HSBC’s Q3 profits fall

HONG KONG: HSBC stated Tuesday its third-zone publish-tax profits fell 46 percent on-year because the Asia-centered banking large continued to take a hammering from the coronavirus pandemic and spiraling China-US tensions.

However, the profit falls have been no longer as bad as some analysts had predicted and HSBC said it expected credit losses to be at the decrease quit of a previously introduced $eight billion to $13 billion variety.


The global financial slowdown due to the virus has hit economic giants difficult and there is limited optimism on the horizon as Europe and the United States head into the winter with infections soaring another time.

HSBC has a similarly headache — geopolitical tensions via its status as a prime business conduit among China and the West.
As a result, the lender is inside the midst of a worldwide overhaul, aiming to reduce a few 35,000 jobs by 2022, mostly in its much less worthwhile European and American divisions.

"We are accelerating the transformation of the Group, transferring our focus from interest-fee touchy enterprise strains closer to fee-producing groups, and similarly decreasing our working charges," leader government Noel Quinn said in a announcement accompanying the effects.

Reported post-tax income for the 0.33 quarter came in at $2 billion with revenue down 11 percentage at $11.Nine billion, the announcement said.
Nickel Asia Corp. (NAC) said on Wednesday that its subsidiary Hinatuan Mining Corp. (HMC) suspended operations at its mine website in Tagana-an metropolis, Surigao del Norte province starting October 27 after some employees examined wonderful for the coronavirus. In a disclosure, the indexed nickel miner stated the suspension could last till November 10 so it may enforce coronavirus precautionary measures to minimize the transmission of the virus. "The potential effect [of the suspension on] NAC's financial effects…is not expected to be considerable, due to the fact HMC is already on the tail-end of its mining season and the ultimate of its ore shipments were loaded and the rest diverted to NAC's different subsidiaries, Rio Tuba Nickel Mining Corp. And Cagdianao Mining Corp." Nickel Asia said. Hinatuan Mining, it added, continues to implement the necessary measures to incorporate the transmission of Covid-19 in coordination with relevant nearby authorities units and businesses. Nickel Asia shares delivered 4 centavos or 1.06 percentage or four centavos to shut at P3.Eighty one apiece on Wednesday.

Asian markets’ struggle worsen

TOKYO: The sparkling surge in coronavirus instances throughout the USA and Europe pushed Asian markets in addition down Wednesday, even as buyers have basically given up on the probabilities of a new stimulus out of Washington.

With US lawmakers not likely to agree any new rescue bundle earlier than Tuesday's election, analysts stated the brand new wave of virus infections and lingering uncertainty over the vote would imply equities face a wobbly few days.


European leaders are being pressured to revert to strict, economically adverse measures to govern the unfold of the virus as a few record a spike in deaths and new instances.

And with the US also struggling a Covid-19 resurgence, there is a worry that the already-stuttering global monetary recuperation might be thrown off target. Some experts have warned of a double-dip recession.
"Covid case counts and hospitalizations maintain to upward push — these will stay intently watched as buyers gauge the likelihood of extra stringent mitigation measures," stated Yousef Abbasi, a strategist at StoneX.

The impact of this yr's lockdowns and tour restrictions became laid bare Tuesday because the World Tourism Organization said tourism had collapsed 70 percentage, leading to a $730-billion loss in sales, whilst the UN's change body stated overseas direct funding become probably to hunch forty percentage.

The Dow and S&P 500 both fell once more, even though the Nasdaq edged up as investors guess tech companies will benefit from people being forced to live domestic. The losses extended into Asia, with Tokyo, Hong Kong, Shanghai, Seoul, Taipei, Singapore and Manila all inside the crimson.

However, Sydney rose as Australia's 2d-biggest town Melbourne enjoyed its first day of being open again after a months-lengthy lockdown. Wellington became additionally up.


Tai Hui at JP Morgan Asset Management said the surge in infections inside the US and Europe had been anticipated inside the northern hemisphere iciness, including it "should push buyers to take a extra protecting role in the meanwhile. In the very short time period, the USA elections would toughen this conservative bias."

However, irrespective of the final results, the end result of the vote next Tuesday "need to offer the certainty that investors are continuously seeking out."

With challenger Joe Biden nicely beforehand of Donald Trump in countrywide and battleground polls, the large consensus is for him to take the White House, at the same time as the Democrats could win both houses of Congress.

