US Business

Revenue at Chinese telecom giant Huawei fell by 2.2 percent year on year in the first three quarters of 2022, company data showed Thursday, as Covid-19 and US sanctions dragged down sales.

Huawei made 445.8 billion yuan ($61.76 billion) in revenue in the first three quarters of 2022, a drop from 455.8 billion yuan in the same period a year ago, according to company data.

Huawei provided few specifics and did not include a breakdown of its data by business segment.

“Our device business was impacted by Covid-19 and global economic downturn,” a company spokesperson told AFP.

Eric Xu, Huawei’s rotating chairman, said in a statement that “overall performance was in line with forecast”. 

“The decline in our device business continued to slow down, and our ICT infrastructure business maintained steady growth,” Xu said.

A supplier of networking equipment, phones and other state-of-the-art gear, Huawei has struggled in the wake of a crackdown by the administration of former US president Donald Trump fuelled by cybersecurity and espionage concerns.

President Joe Biden’s administration has added to the pressure with the US Chip Act, which threatens Huawei’s access to global semiconductor supply chains. 

Its fifth-generation (5G) wireless network technology, meanwhile, has been blocked by major economies including the United States, Britain and Japan due to security concerns.

The company on Thursday said its profit margin for its main business from January to September was 6.1 percent, without revealing its net profit margin, which was 10.2 percent in the first three quarters of 2021.

The 2.2 percent fall in revenue in the first three quarters is significantly lower than the 32 percent revenue plunge it logged in the same period last year, showing slowing decline. 

– External ‘uncertainties’ –

The company’s smartphone sales have seen a slump in recent years after the United States cut Huawei off from key parts and barred it from using Google’s Android services.

It has rolled out its own Harmony operating system, which is now being used on 300 million Huawei devices mostly in China.

Huawei’s spokesperson on Thursday said the company was looking to focus on other devices.

It has expanded its enterprise and cloud computing business, and designed software and components for “smart” cars.

“Although there are uncertainties in the external environment, like Covid-19 and changes in the industry, we remain confident that we can meet our business targets for 2022,” the spokesperson said.

Huawei is not publicly listed and its accounts are not subject to the same audits as companies traded on the stock market.

Last year Huawei logged a record profit of 113.7 billion yuan despite a revenue slump, which the company attributed to “more efficient internal operations.”

TotalEnergies said Thursday surging global oil and gas prices helped it post a massive jump in profits in the third quarter as France is riven over taxing windfall profits of energy companies.

Net profits at the French company soared 43 percent from the same period last year to $6.6 billion, with record performances for its natural gas and liquefied natural gas (LNG) activities.

The firm has now earned $17.3 billion over the first nine months of the year, more than the $16 billion in profits it posted last year.

Total’s bumper earnings may add fuel to the raging debate over what the French call superprofits by energy firms due to the spike in prices thanks to the Russian invasion of Ukraine.

France’s opposition wants to impose a windfall tax to help fund measures to protect consumers from energy price hikes, but President Emmanuel Macron reiterated his opposition to such a measure in a prime-time television appearance on Wednesday evening.

TotalEnergies, which has been plagued by strikes in France that have led to petrol shortages at pumps, announced it would pay its workers a bonus.

“In this favorable environment, taking into account income and production taxes of $26 billion worldwide, the company is implementing a balanced value-sharing policy with an exceptional one-month-salary bonus in 2022 to all its employees worldwide,” it said in a statement.

TotalEnergies also confirmed its announcement from last month to return to shareholders 35 to 40 percent of cash flow, and maintained its interim quarterly dividend at a higher rate from last year.

French Finance Minister Bruno Le Maire welcomed the company’s bumper profits.

“I say so much the better,” he reacted, noting that it would allow the firm to continue until mid-November its discount of 20 cents per litre at the pump, which comes in addition to the 30 cents per litre discount paid for by the state.

“When a French company succeeds, I think all of us should be satisfied with its success and we should all be proud of having a big energy company like Total,” he said on BFM Business television channel.

While TotalEnergies reached a pay hike deal with a majority of unions, one has held out and two refineries remain on strike despite the government forcing some employees back to work under threat of jail time.

Some 14 percent of French filling stations partially or completely lacked supplies as of Wednesday, down from more than a third last week.

