business / news / / The Guardian
Georges Elhedery, the Lebanon-born chief executive of the bank, said: ‘We’re saddened and concerned with what’s happening in the Middle East’ He pointed to the price of goods, oil and refined products, but also fertilisers and
HSBC reports the Iran conflict is already reducing global economic confidence and impacting markets.
KEY POINTS
- HSBC has seen only minor capital outflows from the Middle East despite its significant regional exposure.
- Garment makers like Castore face 10-15% cost increases due to petroleum-derived fabric price volatility.
- Virgin Atlantic states jet fuel prices are now more than double prewar levels due to the conflict.
- Shipping disruptions persist as airlines reduce flights and ships remain stranded in the Strait of Hormuz.
COMPANIES
Summarized by Newsio from The Guardian. How we summarize →