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Chinese Inflation Slows, HSBC To Shed 50,000 Jobs

Published 06/09/2015, 08:19 AM
Updated 07/09/2023, 06:31 AM

Slowing Inflation In China
Inflation in China slowed in May while producer prices also fell and rekindle the concerns about inflationary pressures in the second largest economy of the world.

Specifically, according to the official data that were released, the consumer price index rose by 1.2% yoy in May, compared with the +1.5% that showed in April. The data were slightly below analysts' estimations.

The producer price index fell in the same month by 4.6%, as it had declined also in April. This is the 39th consecutive month that prices decline, as the weak demand has caused overcapacity in basic industries.

HSBC To Shed Up To 50,000 jobs
The British bank NYSE:HSBC announced a large scale cost reduction program and a restructuring plan of its activities. Among other things it is going to proceed to shed 50,000 jobs globally and interrupt its business in Brazil and Turkey for the benefit of Asia.

The objective of the Europe's biggest bank is to make a cut of expenditures by 4.5 to 5 billion dollars annually by 2017.

The job cuts, which amount to the one fifth of the staff of HSBC, include 25,000 people in Brazil and Turkey. 20,000-25,000 jobs worldwide will be also cut by the modernizing of its operation and the closure of branches.

The British banking giant, which employs 266,000 people worldwide, is seeking to sell its operations to Turkey and Brazil, keeping to the last one a presence for its corporate clients.

At the same time, it will accelerate its investments in Asia, mainly in south China and southeast Asia, by betting on future growth opportunities and also by being adjusted to the structural developments in the banking market.

The CEO of HSBC Stuart Gulliver will present today a restructuring plan in London.

Forex Corporate Research Department.

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