– Russian impairment – 

While oil and gas prices have recently cooled, they are still much higher than before Russia launched its invasion of Ukraine in February.

TotalEnergies noted that the average LNG price last quarter was up 50 percent from the previous quarter as European nations scrambled to replace Russian supplies and fill up their storage facilities ahead of winter.

Its gas and renewables unit made a record net operating profit of $3.6 billion, a jump from $1.1 billion in the previous quarter.

That came despite a drop in its LNG production and sales from the previous quarter due to repair operations, with the company making spot purchases to maximise its facilities to process LNG and seize market opportunities.

The war has not been all a boon for TotalEnergies, which was involved in several gas projects in Russia.

It made a new $3.1 billion impairment charge due to its activities there, following write downs worth $7.6 billion in the first two quarters this year.

Despite slower global growth next year, TotalEnergies said it expects a cut of two million barrels per day by the OPEC oil cartel and its allies to support prices, as well as a European ban on Russian oil imports due to go into effect next month.

“Gas prices should also remain high, driven by the need to import LNG into Europe to replace Russian gas imports,” said Total.

British energy giant Shell on Thursday announced net profit totalling $6.7 billion in the third quarter, as oil and gas prices remain strong despite recent slides on easing supply fears.

The result compared with a loss after tax of $447 million in the July-September period last year, Shell said. 

Flush with cash from revenue surging to almost $100 billion, Shell said it would buy back shares at a cost of $4 billion.

“We are delivering robust results at a time of ongoing volatility in global energy markets,” said Shell’s outgoing chief executive Ben van Beurden. 

The latest profit, however, was far lower than its second-quarter net income of $18 billion.

Shell alerted the market on the comparison earlier this month, blaming the drop on a slump in refining margins.

Although oil and gas prices have surged from a year ago following the invasion of Ukraine by major energy producer Russia, hydrocarbon values have seen some recent cooling as the northern hemisphere experiences mild temperatures and countries shore up supplies.

– Shares rally –

Shell’s share price jumped 3.5 percent following the results, which also included a raised dividend following underlying profits ahead of analyst expectations.

The group’s latest earnings reignited calls for the UK government to slap a much bigger windfall tax on energy companies as millions of Britons struggle with a cost-of-living crisis.

“A proper tax on Shell’s reported Q3… profits as well as the billions made in Q1 and Q2 by all the fossil fuel giants would already have generated enough cash to insulate thousands of homes,” Greenpeace UK’s senior climate advisor Charlie Kronick said.

“Responding to the cost-of-living crisis is well within the government’s control.”

Britain’s new prime minister, Rishi Sunak, unveiled a windfall tax on the profits of British energy companies earlier this year in his role as finance minister, but it was deemed as far too small by campaigners.

Van Beurden recently indicated that governments should “probably” tax energy firms more to help protect the poorest from rocketing energy bills amid decades-high inflation, although critics said the comments did not carry much weight ahead of his departure.

Shell last month announced that van Beurden would step down as CEO at the end of the year, as the energy major looks to reinvent itself under group renewables boss Wael Sawan.

Towards the end of his nine years at the helm, van Beurden slashed thousands of jobs after Shell slumped into a huge loss on Covid lockdowns. 

A Shell veteran with almost 40 years at the group, he departs having carried out a major corporate overhaul that saw the company ditch “Royal Dutch” from the start of its name.

The euro, pound and yen all held their gains against the dollar Thursday and most equities rose as traders grow increasingly hopeful the Federal Reserve will slow its pace of interest rate hikes.

Hong Kong led the gains thanks to a surge in tech firms, extending a recovery from Monday’s rout that was fuelled by worries of Xi Jinping’s tightened grip on power in China.

After a painful year for markets hit by central bank rate hikes to fight soaring inflation, investors have taken heart from several weak US indicators — the latest on the services and real estate sectors — suggesting the economy is slowing.

That has led to speculation officials could be ready to tap the brakes on the increases, while some Fed policymakers have also raised the possibility of a slowdown.

The optimism was boosted Wednesday by news that the Bank of Canada had raised rates less than expected and signalled it is ready to wind down.

“The downshift at the Bank of Canada has further fanned the winds of a similar move by the Fed come December and comes after the (Australian central bank) slowed the pace of hikes to 25 basis points at its October meeting,” said National Australia Bank’s Taylor Nugent.

