're in trouble. And it's like, it's almost just like they made a tool and then made it, gave in the structure manual and now they're in trouble for that. So, and a lot of trouble, not a little bit. I think anything, one thing that's kind of cool is the money service business. Uncle Sam's admitting that crypto is money. So, let's get a golf clap for that one right there. But it's not good. It frightens someone like myself who works at an organization that is building privacy -preserving technology. It's kind of weird and dystopian that we can, that we'll probably accidentally say one day privacy as a service. It's like, what? What even is that? But it looks to be the way things are going. So, it's unfortunate for Mr. Roman Storm and Roman Semenov, Semenov, I hope I got that correct. You didn't. I didn't, Semenov. Anyways, not much to debate. I'm definitely on the side of the tornado cash team here because they're just building code and letting it ride. But we will see whenever the court cases come and whenever they're putting all this stuff on the record, we'll be able to see exactly what evidence there is, so. And time. How'd I hit? How much detail is left? You went a little bit over, but I wanna let you finish your sentence. So, yeah. Well, there might be Jesse time left. You never know. All right, Jesse, you have two minutes on the same topic starting now. All right, so just first off, I doubt the one billion that they're alleging is all criminal proceeds. They're just probably taking the number of the amount of transaction volume that went through tornado cash and then just saying that in totality is all criminal. So that's kind of bullshit. Also, the main issue here isn't KYC, AML, in my opinion. There's a history of US banks providing direct or indirect accounts for cartels for terrorist groups if you look at the history in the US, HSBC was and still is a well -connected global financial mainstay in international banking and they do provide methods for cartels, for terrorist groups, and also legitimate businesses. So the history of institutions like that and of a lot of these different things comes from trying to bank the unbanked. Originally, HSBC was created to facilitate Scottish traders who were trading an opium in Hong Kong and China didn't have a, I guess they, nor China had a method for really banking efficiently. And so, yeah, I mean, that's how that started and I think largely a lot of this can be solved with decentralized identity and letting people loosely affiliate their real identity with this parallel digital identity and then allowing people and building the infrastructure for people to pay taxes and use your knowledge as a way to just give the government the right amount of information that doesn't, that allows them to kind of preserve their privacy and give essentially Uncle Sam his cut.
Bitcoin Mining Stocks Rally As Fed Bails Out SVB
"Again, welcome to the podcast. Thanks for having me. Great. So we'll jump right into it. Let's just start off with low context here. We are recording Monday at 1130 mountain time. I guess one 30 p.m. Eastern Time. And the lay of the land is SVB, Silicon Valley bank was shuttered last week, silver gate bank announced that it was going to voluntarily liquidate itself about two weeks ago now, and then yesterday is Sunday, signature bank. There was announcement that the FDIC and state regulators had decided to shut down that bank. All three of these banks had touches on crypto, notably, silver gate and a signature were used quite often by crypto banks or crypto companies in order to bank. This morning we saw a lot of commercialized banks see their stocks halt trading of the New York Stock Exchange, SOM went down 60, 70%, just more contagion in the banking sector. On the flip side, we saw Bitcoin go up about 10%. It's about $24,000 as of right now. And that means that our favorite mining stocks are also shooting at quite a bit. Reminding stocks are often a beta play on top of Bitcoin, meaning if Bitcoin price goes up, Bitcoin might suck scope a lot. If Bitcoin goes down, mining stocks go down a lot. So right now, as of one 30 eastern our change leaders for the day, of course, scientific up 27% up to 21%, marathon up 18% in digi host of 18%. The smallest gain right now is mawson basically about flat. So big day for mining stocks, anything toss it over to you. It's weird to look at this picture though and try to see why Bitcoin is going up. The steam has made the most sense to me was binance did announce they're buying $1 billion worth of Bitcoin ether and B and B this morning. But besides that it does seem to be some sort of narrative play, but there's not a strong link there at the moment. I'll be honest, I wasn't expecting the level of increase today that came as a bit of a shock with Bitcoin spite all the needs of the week and was right as you said about XV and the issues there and then these should we can sort of the banking institutions which again is mourning the markets initially. We've seen some recovery and of the UK bank HSBC have come in and informed the markets they are prepared to purchase the UK arm of SDB and so that will alleviate new take government having to sort of worry about the deposits for those people in there. So HTTP will sort that out.
HSBC will buy UK subsidiary of collapsed Silicon Valley Bank
"U.S. regulators say there will not be a bailout, but they're moving to help depositors after the collapse of Silicon Valley bank and New York based signature bank. In an effort to shore up confidence in the U.S. banking system, the Treasury Department, Federal Reserve and FDIC announced that depositors with both Silicon Valley bank and New York based signature bank will be able to access their money today, and that an emergency lending program will allow banks that need cash to borrow the money from the Central Bank instead of selling off securities. On ABC News this week with George Stephanopoulos, Senate banking committee member Mark Warner, was asked if he regrets voting to loosen some of the banking restrictions imposed after the 2008 financial industry meltdown. We'll have time to look back on what the regulators did and didn't do. And why the bank management didn't get this right? President Biden says he'll address the bank situation this morning, and that he is firmly committed to holding those responsible for the mess fully accountable. I'm Jennifer King
"hsbc" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Middle East, our top stories this morning. Share a slump in commodity currencies collapse and growing unrest in China over COVID restrictions, a rare show of defiance. It's raising the threat of a government crackdown. All taking a hit from the unrest, the WTI contract drops to the lowest level since December, crash of mines, OPEC, and its allies prepare to meet later this week. Saudi Aramco is refining it named banks, including Citigroup and HSBC for its IPO, which could raise about a $1 billion. And as the aftershocks of the FDX debacle reverberate around the world, we look at why Dubai has been hit particularly hard by the crypto crisis. Markets are indefinite risk of mood, which I understand the reaction function from authorities in China to the protest Juliet Sully has the initial risk of monitor jewels. Yes, Madison. I really liked this note that we got from souvenirs, of course, from spy who SBI who was a frequent guest on all our programs. He's saying uncertainty is building pragmatism is waning, but he did also put it really well, that if the protests don't lead to an increase in restrictions, then you could see all of this nervousness unwind somewhat, but certainly today it is a risk of time. You've got China's market down by as much as 2% of those Chinese stocks in Hong Kong have been hit hard at one point the Hangzhou China enterprises index down by as much as four and a half percent and as you and Yusuf have been talking about. Also weakness in the currency market, particularly on show you one, which at one point fell by as much as 1% against the greenback, and of course the Aussie dollar, which is also lower by 1% against the dollar emitter, the concerns about its trade relationship to still though the MSCI China index poised for its best month in around 23 years. So today's weakness is certainly taking some shine off regional stocks, but you've still got a pretty good month for the overall regional index too. It's best month since 2009 aware though we have a couple of days left to go use of. So it shows you've run us through some of the investor anxiety taking hold today, but more broadly analysts are talking about a bigger rotation into north Asian markets. Yeah, well, we know Southeast Asia has been an outperformer in 2022 and a number of analysts coming through saying, even though we are seeing this nervousness in the wake of the protests and that vision that we have been seeing at one point you will see some kind of reopening path in China. Even if it's going to be disorderly like Goldman Sachs is saying and a little bit more calm in the chip maker industry as well. So Goldman expecting equity leadership to shift from Southeast Asia and India to China and Korea next year, society general and Jeffree's indicating that Taiwan's tech heavy market also at an infliction point and CLS saying Indonesia which has been a defensive play could become less favored next year also Goldman sex seeing India, which recently hit record