Latest news with #UScompanies
Bloomberg
4 days ago
- Business
- Bloomberg
HSBC Exits Business Serving Smaller US Firms in Latest Revamp
HSBC Holdings Plc is exiting a business that serves small and midsize US companies, as it continues an overhaul aimed at making the lender more competitive. 'Following a strategic review of our business, we have decided to exit our business-banking portfolio in the United States,' a spokesperson said in an emailed statement. The division has about 4,400 clients and serves firms with revenue of as much as $50 million.
Arab News
21-04-2025
- Business
- Arab News
Vance set to visit India for bilateral talks on economic, trade and geopolitical ties
NEW DELHI: US Vice President JD Vance will embark on a four-day visit to India on Monday as the two countries seek to unlock economic opportunities and negotiate a bilateral trade deal. Vance will meet Prime Minister Narendra Modi in New Delhi for talks on the economy, trade and geopolitical ties. Vance's visit is seen as an important diplomatic mission by President Donald Trump's administration, and it coincides with a rapidly intensifying trade war between Washington and Beijing, which is New Delhi's main rival in the region. A trade deal between India and the US could significantly enhance economic ties between the two countries and potentially strengthen diplomatic ties. The US is also India's largest trading partner, with bilateral trade valued at $190 billion until recently. India's foreign ministry has said the visit will 'provide an opportunity for both sides to review the progress in bilateral relations' and two leaders will 'exchange views on regional and global developments of mutual interest.' Here's what to know more about Vance's visit: Bilateral trade agreement Vance's arrival in India comes weeks after Director of National Intelligence Tulsi Gabbard was in India for a geopolitical conference and two months after Modi met Trump in Washington. Modi was among the first leaders to visit the US and hold talks with Trump after he returned to the White House. During his visit, Modi hailed a 'mega partnership' with the US and kickstarted a negotiation process to minimize the possible fallout of Trump's tariffs after it had already cut tariffs on a range of US goods. Regardless, Trump targeted India with a 26 percent levy as part of his now-paused tariff program, which has provided temporary relief for Indian exporters. During his visit, Modi sought to soften impending trade barriers by saying he was open to reducing more tariffs on US goods, repatriating undocumented Indian nationals and buying military gear. The two countries also agreed to start talks toward clinching the bilateral trade agreement. Modi on Friday said he spoke with Elon Musk and said he and the SpaceX CEO 'discussed the immense potential for collaboration in the areas of technology and innovation,' saying 'India remains committed to advancing our partnerships with the US in these domains.' India's deep ties to US business India is a close partner of the US for bilateral trade, foreign direct investments, defense cooperation, and an important strategic ally in combating the rising influence of China in the Indo-Pacific region. It is also part of the Quad, which is made up of the United States plus India, Japan and Australia and seen as a counter-balance to China's expansion in the region. Leading UScompanies such as Apple Inc. and Google have expanded operations in India in recent years. Last month, Musk's Starlink entered into agreements with two of India's top telecom operators to provide satellite-based Internet services. To further boost trade ties, the US and India have set an ambitious target of more than doubling their bilateral trade to $500 billion by 2030 under the expected trade deal agreement. The negotiations are especially urgent for New Delhi as it could be hit hard by Trump's reciprocal tariffs, particularly in sectors of agriculture, processed food, auto components, high-end machinery, medical equipment and jewelry. This poses a significant challenge for Modi government as it hopes to spruce up the country's economy and generate jobs with an export-led recovery. Modi and Trump already share rapport Modi established a good working relationship with Trump during his first term in office. It now appears that the two leaders are likely to further boost cooperation between their countries, particularly in trade as Chinese President Xi Jinping is aiming to position Beijing as a reliable trade partner in the Asia-Pacific region amid rising tensions with Washington. India has also already taken a number of steps to win over Trump. It will purchase more oil, energy and defense equipment, including the fifth-generation stealth fighter jets, from the US The U.S, however, wants greater market access for its agricultural and dairy products in India, but New Delhi has been reluctant so far as the farm sector employs bulk of the country's workforce. Family trip for Vance Vance's visit to India marks his first official trip to the country, which has added significance for the second family. His wife Usha Vance — a practicing Hindu — is the daughter of immigrants from South India. In his memoir 'Hillbilly Elegy,' Vance described his wife a 'supersmart daughter of Indian immigrants' whom he met at Yale Law School. Usha's parents moved to the US in the late 1970s. Vance will be accompanied by Usha, their children and other senior members of the US administration, and the couple will visit Indian cities of Jaipur and Agra and participate in engagements at cultural sites, a readout from the White House said.
