HSBC profits nearly double as costs and bad debts fall

By Steve Slater

LONDON (Reuters) - HSBC aims to keep the pressure on costs after first-quarter earnings nearly doubled due to the bank's three-year efficiency drive and a halving in bad debts charges.

The jump in profits reinforces HSBC's position as one of the strongest global banks after the financial crisis partly as a result of a radical overhaul to simplify its sprawling structure and improve profitability.

Its strong focus on Asia, which generated around two-thirds of profit in the first quarter, has also helped offset a harsh business environment, particularly in the euro zone.

Europe's largest bank moved faster and more aggressively than many of its peers to cut costs after the crisis. And it will continue to wield the knife - with a further 6,000 job cuts expected this year from businesses already put up for sale, on top of 40,000 already culled. HSBC has closed or sold more than 50 businesses since 2011.

"We're moving into calmer waters but there are still challenges ahead," Chief Executive Stuart Gulliver told reporters on a conference call.

Gulliver declined to say whether he would announce any additional cost savings at a strategy update for investors on May 15. But he said: "Clearly you can expect us to continue to focus on our cost base."

The CEO said HSBC still expected the euro zone economy to contract during 2013 and that UK economic growth remained muted.

Across Europe, HSBC's smaller rivals are playing catch-up with cost cuts to help offset rising bad debts and weak loan demand. French banks Societe Generale and Credit Agricole on Tuesday said they would keep making cuts to cope with a weak domestic economy.

In Germany, the cost of thousands of job cuts contributed to a net first-quarter loss at Commerzbank , which warned that earnings would be under pressure this year as loan-loss provisions rise.

In contrast, HSBC posted a pretax profit of $8.4 billion, up from $4.3 billion a year ago and above the average forecast of $8.1 billion from analysts polled by the company.

"We see these results as an endorsement of the strength of the franchise and its ability to generate earnings even in a sluggish macro environment," said Chirantan Barua, analyst at Bernstein. He said HSBC's strong capital position and capital generation meant it could increase its dividend by at least 30 percent this year.

COSTS

HSBC shares rose more than 3.3 percent to 737.4 pence, their highest level since mid-March, helping to drive the European benchmark <.sx7p> nearly three percent higher.

A $1.1 billion gain from disposals aided HSBC earnings as did a halving of bad debt provisions to $1.2 billion - its lowest quarterly level since before the financial crisis.

The bad debt charge fell across all regions and in particular in the United States, where HSBC is winding down its consumer business. The U.S. consumer book saw a decline in loan-loss provisions of $430 million to $544 million.

Costs in the first quarter were down 10 percent from a year ago and the bank is now saving $4 billion a year on an annualized basis, above the top end of its own target range of $3.5 billion.

HSBC wants to get costs below 52 percent of income by the end of the year from just over 53 percent on an underlying basis currently. Analysts say the bank should be able to raise its cost savings target by $1 billion a year.

The bank's investment banking division posted a 16.5 percent increase in first-quarter pretax profit from a year ago, helped by a strong performance at its equities division.

This mirrors strong results from Europe's other major investment banks such as Deutsche Bank , Barclays , UBS and Credit Suisse .

(Writing by Carmel Crimmins. Editing by Jane Merriman)

Source: http://news.yahoo.com/hsbc-says-first-quarter-profits-jump-8-4-082552495.html

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Israel airstrikes loom over US diplomacy on Syria

MOSCOW (AP) ? Secretary of State John Kerry is making his case to Russian President Vladimir Putin for Russia to take a tougher stance on Syria at a time when Israel's weekend air strikes against the beleaguered Mideast nation have added an unpredictable factor to the talks.

Kerry arrived Tuesday in Moscow for talks with the most powerful ally of Syrian President Bashar Assad's regime.

Officials said Kerry hopes to change Moscow's thinking on Syria with two new angles: American threats to arm the Syrian rebels and evidence of chemical weapon attacks by the Assad regime.

