HSBC sets aside $876m for bad loans from Trump's trade war
The Asia-focused banking giant HSBC has warned of a rise in possible bad loans as it braces for the fallout from President Trump's assault on the global trading order.
The FTSE 100 bank said in its first-quarter results that it had set aside $876 million for expected credit losses, which included $150 million for the 'deterioration in the forward economic outlook' as it grapples with the impact of sweeping US tariffs.
This helped to push its pre-tax profits for the period down to $9.5 billion from $12.65 billion a year earlier, when it had enjoyed a one-off gain from the sale of its Canadian business.
While this was better than the $7.8 billion predicted by City analysts, HSBC cautioned that it could book a further
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Crypto Insight
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- Crypto Insight
South Korea crypto industry to win no matter snap election outcome
South Korea's crypto scene will gain either way in the country's presidential elections, as both candidates have run on pro-crypto platforms, pledged to ease regulations and expand crypto access. South Koreans will head to the polls on June 3 to elect a new president in a snap election to replace Yoon Suk-yeol, who was impeached and removed from office over his attempt to declare martial law in December. Currently leading the polls is Lee Jae-myung of the center-left Democratic Party, who is up against staunch conservative and People Power Party nominee Kim Moon-soo. Lee has proposed legalizing spot crypto exchange-traded funds and wants to allow South Korea's $884 billion national pension fund to invest in cryptocurrency. He has also advocated for wider issuance of a stablecoin backed by the South Korean won as part of modernizing the country's financial system and stemming capital outflows. 'We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas,' he said during a policy discussion in May. 'I will create a safe investment environment so that young people can build assets and plan for the future.' Lee also aims to ease strict banking rules that require crypto exchanges to partner with licensed banks to offer fiat services. Kim also supports legalizing spot crypto ETFs and backed Lee's proposal, showing rare bipartisan alignment. He has also pledged to ease regulations and expand crypto adoption. Simon Seojoon Kim, the CEO of Seoul-based venture capital firm Hashed Ventures, told Bloomberg that with all the major candidates supporting pro-crypto policies, 'the country's crypto investors face a clear win regardless of the election outcome.' A Gallup Korea poll on May 28 showed 49% of respondents favoured Lee, while 36% said they would vote for Kim. Urgency for clear regulations The urgency for clear regulation stems from South Korea's high retail crypto participation. Stricter regulations were implemented in July 2024 to impose strict requirements on exchanges, including potential life sentences for criminal violations. On May 20, the country's Financial Services Commission finalized sweeping new measures, introducing new guidelines for nonprofit crypto sales and stricter listing standards for exchanges. South Korea's Democratic Party also launched a Digital Asset Committee focused on developing cryptocurrency policies and promoting industry growth in May. South Korea has one of the world's most active crypto markets, and daily trading volumes on crypto exchanges sometimes exceed the country's major stock indexes, with user numbers recently surpassing 16 million. Source:
Tatler Asia
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Inside Peninsula House: The transformation of a Penang art deco landmark
Above The interplay between preserved architectural features and new interventions creates a restaurant space that respects the building's Art Deco heritage Above The hallways of India House has seen an evolution from HSBC branch to US Information Service to Peninsula House The design team responded creatively: 'We decided to create platforms to delineate spaces, as we had the volume to play with heights,' says Ken. The solution resulted in three distinct levels of dining experiences with deliberate shifts in elevation that address both client requirements and spatial dynamics. These varying planes create different perspectives throughout Peninsula House, transforming what could have been an overwhelming space into areas of visual interest and controlled intimacy. Don't miss: 7 iconic cantilever chairs that shaped modern furniture Above Varying elevations create distinct dining experiences throughout the formerly sparse interior Above Custom sliding doors honor architectural heritage while providing modern climate control Preserving the building's architectural integrity while introducing contemporary elements required precision. 