HSBC says the trade crisis is severe risks to global growth

Of Lawrence White and Sinead Cruise

London (Reuters) -Hifning Global Relations has increased economic uncertainty with severe growth risks, which makes it difficult for international banks to provide efficient perspectives in the medium term, said HSBC President Mark Tucker on Friday.

Speaking at the Bank’s shareholders’ annual meeting in London, a day after it was announced that he would retire at the end of this year, Tucker said he was confident that HSBC could achieve goals and deliver another year of healthy returns by 2025.

HSBC was among the main European banks that this week was retained the retained performance goals after the benefits of the first quarter, despite threats to their gains due to a possible global recession and trembling business confidence.

Asia and HSBC focused on trade is potentially more exposed than some rivals to the fall of American rates, as they threaten to disturb world trade and harm China and exporters and importers in Asia.

The bank also said that it was committed to its ambition to carry out net carbon zero emissions by 2050, and has begun a review of the provisional emission objectives and associated policies.

HSBC had alarmed the campaigns earlier this year in reducing its goal of reaching net-zero emissions throughout its business until 2030, blaming a slow change in the economy.

Some campaigns protested the event on Friday, delivering the Flyers and challenging the bank’s advice to review their support for fossil fuel producers and projects, including the East African Cruism Gasure.

Climate activists are concerned that banks like HSBC can be influenced by a change in political rhetoric that surrounds sustainability and climate issues.

United States President Donald Trump has stated his intention to climb the United States climate commitments, which he can prevent business opportunities for multinational companies, especially those active in developing economies.

HSBC also faced harsh criticism of Midland Bank’s labor pension regimes, which HSBC acquired in 1992, which repeated reasons to reverse Clawback’s policies that have shaved millions of pounds to former staff.

Clawback is a legal deduction of a pension provided by an entrepreneur when members reach the age who also entitles them to a state pension.

The bank’s shareholders have voted in recent years against a resolution proposed by campaigns on the subject, but Tucker said he would review the difficult situation of the members.

“I am not giving you a sense of hope, but we will see that what we have said and what we understand is still the case,” he told the main campaign Nancy Ball.