The news weighed on the dollar, which has surged against other currencies all year owing to the Fed’s rate drive, as US Treasury yields drop.

And on Thursday the euro held above parity with the greenback, a day after breaking the marker for the first time since last month and ahead of an expected European Central Bank rate hike.

The ECB meeting “really depends on not what (it) delivers, but what sort of guidance… President Christine Lagarde offers over future moves going forward for December, at a time when EU inflation is still showing little sign of slowing,” said Micahel Hewson of CMC Markets.

The yen held around 146 per dollar, having hit a 32-year low near 152 on Friday, and sterling was also holding above $1.16 after last month hitting a record low $1.0350 in reaction to then-prime minister Liz Truss’s debt-fuelled mini-budget.

The pound was also enjoying support after former finance minister Rishi Sunak became prime minister, giving hope for some stability after months of upheaval.

The positive performance was mirrored in equity markets, with Hong Kong rising one percent at one point thanks to a rally in beaten-down tech shares.

The Hang Seng Index’s advance follows a rout on Monday in response to Xi’s tighter grip on power and his decision to put in top posts loyalists who backed his zero-Covid strategy of lockdowns.

Among the standout performers, ecommerce giant Alibaba jumped more than eight percent and rival JD.com piled on more than 10 percent. The Hang Seng Tech Index was four percent higher.

The advances came after outsized gains for the firms’ New York-listed shares.

Sydney, Seoul, Singapore, Taipei, Manila, Bangkok, Mumbai, Jakarta and Wellington also rose. However, Tokyo and Shanghai slipped.

London edged up in the morning but Paris and Frankfurt eased back.

Analysts remain cautious owing to the fact inflation is stuck at multi-decade highs in various countries, while the Fed’s November meeting is now in focus.

“The Fed won’t blink next week and the risk of a 75 basis point hike in December should still remain on the table,” said OANDA’s Edward Moya.

“Cracks in the economy are here. Tighter financial conditions are not going away. Meanwhile, inflation and labour stats are not declining fast enough to support a Fed downshift just yet,” he said, adding that there was a risk of overtightening.

“The soft landing playbook just got thrown out the window and now Wall Street needs to gauge how bad of a recession will hit the economy next year.”

Oil prices dipped after Wednesday’s rally that came after US Secretary of State Antony Blinken warned that there was little scope for a new Iran nuclear deal, pointing to the clerical leadership’s conditions.

– Key figures around 0810 GMT –

Euro/dollar: DOWN at $1.0066 from $1.0087 on Wednesday

Pound/dollar: DOWN at $1.1600 from $1.1621 

Dollar/yen: DOWN at 145.72 yen from 146.39 yen

Euro/pound: UP at 86.84 pence from 86.77 pence

Tokyo – Nikkei 225: DOWN 0.3 percent at 27,345.24 (close)

Hong Kong – Hang Seng Index: UP 0.7 percent at 15,427.94 (close)

Shanghai – Composite: DOWN 0.6 percent at 2,982.90 (close)

London – FTSE 100: UP 0.2 percent at 7,071.42 

West Texas Intermediate: DOWN 0.4 percent at $87.55 per barrel

Brent North Sea crude: DOWN 0.4 percent at $95.27 per barrel

New York – Dow: FLAT at 31,839.11 (close)

Credit Suisse announced a string of radical measures Thursday aimed at turning around the beleaguered bank following huge third quarter losses, including revamping its investment banking unit, slashing 9,000 jobs and raising fresh capital.

Switzerland’s second-biggest bank launched a strategic review aimed at putting an end to a series of scandals that have shaken the institution, saying the new plan was intended to create “a simpler, more focused and more stable bank”.

“Over 166 years, Credit Suisse has built a powerful and respected franchise but we recognise that in recent years we have become unfocused,” chairman Axel Lehmann said in a statement.

He said the reassessment of the bank’s direction included “a radical strategy and a clear execution plan to create a stronger, more resilient and more efficient bank with a firm foundation, focused on our clients and their needs”.

The Zurich-based bank revealed it was going for a “radical restructuring” of its investment bank, an accelerated cost-cutting effort, and strengthened and reallocated capital, “all of which are designed to create a new Credit Suisse”.

The bank intends to raise capital worth four billion Swiss francs ($4 billion) through issuing new shares to qualified investors, including Saudi National Bank, which has committed to invest up to 1.5 billion Swiss francs to achieve a shareholding of up to 9.9 percent.