Over the weekend, Israeli warplanes targeted what Israel claimed were caches of Iranian missiles bound for Hezbollah, the Lebanon-based terror group. Such weapons would allow Hezbollah to strike Tel Aviv and as far as southern Israel from inside Lebanese territory.

Israel's willingness to hit Syrian targets it sees as threats to its own existence has complicated the Obama administration's internal debate over what to do about Syria.

Israel's actions put Damascus and Moscow on notice that the U.S. and its allies may not wait for an international green light to become more actively engaged in the Syrian conflict. The administration said last week it was rethinking its opposition to arming the Syrian rebels or taking other aggressive steps to turn the tide of the two-year-old civil war toward the rebels.

At the same time, Israeli involvement in the war carries risks. Instead of prodding Russia into calling for Assad's ouster, it could bring greater Arab sympathy for Assad and prompt deeper involvement from Iran and Hezbollah, actors committed as much to preserving Assad as to fighting the Jewish state.

Although Israel hasn't officially acknowledged it carried out the airstrikes, Syrian officials on Monday were blaming Israel, calling them a "declaration of war" that would cause the Jewish state to "suffer."

Russia, alongside China, has blocked U.S.-led efforts three times at the United Nations to pressure Assad into stepping down.

U.S. officials are hoping Syria's behavior could shift Russia's stance.

"We have consistently, in our conversations with the Russians and others, pointed clearly to Assad's behavior as proof that further support for the regime is not in the interest of the Syrian people or in the interest of the countries that have in the past supported Assad," White House spokesman Jay Carney said.

U.S. officials said the administration doesn't believe the weekend activity will force President Barack Obama's hand, noting that the main U.S. concern is the use of chemical weapons by Assad, while Israel's top concern is conventional weapons falling into the hands of its enemies.

The chemical weapons argument is now under surprising attack, with former war crimes prosecutor Carla Del Ponte saying over the weekend she and fellow members of a four-member U.N. human rights panel have indications the nerve agent sarin was used by Syrian rebel forces, not by government forces.

That theory was rejected by U.S. officials. The State Department said the administration continues to believe that Syria's large chemical weapons stockpiles remain securely in the regime's control.

The Obama administration opened the door to new military options in Syria after declaring last week it strongly believed the Assad regime used chemical weapons in two attacks in March. Two days after that announcement, Defense Secretary Chuck Hagel said arming the Syrian rebels was a policy consideration.

Until now, U.S. efforts to bolster the rebels' fighting skills and gather intelligence on the groups operating inside Syria have been limited to small training camps in Jordan, according to two U.S. officials who weren't authorized to speak about secret activities and demanded anonymity.

There are several options for escalation, ranging from arming the rebels to targeted airstrikes and no-fly zones. However, arming the rebels is the most likely escalation, officials said.

While the Israeli actions have made Kerry's Russia efforts more unpredictable, some in Congress tried to be optimistic.

Maryland Rep. Dutch Ruppersberger, the top Democrat on the House Intelligence Committee, said he hopes Kerry can persuade Russia to use its influence to convince the besieged Syrian leader that he should step down.

"Hopefully the cooperation on the (Boston) Marathon bombing will open the door there," Ruppersberger said.

After visiting Moscow for the first time since he became secretary of state, Kerry will travel to Rome for talks with members of the new Italian government, as well as meetings with Israeli Justice Minister Tzipi Livni and Jordanian Foreign Minister Nasser Judeh to discuss Middle East peace prospects.

___

Associated Press writer Matthew Lee contributed to this report.

Source: http://news.yahoo.com/israel-airstrikes-loom-over-us-diplomacy-syria-205537658.html

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Microsoft touching up Windows 8 to address gripes

SAN FRANCISCO (AP) ? Microsoft is retooling the latest version of its Windows operating system to address complaints and confusion that have been blamed for deepening a slump in personal computer sales.

The tune up announced Tuesday won't be released to consumers and businesses until later this year. The changes, part of a software package given the codename "Blue," are a tacit acknowledgment of the shortcomings in Windows 8, a radical overhaul of Microsoft Corp.'s ubiquitous operating system.

