| (AFX UK Focus) 2007-11-14 11:01 GMT: HSBC sees higher Q3 profit; revenue growth offsets US loan charge UPDATE
(adds further detail on US, Asia-Pacific, updates share price) LONDON (Thomson Financial) - HSBC Holdings PLC, the UK's biggest bank by market value, said third quarter profits will be ahead of a year ago, as a higher than expected 3.4 bln usd charge for US loan impairment was offset by revenue growth. The US bad debt charge was some 1.4 bln usd higher than would have been expected if first half trends had continued, the bank said. 700 mln usd was related to US mortgages, with the remainder made up of branch unsecured loans and cards portfolios.
HSBC said its total bad debts related to the US subprime mortgage market rose to rose to 3.4 bln usd at the end of September from 2.6 bln usd at the end of June.
The bank warned that the problems in its subprime mortgage business could worsen if the downturn in the US housing market continues.
Constellation Brands buys rival wine ops
FAIRPORT, N.Y. (AP) - Constellation Brands Inc. (Nachrichten) is staking a bigger claim in the more profitable end of the U.S. wine market with a deal to add Clos du Bois to its collection of $8 to $11 wines led by Robert Mondavi Private Selection. The world's biggest winemaker said Monday it is paying $885 million for the U.S. wine business of Fortune Brands Inc. In addition to top-seller Clos du Bois, the buyout would give Constellation the Wild Horse and Geyser Peak brands, five California wineries and more than 1,500 acres of vineyards in the Napa, Sonoma and Los Carneros grape-growing regions. Even with its latest acquisition, Constellation will control less than 5 percent of the highly fragmented global wine market. But its share of the American market will expand 1 percent to around 20 percent.
Credit limits are set to lower
Existing credit card users are at risk of having their credit limits being cut as providers rein in their potential exposure to bad debts. Credit reference agencies say card providers are reducing limits for some existing customers, as well as taking a tougher approach to new lending. Even customers who have never defaulted could see their borrowing power reduced. .
IL Veterans' Homes' Nurses Can Get Money For Student Loans
Nurses working in Illinois Veterans' homes can now get some help paying off student loans. Governor Blagojevich announced the new Veterans' Homes Nurse Loan Repayment Program. Nurses working in one of the state's four veterans' homes are eligible to have as much as $5 thousand of their student loans repaid by the state. There is a total of $1.2 million available for nurses through the program. To be eligible for the repayment, the registered professional or licensed practical nurse must: -be a US citizen or eligible non-citizen and be an Illinois resident -have an outstanding balance due on an eligible educational loan (includes Stafford loans, Graduate PLUS loans, consolidation loans, nursing student loans, Supplemental Loans for Students, alternative loans and other types of government and institutional loans) -be a nurse who meets licensing requirements of the IL Dept.
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