'The most important elements were the facade and the details of windows and doors,' Ken explains. The team maintained the original metal framework but replaced the blue-tinted glass with a combination of textured and clear panels. Custom sliding doors were designed to allow balcony access while maintaining climate control – a practical solution that honours architectural heritage without sacrificing modern comfort. Read more: Embracing warm minimalism: Beyond austerity in interior design Photo 1 of 3 A key feature of Peninsula House was how the original metal framework was preserved with thoughtfully updated glass panels Photo 2 of 3 The original Art Deco window framework has been carefully preserved while introducing warm wooden furnishings Photo 3 of 3 This space exemplifies Wunderwall Design's approach of creating controlled intimacy within the formerly sparse interior through deliberate elevation changes and a warm, neutral palette of whitewashed timber and bone-white lime paint The material palette reveals careful consideration: bone-white lime paint, whitewashed timber, patinated wood, stone, and metal create textural contrast. The furnishings combine custom-designed pieces with vintage discoveries. 'We wanted similar contrasts in the built works and the loose pieces, hence the mix of vintage and new,' Ken elaborates. One remarkable find was a jewellery desk repurposed as a bar, exemplifying their adaptive approach. See also: VanaVasa Eco-Resort: Luxury meets sustainability in Janda Baik, Malaysia Above Custom fixtures and carefully preserved architectural elements ensure that even utilitarian spaces contribute to the cohesive design narrative Above A repurposed jewellery desk finds new life as Peninsula House's bar beneath the loft-like ceiling space Craftsmanship was central to Peninsula House's success. Ken highlights their collaboration with local stainless steel artisans who created pendant lights and candle holders using innovative polishing techniques. 'It was something new to them as well, but they were very willing to explore,' he adds. The entrance portal to Peninsula House, constructed from reclaimed Kaya timber, presented unique challenges. 'We had to navigate our design details, sizes and height with the limitations of working with solid timber,' Ken notes. 'The outcome is a majestic entrance portal.' NOW READ 7 distinctive mid-century modern hotels in Asia for design lovers Ultimate Malaysian Home Tours guide: 7 stunning homes in Penang Bill Bensley: Eco-luxury hotels' design rebel Credits Best of Tatler Asia video highlights Featured videos from around Tatler Asia: Get exclusive behind-the-scenes look at the interviews we do, the events we attend, the shoots we produce, and the incredibly important people who are part of our community
Crypto Insight
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- Crypto Insight
Metaplanet scoops 1,004 Bitcoin in 2nd-biggest buy ever
Japanese investment firm Metaplanet has made its second-largest single Bitcoin purchase ever, scooping up more than 1,000 Bitcoin as the cryptocurrency came within 3% of its all-time high. Metaplanet said on May 19 that it purchased 1,004 Bitcoin for a total cost of around 15.2 billion yen ($104.6 million), bringing its total holdings to 7,800 Bitcoin worth around $807 million at current market prices. It is the second-largest purchase the firm has made following its buy of 1,241 BTC for $129 million on May 12 in a move that pushed its Bitcoin holdings above that of El Salvador. Metaplanet has the largest Bitcoin holdings of a public company in Asia and has the tenth largest holdings among public firms globally, according to BiTBO data. The firm reported a first-quarter BTC Yield of 95.6% and a yield of 47.8% so far in the second quarter, which measures the ratio of percentage change in Bitcoin holdings per fully diluted share. If Metaplanet buys another 301 BTC, it would surpass Galaxy Digital Holdings, which is in ninth spot with its holdings of 8,100 Bitcoin. Michael Saylor's Strategy remains the clear leader in terms of corporate BTC holdings with 568,840 Bitcoin worth around $59 billion. Metaplanet has been much more aggressive in its accumulation of the asset in recent months, with 2,800 scooped up so far in May. It made four purchases in April, totaling 794 BTC, and six purchases in March, totaling 1,655 BTC. Saylor hints at another buy Meanwhile, Michael Saylor has hinted at another Monday purchase by posting a screenshot of the Saylor tracker, which follows the firm's Bitcoin portfolio, on X. 'Never short a man who buys orange ink by the barrel,' Saylor said. Strategy leads the corporate pack with 77% of the growth in Bitcoin holdings so far this year, according to BTC investment firm River. On May 12, River researchers revealed that corporations and businesses are the largest net buyers of Bitcoin so far this year, outpacing exchange-traded funds, governments, and even retail investors. Source:
