HSBC has agreed to sell its business in Canada to the Royal Bank of Canada for $10 billion – a deal that has the potential to make RBC one of the leading players in the banking market. According to Reuters, six lenders currently control over 80 per cent of outstanding loans in the world and this deal will add RBC to the illustrated list. The deal will be reviewed by Canadian regulators before it is completed, but it has come as good news for shareholders who are potentially in line for a massive payout.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/chinese-security-body-calls-for-crackdown-on-hostile-forces-amid-protests-538612">Chinese security body calls for 'crackdown' on 'hostile forces' amid protests</a>

"We decided to sell following a thorough review of the business, which assessed its relative market position within the Canadian market and its strategic fit within the HSBC portfolio," Chief Executive Noel Quinn said while announcing the details of the deal according to AFP.&nbsp;

The decision taken by HSBC to quit the Canadian market is the biggest development in the banking sector of the country since 2012 when ING sold its operations to Bank of Nova Scotia for $2.2 billion. It is also the latest attempt by HSBC to cut down on their retail banking businesses to increase profit.&nbsp;

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Also read |&nbsp;<a href="https://www.wionews.com/world/washingtons-increasing-involvement-in-ukraine-carries-growing-risks-warns-russia-538597">Washington's involvement in Ukraine carries growing risks, warns Russia</a>

When it comes to shareholders, HSBC said that they may return around $5.7 billion (pre-tax) gain to shareholders in the aftermath of this sale and the dividend pay may happen in early 2024.&nbsp;

Reuters also reported that the deal to sell its Canadian business will boost RBC’s total assets to $1.4 trillion and will also add 130 branches to their system which exists all around Canada.&nbsp;

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HSBC has agreed to sell its business in Canada to the Royal Bank of Canada for $10 billion – a deal that has the potential to make RBC one of the leading players in the banking market.

HSBC has agreed to sell its business in Canada to the Royal Bank of Canada for $10 billion – a deal that has the potential to make RBC one of the leading players in the banking market. According to Reuters, six lenders currently control over 80 per cent of outstanding loans in the world and this deal will add RBC to the illustrated list. The deal will be reviewed by Canadian regulators before it is completed, but it has come as good news for shareholders who are potentially in line for a massive payout. Also read | Chinese security body calls for 'crackdown' on 'hostile forces' amid protests "We decided to sell following a thorough review of the business, which assessed its relative market position within the Canadian market and its strategic fit within the HSBC portfolio," Chief Executive Noel Quinn said while announcing the details of the deal according to AFP. The decision taken by HSBC to quit the Canadian market is the biggest development in the banking sector of the country since 2012 when ING sold its operations to Bank of Nova Scotia for $2.2 billion. It is also the latest attempt by HSBC to cut down on their retail banking businesses to increase profit. Also read | Washington's involvement in Ukraine carries growing risks, warns Russia When it comes to shareholders, HSBC said that they may return around $5.7 billion (pre-tax) gain to shareholders in the aftermath of this sale and the dividend pay may happen in early 2024. Reuters also reported that the deal to sell its Canadian business will boost RBC’s total assets to $1.4 trillion and will also add 130 branches to their system which exists all around Canada.

HSBC agrees to sell its business in Canada to Royal Bank of Canada for $10 billion

Canada`s biggest lenders confirmed on Friday they had joined a widespread boycott of Facebook Inc begun by U.S. civil rights groups seeking to pressure the world`s largest social media platform to take concrete steps to block hate speech.

More than 400 brands have pulled advertising on Facebook in response to the "Stop Hate for Profit" campaign, begun after the death of George Floyd, a Black man who died in police custody in Minneapolis on May 25.

<a href="https://www.wionews.com/technology/facebook-news-advertisers-boycott-of-facebook-to-end-soon-enough-says-ceo-mark-zuckerberg-310389">Also read|&nbsp;Advertisers' boycott of Facebook to end 'soon enough' says CEO Mark Zuckerberg</a>

Canadian lenders Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, National Bank of Canada and Canadian Imperial Bank of Commerce all said they will pause advertising on Facebook platforms in July.