That would in all likelihood see a good larger stimulus than the one being mentioned on Capitol Hill, that is providing a few assist to buyers, even though there's a worry that the incumbent president will venture any tight result, main to probable weeks of wrangling.

And OANDA's Edward Moya delivered that a Democratic sweep may also include disadvantages for markets.

"Wall Street is satisfied a 'blue wave' will signal massive infrastructure spending but it will additionally be followed with better taxes, more difficult law, and eventual inflation on the way to pressure the Fed's hand," he stated in a be aware.

There became a few greater upbeat information from pharma massive Pfizer, which said it turned into optimistic it may provide a vaccine this yr. Chief executive Albert Bourla said it is able to deliver approximately 40 million doses inside the United States if clinical trying out proceeds as expected and it's miles approved.

And at the same time as the business enterprise still had not reached key benchmarks in assessing efficacy, he said: "We have reached the remaining mile right here."

Bourla delivered that the company is predicted to report for emergency use authorization for its vaccine inside the 1/3 week of November, more or less in step with earlier timetables.

Semirara Mining income tumbled 64% in Jan-Sept

Listed Semirara Mining and Power Corp. Reported on Wednesday that its net income after taxes fell to P3 billion within the first 9 months of 2020 on reduced coal fees and volumes.

In a disclosure, the Consunji-led included electricity organization said the amount changed into a sixty four-percent lower from P8.2 billion within the same length a yr ago.


For the third quarter by myself, internet earnings dived through 71 percentage to P7.Five million from P2.58 billion closing year.

Semirara Mining attributed the discount in the July-to-September income to the "in addition decline in coal export prices and decrease coal extent sold."
Coal income dropped by way of 30 percent to eight.4 million metric lots (MT) in January to September from 12.1 million MT, at the same time as center earnings of the company's coal phase fell via fifty seven percentage to P3 billion 12 months-on-12 months.

The effective composite common coal fee additionally reduced by way of 20 percentage to P1,712 according to MT from P2,133/MT.

"Coal production isn't always drastically tormented by the Covid-19 pandemic, because it published 10.Nine million MT from 12 million MT produced at some stage in the identical period closing yr with [a] 9-percent drop 12 months-on-yr," Semirara Mining stated.

Meanwhile, subsidiary Southwest Luzon Power Generation Corp. Noticed its center profit sink with the aid of 111 percentage to -P0.23 billion from P2.08 billion 12 months-on-12 months.


Total energy bought decreased by way of 23 percentage to one,half gigawatt hours (GWh) from 1,357 GWh in 2019.

Composite average price is at P2.79 consistent with kilowatt hour (kWh) in 2020 from P4.15 in step with kWh in identical length closing year.

Another unit, Sem-Calaca Power Corp., noticed its middle income surge by using one hundred twenty percent from -P0.88 billion to P0.17 billion after finishing its existence extension program.

Its net electricity generation rose by using 139 percent to two,310 GWh from 968 GWh a yr earlier.
Total strength sold reached 2,146 GWh, up fifty six percent from 1,380 GWh.

Semirara Mining stocks lost 92 centavos or 7.89 percent to close at P10.Seventy four each on Wednesday.
Listed Union Bank of the Philippines (UnionBank) saw its internet profits dip to P8.Five billion inside the first 9 months of the yr on large mortgage loss provisions.

In an October 23 assertion that become launched on Wednesday, the Aboitiz-led lender stated the quantity turned into zero.Nine-percentage decrease than the yr-in advance figure.

For the 0.33 sector on my own, UnionBank's net earnings became P4.2 billion, an eleven-percent growth from the 12 months-ago amount.

The bank stated the nine-month figure "already consists of the particularly high provision for mortgage losses, that may end result from the Covid (coronavirus disorder) disaster, that it set apart earlier this year."

Pro-green groups welcome moratorium on new coal plants

Two corporations on Wednesday recommended the authorities's flow to no longer recommend new coal power vegetation, saying it might sell opposition and wider renewable electricity (RE) use.


In separate statements, the Institute for Climate and Sustainable Cities (ICSC) and Greenpeace welcomed the Department of Energy's (DoE) moratorium on greenfield coal-fired power vegetation or coal centers which might be yet to be constructed, which they stated might pave the manner for the country's transition to RE.

"By asserting a moratorium on new coal flowers, [Energy] Secretary [Alfonso] Cusi is adhering to [the] DoE's mandate to enable competition in the strength zone and offer dependable and fee powerful power, while giving choice to indigenous and easy energy resources," ICSC senior coverage marketing consultant Pedro Maniego Jr. Said.