With the makeover it released last October, Microsoft hoped to play a more prominent role in the growing mobile device market while still maintaining its dominance in PCs. But Windows 8's design, which emphasizes interactive tiles and touch controls, seems to have befuddled as many people as it has impressed. One leading research firm, International Data Corp., says Windows 8 contributed to a 14 percent decline in worldwide PC sales during the first three months of the year ? the biggest year-over-year drop ever.

Meanwhile, sales of smartphones and tablet computers are booming. The biggest beneficiaries have been Apple Inc., the maker of the iPhone and iPad, and Samsung Electronics Co., which sells the most devices running on Google Inc.'s Android software. Google is also benefiting from Android's popularity through increased traffic to its services, creating more opportunities for the company to display ads.

By contrast, leading PC makers such as Hewlett-Packard Co. and Dell Inc., which primarily sell Windows-powered machines, have been mired in a financial funk that has battered their stocks and raised questions about their futures.

Despite the troubling signs, Microsoft insists it's pleased with Windows 8's performance.

The company, which is based in Redmond, Wash., says more than 100 million Windows 8 licenses have been sold so far, up from about 60 million licenses in January. The licensing volume "is in the same general ballpark," as Microsoft's previous operating system ? Windows 7 ? at a similar juncture of its sales cycle, according to Tami Reller, who serves as the marketing and financial chief for Microsoft's Windows business.

In an interview, Reller said Microsoft still realized changes need to be made to make Windows 8 easier to navigate and capable of taking full advantage of technology improvements that have come out since October.

"Are there things that we can do to improve the experience? Absolutely," Reller said "There is a learning curve (to Windows 8) and we can work to address that."

For now, Microsoft isn't saying what kind of changes will be introduced with the release of Blue, which the company plans to anoint with a different name when the update is available. Microsoft also isn't saying whether it will charge existing owners of Windows 8 devices to get the fixes in Blue. The company plans to release Blue in time for the holiday season.

Reller said more details about Blue will be released before Microsoft holds a developers conference in San Francisco in late June. Some of Blue's features are expected to be previewed at that conference.

If Blue is meant to make people more comfortable, the changes may incorporate more of the elements from earlier versions of Windows.

A common complaint has centered on the lack of a "start" button in the Windows 8 menu.

Other critics have pined for an option that would allow the system to begin in a desktop mode suited for running applications designed for earlier versions of the operating system. Windows 8 currently starts off showing a mosaic of interactive tiles tailored for swiping through programs with a finger instead of using a computer mouse.

Blue also might make it easier to find a set of controls ? known as "charms" in Windows 8's parlance ? that currently must be pulled out from the right side of a display screen.

Besides responding to customer feedback, Blue also will improve Windows 8's ability to work on smaller tablets with 7- and 8-inch display screens, Reller said. She declined to say whether Microsoft intends to make smaller version of its own Surface tablets. In a conference call with analysts last month, Microsoft Chief Financial Officer Peter Klein said the company was working with other manufacturers to make smaller tablets.

One thing that Blue won't fix: the relatively small selection of mobile applications tailored for Windows 8. Reller said the Windows 8 store now has more than 60,000 apps. By contrast, there are more than 800,000 apps available for Apple's mobile's devices and nearly that many for Android devices, too. In one of the most glaring omissions on Windows 8, Facebook Inc. still hasn't designed an app to make its online social network more accessible on that system. Facebook has about 750 million mobile users.

Microsoft's decision to tweak Windows 8 so soon after it went on sale may reinforce perceptions that the product is a flop.

Reller is trying to frame the changes as evidence that Microsoft is becoming more agile and nimble as it responds to a rapidly evolving technology market. Smartphones and tablet computers have been at the epicenter of the upheaval, diminishing the demand for PCs as more people and businesses opt for the convenience of increasingly powerful mobile devices.

