Achi news desk-
Read Ian McConnell’s story here
City stunned by HSBC boss Quinn’s unexpected resignation
HSBC chief executive Noel Quinn stunned the market earlier this week when he announced he was leaving the global banking group.
Mr Quinn is to retire after five “intense” years in which he oversaw the sale of HSBC’s operations in Canada and Argentina under plans to streamline the business and focus more on Asia, where he has identified the greatest growth potential. His departure was announced as HSBC reported a better-than-expected first-quarter profit and an $8.8 billion profit for investors.
Read Scott Wright’s story here
Braehead back to normal following ‘major’ funding deal
The owner of Braehead Shopping Center near Glasgow has completed a “landmark” restructuring of its finances which will allow the business to return to standard governance and management after going into administration in June 2020.
SGS – the group that also owns Atria Watford, the Lakeside in Essex, and the Victoria Center in Nottingham – has completed a recapitalization of its portfolio which includes £445 million of new funding from Lloyds Bank. This includes a senior term loan of £395m and a capital expenditure facility of £50m.
Read Kristy Dorsey’s story here
The North Sea threat to the Scottish economy
A decline in North Sea oil activity and slowing population growth are among the “key challenges” when it comes to Scotland’s long-term growth prospects, a new report states.
Meanwhile, Scotland’s first ever economic outlook report from accountancy firm KPMG also, looking at the near term picture, predicts a gradual recovery. And it predicts “steady” growth over the medium term.
KPMG forecasts growth of 0.4% for the Scottish economy this year, “similar to the rest of the UK, but relatively weak by historical standards”, with expansion expected to rise to 1% in 2025.
Read Ian McConnell’s story here
