Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksHSBC Holdings Share News (HSBA)

Share Price Information for HSBC Holdings (HSBA)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 692.80
Bid: 693.60
Ask: 693.90
Change: 0.00 (0.00%)
Spread: 0.30 (0.043%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 692.80
HSBA Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 2-Coronavirus delays Royal Mail 'Journey 2024' turnaround plan

Fri, 27th Mar 2020 08:47

* Royal Mail cannot rule out reducing services

* Fall in volume of advertising mail

* Parcels business volume increases

* HSBC, BBC have also delayed restructuring plans
(Updates with context, share price, quote)

By Muvija M

March 27 (Reuters) - Britain's Royal Mail on Friday
became the latest company to say the coronavirus had delayed
plans for a radical turnaround and also cancelled its dividend
and suspended financial forecasts for the next year.

The former monopoly and one of the world's oldest postal
companies last May pledged to invest 1.8 billion pounds ($2.19
billion) to transform itself into a sustainable, profitable
operation by 2024. It has since been locked in negotiations with
its labour union.

"Uncertainty around the length and impact of the COVID-19
pandemic, means we now believe it will take longer than expected
to achieve the targets laid out in our Journey 2024 plan," the
company said in a statement.

It was too early to predict accurately the financial impact
from the virus-related disruptions, but it said it expected its
British business to be loss-making in the financial year 2020-21
and business-to-business volumes to continue to decline.

Shares in Royal Mail were down 8.4% at 148 pence by 1003
GMT.

The company, which provides letter and parcel deliveries to
more than 30 million businesses and households, said it cannot
rule out scaling back its services as the situation develops.

It also said volumes of advertising mail had fallen heavily
since the outbreak and its international operations have seen
lower volumes following restrictions in many countries,
especially China, where the coronavirus began in December.

Its parcels business, however, has experienced increased
activity over the last two weeks, as more people shop online to
avoid public spaces because of their fear of infection.

The Royal Mail's announcement follows similar news from
other major companies.

The banking group HSBC is delaying the "vast
majority" of its planned redundancies to deal with the fallout
from the coronavirus, a memo to staff seen by Reuters said.

Britain's BBC has also suspended plans to cut 450 jobs as it
faces the demands of delivering news on the outbreak.

Following guidance from the Financial Conduct Authority and
Financial Reporting Council to British companies, the Royal Mail
said it will postpone its fiscal 2019-20 results, which had been
scheduled for May 21.

The company has more than 800 million pounds ($973.76
million) in cash as well as a 925 million pounds credit
facility.

($1 = 0.8205 pounds)
(Reporting by Muvija M in Bengaluru; editing by Patrick Graham,
Shounak Dasgupta and Barbara Lewis)

More News
21 May 2024 16:41

Singapore sells 30-year green bond, raising $1.9 billion

Yield set at 3.30%, coupon rate at 3.25%

*

Read more
21 May 2024 14:08

Begbies Traynor proclaims "strong performance" ahead of annual results

(Alliance News) - Begbies Traynor Group PLC on Tuesday said it expects to report increased revenue and earnings for its latest financial year.

Read more
20 May 2024 16:11

IN BRIEF: HSBC issues EUR1.25 billion fixed to floating rate notes

HSBC Holdings PLC - London-based Asia-focused lender - Issues EUR1.25 billion 3.755% fixed to floating rate notes due 2029 under its debt issuance programme.

Read more
20 May 2024 09:57

SDI profit expected to slump 32% despite trading uptick in second half

(Alliance News) - SDI Group PLC on Monday said it remains in a good position to continue with its buy and build strategy despite a drop in overall performance.

Read more
16 May 2024 20:05

PRESS: HSBC shareholder, Ping An, mulls options for stake — Bloomberg

(Alliance News) - Ping An Insurance Group Co is weighing options that would allow it to reduce its 8% stake in HSBC Holdings PLC, Bloomberg reported Thursday.

Read more
14 May 2024 16:11

Kazakhstan opens thorny debate on 2025 OPEC+ oil quotas

LONDON, May 14 (Reuters) - Kazakhstan opened on Tuesday a thorny debate on OPEC+ production levels, saying it believed it should be allowed to pump more oil in 2025, when all current output cuts by the producer group are due to expire.

Read more
14 May 2024 06:27

UK ministers, companies visit Saudi Arabia to boost trade ties

(Alliance News) - UK Cabinet ministers are visiting Saudi Arabia in a bid to bolster trade links with the kingdom amid reports that Riyadh authorised the use of lethal force to clear land for a new desert city.

Read more
9 May 2024 17:33

London's FTSE 100 hits record for fourth session after BoE signals rate cuts

FTSE 100 up 0.3%, FTSE 250 adds 0.2%

*

Read more
9 May 2024 17:06

STOXX 600 ends at record high; BBVA weighs on Spain

Mercedes-Benz, HSBC, Allianz trade ex-dividend

*

Read more
9 May 2024 15:21

London close: Stocks manage gains as BoE holds rates

(Sharecast News) - London markets closed on a positive note on Thursday, bolstered by the Bank of England's decision to maintain interest rates, in line with market expectations.

Read more
9 May 2024 09:53

LONDON BROKER RATINGS: NatWest target raised, other lenders backed

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
8 May 2024 12:30

Abu Dhabi's Aldar sell $500 mln in 10-year green sukuk

May 8 (Reuters) - Abu Dhabi's largest real estate developer Aldar Properties Has launched $500 million in 10-year green sukuk, an arranging bank document revealed on Wednesday.

Read more
8 May 2024 07:41

Al Rajhi Bank plans to issue 5.5-year sustainable sukuk, document says

May 8 (Reuters) - Al Rajhi Bank, world's largest Islamic bank in assets and market capitalisation, is planning to sell 5.5-year sustainable Islamic bonds, or sukuk, according to an arranging bank document seen by Reuters on Wednesday.

Read more
8 May 2024 07:18

Aldar Properties starts selling 10-year green sukuk, document says

May 8 (Reuters) - Abu Dhabi's largest real estate developer Aldar Properties has started selling 10-year green Islamic bonds, or sukuk, according to an arranging bank document seen by Reuters on Wednesday.

Read more
7 May 2024 11:30

JPMorgan cuts at least six investment banking jobs in Hong Kong, sources say

HONG KONG, May 7 (Reuters) - JPMorgan Chase & Co has become the latest Wall Street firm to reduce its workforce in Hong Kong, two sources with knowledge of the matter said, amid a weaker market and dealmaking activities.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.