The mobile computing movement is the main reason that Microsoft made the most dramatic redesign of its Windows operating system since 1995. Given how different that Windows 8 is from its predecessors, Reller said Microsoft always knew it might have to make some adjustments less than a year after the software came out.

"It had to be a very big change to take advantage of the mobile opportunity," she said.

Analysts say one reason Windows 8 got off to a slow start is because there weren't enough devices designed to take advantage of the system's touch-screen features. But that is about to change as HP, Dell and other PC makers prepare to roll out a wide variety of laptops and tablets with displays that respond to touch. More than 2,400 devices have now been certified to run on Windows 8, up from 2,000 in January, Reller said.

Most of the touch-screen laptops will sell at prices $50 to $250 below the first wave of comparable machines running on Windows 8, reductions that Microsoft hopes will prod more people to check out the system.

"As we look at Windows 8, it's important to remember a lot of its full potential won't be realized until there are more touch devices on the market," Reller said.

Source: http://news.yahoo.com/microsoft-touching-windows-8-address-gripes-044749525.html

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Investors Raid IRAs, 401(k)s ? Raising Broker & Adviser Risk ...

[ by Melanie Gretchen and Howard Haykin ]

Anyone looking to check the pulse of the American economy might want to check out the status of retirement accounts.? What might be a little known secret might have some serious impacts on the welfare of customers and clients of broker-dealers and investment advisers.? And when their welfare, and well-being is at risk, multiple risks arise for Wall Street firms.? Of course, there's no reason any financial services firms must sit around and wait to see how it all turns out.? There are plenty of PRO-ACTIVE steps that can be taken.

So where are we getting the idea that many Americans are not waiting for retirement before they hit their savings?? Well, that would be Wall Street Cheatsheet, which points out that:? Amid stagnant wages and rising expenses, more Americans are raiding their retirement accounts.

And with all the billions in liquidity that the Federal Reserve appears to be pumping into the financial system ? at record levels, no less ? no much of that liquidity is reaching its intended target.? As Americans are getting "tapped out," they are resorting to tapping their retirement accounts ? before their retirement.? Wells Fargo confirms this phenomenon:? a bank survey found that 1 in 5 workers are using their 401k plans for loans.? To date, the average new loan balance jumped 7% from $6,662 to $7,126 in the same period.

"While the increase in loan activity is concerning, we know that loans are not the biggest driver of leakage from retirement savings.? In fact, employees cashing out their 401k's when they leave an employer are a greater concern. Those dollars are often spent whereas with loans the funds are often repaid and stay in the retirement nest egg." ? Laurie Nordquist, director of Wells Fargo Retirement, in a press release.

Wall St. Cheatsheet scratched the surface when it said, "it is generally considered a bad idea to take a loan out from your 401k plan."? Aside from diminished long-term gains or the very real threat of being laid off (at which point entire loan typically becomes due within a few months), what we're looking at is an entire population of sitting ducks.

Ramifications On The Financial Services Industry.? We'll let you in on a little secret ? but you'll have to promise to follow our logic.? If you agree with us so far ? i.e., agree with Wall Street Cheatsheet ? then many customers and clients of broker-dealers and investment advisers are hurting.? If the investor keeps his or her retirement account with your firm, perhaps you've already noticed a significant decline in balances.? But it wouldn't be so apparent if the account or accounts were held, say, at a custodian chosen by the employer.

Anyway, it would be prudent to take the worst case scenario and presume anticipate your customers or clients are having difficulty.? When people are experiencing net outflows, they sorely feel in need of a quick fix.? That need can be filled by investing an individual's remaining funds in speculative securities ? e.g., penny stocks, out-of-the-money options, junk bonds.? If the stars are aligned, any of those can result in a meaningful return.? Of course, it's not uncommon for such securities to become worthless or fall to a fraction of their former value.?

How does that impact those in financial services??