The announcement came as the bank unveiled a third quarter net loss of 4.034 billion Swiss francs.

Credit Suisse shares slid on the announcements, opening down 7.26 percent on the Swiss stock exchange’s main SMI index at 4.417 Swiss francs.

– ‘More focused’ bank –

Credit Suisse also said it expects to run the bank with approximately 43,000 staff by the end of 2025 compared to 52,000 at the end of September, “reflecting natural attrition and targeted headcount reductions”.

The group will also reduce its cost base by 15 percent, or around 2.5 billion Swiss francs, delivering a cost base of around 14.5 billion Swiss francs in 2025. Of this, a 1.2 billion Swiss franc reduction is targeted for 2023.

Lehmann said the bank would work on improving risk management and control processes after a series of investments turned sour.

“I am convinced that this is the blueprint for success, helping rebuild trust and pride in the new Credit Suisse,” he said.

New chief executive Ulrich Koerner, who is considered a specialist in bank restructuring, has had a hundred days to diagnose the problems at Credit Suisse.

“This is a historic moment for Credit Suisse. We are radically restructuring the investment bank to help create a new bank that is simpler, more stable and with a more focused business model built around client needs,” he said.

Andreas Venditti, an analyst at Swiss investment managers Vontobel, said Koerner’s new strategic plan was “just the first step in a lengthy process to restore credibility and regain the trust” of Credit Suisse’s stakeholders.

“Resolute execution and no further mis-steps will be key and it will take time until results will begin to show,” he said, adding that the third quarter losses were “clearly worse than expected”.

Analysts at the US investment bank Jefferies said the large third quarter net loss was “another negative surprise”, adding: “The capital raise is larger than we thought it would be, and third quarter results show another quarter-on-quarter deterioration in momentum that we find concerning, though not very surprising”.

– Archegos, Greensill shocks –

Credit Suisse’s capital-guzzling investment banking arm has been the source of heavy losses which plunged Credit Suisse’s accounts into the red — eclipsing its other, more stable activities such as wealth management or its Swiss domestic banking services.

Credit Suisse’s investment bank suffered a loss of 3.7 billion Swiss francs in 2021 and backed that up with a 992 million Swiss franc loss in the first half of 2022.

It was hit by the implosion of the US fund Archegos, which cost Credit Suisse more than $5 billion.

Meanwhile its asset management branch was rocked by the bankruptcy of British financial firm Greensill, in which some $10 billion had been committed through four funds.

Credit Suisse is one of 30 banks globally deemed too big to fail, forcing it to set aside more cash to weather a crisis.

Banking experts are therefore dismissing social media rumours earlier this month of a “Lehman Brothers moment”, referencing the US bank which collapsed, triggering the 2008 financial crisis.

While many industry experts think a bankruptcy highly improbable, these rumours helped drag its share price down to a low of 3.158 Swiss francs on October 3.

German airline giant Lufthansa said Thursday it had “left the pandemic behind” as it reported a robust third-quarter net profit, and predicted strong demand in the months ahead.

Lufthansa had made huge losses when the coronavirus brought global air travel to a halt, and had to be bailed out by the German government in 2020.

But a strong rebound in demand as economies reopen has lifted the company’s fortunes faster than expected. 

From July to September, the group made a net profit of 809 million euros ($814 million), compared to a loss of 72 million euros in the same period a year earlier. 

Chief executive Carsten Spohr said the group had “left the pandemic behind and is looking optimistically into the future”.

“The desire to travel, and thus the demand for air travel, continues unabated.”

All business segments, from passenger airlines to logistics, contributed to the result, he said. 

The results extend the group’s recovery, after it reported its first net profit in August since the pandemic.

Third-quarter revenues almost doubled year-on-year to 10.1 billion euros. 

More than 33 million passengers flew with the airlines of the group in the quarter, up from 20 million in the same period a year earlier.

The group’s passenger airlines returned to profitability, with an adjusted operating profit of 709 million euros, compared with a loss a year earlier.

– More strong demand –

Lufthansa said it believes air travel demand will remain strong in the months ahead, and it expects to make an operating profit in the fourth quarter despite the usual seasonal slowdown.

The group — which includes Eurowings, Austrian, Swiss and Brussels Airlines — had already announced earlier this month it was significantly raising its earnings forecast for 2022 due to strong demand. 