highs to relatively underperform in 2023 Manus. Okay, Joe, let's see, let's see how quickly the reaction function comes in against these pro tax protests. In Singapore, what FTX is break taking collapse and the resulting aftershocks have been dominating the headlines in crypto all of last week. Bloomberg spoke to Cheng pang Xiao, the CEO and cofounder of binance as one of the industry's biggest players. He planned to say on the FTX situation, including his regret for not tweeting his concerns with Sam bankman freed's exchange sooner. I actually reflect on the FTX situation and I kind of blame myself for tweeting that too late. I think as an industry, we let FTX got too big before we question before we started questioning some of those things. Let's get a little bit of local industry knowledge to allow taba is the CEO of coinbase here in by John Joseph and I good to have you with us. There's CZ saying he should have questioned this sooner. He should have questioned Sam bankman fried. We can all look in the rear mirror and say what we should have done. But should you as an industry have been pushing and probing deeper and harder with Sam bankman fried? I mean, hindsight is 2020, right? Yeah. Obviously the industry, whether it's regulators, whether it's users, whether it's partners, should have questioned FTX moves. I guess with a pinch of salt because I guess if it's to be true, it's probably not true. And the size and the way that FTX used social ways to verify their legitimacy, whether it's working with top NBA players, whether it's working with global brands, sponsors for Formula One, you really see that there's a social element to whether they're legitimate or not. As opposed to public companies where you'd be able to see the financial health of the companies. Actually, I think the investors are ones that should have done a lot more due diligence before because FTX raised loads of capital. They had one round where $420 million were raised out of which 300 million were used by the founding team for person and reason. So lots of fraud happened. Just be very careful. So just before you jump in on this, we just need to be very careful when you use the word fraud because you need to give us the evidence of what you believe fraud is. So we'll come back to that in a moment. Yes, please. Yeah, I was just about to say investigations are still ongoing and much still to be determined on FTX. But in terms of the implosion itself, talons had a cataclysmic impact on the crypto space. Before we get to the opportunities that that brings with it, could you give our global audience a bit of insight on how coin Mina was affected that either in terms of headcount in terms of liquidity or any other observations on counterparty risk? Yeah, sure. As part of Cohen Mina, we use multiple liquidity providers. We use about 40 exchanges. So we were not negatively affected by the FTX issue. FTX weren't an investor in coin miner using Alameda's venture arm about a year ago. So now we have about 3% ownership that's by Alameda and we've asked to buy back those shares by the liquidators. So that process will take its path. But I guess risk management is something that is heavily underrated in the world of crypto. And at coin miner, we were fortunate to have those in place where we didn't have exposure to the FTX fiasco from a liquidity standpoint. So you're optimistic that you'll get your share of the company back. One of the things that CZ brought up with has Linda last week was about proving to the world your liquidity one exchange is a liquidity a brokerage is liquidity. Proof of reserves and proof of liability will you what will you do to deliver proof
"hsbc" Discussed on Bloomberg Radio New York
"The region. The Hangzhou index is up 2.4% led by a huge jump in HSBC up 5.8% and we also see standard chartered bank rallying more than 4%. We did get the inflation data from China, September CPI was up 2.8% year on year. It was the fastest pace since April of 2020, just a tad under the survey estimate of 2.9% and up from the two and a half percent. We saw in the prior month. And PPI gained 0.9%, a little under the survey estimate. Asian stocks right across the board are higher than EK is up 3.2%. That's a move of 826 points. The ASX 200 up 1.9% and in Taiwan powered by TSMC, the taiyaki is up 2.6%. Itself is rallied around 4% this morning currently up 4.3%. The people's bank of China will push banks to increase loans to infrastructure to manufacturing and to the property sectors all in an effort to better support the economy that from the governor Ye gong. A couple of quick final notes we've seen the pound strength in this morning, our time right now, the pounds that $1 and 1353, the UK Chancellor of the exchequer quasi quartan cutting short a trip to the United States and heading back to London, reports have emerged that the UK government will abandon plans for a massive package of unfunded tax cuts. And that's a Bloomberg business flash. Let's get to the news desk and at Baxter's in the 9 60 newsroom with the top stories making headlines at all right, thank you, Brian, South Korea says that dispatched its F-35 fighter jets half to the north through military aircraft near the border. This after South Korean and Japanese military say that they had done the same. North Korea
"hsbc" Discussed on Bloomberg Radio New York
"Conversations from Bloomberg television. Here's Danny burger. I want to bring in organ HSBC global head of EM research. Marat, look, I know we've brought you on to talk about EM and we are going to do just that. But listen, we've had a lot of EM torus out there, if you will, talking about this idea that when you have a UK market where yields are higher, currencies are weaker, you perhaps have a trades of term term of trade shock that it looks like an EM market. Is that a fair description? I mean, would you putting on your EM hat label the UK in emerging market? Thanks, Stanley good morning. Well, you can expert. But what I can say from my own EM experience, when an economy has imbalances like high inflation, community account deficit budget deficit funding requirements external financing requirements. And when the global environment changes when that I had events, when the risk appetite SARS, markets are asking for an adjustment and even if the adjustment happens again through the market parameters like the currency and then obviously there's an impact on yields as well to the expectations perhaps side inflation because of currency weakness. So that has been sort of what is happening across the emerging markets with large imbalances with deficits. And when the mood changes externally. Here, more conversations like this one on Bloomberg television, streaming live on Bloomberg dot com and on the Bloomberg mobile app. Or check your local cable listings. No one covers the world like Bloomberg. Russian will then absorb these territories. What is NATO reaction? It's these judge aloni wants a clear
"hsbc" Discussed on Bloomberg Radio New York
"Joining us now max ketner chief multi asset strategy at HSBC Max thank you so much for joining us We've got this inflation print It turned out we haven't seen the high in inflation Who knows if this will prove in hindsight to me the high What difference has this made Does this meant that you are now factoring in bigger hikes hikes for longer more sad flavor in the U.S. What difference does this made for you In terms of our allocation it doesn't make that much of a difference because the problem really for risk assets in total is in a conundrum We've got basically two very we've got the choice between two very bad choices We've got either the choice of saying inflation is going to stick around for a little bit longer Growth is actually fine But that then means that inflation stays higher central banks have to do more and that's bad for valuation And that's ultimately bad for risk assets On the other hand if growth falls by more than expected And earnings estimates growth estimates will have to calm down and that's also bad for risk assets And the path towards Goldilocks that really narrow path along sort of the middle there looks incredibly difficult to achieve that right That's the sort of soft landing the hopes for the soft landing And that just that I think that the big change from Friday is like we've heard from your colleague before that that sort of narrow path of Goldilocks that soft landing landing path has become ever more unlikely from Friday onwards Here more conversations like this one on Bloomberg television streaming live on Bloomberg dot com and on the Bloomberg mobile app or check your local cable listings The fed says a 50 basis point hike is coming The fed is telling the markets what it wants them to do But what's next Some big questions about the next move the one after that and ultimately the destination Maybe they can let the high prices naturally bring down demand Trust Bloomberg for the fastest coverage and exclusive analysis The press conference live McKee in there it'll be interesting Bloomberg surveillance the fed decides Wednesday on Bloomberg the fastest way to stay one step ahead When you think about it from a trading perspective what's been missing the entire last several months is sort of what I would call a cathartic flush out but where you get the vix above 40 which is one of the things you need for at least a trading bottom This week is fraught with peril Julian Emmanuel.
