FT News Briefing Ping An calls for HSBC break-up
May 12, 2022
Turkish authorities intensify pressure on banks as the lira tumbles. In the U.S., inflation maintains a stubborn annual rate, impacting consumer prices and Federal policies. The EU faces a hefty €200 billion bill to achieve energy independence from Russia. Meanwhile, tension brews around HSBC, as its top shareholder advocates for a split to enhance focus on Asian markets, raising questions about the bank's future strategy amid changing market dynamics.
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Turkish Lira Intervention
- Turkish authorities pressure banks to limit corporate clients’ foreign currency purchases.
- This attempt to stabilize the lira involves scrutiny and refusal of transactions.
Persistent US Inflation
- US inflation remains high at 8.3% annually, driven by food, vehicles, and shelter costs.
- This persistent inflation, coupled with a tight labor market, poses a challenge for the Federal Reserve.
EU Energy Independence Cost
- The EU faces a €200bn cost over five years to achieve energy independence from Russia.
- This investment is necessary after recognizing the dangers of energy dependence highlighted by the Ukraine war.