• Suitability, suitability, suitability!
• Investors may try and win it all back all at once.? But should firms let their customers and clients follow their own leads?? It's probably akin to a bartender who serves a last drink to someone who's already reached his or her limit.? If anything happens to that person, the bartender can be held responsible.
• What about the investments that you and your firm have been soliciting.? In your opinion, they were suitable for your customers a couple of months ago ? so why not now?? Well, if they're down on their luck, they no longer have the risk tolerance or investment objective that they had a short while ago.? If you push those securities on customers and they lose, regulators can come after you.?
• And because regulators also are aware that investors are raiding their retirement accounts, they're likely to revise the scope of their examinations, and see if firms like yours have changed the way they do business/

Proactive Strategy. ? First things first, it's essential to learn how your customers and clients are doing.? Every broker and adviser needs to ascertain what changes have occurred in the lives of their customers and clients, and whether the firm's profiles need to be revised.? Managers and supervisors should work closely with their charges and review all findings.?

It probably would be best to design a standard template for all personnel to fill out.? This will ensure consistency of information and facilitate reviews.?

Supervisors should meet or speak with selected customers or clients ? along with the broker or adviser, or separately.? The key is to know whether the brokers and advisers are asking the right questions and clarifying answers where follow-ups are needed.

Benefits of Elevating Customer/Client Contacts.?? Several benefits come to mind.

• Customers and clients will likely appreciate the additional attention and concern.? This not only can strengthen working relationships but it might also provide troubled investors with an ally ? or someone they can turn to for guidance.?
• Regulators will appreciate the care and concern that the firm exhibits for its customers and clients.? And, by retaining copies of the interviews and updates to customer records, as necessary, it's likely that regulators will reduce the scope of testing because they're satisfied that the firm has gone the extra yard to "do the right thing."
• Finally, the risk of suitability arbitrations and lawsuits are significantly reduced because the reviews are documented and presumably subsequent investment decisions are in line with the new findings.

Seriously ? it really is simply prudent/prescient/just good business to be on the crisis-averse side.

For further details, go to [Wall St. Cheatsheet, 4/18/13].

Source: http://www.compliance-insights.com/perspectives/investors-raid-iras-401ks-raising-broker-adviser-risk

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Paranoid Android teases in-app pop-up window multitasking (video)

As advanced as multitasking gets on smartphones, many times you're still left to completely switch between apps. Paranoid Android is looking to set things into overdrive with in-app, multiple-window multitasking for its skin of Android, going beyond the similar (but limited) functionality seen in the likes of Samsung's basked-in Galaxy apps. PA's Paul Henschel recently posted a demo to YouTube highlighting the feature working with various apps on both an Android tablet and a Nexus smartphone, with a post to Google+ saying it shows less than 10 percent of the planned functionality. If that weren't enough, the post further clarifies PA's drive to build out its version stating: "We think these [Samsung, Cyanogen & Cornerstone] implementations suck and we want to get it right this time." Thirsty for more info? Hit the source link and the video after the break, while we eagerly wait further updates.

Comments

Via: liliputing, Reddit

Source: Paranoid Android (Google+)

Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/G3ZMNkQxD7E/

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Deal of the Day: Seidio Innocell 4500mAh Extended Battery for Galaxy Note 2

The April 25 ShopAndroid.com Deal of the Day is the Seidio Innocell 4500 Extended Battery for Galaxy Note 2. Tired of running out of battery life when you need it the most? When you can’t get to an outlet, the 4500mAh Extended Battery will keep you moving forward. This extended battery utilizes a premium Japanese cell to ensure the highest level of safety and performance, offering up to 100% more battery life than your stock battery. Includes replacement battery door.

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Source: http://feedproxy.google.com/~r/androidcentral/~3/6BAsrIWnCpk/story01.htm

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Discovered: A mammal and bug food co-op in the High Arctic

Public release date: 24-Apr-2013
[ | E-mail | Share ]

Contact: Brian Murphy
brian.murphy@ualberta.ca
780-492-6041
University of Alberta

University of Alberta researchers were certainly surprised when they discovered the unusual response of pikas to patches of vegetation that had previously been grazed on by caterpillars from a species normally found in the high Arctic.