"hsbc" Discussed on VUX World
"Time to share what you believe with them to get them to believe it as well. Because that just unlocks everything for you. So the biggest change for us was really when we got all of the kind of component parts of the retail business to and we're not still not there yet. He's obviously a big organization, but the majority of it we invested heavily over probably 18 months to educate educate educate and just get them to understand it. But understanding how technology works, they've got to leave that to those of enjoyment knowing that stuff. What does it mean for the customer? What does it mean for you people was it ultimately meaning for your business? Those are the three things that we try to get across. And then I think the second thing is growth doesn't come by just wishing it to happen. You've got to build a very deliberately go out and get your use cases. So when people from across the organization ask me for help or to say, I want what you guys can do. First thing I would say for you to tell me the challenges you face, tell me the challenges the customers are facing that are interacting with your partner that business. And let me help problem solve because a lot of this is about problem solving. It's about getting the technology, the people, closer to where the customer is. And so rather than a function that doesn't have many people come and say, oh, can I have a chatbot, please? Normally the context, I'm trying to do this. Like the financial sports team example where the normal customers need help in a different way. We now have to do that. Let us in the door and we can come and help you design that. So I think getting the most important there will be get the business, get the organization bought and if your lead in it, you're going to be passionate about it, you're going to believe in it. That should be infectious. So going get time in front of the people that you need to help sponsor. Because that will just make life so much easier. I think the next, the next phase definitely pick off your use cases..
"hsbc" Discussed on VUX World
"Flowing from that, at least gives you one it's a valuable metric, and then everything else should come from that. Everything else is in, that improve in that NPM. So keeping it where it is, which is good, yeah, because a lot of people can get distracted and it's going to be quite confusing to figure out where to start with all this stuff, you know. Yeah, and we've utilized first contact resolution as a measure, most concepts into people will be well off a with that. We've utilized that as a measure. The challenge with FCR as we've seen more and more customers move to chat and this kind of asynchronous, this never ending conversation, as it were, is that's made that really blurry. SCR is ultimately just going to measure the customer come back in a set period of time to actually the same thing. Well, if I've started a conversation, then a lot of them pick the kids up from school and I come back and I want to pick it up again. How do you build that into an SCI measure? So that's the kind of historic kind of contact center one I would have gone to. And we still look, we still do look at that. But I don't think there's, I think what I'm learning throughout this is there is no one single data point. That is going to give you a true view. It's going to be a blend of them. One thing that I've want to experiment with a bit more is that we have a quality model for our people. And the quality model should all lead to good customer outcomes and ultimately called them good NPS. How do we build the same quality model for our assistance by virtual agents? Now, does that look and feel the same? Now, yeah, this is the obvious bit there. The machine is built to work in the way the machine is built..
"hsbc" Discussed on VUX World
"So measuring purposes will normally measure it over a 12 hour window. So you can start to run some of your kind of data off the back of it. You promise data. And we'll look at the number of interactions almost like a customer effort measure to say how many times did the customer have to interact in that conversation and clearly on each conversation it would be different because the need will be different, but when you scale it up of three quarters of a million chats a month, then you can kind of get an average and go, well, is it four messages, the customer sentences in that conversation? Is it 5 or 6? He decided to get a customer effort, then he can flip it the other way in Sarah's the bot doing versus how many human doing. So you can start to build out your efficiency view there. In the IVR space, it's slightly different, but not significantly, so NPS is still number one. Still look at that, what I want to understand the customer experience. I do look at containment rate in the IVR. Probably slightly more than I do on the chat bot sounds. I want to make sure that the IVR is containing in the right way. So that's why the MPS side comes in. What I do focus on specifically in the IVR probably because there's more exit points into the organization in our chat and chat population, yes we have some specialist teams, but the kind of chat bot basically needs to win a hand off to an agent who just needs to root to Google agents and IVI and consider much more specialisms in the routing. So I've touched on earlier about transfer rate. I do look at that as a almost like a commercial outcome because you can spin that into a put the dollar sign to that one and work out actually how much does reducing your transfers really cost so we'll look at transfer rates and accuracy of the IVR and how well it's detecting the intent does it need to use a disambiguation questions. We look at that as well. So if you're choosing just integration, is it actually enhancing the roots and capability, if not disfiguration, certainly is in the hands of the customer journey. So you've got to make that tradeoff and say, well, on the last two, just a big racing questions. And it still doesn't get really any better. Why am I even doing it? As you can hopefully it's okay. It's very customer focused. That's where that was a reason for doing all of this. And this is why I stay translate true to that today. Yes, I can measure the commercials and all kinds of spreadsheets and calculators to do that..
"hsbc" Discussed on VUX World
"Teams to build interface, still build on your app or your website or but actually for some of the fringe cases, the smaller those plus ones are certainly, I think if you can access a simple API and draw that information and then have 5, 6 different journey floors running off the back of that information. That's going to be more cost effective, quicker to bring it to your customers and stats to add real value to that interaction, which that's where you go in from a transaction to a proper interaction. Yeah. Absolutely. Yeah. You mentioned value there. And at the beginning at the top of the conversation, you were talking about the real driver behind this was to get into the channels where customers are extend the availability of the service. All that kind of stuff. How are you measuring the value that these assistants are created now? If someone was listening to this and say, no, well, I don't know whether we should do this or not. What are some of the examples of the value that you think is important in doing this? Yeah, we could spend three hours trying to talk through this. So I'm trying to give you a quick version because we're probably on version 2025, maybe of a calculated time where they still because this is not easy. Well, I'd say the outset and it links to something we said earlier about. Senior sponsorship on this type of stuff. When you, when you are in this world, you can start to see the value once it's live. Once it's just an idea, it takes a bit of a leap of faith. So you can calculate as many of the numbers on a spreadsheet you want. But until you go from with it, you never got a 100% sure it was going to have the value you think it's going to add. And that's whether that's the chat channel itself, whether it's investing in IVR,.
"hsbc" Discussed on VUX World
"A service where customers recognize it as anything other than HSBC. Capital One was clearly operating in a different space there. But do I think it's something that over time customers will. Almost be full as their contact point yes, and it's already happening now, we're seeing it with millions of customers now naturally going to chat naturally using a bot using the technology and not defaulting to the fund and that hasn't taken that long for that to change. And just in just in. Yeah, I mean, it doesn't even have to be branded, you know, that you know what they made a very conscious decision to make it on to make it its own kind of thing. But it doesn't even need to be that to be honest as long as it's delivering value for customers and delivering value for the business, and that's all it really matters. What kind of I imagine when you started you were starting with some kind of low hanging fruit as I was kind of alluding to FAQs and stuff like that. What kind of range of use cases are you covering now? You mentioned rooting in the IVR. I think you alluded to some self service in the IVR as well. I wonder if you can just give us a low down on voice and chat, the nature of the use case is that you're covering it in a minute. Yeah, so on The Voice side, we do a bit of a bit of transactional, a bit of color information provision, not necessarily FAQs as such, but it might be simple interactions like playing out a list of transactions. Through to the ability to cancel console cards, replace cards, et cetera. I think there's more opportunity in that space. And I think it predominantly still around transacting changes that address those types of things. But really focused on the high frequency activity that I think that's where an IVR does its heavy lifting. But we do use it to try and help educate and steer and direct as well. So we spend a lot of time looking at the messaging in the IVR and how we infuse data in the IVI to make sure we play messages that are relevant to our customers. In the chatbot space, I much more FAQ focused, we have got some transactional bots running. Today, which is mostly based around card usage and card inquiries can interactions. Which was partly use cases partly because of some regulatory change that we wanted to support and we knew that from a retailer perspective that they had a bit of an adoption curve to go through for ecommerce transactions. But for our customers, we did as well. And we wanted to make sure that both the bot and the IVR could support that and support customers..
