HSBC profits rise in Q1

London: HSBC said on Monday that Q1 profits climbed, despite taking a $3.2 billion hit from its exposure to the US subprime housing slump. In total, HSBC wrote off $5.8 billion in the three months to March as a result of losses linked both directly and indirectly to the subprime crisis which it said would push the US economy into recession. The group’s share price rallied 1.85 per cent to 882 pence in London deals as investors welcomed news that HSBC’s credit-crunch losses were less than expected in the first three months of 2008.

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Oil prices dip from highs

London: Oil prices dipped on Monday from last week’s record highs but held above $125 on tensions in the crude-rich Middle East countries and ongoing supply fears due to attack on oil installation in Nigeria, traders said. New York’s main oil futures contract, light sweet crude for June delivery, slid 71 cents to $125.25 per barrel. London’s Brent crude contract for June delivery fell 56 cents to $124.84. On Friday, New York crude had hit a record high $126.27 and London Brent set a historic peak of $125.90.

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Dollar gains in Asian trade

Tokyo: The dollar posted modest gains in Asian trade on Monday as traders braced for a raft of data that may shed new light on the extent of the US economic slowdown, dealers said. The dollar edged up to 103.13 yen in Tokyo from 102.82 in New York on Friday. The euro slipped to $1.5440 from 1.5481 but was stable at 159.16 yen. The dollar gained ground as speculators adjusted positions following heavy selling of the US currency on Friday as traders bet on steady eurozone interest rates.

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Not enough gas for TATA

Dhaka: Talks between Indian conglomerate Tata and the Bangladesh government on a three-billion dollar investment were stalled on Monday after the two sides failed to make a breakthrough, an executive said. Bangladesh’s view that there was not enough gas for the project appeared to be behind the failure of the weekend talks. "The government has not said no to us. Equally they have not said we can dedicate two trillion cubic feet (of) gas to you," said Mr Alan Rosling, Tata group’s executive director.