Al Arabiya
07-04-2025
- Business
- Al Arabiya
China tells US companies it will always provide protection for foreign-funded firms
China's Vice Commerce Minister Ling Ji told US companies including Tesla and GE Healthcare that the country would always provide protection for foreign funded firms in China, including those from the United States. China has been, is, and will be an 'ideal, safe, and promising investment ground for foreign investors,' Ling said at a roundtable meeting with more than 20 US funded companies.
CNN
21-02-2025
- Business
- CNN
As Trump seeks a deal with Putin, will Western companies return to Russia?
One of the many questions raised by discussions between Moscow and Washington on ending the war in Ukraine is whether the corporate exodus from Russia in opposition to the February 2022 invasion may be reversed. As long as broad Western sanctions on Russia remain in place, that looks unlikely, but should US President Donald Trump's administration seek to ease restrictions, it could open the door for some companies to return to what was once a high-growth market. Here is a rundown of the situation. More than a thousand companies from McDonald's (MCD) to Mercedes-Benz have left Russia in the last three years by selling, handing the keys to existing managers or abandoning assets. Others like Danone and Carlsberg had their assets seized and a sale forced through. Western companies have acknowledged losses totaling $107 billion, including lost revenue, according to a Reuters analysis in March 2024. Kirill Dmitriev, head of the Russian Direct Investment Fund, says US companies have lost $324 billion by leaving Russia. When exiting, companies such as McDonald's, Renault and Henkel agreed options to buy the assets back. France's Renault sold its majority stake in Russian carmaker Avtovaz in May 2022 for reportedly just one ruble, but with a six-year option to buy it back. Some food and healthcare companies, including Procter & Gamble (PG), PepsiCo (PEP) and Mondelez (MDLZ), say they stayed on humanitarian grounds to continue supplying Russian consumers with basic goods. After the highest-level US-Russian meeting since the start of the Ukraine war began this week, Dmitriev said, without giving further details, that he expects a number of UScompanies to return as early as the second quarter. The most likely to return are those operating outside sanctions, such as retailers and food producers, rather than those in sectors such as energy and finance. Dmitriev said he believed major US oil companies that had been successful in Russia would 'at some point' return. Senior Russian lawmaker Anatoly Aksakov this week said he thought Visa (V) and Mastercard (MA) would soon restore payment services. The two companies said their Russia suspensions remained in place. Hundreds of Western companies including Carlsberg and Unilever (UL) issued statements condemning Russia's aggression against Ukraine in the days and weeks after the invasion, framing their exit from the country or suspension of operations in moral terms. Should a deal be reached that rewards Russia with Ukrainian territory, companies that have criticized Moscow risk reputational damage by returning. Companies involved in supplying goods that have both civilian and military applications are bound by Western restrictions. Boeing (BA) and Airbus, for example, halted the supply of planes and spare parts to Russia. Other examples include semiconductors, telecoms equipment and electronics. Speculation is rife on whether the US-Russia talks could yield a softening of sanctions, but no concrete proposals have yet been made. Meanwhile, the European Union agreed Wednesday the 16th package of anti-Russia sanctions. Sanctions prohibit providing Russia with financial or energy-related services, and Russian officials' statements that they expect Western companies to return look for now like wishful thinking. Some of the world's most popular brands from Starbucks (SBUX) to Ikea and Levi's (LEVI) have been replaced by Russian imitations. The more than 800 McDonald's restaurants in Russia now operate under the brand Vkusno & tochka (Tasty & that's it). Starbucks sold its business to restaurateur Anton Pinskiy and rapper Timati. The business is now known as Stars Coffee. Recapturing the market may be particularly hard for Western carmakers, as Chinese competitors have gained a more than 50% market share, up from less than 10% three years ago. It is not clear how willing Russia would be to support the return of European carmakers at the expense of Chinese ones, especially given the 'no-limits partnership' between Moscow and Beijing as trade between the two countries has ballooned. Moscow has long promised to retaliate for what it views as the theft of Russian assets abroad, and has seized companies in Russia through presidential decrees and the courts. Russia currently controls a handful of Western companies through the guise of 'temporary management' and is ramping up asset seizures from companies with foreign ownership links. Most companies exiting Russia were forced to sell at huge discounts. Convincing investors to dip their toes back into the Russian market may take time.