"hsbc" Discussed on VUX World
"Yes, we need digital teams to help us. But actually the bot on the flows and the conversations. There are designed by frontline contact center agents. So we've set up a capability where about 55 people changes on a regular basis, but working, building chuckle floss. And these guys are used to serving customers. So what we said earlier about the language, how we need to explain things, how we capture that. And then we've got slightly more technical capability in terms of the NLU and how we build the flask links to that so that capability. But it is genuinely a bot built by the people who said the customers. And I'm not saying actually unique I know the organizations that are doing that. But that was a very, very simple and early on. First iteration of a bot didn't really work. It was very technology driven. Now I've got some super talented IT colleagues, but actually what it's shown a light on is that it's the people who are serving the customers that know the customers the best. And it doesn't matter how much data it could throw at it. That human experience to make your bots more human, we don't hide the fact you talk into a bot. We don't try and disguise it. We're very clear that you're chatting to a bot. But the people building it are the ones that serve the customers as well. And that's made that's made a really big difference. What it's also meant is that we are both wearing but you have really agile. So something happens in the industry, something happens in, you know, within HSBC, then we need to get bought out. We can get it out in 24 hours. Because it's not a tech delivery, it's a frontline delivery..
"hsbc" Discussed on VUX World
"And we know we knew at the time that we needed to move the customer service part closer to where the customers were rather than asking them to come to the contact center. So the last three, three and four years has been about creating new channels, creating new contact points for customers to get to be able to get access to help. And I was guess what we've seen the pandemic kind of shone a light on a modern thing, but it was already there. It was that customers were starting to adopt this kind of on demand lifestyle in their banking. So I've taught passionately about on demand banking for some time now because we see it. We customers want the same control in their banking as they do with television, online shopping, food delivery. It's the same. It's the same needs you're trying to meet. Just the stakes are slightly higher. You know, if you're on demand pizza ordering goes wrong, you might have some upset children. Sat around with him and say, well, if you're on demand banking goes wrong, the condition pretty big ramifications. So having the humans sat alongside that technology is, I think, is absolutely vital in financial services in particular. And therefore, I had to say, you know, we got a team of about 4000 people, serving customers every day. The idea was, how do we get them closer to where our customers are? And that is digital. So we set up chat channels through Internet banking, through mobile banking, and we've over the last few years worked on how we grow the use of that channel, not only for contact centers, but the wider kind of retail part of HSBC's business in particular, because customers tend to come to the contact center as a starting point, but they can often often head off in lots of different directions depending on what they're inquiry. That's a kind of telephony based approach that works well. Why would you not have that in chat as well? So we've been working on in fraud support teams and underwriting teams and so it's sort of chat service is pretty seamless for our customers. And that's been a big part of the plan for the last few years. Interesting. So it can then out of the rising customer expectations. You mentioned Peter arter in a stuff like that and that everybody obviously is kind of digital narrative.
"hsbc" Discussed on VUX World
"And there we have it. So yeah, thank you for joining us on the appreciate it appreciate your sound. Where about are you in the country again? I mean, Yorkshire. Yorkshire, likewise. Likewise, we are a couple of, yeah, y'all should go as right now. Weather's all right as well. I've been griping a little bit recently because I don't think that hurricane has been overly kind to me in terms of sunshine, but the last few days seem to be all right, so it's on the up now. Yeah, it's looking nice. It's been sunny here today, clouded over, but yeah. Yeah, nice, nice. So Andy, you're the head of UK customer service strategy and transformation at HSBC. A lot of people tuning in now will definitely be aware of here, just BC, huge bank global global operation. And maybe as we will start, we're going to get into the conversation about how you your team and the organization has been using compositional AI. But maybe you've already kick off maybe it's a bit about yourself might be interested in terms of your background and how you see and be a little bit about your role as well will be interesting. Yeah, so 22 years nearly with HSBC now started on the management trainee scheme. Mostly in and around the branch networks has been 15 years working in branches across the UK. Short stint in the head office before the last 5 years being part of UK contact centers more recently renamed UK customer service team my role is to look at how we deliver great customer service through the adoption of technology but blend in with our people and I'm sure we'll come into some examples of what that looks and feels like throughout this conversation. And the last three nearly three and a half years now has been about conversational banking, compositional AI, how we adopt some of those technologies and some of the ways of working with our people in and around it to turbocharge it for our customers. It's going pretty well. Nice, nice. And so I'm aware of here just BC exploring channels like voice assistants and stuff like that. I wouldn't name the person there, but I had completely conversations around how he had just been exploring some of those emerging channels, voice enabled devices, works assistant platform, stuff like that. In your kind of area, looking at customer contact, contact center operations, various other digital channels. Where did the need come from? Why bother with this stuff like where did it all start? Yeah, go back for years, we were predominantly a call center. Named a contact center, but really, of course, it also handled a bit of email. But what we saw is customers were more and more utilizing our digital channels. So public website, Internet banking, mobile banking, and we knew we needed to move the service closer to those interactions. What we see today is a huge.
"hsbc" Discussed on Bloomberg Radio New York
"So we have a very busy day in terms of earnings HSBC giving a warning about China of course we've got this mass testing now of people in Beijing not a lockdown but we'll discuss that on the program and also we'll bring you our top interviews for example with the HSBC CFO UN Stevenson this hour also the CFO of Santander and the CEO of UBS Yeah just looping back to China we have to keep a firm eye on any updates from officials there of course that is the key test over the next few days is how many numbers come in in terms of the infection rate and whether that then does prompt the kind of lockdowns that we've seen in Shanghai which in fact in the last few days have become more severe in China's financial capital So continue to watch that continue of course to watch the developments in Ukraine As you say a huge day for earnings and then the corporate story of the hour of course Twitter and Elon Musk agreeing that takeover deal Yeah absolutely The biggest leverage buyout in years $44 billion We can not resist that story So bring that to you just a moment Let me update you though in terms of the market Stocks actually are climbing this morning rebounding after the PBOC stepped in with more assistance in China Since I 300 is now up by 1.3% MSCI Asia Pacific index up by 7 tenths of 1% The Japanese yen has been plunging and that has given also a cushion to the topics which gains four tenths of 1% As for stock futures for the U.S. market open that had a really wild ride on Wall Street yesterday we were up two tenths of 1% a 1.7% jump for European stock futures two In terms of the bond markets we've seen treasury slip along with the U.S. dollar in terms of yields at the moment the ten year trades at two 85 up by three basis points at the moment Sterling continues to have been pummeled overnight but actually we see something of a gain up a tenth of 1% in terms of the pound this morning and gold on track to post its longest losing streak in more than a month So lots to think about in the market Let's recap some of these earnings then and they've come thick and fast through the banking system and the banking sector HSBC's first quarter earnings beating estimates They came in with adjusted pre-tax profits of 4.71 billion U.S. dollars That beats the consensus of analysts of 4.49 billion So 4.71 billion in the first quarter for HSBC versus the estimates of 4.49 billion Yeah the other key line I think from HSBC is that they say that they've booked over the Russia exposure of $1.3 billion for the first quarter Also we've had our UBS earnings first quarter net income comes in at 2.1 billion so again a beat on the estimated 1.9 And the Spanish lender Santander coming in with first quarter net income of €2.54 billion and another beat here from the banking sector at the estimates had been for a little under 2.3 billion So a beat for