It confirmed that it expected adjusted operating profits of more than one billion euros for the year.

The positive results came despite strike action by pilots and ground staff over the summer, which cost the group around 70 million euros during the July-to-September period.

Lufthansa made huge net losses of 6.7 billion euros in 2020 and 2.2 billion euros in 2021 due to the pandemic, but its finances have stabilised earlier than expected. 

The German government sold its remaining stake in Lufthansa last month, putting the airline back in private hands.

The International Energy Agency said Thursday it believes global energy emissions will peak in 2025 as surging prices due to the Russian invasion of Ukraine propel investment in renewables.

Only last year the IEA said there was “no clear peak in sight” in energy emissions, but the new higher investment in wind and solar is setting up demand for all fossil fuels to peak or plateau, leading to a drop in emissions.

“The global energy crisis triggered by Russia’s invasion of Ukraine is causing profound and long-lasting changes that have the potential to hasten the transition to a more sustainable and secure energy system,” the IEA said as it released its latest annual World Energy Outlook report.

Based on the latest measures and policies announced by governments in the face of soaring energy prices, the IEA forecasts global clean energy investment to rise by more than 50 percent from today’s levels to $2 trillion per year by 2030. 

Those measures will propel sustained gains in renewables and nuclear power.

“As a result, a high point for global emissions is reached in 2025,” the IEA said.

Global energy-related CO2 emissions are then set to fall back slowly from a high point of 37 billion tonnes per year to 32 billion tonnes by 2050, it added.

The Paris-based organisation, which advises energy-consuming nations, said that its forecast sees demand for all types of fossil fuels peaking or hitting a plateau.

Coal use, which has seen a temporary bump higher, will drop back in the next few years as more renewables come online.

Natural gas hits a plateau in the end of the decade, instead of the previous forecast of a steady rise.

Oil demand levels off in the mid-2030s and then gradually declines towards mid-century due to uptake of electric vehicles, instead of the earlier estimate of a steady increase.

Overall, the share of fossil fuels in the global energy mix in the IEA’s stated policies scenario falls from around 80 percent to just above 60 percent by 2050.

– Energy markets ‘changed’ –

“Energy markets and policies have changed as a result of Russia’s invasion of Ukraine, not just for the time being, but for decades to come,” said IEA Executive Director Fatih Birol in a statement as the report was released.

But that will still leave the world on track for a rise in global temperatures of around 2.5 degrees Celsius by the end of the century, which would likely trigger severe climate change impacts.

The IEA also has a scenario to arrive at zero net emissions in 2050, which is seen as necessary to hit the 1.5C warming target enshrined in the Paris climate pact.

That would require clean energy investments to rise to $4 trillion per year by 2030, instead of the current forecast of $2 trillion.

“The IEA, with all its expertise and authority is clear: clean energy investments must triple by 2030, and gas is a dead end,” said Laurence Tubiana, head of the European Climate Foundation and France’s former climate ambassador.

“The current European energy crisis clearly proves the dangers of gas: high price, volatility, geopolitical dependence,” she added.

Credit Suisse announced a series of radical measures Thursday aimed at turning around the beleaguered bank following huge third quarter losses, including revamping its investment banking unit, 9,000 job cuts and raising fresh capital.

Switzerland’s second-biggest bank launched a strategic review aimed at putting an end to a series of scandals that have shaken the institution, saying the results were intended to create “a simpler, more focused and more stable bank”.

The Zurich-based bank revealed it was going for a “radical restructuring” of its investment bank, an accelerated cost-cutting effort, and strengthened and reallocated capital, “all of which are designed to create a new Credit Suisse”.

The bank intends to raise capital worth four billion Swiss francs ($4 billion) through the issuance of new shares to qualified investors, including Saudi National Bank, which has committed to invest up to 1.5 billion Swiss francs to achieve a shareholding of up to 9.9 percent.

“Over 166 years, Credit Suisse has built a powerful and respected franchise but we recognise that in recent years we have become unfocused,” chairman Axel Lehmann said in a statement.

He said the reassessment of the bank’s future direction included “a radical strategy and a clear execution plan to create a stronger, more resilient and more efficient bank with a firm foundation, focused on our clients and their needs”.

