HSBC signals rate rise profit windfall has peaked even as payouts rise

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Since Quinn took charge in March 2020 just as the COVID-19 pandemic swept the globe, the shares have gained 25%, still underperforming a 50% rise in the broader market So far this year, the stock has risen 20% versus a 7% rise in the FTSE index ( FTSE) HSBC’s conservative outlook echoed that of British rival NatWest (NWG L) which warned last week that profit earned from rising interest rates may have peaked ‘NO EASING OFF’ Quinn, who is overseeing a programme of job cuts aimed at stripping out layers from the bank’s bloated management structure, said more was to come There will be no easing off at all on costs We are now considering up to $300 million of additional costs for severance in 2023,” he said HSBC reported pretax earnings of $5 2 billion for the fourth quarter, up from $2 7 billion a year earlier and ahead of the $4 96 billion average estimate of analysts compiled by the bank HSBC said annual expected credit losses rose to $3 6 billion, more than the $3 2 billion analysts had estimated, due to rising inflation pressuring borrowers and lingering problems in China s property market But Quinn told Reuters the outlook for the sector had improved in January, in part due to policy measures aimed at propping up the sector Despite the fourth-quarter surge, annual profit fell to $17 5 billion from $18 9 billion for 2021 due to an impairment of $2 4 billion related to the sale of its retail banking operations in France That matched the $17 5 billion average estimate of 22 analysts compiled by the bank

Meanwhile HSBC said it still expects to complete the sale of its Russia business in first-half 2023, taking a $300 million loss

ChatGPT launches boom in AI-written e-books on Amazon

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While that may not sound like much it is enough to inspire him to compose other books using the software “I could see people making a whole career out of this said Schickler, who used prompts on ChatGPT like “write a story about a dad teaching his son about financial literacy ” Schickler is on the leading edge of a movement testing the promise and limitations of ChatGPT, which debuted in November and has sent shock waves through Silicon Valley and beyond for its uncanny ability to create cogent blocks of text instantly In the edition, Sammy the Squir- rel, crudely rendered also using AI, learns from his forest friends about saving money after happening upon a gold coin He crafts an acornshaped piggy bank, invests in an acorn trading business and hopes to one day buy an acorn grinding stone Sammy becomes the wealthiest squirrel in the forest, the envy of his friends and “the forest started prospering, according to the book

‘The Wise Little Squirrel: A Tale of Saving and Investing,’ available in the Amazon Kindle store for $2 99 – or $9 99 for a printed version – has netted Schickler less than $100, he said While that may not sound like much it is enough to inspire him to compose other books using the software of misusing their authorities in collusion with each other, resulting in wrongful gains of approximately Rs14 146 billion to EETL/ETPL/ECL in connection with LNG Terminal-1 of EETL, as well as a wrongful loss of approximately Rs7 438 billion for the non-utilisation of the unused capacity of the second LNG Terminal of PGPL from March 2015 to September 2019

The total liability of the accused amounted to approximately Rs21 584 billion until September 2019

Corporate Corner

SAP ’s aims to bring positive change people’s lives for better through digital transformation

K a r a c h i: SAP’s Senior Vice President Middle East and North Africa, Ahmed Al-Faifi, on his visit to Pakistan, met with Federal Minister for Planning, Development & Special Initiatives, Mr Ahsan Iqbal, Chairman Higher Education Commission (HEC), Dr Mukhtar Ahmed and Secretary Railways, Mr Mazhar Ali Shah He also attended The Future Summit’s 6th Edition, organized by the Nutshell Group in Karachi During his meeting with Federal Minister for Planning, Development & Special Initiatives, Mr Ahsan Iqbal, the discussion revolved around how to improve the technological dynamics of Pakistan to expedite the growth Mr Al Faifi said; “The commercial enterprises and the government sector are benefitting from SAP’s business solutions for efficient service delivery in the public sector Financial, HR, audit and numerous other SAP core business applications are contributing to Pakistan’s global standing in terms of transparency SAP is cognizant of Pakistan s needs for a viable IT future and is continuously redefining its scope to reach out to more and more of public and private companies It ensures that the product is best suited for optimization of productivity in each sphere p R

Telenor Pakistan recognised at OICCI

Women Empowerment Awards 2022

iSLaMaBaD: Telenor Pakistan has been recognised as the “Best Conducive Workplace Environment for Women” at the Overseas Investors Chamber of Commerce and Industry’s (OICCI) Women Empowerment Awards 2022 Telenor Pakistan takes immense pride in its diversity initiatives making it a leader in promoting gender equality and women’s rights in the workplace The workplace disparity is a global issue affecting millions and Telenor Pakistan is dedicated to bringing a change by providing women with the support and resources they need to succeed in the workplace This award recognises our organisation’s efforts in promoting equal opportunities at the workplace,” said Areej Khan, Chief Human Resources Officer, Telenor Pakistan p R

Costa Coffee brings wave of happiness to K arachi

K a r a c h i: After the immense success it received in Lahore, London’s favorite coffee shop has now opened up its second store in Pakistan, and this time, it s in Karachi!

The new store, located at DHA Karachi Phase 6, Shahbaz Commercial, has all the Costa signature elements incorporated in its outlet design, complete with a red telephone booth It is meant to provide its customers with great coffee, snacks and an atmosphere where they can relax and unwind with friends and family Currently, the outlet is offering all the drinks on its menu that are being sold in Lahore, amongst which Flat White is a signature Costa Coffee boasts a unique Mocha Italia Signature Blend that it has perfected ever since its inception The coffee blend is the base ingredient in all the brands' coffee drinks, whether hot or cold In addition to serving drinks, the store also has a range of passionately crafted local assortment of savoury and sweet treats These snacks can be enjoyed with the coffee drinks or separately Together with Costa Coffee, on this new journey into Pakistan, Gerry's Group is certain that the level of coffee excellence will be unparalleled and inspiring for the country's fast-growing coffee community p R