the Spanish lender in the first quarter Santander Yeah and as I say we'll hear from all the CEO CFO interviews from those three banks throughout the hours this morning Let's get over now to Bloomberg's cross asset editor though Joanna osser who's standing by with a broader look at the markets the PBOC pledging support Joanna how much is that helping after investors really woke up to the idea of a lockdown in Beijing and that sense stocks plunging yesterday Yeah Caroline so it is helping a lot as you said with the stocks And it's the tech in particular the hang seng tech index surge more than 5% Alibaba and Tencent have really been boosting the broader regional gauges And that you want swung from a .4% loss to a .4% gain against the dollar in the offshore markets It also gained onshore And we did see heavy dollar selling by the overseas branches of Chinese banks while hedge funds cut back on shorts according to traders But some people are saying the verbal intervention might not be enough to spark a sustained turnaround And those Mainland China equity indexes are still down 20% this year Yeah that's been a lot of verbal intervention not much material intervention so far from Chinese policymakers So maybe the patients will wear thin What are the volatility measures though beyond China what are those measures telling us about the markets right now Joanna Yeah Tom So overnight we had a lot more nervousness out of the U.S. people are looking to hedge here and a lot of it is around China actually You already had the fed and inflation And earnings are looking decent but people are quite nervous about China The vix is back in 27 28 area And volume embarrass options versus bullish ones reach the highest in two years yesterday You also had the move index of treasury options volatility the highest in 7 weeks a JPMorgan FX volatility index the highest in a month So you are seeing a lot of nerves coming back into the market Okay Joanne Austen thank you very much indeed our cross asset editor walking through some of the key themes keeping an eye on volatility and what it's telling us about the future direction of these markets for real-time market commentary and analysis Check out markets live that is ML IV on your Bloomberg terminal And now our top stories this morning hopefully we'll go to the Hungarians Finally good morning Carolina and thank you The world's richest man Elon Musk has agreed to buy Twitter for $44 billion after months of fast moving developments more from Bloomberg's Charlie pellet Musk is one of Twitter's most watched users with more than 83 million followers He began amassing a stake of about 9% in January by March he had ramped up his criticism of Twitter alleging that the company's algorithms are biased and feeds are cluttered with automated junk posts He also suggested Twitter's user growth was inflated by bots after rejecting an invitation to join the company's board on April 14th He offered to take Twitter private In New York Charlie pellet Bloomberg daybreak Europe Now Russians foreign minister Sergei Lavrov was warning there is serious danger of nuclear conflict This comes after U.S. defense secretary Lloyd Austin said he hopes a Russian losses in Ukraine will deter its leadership from repeating its actions elsewhere We want to see Russia weakened to the degree that it can't do the kinds of things that it has done in invading Ukraine So it is already lost a lot of military capability and a lot of a lot of its troops white Franklin Meanwhile attacks are continuing on the steel plant in the besieged port city of Mario pole where some 2000 Ukrainian fighters are holding out and according to the UK defense secretary Ben Wallace 15,000 Russian troops have been killed since a Russia did invade Ukraine Now Brexit has caused a major shock to UK trade patents Bloomberg's UN pots has all those details A new study is found Brexit has seen UK imports from the European Union collapse and has caused many small businesses to give up exporting to the EU altogether The analysis by researchers from the London school of economics looked at the first full year of the new trade deal They estimate imports from the EU fell by 25% after controlling for the effects of COVID The number of British export relationships with EU firms also slumped by 30% after the UK left the single market and custom union in January last year In London I'm new in parts blue McDavid Europe And China's expanding its COVID-19 testing to most of Beijing raising fears for an unprecedented lockdown Sing.
"hsbc" Discussed on Bloomberg Radio New York
"Daybreak Europe to give you a check of the markets every 15 minutes or an hour and a half into the trading session here in the UK and across Europe The stock 600 is flat as a pancake Over in the UK though here the footsie 100 is getting 5 tenths of a percent basic resources It's powering the markets here higher on the back of those elevated prices In France a cac account is down a tenth of a percent gains in Germany gains in Italy of four tenths of a percent We've got bank earnings in focus HSBC listed of course in Hong Kong and in London posting better than expected earnings for the third quarter We're looking ahead to technology earnings as well Facebook is the big one later today will see the impacts on advertising from those supply chain constraints the kind of impacts that infected and impacted snap and see if that flows through to Facebook as well also looking at regulatory concerns for that company Over in China you saw some liquidity injections from the Central Bank the saint Shanghai composite ended up 8 tenths of a percent there are concerns though about the spread of the delta bear in that country which is layered on top of some weaker data suggesting the recovery is starting to stall in terms of the currencies you're looking at a slightly softer U.S. dollar down a tenth of a percent energy still firmly in focus of course we heard from the energy minister of Saudi Arabia suggesting there are no rush to boost supplies as prices remain elevated Brent is at $86 a barrel trading up 7 tenths of a percent The U.S. ten year yield that benchmark is up gaining 1.65 now currently on your U.S. tenure a factor of course for investors as they look at those tech earnings amid a broader view that yields will continue to grind higher J pow from the Federal Reserve on Friday saying that it's not yet time to Reich rate but he is comfortable to see at the taper come to an end So that's a check on your markets an hour and a half into things this Monday morning at the start of the week Let's get over to Matt Miller now though for a taste of what's to come Stateside and here in Europe Matt I've got a story that jumped across for me around cryptocurrencies The shiba ino coin That is just gone bonkers I just assumed that you'd have a view on this There was a great line from cheeseman saying and he's a strategist in this space saying you don't short things that millennials think are funny What else have you looking at Yeah I don't have a view on chiba enu by the way Or any of those joke coins but I'm looking at there's so many real movers stories that I think are fascinating today I'm sure you're across HSBC and all the banking news with UniCredit and monocoque We're going to be covering that in our program as well But there are a number of other stories Volvo for example paring back its IPO Volvo plans to do two and a half $1 billion IPO It's now of course owned by gigli the Chinese car company but one of the problems is investors don't exactly know how to value its polestar unit which is its performance luxury electric car unit They made an incredible first edition car pole star You gave it you gave it solid reviews Yeah huge huge fan but I agree that it's difficult to know how to value it So that's one IPO among a slew that has been recently downgraded to a smaller size so that investors can better digest it Really interesting story Another one that caught my eye is that BP is working with piaggio to try and develop an electric strategy for smaller vehicles for two and three wheeled vehicles piaggio of course is the owner of Vespa as well as motor guzzi and Aprilia And they're talking about not just charging stations at BP gas stations or petrol stations as you call them but also ways to switch out batteries So you just roll in they pull the battery out of your Vespa and put a new one in which I think is pretty cool And then there's a ton of other stories that are moving markets SAP is one of the biggest point additions to the stock 600 because hassel platner the famous chairman and founder cofounder of SAP has bought another $40 million worth of his own shares on Friday Investors are watching and getting on board with him And then on the downside Novartis unfortunately has a lung cancer drug that didn't meet expectations in clinical trials And so it's selling off not by a lot but Novartis is such a heavyweight I don't think Tom people outside of Europe realize how heavy these pharmas are Roche and Novartis are two of the biggest stocks on the stock 600 the broader European index so when they move a little it tends to weigh down the index or pick it up a lot It's so refreshing to be able to focus on some of the corporate stories as well after weeks months of discussion some of the macro stuff the inflation which cause remains important but digging into those corporate stories is refreshing and you've got a great line up there Matt Miller thank you very much indeed So Bloomberg surveillance merley edition with Matt Miller and team you're going to hear that on London DAB digital radio And for U.S. listeners you can catch Matt and.
