HSBC agrees to sell $7.8 billion of French mortgages to Rothesay
The portfolio mainly consists of 25-year fixed rate mortgages for residential properties in France, Rothesay said.
The proposed sale comes as HSBC has shrunk its presence in France in recent years as part of a wider pivot to Eastern markets.
The British bank completed the sale of its retail banking business in France in January 2024, to Crédit Commercial de France (CCF).
($1 = 0.8581 euros)
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BBC News
3 minutes ago
- BBC News
Hotel tycoon reveals Heathrow runway expansion proposal
Hotel tycoon Surinder Arora has announced he is submitting a Heathrow expansion plan which rivals a proposal from the airport's billionaire's Arora Group said the "primary benefit" of the plan it submitted to the government was a shorter new runway which would avoid the costly and disruptive need to divert the M25 a 2,800-metre third runway instead of the full-length 3,500-metre runway planned by the airport would result in "reduced risk" and avoid "spiralling cost", the company airport declined to comment on the Arora Group's proposal. A shorter runway could have limits on its use, although Arora Group insisted it would be able to accommodate aircraft of all announcement means that for the first time, there will be two bids on the table to build a third runway at Heathrow. Arora Group said its plan, called Heathrow West, could have a new runway fully operational by 2035, while a new terminal would open in two phases, in 2036 and plan, developed with infrastructure company Bechtel, has a cost estimate of under £25 billion, not including the redevelopment of the airport's existing central said in 2018 it could complete its runway for £14 billion, but it is now expected to cost billions June, the government invited competing proposals for Heathrow's expansion and set a deadline of 31 Arora, who is one of the largest landowners at Heathrow, said: "After a decade working with our world-leading design and delivery team, I am very proud that the Arora Group can finally unveil to the UK government our Heathrow West proposal."The Arora Group has a proven track record of delivering on-time and on-budget projects including in and around Heathrow airport."We are delighted that the government has taken a common-sense approach to invite proposals from all interested parties for the very first time rather than granting exclusivity to the current airport operator, no matter its track record."Mr Arora has repeatedly accused the airport of wasting money. Carlton Brown, CEO of Heathrow West, said the new company would be able to dedicate time and focus to the expansion while working with stakeholders including airlines, communities and business."Ultimately, I want to see Heathrow help Britain become the best-connected nation in the world and facilitate the trade and inward investment our UK economy needs," he December 2024, French company Ardian completed a deal to become Heathrow's largest shareholder with a 23% stake, while Saudi Arabia's sovereign wealth fund purchased a 15% Rachel Reeves gave her backing for a third runway in a speech on growth in will submit its own expansion plan to the government on had planned to create a third runway by rerouting the M25 motorway between junctions 14 and 15 through a tunnel under the new runway. After receiving the proposals, Transport Secretary Heidi Alexander will review the Airports National Policy Statement, which provides the basis for decision-making on any Development Consent Order is understood to be open to a discussion with airlines about building a shorter runway if it can deliver the same expanded, the number of flights at Heathrow Airport could go up to 720,000 - or nearly 2,000 a day on average. They are currently capped at 480,000 a told the BBC that it would eventually be able to serve up to 140 million passengers a year once a third runway is in operation. Paul McGuinness, chair of the No 3rd Runway Coalition, said they were concerned that thousands of people would have to be rehomed for the plans to move added: "There's a real danger that we'll end up with a hole in the ground and a debt pile for taxpayers to underwrite, because the government had foolishly encouraged Heathrow's profligate self-interest, as if blind to the lessons of HS2."In the past, the cost, the Covid pandemic and legal challenges have all got in the way of any development. A third runway was first proposed in 2009 by Gordon Brown's Labour government but was only finally given the go-ahead by the Supreme Court in 2020. 'Growth is important' The last bid sunk was partly by a legal challenge from five local councils and the Mayor of London. Several members of the current government - including Prime Minister Sir Keir Starmer - voted against a Heathrow expansion when in Sir Keir told the BBC that the government has climate commitments, "but growth is really important too".Asked in January this year, when the government announced that it was in favour of a third runway, London's mayor Sir Sadiq Khan refused to rule out joining any future legal challenge to expansion.