U of A biology researcher Isabel C. Barrio analyzed how two herbivores, caterpillars and pikas, competed for scarce vegetation in alpine areas of the southwest Yukon. The caterpillars come out of their winter cocoons and start consuming vegetation soon after the snow melts in June. Weeks later, the pika starts gathering and storing food in its winter den. For the experiment, Barrio altered the numbers of caterpillars grazing on small plots of land surrounding pika dens.

"What we found was that the pikas preferred the patches first grazed on by caterpillars," said Barrio. "We think the caterpillar's waste acted as a natural fertilizer, making the vegetation richer and more attractive to the pika."

U of A biology professor David Hik, who supervised the research, says the results are the opposite of what the team expected to find.

"Normally you'd expect that increased grazing by the caterpillars would have a negative effect on the pika," said Hik. "But the very territorial little pika actually preferred the vegetation first consumed by the caterpillars."

The researchers say it's highly unusual that two distant herbivore speciesan insect in its larval stage and a mammalreact positively to one another when it comes to the all-consuming survival issue of finding food.

These caterpillars stay in their crawling larval stage for up to 14 years, sheltering in a cocoon during the long winters before finally becoming Arctic woolly bear moths for the final 24 hours of their lives.

The pika does not hibernate and gathers a food supply in its den. Its food-gathering territory surrounds the den and covers an area of around 700 square metres.

The researchers say they'll continue their work on the caterpillarpika relationship to explore the long-term implications for increased insect populations and competition for scarce food resources in northern mountain environments.

Barrio was the lead author on the collaborative research project, which was published April 24 in the journal Biology Letters.

###

For a research photograph please contact Brian Murphy.

---

[ | E-mail | Share ]

?

AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.

Public release date: 24-Apr-2013
[ | E-mail | Share ]

Contact: Brian Murphy
brian.murphy@ualberta.ca
780-492-6041
University of Alberta

University of Alberta researchers were certainly surprised when they discovered the unusual response of pikas to patches of vegetation that had previously been grazed on by caterpillars from a species normally found in the high Arctic.

U of A biology researcher Isabel C. Barrio analyzed how two herbivores, caterpillars and pikas, competed for scarce vegetation in alpine areas of the southwest Yukon. The caterpillars come out of their winter cocoons and start consuming vegetation soon after the snow melts in June. Weeks later, the pika starts gathering and storing food in its winter den. For the experiment, Barrio altered the numbers of caterpillars grazing on small plots of land surrounding pika dens.

"What we found was that the pikas preferred the patches first grazed on by caterpillars," said Barrio. "We think the caterpillar's waste acted as a natural fertilizer, making the vegetation richer and more attractive to the pika."

U of A biology professor David Hik, who supervised the research, says the results are the opposite of what the team expected to find.

"Normally you'd expect that increased grazing by the caterpillars would have a negative effect on the pika," said Hik. "But the very territorial little pika actually preferred the vegetation first consumed by the caterpillars."

The researchers say it's highly unusual that two distant herbivore speciesan insect in its larval stage and a mammalreact positively to one another when it comes to the all-consuming survival issue of finding food.

These caterpillars stay in their crawling larval stage for up to 14 years, sheltering in a cocoon during the long winters before finally becoming Arctic woolly bear moths for the final 24 hours of their lives.

The pika does not hibernate and gathers a food supply in its den. Its food-gathering territory surrounds the den and covers an area of around 700 square metres.

The researchers say they'll continue their work on the caterpillarpika relationship to explore the long-term implications for increased insect populations and competition for scarce food resources in northern mountain environments.

Barrio was the lead author on the collaborative research project, which was published April 24 in the journal Biology Letters.

###

For a research photograph please contact Brian Murphy.

---

[ | E-mail | Share ]

?

AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.

Source: http://www.eurekalert.org/pub_releases/2013-04/uoa-dam042413.php

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