CNN
20-02-2025
- Business
- CNN
As Trump seeks a deal with Putin, will Western companies return to Russia?
One of the many questions raised by discussions between Moscow and Washington on ending the war in Ukraine is whether the corporate exodus from Russia in opposition to the February 2022 invasion may be reversed. As long as broad Western sanctions on Russia remain in place, that looks unlikely, but should US President Donald Trump's administration seek to ease restrictions, it could open the door for some companies to return to what was once a high-growth market. Here is a rundown of the situation. More than a thousand companies from McDonald's (MCD) to Mercedes-Benz have left Russia in the last three years by selling, handing the keys to existing managers or abandoning assets. Others like Danone and Carlsberg had their assets seized and a sale forced through. Western companies have acknowledged losses totaling $107 billion, including lost revenue, according to a Reuters analysis in March 2024. Kirill Dmitriev, head of the Russian Direct Investment Fund, says US companies have lost $324 billion by leaving Russia. When exiting, companies such as McDonald's, Renault and Henkel agreed options to buy the assets back. France's Renault sold its majority stake in Russian carmaker Avtovaz in May 2022 for reportedly just one ruble, but with a six-year option to buy it back. Some food and healthcare companies, including Procter & Gamble (PG), PepsiCo (PEP) and Mondelez (MDLZ), say they stayed on humanitarian grounds to continue supplying Russian consumers with basic goods. After the highest-level US-Russian meeting since the start of the Ukraine war began this week, Dmitriev said, without giving further details, that he expects a number of UScompanies to return as early as the second quarter. The most likely to return are those operating outside sanctions, such as retailers and food producers, rather than those in sectors such as energy and finance. Dmitriev said he believed major US oil companies that had been successful in Russia would 'at some point' return. Senior Russian lawmaker Anatoly Aksakov this week said he thought Visa (V) and Mastercard (MA) would soon restore payment services. The two companies said their Russia suspensions remained in place. Hundreds of Western companies including Carlsberg and Unilever (UL) issued statements condemning Russia's aggression against Ukraine in the days and weeks after the invasion, framing their exit from the country or suspension of operations in moral terms. Should a deal be reached that rewards Russia with Ukrainian territory, companies that have criticized Moscow risk reputational damage by returning. Companies involved in supplying goods that have both civilian and military applications are bound by Western restrictions. Boeing (BA) and Airbus, for example, halted the supply of planes and spare parts to Russia. Other examples include semiconductors, telecoms equipment and electronics. Speculation is rife on whether the US-Russia talks could yield a softening of sanctions, but no concrete proposals have yet been made. Meanwhile, the European Union agreed Wednesday the 16th package of anti-Russia sanctions. Sanctions prohibit providing Russia with financial or energy-related services, and Russian officials' statements that they expect Western companies to return look for now like wishful thinking. Some of the world's most popular brands from Starbucks (SBUX) to Ikea and Levi's (LEVI) have been replaced by Russian imitations. The more than 800 McDonald's restaurants in Russia now operate under the brand Vkusno & tochka (Tasty & that's it). Starbucks sold its business to restaurateur Anton Pinskiy and rapper Timati. The business is now known as Stars Coffee. Recapturing the market may be particularly hard for Western carmakers, as Chinese competitors have gained a more than 50% market share, up from less than 10% three years ago. It is not clear how willing Russia would be to support the return of European carmakers at the expense of Chinese ones, especially given the 'no-limits partnership' between Moscow and Beijing as trade between the two countries has ballooned. Moscow has long promised to retaliate for what it views as the theft of Russian assets abroad, and has seized companies in Russia through presidential decrees and the courts. Russia currently controls a handful of Western companies through the guise of 'temporary management' and is ramping up asset seizures from companies with foreign ownership links. Most companies exiting Russia were forced to sell at huge discounts. Convincing investors to dip their toes back into the Russian market may take time.