Lehmann said the bank will also work on further improving risk management and control processes across the entire bank, after a series of investments turned sour.

“I am convinced that this is the blueprint for success, helping rebuild trust and pride in the new Credit Suisse.”

– ‘Simpler, more stable’ bank –

Credit Suisse also said expects to run the bank with approximately 43,000 staff by the end of 2025 compared to 52,000 at the end of September, “reflecting natural attrition and targeted headcount reductions”.

The announcement came as the bank unveiled a third quarter net loss of $4.034 billion Swiss francs.

“This is a historic moment for Credit Suisse. We are radically restructuring the investment bank to help create a new bank that is simpler, more stable and with a more focused business model built around client needs,” new chief executive Ulrich Koerner said in a statement.

Koerner is considered a specialist in bank restructuring and has had a hundred days to diagnose the problems at Credit Suisse.

The announcement was keenly awaited by analysts, rating agencies, banking regulators and regular customers.

– Sluggish market –

The market backdrop to Thursday’s announcement was not particularly buoyant.

In the third quarter, high market volatility caused by Russia’s war in Ukraine, combined with recession fears, dampened demand for transactions such as debt issues, initial public offerings as well as mergers and acquisitions.

And on Tuesday, Switzerland’s biggest bank UBS, like the major US investment banks, reported a drop in income in its investment bank arm.

Credit Suisse’s capital-guzzling investment banking arm has been the source of heavy losses which plunged Credit Suisse’s accounts into the red — eclipsing its other, more stable activities such as wealth management or its Swiss domestic banking services.

Credit Suisse’s investment bank suffered a loss of 3.7 billion Swiss francs in 2021 and backed that up with a 992 million Swiss franc loss in the first half of 2022.

It was hit by the implosion of the US fund Archegos, which cost Credit Suisse more than $5 billion.

Meanwhile its asset management branch was rocked by the bankruptcy of British financial firm Greensill, in which some $10 billion had been committed through four funds.

Credit Suisse is one of 30 banks globally deemed too big to fail, forcing it to set aside more cash to weather a crisis.

Banking experts are therefore dismissing social media rumours earlier this month of a “Lehman Brothers moment”, referencing the US bank which collapsed, triggering the 2008 financial crisis.

While many industry experts think a bankruptcy highly improbable, these rumours helped drag its share price down to a low of 3.158 Swiss francs.

Credit Suisse shares closed Wednesday at 4.763 Swiss francs on the Swiss stock exchange’s main SMI index.

Hong Kong’s finance chief could have to miss an upcoming global banking summit in the city, after his office revealed Thursday he had tested positive for the coronavirus.

City authorities are eager for the international finance get-together to show Hong Kong is open for business, having been previously isolated by China’s zero-Covid policy.

Financial Secretary Paul Chan was scheduled to deliver speeches next Wednesday and Thursday at the conference, which is set to draw about 200 participants and the heads of 30 major financial institutions.

But it is now unclear if Chan will be able to attend.

He had been visiting Bahrain and Saudi Arabia to build trade ties and was scheduled to return Thursday.

But he tested positive under a rapid antigen test in Riyadh, his office said. 

“(Chan) has cancelled the remaining parts of the visit and will stay in Riyadh for a short while, and seek to comply with relevant health requirements and return to Hong Kong as soon as possible,” it said in a statement.

The office did not immediately respond to AFP questions about his updated itinerary.

Hong Kong has gradually relaxed its pandemic controls, including scrapping mandatory quarantine for new arrivals last month.

But it still maintains many strict curbs long abandoned by much of the world, including rival business hubs.

International arrivals must undergo multiple tests and cannot enter bars or restaurants for the first three days.

Under Hong Kong’s current rules, those who test positive for the coronavirus must isolate at home or in a hotel room, or a government isolation centre.

They may leave isolation after a week if they have tested negative on days six and seven.

Global banking chiefs will have a taste of Hong Kong’s existing pandemic curbs next week at the summit in the Four Seasons hotel, although certain rules will be relaxed.

Attendees will not be able to go to bars or restaurants during the first three days after arriving but will be able to socialise in a bubble within the hotel and attend an opening banquet at an art museum.

The event will include panel talks featuring the CEOs of Goldman Sachs, Morgan Stanley and Citigroup.

Top executives from HSBC, Standard Chartered, JPMorgan Chase and BlackRock will also attend.