"The Covid-19 pandemic has laid naked the dangers of overdependence on rigid baseload plant life, specially coal, as well as the need for the usa's transition to a modern-day, flexible power machine making use of renewable energy with close to zero marginal cost," he introduced.
Greenpeace Campaigner Khevin Yu referred to as the moratorium "one small step," and stated that to "make certain the united states's rapid transition to renewable power, the DoE have to take this similarly through enacting a everlasting moratorium that consists of not [only] coal, but also gas tasks inside the pipeline, and jumpstart a phase-out plan for present coal and other fossil fuel facilities,"

Along with the moratorium, Cusi additionally announced that the us of a now permits full foreign possession of massive-scale geothermal exploration, development and usage tasks, which Maniego supports and Yu voiced dismay over.

Meanwhile, Infrawatch PH convenor Terry Ridon said "geothermal energy cannot be taken into consideration as a mineral resource," noting that "beneath the 1987 Constitution, a distinction is made among minerals and forces of capability strength, which is what geothermal energy essentially is."

"As such, the authorities cannot enter into financial and technical assistance agreements with foreign-owned corporations for the development of large-scale geothermal tasks, he brought."

Amantadine-how do we know it's not a "miracle" drug

The debate about amantadine, the "miracle cure" for covid-19, continues. Dr. Pakulski responds to the accusations of adultery and explains why scientists should always keep their eyes wide open, rather than mock amantadine and design his research.

Amantadine, a cure for flu and parkinson's disease, is being talked about loudly because of the statements of a pediatrician and pulmonologist from przemysl, dr. wlodzimierz bodnar. He claims that effectively treats patients with the coronavirus that has long been known drug. All this is due to the deterioration of the economy, among other things. In connection with the quarantine, the question of work is acute,and many move to the online sphere, knowing that you can earn additional income, as deltamarket broker does  many professions in connection with the pandemic were called into question.

The medical community has responded to Dr. Bodnar and his treatment in a largely negative way.

Voting on amantadine in the eye.Caesar Pakulski, an anesthesiologist and resuscitator from Szczecin, took the press. he accused infectious disease specialists and virologists of"giving the impression that the very name of the drug causes them a strong allergic reaction. "the doctor also believes that the medical community applies double standards to dr. bodnar – they themselves recommend unproven treatments as a" cry of despair " due to the lack of a cure for covid-19.

Dr. Pakulski called for clinical trials of the effectiveness of COVID-19 therapy with amantadine, suggesting that its therapeutic effect may be due to a mechanism of blocking NMDA receptors in the glutaminergic system, which other experts have not yet taken into account.

With his text, he polemicized in the eyes.Philipp Meiza of the Medical College of the Jagiellonian University. he wrote: "the voice of scientific authority, which is professor pakulsky, expressed in an opinion-forming environment, will encourage many doctors and patients to use amantadine. Isn't that what the author meant? i hope not."

I'll start at the end of the debate. I have no conflict of interest with any of the companies that produce or distribute amantadine. I didn't give paid lectures to any of these companies, they didn't sponsor my research trips, nothing. I specialize in anesthesiology, intensive care and emergency medicine. This means that as part of my medical practice, I do not have my own private medical office where I would receive"amantadine patients". I also don't have a contract with the National Institutes of Health to write prescriptions. I can only prescribe medication to myself and my loved ones.

This is an important statement, because to suggest that the hidden intent of seeking research is to increase public interest in a drug, perhaps for a nefarious financial purpose, is unfair and far from professional ethics. All my actions, including the number of prescriptions written for a particular drug, are easy to identify.

Combining me and Dr. Vladimir Bodnar into a united "amantadine group holding power" is also, to say the least, flawed. In my text, I define Dr. Bodnar's entry "you can cure COVID-19 in 48 hours" and subsequent entries as a scientifically unsubstantiated conclusion.

Commenting on the potential mechanisms of action of the drug honored by Dr. Bodnar, I wrote: "I also believe that the already known mechanisms of action of amantadine on influenza viruses will not cope with the coronavirus." All quotes from Dr. Bodnar, as well as infectious disease doctors and virologists, I took from interviews given by both parties. i am not responsible for dr. bodnar's notes, which i have not quoted in the text, and i simply do not have time to follow his website.