"hsbc" Discussed on Bloomberg Radio New York
"Be a bit less conservative and more positive because they are pointing out that the revenue environment is improving dramatically They've accelerated the buyback They said it was only a tender but maybe wouldn't happen this year It is happening And they've also said that this year we were going to write back for the full year of credit losses from last year And also we don't need to worry about kind of the normalization of credit costs until the second half of next year So all in all a pretty upbeat outlook particularly from our management with a fairly notorious for being very conservative Yeah well they've had a tough they've had a tough few years haven't they What does the loan book looking like for this business Are we starting to see a pick up in things like demands for corporate loans and mortgages Again when they point to the outlook the biggest issue they're placed is the squeeze on their interest margin which actually dipped below 1.2% This quarter So loan growth has never really been that much of an issue It is picking up It's been more about the margin squeeze So even though you were growing loan your revenue wasn't going up it was actually falling because rates fell and therefore your interest margin got squeezed Both cool and then to that as well And if anything I think there are more upbeat that same look rate riders are coming earlier than we expected Yield curve shifted So loan books healthy mortgage growth and other corporate pickup but more importantly the margin is now kind of through the worst and should be back on the way up So I think we see decent consensus upgrades as well So further upside possibly for HSBC's margin particularly on the back of what we expect to see a higher yield environment When it comes to China HSBC has been very clear that it's pivoting to Asia with China of course being a central component in that shift Have we got any clarity on this bank's exposure to the travails of evergrande Yes They've been pretty clear And again in the presentation this morning they point out that any of the property businesses that China's three line and three red lines about leverage et cetera they have zero exposure to those kind of highest risk companies Clearly it's a big player They've got maybe 20 billion of real estate So it's not without risk But when you think about the potential for a couple of 100 million provision charge in the context of a group there's still more than a billion set aside from last year It's going to write back It's not something to worry about So I think it's more of a sort of sentiment towards China how China behaves and therefore is HSBC's growth plan in China As appropriate and at the moment you look at the consensus we haven't got it built in So I think the downside risks and bad news from China is limited evergreen not really a particularly big risk So it's all looking considerably better than it was In terms of any concerns for you out of these numbers you say of course it's nice to hear management talking more optimistically from HSBC First time in a while is there anything that you could point to that gives a sense of some concern of fragility Not particularly I mean clearly they're giving a pretty strong outlook on cost as well as saying that cost will be flat for the 32 billion for two years So the idea is revenues begin to pick up and you get what's called positive jaws IE revenue growth faster than both square If example the world changes and we decide tapering what's going to happen I'm going to go If we look at Hong Kong look at highball They're still at near lows So it's not in the bag But as I say haven't covered this company for over 20 years It's unusual to hear them kind of be as positive as this in their own way So it's more of a wait and see but I think this means that a big headwind to revenue is becoming a gentle tailwind Great insights as ever Jonathan ties Thank you very much indeed Bloomberg intelligence is senior analyst covering European banks on the optimism emanating from HSBC and breaking down those earnings for us Okay let's get more of the international global news now with.
"hsbc" Discussed on Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)
"Increased west bank. And she's now in charge reporting directly to me of all of our digital innovation partnerships and our venture fund. And so she's got a relationship. Presentable i mentioned earlier She's working on offense working with a lot of the venture capital firms. We partnered with these companies and really building this virtuous ecosystem around our banks. And you know i. I don't think any other bank doing it quite like we are. I think certainly an investment arms but not as integrating into capabilities products rolling out Across the bags securities and area that were special Than a cyber is ever present never threatening every day in a lot of various until we were very early investment example in krause strike Quite successful we. We'd they're perfect example of a company that we invest in early mature still use their products. Well that's fantastic. I wonder if you could share some perspectives on what you've learned about customer preferences as they choose to interact with a company like hsbc digitally and the extent to which that's been evolved or perhaps even pushed past the point of evolution just evolution towards some kind of revolution as a result of the pandemic. what are what are some of the learnings there john. That's probably been the most interesting thing about the past year on in our digital transformation because we were headed in a direction anyway No we were gonna move all of our key customer facing products and services to a much easier to use digital platform. The demand was was there. We were seeing adoption across the board and then we had a year ago. Actually this week you know the world kinda shutdown due to the pandemic although we got an early warning on that from our asia presence as we saw things evolve in china and other other nearby places We were. I think a little bit ahead of the game. We could talk about that later. Around what we ready to do with our employees and roll out problems our customers was. We'd started some of that in asia. Already what we saw as soon as things lockdown was one Customers really didn't have a lot of other choice than interact digitally you know if if they were maybe on the fence. Am i going to make the payment online. I going to write a check and go down to the mailbox or or am. I going to go to an atm machine. Or am i gonna use cash. they very quickly set all. You know there's actually in doing that for me of being exposed the pandemic or having to leave my Places safety here. So i am going to. I am going to go digital so we saw a huge adoption of digital capabilities for people. That hadn't historically done that. And for people that were started using half digital half manual they went fully digital and then for per transactions new account openings on the past. We would give them a choice. Would you would you like to do it. Digitally would you like to come into a branch and opener well. The branches were closed. And so there was. There was no option to go into a branch in many cases. You had to do it digitally then. We had governments around the world saying you need to help your customers. And we said we'd love to help our customers with these with these government sponsored programs in the us it was the payroll protection program in the uk. It was the bounceback loan scheme Where government said we're gonna back you to fund small businesses especially who need to stay in business to the pandemic but that needs to be a completely digital offering that you put out you know there's going to be any place for them to go to sign up need to be able to do it online from soup to nuts. You know within a day and get their money quickly so we had. We had innovate very quickly on on building capability for these customers in the pandemic that got them into a digital flow in digital life cycle. That will carry through for them. And i think also there were programs like in hong kong where government said. We're gonna give you know every single hong kong citizen ten thousand hong kong dollars about fifteen hundred. Us dollars And so we had to get ready to immediately propagate that and then of course also scale up because every single citizen wanted to see what has my ten thousand dollars in my account so we saw record volumes and transactions and many many of our systems around the world so it really did change the way we look at the digital option her. I think we probably leapfrog three to five years in the digital curve. And it's not going back. You know folks who have migrated digital. Now they're not going back know. Nobody wants to use paper One of the companies. I was on the board of directors for for six years. Docu sign and other electronic signature. Companies certainly became very important in this pandemic. Nobody wants to physical signature. Mail things back and forth you know they want to get it done quickly online so ton of opportunity there really. Great timing is joining the bank to help us him. It in that direction even faster. Yeah it's interesting. you've mentioned a few different cases. Just how global. This business is. And i'm curious. How do you think about where we're what work is done. How is your team for example divided across the The world into to any extent is that determined based upon the kinds of work or even the kinds of adoptions of certain certain practices in one geography or another i think for example of the fact that mobile payments and in frankly just even mobile use advanced so much earlier in some asian countries relative to the west and their level of sophistication. I'm painting with a broad brush. Stroke here but in in some of those jurisdictions are remarkably progressive and so thinking about how you what of work needs to be done at what pace where must be an interesting puzzle to solve. It really is. And i would say on the senior keener split between hong kong london and the us. We have senior leaders in all three geographies makes the huddle stat. Calls a little tricky. Because we got you're out you know sort of mid midday here in in the uk which is early morning in the us in early evening in hong kong to all get together But the senior teams you know. The the organization is heavily concentrated in china and india We have very large offshore centers in both of those countries. We also have offshore centers in places like manila in sri lanka and in mexico in many other countries but the the concentrations that iran india and china because we built a great locations in centers there over the years and to your point we definitely saw digital adoption happened faster in asia. All before i arrived at the bank and then certainly in the last year that's been that's been very true. You know we have a pay me application in hong kong that we spun up very quickly on the digital payments front And got mass adoption quickly by the way we did that. One on the microsoft cloud is part great partnership with microsoft in innovating quickly in their cloud of application So team certainly spread of. This is the most global organization i've ever been involved with by far and and you know. The team is very functional. Operating in many geographies. I think it's been a little interesting last year. The team was also very used to traveling between hong kong and london between london in the us. and sort of getting used to zoom world of figuring out how we can balance times. Sergei how he can get to know each other when we haven't met you know half of my senior team so i've got twelve direct reports six of them. I've never met in person you know. I hired them. Virtually and they started virtually And so hopefully in the next few months actually get my first. Kobe shot tomorrow here here in london. So hopefully next..