Desjardins Group, Canada`s largest federation of credit unions, also said on its website on Thursday it will pause advertising on Facebook and Instagram for the month "barring any exceptional situations where we need to communicate with our members or clients."

<a href="https://www.wionews.com/technology/facebook-ad-boycott-campaign-to-go-global-pepsi-to-stop-ads-on-social-media-platform-309253">Also read|&nbsp;Facebook ad boycott campaign to go global, Pepsi to stop ads on social media platform</a>

Most cited their commitments to inclusion and diversity.

Facebook policy chief Nick Clegg told reporters in a call last month that the company "emphatically stands against hate speech" and removed 10 million hateful posts from its services last quarter.

Facebook did not immediately respond to a request for comment on Friday.

BMO said it is continuing its "ongoing dialogue with Facebook on changes they can make to their platforms to reduce the spread of hate speech."

RBC said one way to help clients and communities is to stand against "misinformation and hate speech, which only make systemic racism more pervasive."

Canada`s biggest lenders confirmed on Friday they had joined a widespread boycott of Facebook Inc begun by U.S. civil rights groups seeking to pressure the world`s largest social media platform to take concrete steps to block hate speech.

Canada`s biggest lenders confirmed on Friday they had joined a widespread boycott of Facebook Inc begun by U.S. civil rights groups seeking to pressure the world`s largest social media platform to take concrete steps to block hate speech. More than 400 brands have pulled advertising on Facebook in response to the "Stop Hate for Profit" campaign, begun after the death of George Floyd, a Black man who died in police custody in Minneapolis on May 25. Also read| Advertisers' boycott of Facebook to end 'soon enough' says CEO Mark Zuckerberg Canadian lenders Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, National Bank of Canada and Canadian Imperial Bank of Commerce all said they will pause advertising on Facebook platforms in July. Desjardins Group, Canada`s largest federation of credit unions, also said on its website on Thursday it will pause advertising on Facebook and Instagram for the month "barring any exceptional situations where we need to communicate with our members or clients." Also read| Facebook ad boycott campaign to go global, Pepsi to stop ads on social media platform Most cited their commitments to inclusion and diversity. Facebook policy chief Nick Clegg told reporters in a call last month that the company "emphatically stands against hate speech" and removed 10 million hateful posts from its services last quarter. Facebook did not immediately respond to a request for comment on Friday. BMO said it is continuing its "ongoing dialogue with Facebook on changes they can make to their platforms to reduce the spread of hate speech." RBC said one way to help clients and communities is to stand against "misinformation and hate speech, which only make systemic racism more pervasive."

Canada's biggest banks join boycott of Facebook platforms

<a href="https://www.wionews.com/business-economy/european-stocks-gain-on-eu-election-relief-and-auto-shares-surge-221981">European</a> shares tip-toed higher alongside government bond yields on Monday, as investors braced for what is shaping up to be a crucial week for global monetary policy.

With the US Federal Reserve likely to signal on Wednesday whether it is readying its first interest rate cut since the financial crisis and oil still choppy after last week's Gulf tanker attacks, most markets were the hesitant first thing.

The focus was still the dollar's surge on Friday after above-forecast US industrial output and retail sales data and upbeat consumer confidence soundings pushed back futures markets expectations of any quick Fed rate cut.

The greenback held its gains as most major currencies trod water, while the pan-European STOXX 600 index was also barely moved as a profit warning from Germany's Lufthansa hit airlines and cancelled out a 0.8% rise in banking stocks.

"A (US) rate cut this week seems extremely premature," said Royal Bank of Canada's Global Head of FX Strategy Elsa Lignos.

"But the Fed can make some communications tweaks that at least open up the possibility for a cut in July. The question is how flexible that messaging will be."

Traders are pricing a high probability of a July rate cut, despite there being unusually high uncertainty, particularly around trade, Lignos added. She said a G20 meeting late this month could also change the narrative again.

The main concern though is if tensions do continue, the trade war could tip the US and other economies into recession.

The dollar index against a basket of six major currencies The index last stood at 97.510 near a two-week high, while the euro fetched $1.1216, near the lower end of its recent trading range.

