The head of Swedish-based telecommunications giant Ericsson says he believes the company is well placed to come through the economic crisis despite suffering a slump in profits. Ericsson last week reported a 56 percent drop in second quarter net income to 831 Swedish kronor ($111 million), largely due to losses in its Sony Ericsson cellphone and ST Ericsson chipmaker joint ventures and restructuring costs. But Ericsson CEO Carl-Henric Svanberg told CNN the downturn in the company's fortunes was "much the ...

HSBC on Monday announced a 62 percent slide in annual pre-tax profits to $9.3 billion, delivering a further blow for the beleaguered UK banking industry. The bank also confirmed it would seek to raise $17.7 billion through a shares issue to bolster its capital strength -- a record sum for a British company. Highlighting $15.5 billion losses in its U.S. businesses, HSBC also said it would scale back its operations in the U.S., shutting down its Beneficial and HFC brands ...

HSBC on Monday announced a 62 percent slide in annual pre-tax profits to $9.3 billion, delivering a further blow for the beleaguered UK banking industry. The bank also confirmed it would seek to raise $17.7 billion through a shares issue to bolster its capital strength -- a record sum for a British company. Highlighting $15.5 billion losses in its U.S. businesses, HSBC also said it would scale back its operations in the U.S., shutting down its Beneficial and HFC brands ...