Is Silver the Next GameStop?
"Yesterday. Silver prices hit the highest level in eight years to over twenty nine dollars and fifty cents per ounce the london bullion market association which is the silver market said that more than a billion ounces of silver was traded. Yesterday it's three times greater than the average from the end of two thousand twenty can louis c. of app max which is a dealer in precious metals coins boy in bars said yesterday on bloomberg tv that they had more volume in silver sales in the past three days than they had all of december and forty three percent of those orders from new customers were. Typically it's only fourteen to twenty percent of orders in a given day are from new customers. Adrian ash is director of research at bullion vault which also sells silver. Bullion said they had more customers yesterday than all of last february. Why is there this sudden interest in silver last week. We discussed wall street bets. The sub reddit and what was driving the price of game. Stop and other memes stocks. There were some post last week on wall street bets about silver being the biggest short in the world but there's post on all different types of topics but some of those posts because they're voted on in this forum made it to the top and then news organizations pick it up that that the wall street bet sub read. It was now focus on silver but then some on wall street No they're not promoting silver that there are proponents of silver taking advantage of the forum. So there was a lot of confusion over. Who's driving this increase in silver. But clearly it's happening. One commodities trader said about wall street bets that i'm beginning to think that they are being suckered by the silver scammers to try to get the price up today when i looked at wall street bets. There wasn't any of the top articles on silver. They appear to be a couple about diamonds but most was on gm's stock which fell over fifty percent this week here. We are with silver having spiked to its highest level in eight years. Today it's down to twenty seven dollars per ounce but the sudden interest news gives us an opportunity to look at silver the investment case for silver. And should we buy silver now. There are two primary ways to buy silver by it physical including coins or bars. We can also by silver through an exchange traded fund like the shares silver trust which owns physical silver or we can participate in these silver futures market. And we'll talk about how that works. A lot of these news articles reference. Some of the post on wall street bets about how silver is the biggest short in the world. And there'll be a squeeze and we're going to stick it to the banks that are short but still i really different than the short squeeze on game stop or some other stock like i talked about last week where you had hedge funds that were massively short game stop. There were more shorts than shares outstanding. And when the stock started to rise those hedge funds needed to buy back game stop stock so that they could close out their short position and stop losing money but if we look at the positioning of hedge funds and other speculators in the silver futures market. They're actually net long in other words positioned for silver to go up in price and they have been net long since two thousand nineteen. The natural times reported that analyst said bullion banks has hsbc and j. p. morgan did not have speculative naked short positions in silver. In if anything would make money by selling silver to exchange traded funds in helping minors hedge exposure bernard data an analyst texas that it's the wrong understanding of the market. It's trying to apply the same. Rationale is game stop but most of the market is long silver. The banks are going to make more profit and the silver buyers are indirectly sending their own money to them
Bank stocks knocked as Suspicious Activity Reports come to light
"Bank stocks getting crushed today a new report about the big firms dealing suspicious finds Wilford. Frost Scott the details wealth harmless. So Bank stocks were down sharply today following large declines for their European counterparts, Deutsche Bank for example, closed down nine percent on European trade. Standard Chartered down about five percent both hitting twenty five year lows in London trade earlier US banks ended up down about four percent. This is in part due to investigation by the International Consortium of investigative journalist that highlighted suspicious activity from various banks in the past specifically money laundering following a review of more than two thousand, one hundred reports filed by the US Treasury financial crimes. Enforcement Network a slew. Mentioned including I said HSBC Bank Standard Chartered JP Morgan and Bank of New York Mellon amongst others clearly, this activity is embarrassing for the banks however important to note in the past and that government and regulators were already aware of these details since suspicious activity reports by their very nature all reports between the banks and the government in the first place for example, for example, Deutsche Bank told me this is not new information to us or regulators Today off therefore much more down to the broad cyclical selloff linked to covid economic headlines, and also that Supreme Court news further making a stimulus bill less likely something that banks are disproportionately reliant on compared to some other
Sanctioned Putin associate ‘laundered millions’ through Barclays
"Banks helped money laundries and Russians subject to international sanctions. The Secret files show that the bank HSBC allowed fraudsters to move millions of dollars despite being warned it was a scam and ally of the Russian President Vladimir Putin. Sanctioned by the U. S and U used Barclays in London to buy fine art Fergus Shell is from the International Consortium of Investigative Journalists is unprecedented and remarkable leak that tells us as never before what the banks know about suspicious money movements. It connects with virtually every country on the planet, and it connects with some of the worst financial scandals ever in history and some of the worst criminal and terrorist Activity on the planet. HSBC has said it's overhauled its ability to combat financial crimes and barflies. Excuse me, Barclays highlighted it's cooperation with the authorities. Two Republican senators have said the
U.S. Penalizes 24 Chinese Companies Over Role in South China Sea
"Have been developments Even today in the U. S. China Relations Is China today fired four ballistic missiles in the South China Sea is part of military exercise their welcome now Bloomberg chief North Asia correspondent Stephen Angle with the latest. What's the reaction over there? What's going on in what seems to be increased tension, military tension in the South China Sea. Yeah, absolutely. I mean, of course, The China US relationship is a focal point of this election in the United States and we see it firsthand out here where I am in Hong Kong. And you know, you have to decide whether is this, you know, provocation, military provocation, Or is it Maura? An example of what election era. Theater. But regardless, it's on a dangerous stage here because what we've learned from the U. S military is that the Chinese military in these exercises in the South China Sea between Hainan Island and the Parasol Islands fired four medium range ballistic missiles, including. We're hearing a DF 21 D. That is a dolphin 21 D so called carrier killer missile that was fired from the mainland. Of China into the South China Sea provocative indeed. And separately. We're also hearing that the U. S. Has announced trade and visa restrictions coming from the Commerce Department and the Secretary of state on 24 Chinese companies that the U. S says is tied to the P L. A. The People's Liberation Army's Expansion in the South China Sea. 24 companies added to this entity's list and Wilbur Ross, saying the entities designated today have played a significant role in China's provocative construction of the artificial islands and must be held accountable Now. Separately, the State Department as well, once the bank here, HSBC held accountable. Or what they say, is limiting freedoms for its account holders here in Hong Kong completely separate issue but again part of the political theater between China the United States.
