Britain’s banking sector now ranks tenth in the world behind countries including France, Brazil and Russia after seeing annual profits plunge by 41%, according to research.
Irish companies have signed deals worth €35m during the four-day trade push led by Taoiseach Enda Kenny.
HSBC Holdings plc said a $1bn (€760m) increase in its wages bill in Brazil, China and other emerging markets was the price of avoiding the stagnant growth which has dogged some rival lenders more dependent on Europe.
Asian stock markets soared today as a news of a US government plan to rescue banks from risky mortgage debt brought hope of a let-up in the world’s worst financial crisis in decades.
Asian stocks tumbled today, tracking declines on Wall Street as investors feared more companies could succumb to the global financial crisis that forced the US to bail out troubled insurer American International Group.
Chinese authorities have arrested dozens of government officials and others accused in a scheme to steal 7.4 billion yuan (€681m) from a state bank through fraudulent loans.
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