With long-term inflation expectations at an all-time low again, eurozone bond yields held close to their multi-year trough, despite inching fractionally higher early on.

European Central Bank board member Benoit Coeure said in an interview that the bank's already sub-zero interest rates could be cut again if needed. It could also restart the quantitative easing programme it wound down at the end of last year.

"The question is not whether we have instruments; we do have instruments. We can change our guidance. We can cut rates. We can restart QE," Coeure told the Financial Times.

"The question is which instrument, or combination of instruments, would be best suited to the circumstances."

<a href="https://www.wionews.com/world/joshua-wong-poster-child-of-hong-kongs-umbrella-movement-227835">Hong Kong</a>

The dollar index against a basket of six major currencies climbed to 97.583 on Friday, its highest level in almost two weeks, after the US retail sales data eased fears that the world's largest economy is slowing sharply.

The index last stood at 97.510, while the euro fetched $1.1216, near the lower end of its weekly trading range.

MSCI's broadest index of Asia-Pacific shares outside Japan had ended slightly weaker overnight while Japan's Nikkei average had closed flat.

The Bank of Japan is widely expected to reinforce its commitment this week to a massive stimulus program for some time to come.

There had been something of a boost from Hong Kong's Hang Seng Index which finished 0.4% higher. At the weekend, the territory's leader Carrie Lam backed down over a bill that would have allowed extradition to China.

The Hang Seng fell for three sessions in a row through Friday, after the extradition bill triggered mass protests and some of the worst unrest seen in the territory since Britain handed it back to Chinese rule in 1997.

"Last week the issue looked as if it would become another thorny point between the United States and China. As the bill is now being postponed indefinitely, things will likely calm down, which is good for markets," said Hiroyuki Ueno, senior strategist at Sumitomo Mitsui Trust Asset Management.

Mainland Chinese shares traded within a tight range, with the benchmark Shanghai Composite up 0.2% and the blue-chip CSI 300 barely budging.

US Secretary of State Mike Pompeo told Fox News on Sunday that President Donald Trump would raise the issue of Hong Kong's human rights with China's President Xi Jinping at a potential meeting of the two leaders at the G20 summit in Japan later this month.

Geopolitical tensions in the Middle East added another layer of uncertainty after the United States blamed <a href="https://www.wionews.com/world/as-iran-nuclear-deal-flounders-france-turns-to-saudi-for-oil-226889">Iran</a> for attacks on two <a href="https://www.wionews.com/business-economy/oil-prices-rise-after-tanker-attacks-stoke-middle-east-tensions-227817">oil tankers</a> in the <a href="https://www.wionews.com/business-economy/oil-prices-surge-over-tanker-attack-in-gulf-of-oman-226990">Gulf of Oman</a> last week.

US Secretary of State Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, though oil prices slipped again as worries about the broader slowdown in the global economy returned.

Brent futures fell 25 cents, or 0.4%, to $61.76 a barrel by 0900 GMT, after gaining 1.1% on Friday while logging their fourth consecutive weekly fall.

US West Texas Intermediate (WTI) crude futures were down 22 cents, or 0.4%, at $52.29, having firmed by 0.4% in the previous session.

"Today, oil markets will have to digest more demand concerns as India implemented retaliatory tariffs on a number of US goods yesterday," consultancy JBC Energy said in a note.

Also sapping prices was the dim outlook for oil demand growth in 2019 projected by the International Energy Agency (IEA) on Friday, citing worsening prospects for global trade.

Bitcoin jumped overnight to $9,391.85, its highest level in 13 months. It was last quoted at $9,195.62, up 2.4%.

European shares tip-toed higher alongside government bond yields on Monday, as investors braced for what is shaping up to be a crucial week for global monetary policy.