US-China rivalry hinders a struggling HSBC
"We've seen fall out over the UK is World Way decision suspensions of extradition treaties on most recently. Hong Kong considering on election delay That could mean HSBC's business shift may prove untenable under its current structure being listed in the UK and Hong Kong while supporting China's national security law, expectations of more drastic action on earnings, they are increasing well for more on this. We're joined by Bloomberg Finance reporter Harry Wilson. Thank you so much for being with me, Harry. Look, first of all on H S B. C. It was unusual, wasn't it? That HSBC made the statement that it did about China's controversial A new law that effects Hong Kong. Why do you think they did that? I can only surmise they come on the enormous amount of pressure to say something on it. Normally, banks, particularly HSBC have like to remain entirely apolitical. Getting into politics just isn't in the DNA. And I think the fact that they felt they had to come out and say something publicly shows that probably not saying something will was seen as a school, too. So we certainly have picked up in the last couple of months that our thanks senior to perfectly are getting a little hum. I think a lot of cools a lot of Um ah, imploring from their Asian businesses to basically toe the line of it more when when it comes to Christo. Events in Hong Kong and China. Okay, so that on the security law on the flipside, of course, the pressure in response to that Was was also apply from the UK side. So it's kind of ratcheted up the political pressure you know, on in both parts of their business, surely Yes. So they are getting pressure from all sides. Not just something you came to. The U. S. Is also called him out over this and they're really in a very difficult position because effectively theory some game we'll have You say that since Beijing China onside Is seen in the West to UK us being, uh, essentially going against Western policy, so there isn't really a wind for them haters. In some positions, they can take the fetal sides happy so But trying to be trying to walk a line between them, which sees the increasingly difficult Do you think things matters are going to get worse? And how does it affect the business going forwards? It's a UK bank, but that makes most of its money in Asia. Well, exactly of you should go back with the ancient history of HSBC in the late eighties early nineties recognized this issue, which is why they part of reason why they decided first byway and size of Midland Bank and build up a business. Outside of Asia more than they had at the time, and that was, in part at least a recognition that the situation could become more difficult. Posi handover of Hong Kong in 1997 Now what we've seen since 1997 attempts become a global bank has hit some some brake blocks from headwinds off late, So now they find themselves in a situation where There probably is exposed to Asia optically Hong Kong as they have ever been on that places them in a very difficult position. Because see they want to continue doing business in Hong Kong that increasing against me that they got here to the lines of China, But of course that puts a man on a collision course with Earth. With the U K and the Y the West. So how do you think that this is going to be expressed then? Potentially in earnings? I don't think we're going to really see anything. Take Lee and the earnings on this Aziz yet we're really in the Very early stages off this spook growing political contest between between China and Hong Kong itself. These Already in a family, the procession and that that is really with us China trade tensions or the problems we've we've been talking about just now, that's more to do with Corona virus before about the political people. We saw lately in Hong Kong. I think they probably were looking more 5 10 years out. It could be the case that you start to see a kind of maybe death of 1000 cups and those who have so little losses here and there now see that that is very well aware of that on there going to be looking through everything they can to make sure that that happens. Things are they increasingly difficult environments in which to do business, particularly in a country like China. Where are you? Nate is very important that You are being It seemed to be supportive off Chinese
China Passes Hong Kong National Security Law to Crush Threats
"Hong Kong is a global banking center home to several multinational companies. It seen by the business community as a gateway to China was so much at stake. We're taking a closer look at the impact of China's new security on the region Wall Street. Journal markets. Columnist Mike. Byrd is based in Hong Kong. He joins US NOW MIKE WELCOME! Thanks very much for having me. Mike you're on the ground in Hong. Kong you are very much in touch with the business community. Put this in perspective for us. Just how big of a deal is this? The first thing to say is that we don't have a lot of detail on what is going in this low. We know that it will have rules on secessionist Atta. Choose to subversion of the Chinese state and to some vague implications. Abou- coming under foreign influence, but we don't know the straight detail of it. The actual text of the law has yet to be published, so it's difficult for businesses to make a firm idea of of what this is going to mean for them for the moment. Moment is a lot of confusion, and it's also extremely sensitive topic, because not knowing what's in that bill means that you don't know what will be illegal to save from tomorrow. What you may encounter legal difficulties from saying a lot of international businesses staying relatively quiet about that even now organizations like the American Chamber of Commerce relatively quiet organizations that have to be fat up until now been fairly critical of the idea of the national security, though a now being very cautious about what they say. Mike as you know as we've reported a top executive from banking, giant HSBC signed a petition supporting the legislation, saying it supports any law to stabilize social order in Hong, Kong and economic prosperity and development to have that backing from HSBC. How significant is that? I think hate be. Situation has turned out to be as a bit of a microcosm for war. The problem is for businesses more broadly in Hong Kong, which is a SPEC- signed up to the idea. The national security though they had an executive sign up to that was referred to in Chinese media in state media as sort of too little too late that that support was slow that it wasn't absolute that it wasn't clear from the beginning now. Hong Kong HSBC was obviously criticize full completely the opposite for signing the bill astle is very difficult to find this sort of middle ground position that businesses like hate pc, especially those with sort of one foot in the West and one foot in China. They've done really well in the past couple of decades in Montaigne and jewel role. It's now increasingly difficult to. To do the HAGIA species come under fire from both sides for doing it. It's likely to continue doing so, and that's going to be the case for other large Hong Kong. Business as you go companies like Johnny Matheson, which are really West and run by of had a big influence in Asia for longtime. They're gonNA find it increasingly difficult to straddle both sides. I WANNA. Point out at the time HSBC said it supported laws that will enable Hongkong to rebuild its economy and maintain the principle of one country, two systems, any indication from any companies, especially those that are based in the West that they will curb their presence or scale back their presence or future business deals in Hong Kong. You've seen some smaller organizations to that. In the couple of research firms here, but people mostly stray away from saying for a couple of reasons, one thing is if you have to do business in mainland China saying that you leaving Hong. Kong because of a load of the government of mainland China wants to pass is a bad look. It's not GonNa win you any friends in the mainland. The second reason is purely cost related. It's expensive to move people and if If it becomes the case that it won't disrupt Your Business Operations you've moved people. You probably lost employees in the process. You probably lost deals in the process for no reason. as a reporter is sold. Is Covering London during twenty sixteen businesses talked a lot about leaving because of brexit talks about the risks. Relatively few of them did precisely because it's so expensive to do so disruptive if there are any circumstances in which you can stay, you probably will. And Mike as a journalist who lives in Hong Kong who is very familiar with the business community. What are the lingering questions you have? What are the unknowns that need to be answered to get scope about the significance and impact of this decision. I think the honest answer is that we won't know enough about the little to know how Lafayette businesses until it begins being enforced you have lose like this in mainland China and it's the selectiveness of their enforcement. That really matters whether it's used as the Hong Kong. Government is broadly suggesting the Hong Kong. Government. He's very keen to stress that this won't affect most people that it shouldn't affect national businesses. Many businesses may not in a cynical way mind this of law, if it really just applies to political dissidents, if it's just used to crackdown police political dissidents, and that will be the same as many businesses finding mainland China, many businesses find. Find even in places like Singapore they can live without sort of thing, but the strict text of the bill may prove to provide situations for the Hong Kong government to pursue international businesses if they wanted to. So I think we'll have to see where we are in a few months time once the lawyers and who's being caught up in it. Who's being warned about legally? WHO's actually going to call? He's being prosecuted for until that happens is going to be really difficult to say the soda scope of the Law until it actually begins to fullest. Mike Byrd joining us from Hong Kong great to have you on the podcast. Thanks very much.
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