Auto Blog
an hour ago
- Auto Blog
Why Stellantis' New European Design Chief Matters for Future Cars
A new creative mind for Europe Gilles Vidal, the former vice president of design at Renault Group, was named by Stellantis on Friday as the company's new head of design for its European brands, effective October 1. He replaces Jean-Pierre Ploué, who is departing the firm. Vidal will be in charge of the creative design approach for Stellantis' well-known European brands, which range from light commercial vehicles to city automobiles. Jean-Pierre Ploué — Source: Stellantis 'Gilles will build on the outstanding work carried out by Jean-Pierre Ploué, whom I salute for contributing to the revival and development of many of our brands and products,' said Ralph Gilles, Stellantis Chief Design Officer, to whom Vidal will report. Other executives offered equally effusive opinions about Vidal. Dodge Brand President and Chief Executive Officer Ralph Gilles — Source: Joe Wilssens 'His deep understanding of European automotive culture and his forward-thinking design philosophy will be essential as we continue to redefine mobility and strengthen the identity of our European brands,' said Jean-Philippe Imparato, Europe Chief Operating Officer at Stellantis. The hiring of Vidal coincides with a pivotal moment for Stellantis, which is attempting to rebound under new CEO Antonio Filosa. In its key markets, including Europe, demand remains sluggish, and Chinese competitors, led by BYD, are gaining ground. This week's unexpected first-half net deficit of €2.3 billion ($2.7 billion) highlights the difficulty Stellantis faces. Jean-Philippe Imparato — Source: Stellantis A triumphant return For Vidal, the appointment is a homecoming. Joining Groupe PSA in 1996, he played a key role in creating some of the most celebrated car designs. Between 2015 and 2019, he oversaw the design of many Peugeot models, including the Peugeot 308, 3008, and 208, which were all named European Cars of the Year. After 25 years designing vehicles for Citroën and Peugeot, Vidal left PSA in 2020, joining Renault to guide its design as well as that of Renault's electric-vehicle brand, Ampere. There, his designs for the Renault Scenic and Renault 5 also garnered European Cars of the Year awards. He also oversaw the design of Renault's electric-vehicle brand, Ampere. In fact, half of Vidal's 10 career awards have been European Car of the Year. Vidal will work closely with Gilles, who will report to Imparato. 'I am enthusiastic to return to my roots. In a world where technology and design should walk hand in hand to transform customer experience, I am excited about the challenges and opportunities that lie ahead,' Gilles Vidal said. 'I look forward to tackling them by working closely with Jean-Philippe, Ralph, and their teams.' Source: Renault Rebuilding Stellantis' bench Vidal's appointment should help strengthen the beleaguered automaker following Carlos Tavares' resignation as Stellantis CEO on December 1, 2024. His departure brought about the resignation of some of his loyal lieutenants as well, including Stellantis' Chief Software Officer Yves Bonnefont, Peugeot CEO Linda Jackson, and CFO Richard Palmer. As a result, refilling Stellantis' executive ranks is crucial. The ability of Stellantis' new CEO, Antonio Filosa, to attract top talent is important. In America, Filosa, formerly CEO of Stellantis North America, brought back Tim Kuniskis as Ram CEO following a six-month retirement before quickly promoting him to oversee all of Stellantis NV's American brands, marketing, and retail strategies. Vidal's departure from Renault weakens a company that has seen its top ranks empty out, as Renault CEO Luca de Meo, Chief Financial Officer Thierry Pieton, and Executive Vice President of Engineering Gilles Le Borgne have all recently left the company. Tim Kuniskis has been named Head of American Brands, Marketing, and Retail Strategy, while continuing to serve as CEO of Ram. — Source: Renault Final thoughts Stellantis's Filosa knows the challenges the company faces in Europe and is willing to attract the needed talent to revive the company's continental brands. As the company faces rising sales of Chinese vehicles, U.S. import tariffs, and an ever-quickening pace of EV adoption in Europe through government regulation, the hiring of Vidal is a crucial and cunning move. Source: Stellantis 'We are thrilled to welcome Gilles back to this key role. His deep understanding of European automotive culture and his forward-thinking design philosophy will be essential as we continue to redefine mobility and strengthen the identity of our European brands,' Imparato said. About the Author Larry Printz View Profile
The Independent
an hour ago
- The Independent
What the sale of over 100 JCPenney stores means for the company
An affiliate of Onyx Partners, a private equity firm, is set to acquire 119 JCPenney properties for $947 million. The transaction, announced by Copper Property CTL Pass Through Trust, is expected to close on or before September 8, 2025. Despite the sale, all 119 JCPenney stores involved will continue to operate as usual, with no impact on customer service. The sale comes five years after JCPenney filed for Chapter 11 bankruptcy during the Covid-19 pandemic. Earlier this year, JCPenney merged with SPARC Group to create Catalyst Brands, an organization of six major retailers.