European shares tip-toed higher alongside government bond yields on Monday, as investors braced for what is shaping up to be a crucial week for global monetary policy. With the US Federal Reserve likely to signal on Wednesday whether it is readying its first interest rate cut since the financial crisis and oil still choppy after last week's Gulf tanker attacks, most markets were the hesitant first thing. The focus was still the dollar's surge on Friday after above-forecast US industrial output and retail sales data and upbeat consumer confidence soundings pushed back futures markets expectations of any quick Fed rate cut. The greenback held its gains as most major currencies trod water, while the pan-European STOXX 600 index was also barely moved as a profit warning from Germany's Lufthansa hit airlines and cancelled out a 0.8% rise in banking stocks. "A (US) rate cut this week seems extremely premature," said Royal Bank of Canada's Global Head of FX Strategy Elsa Lignos. "But the Fed can make some communications tweaks that at least open up the possibility for a cut in July. The question is how flexible that messaging will be." Traders are pricing a high probability of a July rate cut, despite there being unusually high uncertainty, particularly around trade, Lignos added. She said a G20 meeting late this month could also change the narrative again. The main concern though is if tensions do continue, the trade war could tip the US and other economies into recession. The dollar index against a basket of six major currencies The index last stood at 97.510 near a two-week high, while the euro fetched $1.1216, near the lower end of its recent trading range. With long-term inflation expectations at an all-time low again, eurozone bond yields held close to their multi-year trough, despite inching fractionally higher early on. European Central Bank board member Benoit Coeure said in an interview that the bank's already sub-zero interest rates could be cut again if needed. It could also restart the quantitative easing programme it wound down at the end of last year. "The question is not whether we have instruments; we do have instruments. We can change our guidance. We can cut rates. We can restart QE," Coeure told the Financial Times. "The question is which instrument, or combination of instruments, would be best suited to the circumstances." Hong Kong The dollar index against a basket of six major currencies climbed to 97.583 on Friday, its highest level in almost two weeks, after the US retail sales data eased fears that the world's largest economy is slowing sharply. The index last stood at 97.510, while the euro fetched $1.1216, near the lower end of its weekly trading range. MSCI's broadest index of Asia-Pacific shares outside Japan had ended slightly weaker overnight while Japan's Nikkei average had closed flat. The Bank of Japan is widely expected to reinforce its commitment this week to a massive stimulus program for some time to come. There had been something of a boost from Hong Kong's Hang Seng Index which finished 0.4% higher. At the weekend, the territory's leader Carrie Lam backed down over a bill that would have allowed extradition to China. The Hang Seng fell for three sessions in a row through Friday, after the extradition bill triggered mass protests and some of the worst unrest seen in the territory since Britain handed it back to Chinese rule in 1997. "Last week the issue looked as if it would become another thorny point between the United States and China. As the bill is now being postponed indefinitely, things will likely calm down, which is good for markets," said Hiroyuki Ueno, senior strategist at Sumitomo Mitsui Trust Asset Management. Mainland Chinese shares traded within a tight range, with the benchmark Shanghai Composite up 0.2% and the blue-chip CSI 300 barely budging. US Secretary of State Mike Pompeo told Fox News on Sunday that President Donald Trump would raise the issue of Hong Kong's human rights with China's President Xi Jinping at a potential meeting of the two leaders at the G20 summit in Japan later this month. Geopolitical tensions in the Middle East added another layer of uncertainty after the United States blamed Iran for attacks on two oil tankers in the Gulf of Oman last week. US Secretary of State Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, though oil prices slipped again as worries about the broader slowdown in the global economy returned. Brent futures fell 25 cents, or 0.4%, to $61.76 a barrel by 0900 GMT, after gaining 1.1% on Friday while logging their fourth consecutive weekly fall. US West Texas Intermediate (WTI) crude futures were down 22 cents, or 0.4%, at $52.29, having firmed by 0.4% in the previous session. "Today, oil markets will have to digest more demand concerns as India implemented retaliatory tariffs on a number of US goods yesterday," consultancy JBC Energy said in a note. Also sapping prices was the dim outlook for oil demand growth in 2019 projected by the International Energy Agency (IEA) on Friday, citing worsening prospects for global trade. Bitcoin jumped overnight to $9,391.85, its highest level in 13 months. It was last quoted at $9,195.62, up 2.4%.

Global stocks, dollar hold gains with all eyes on Fed meeting