Hollingsworth Daily Post

• The UK's biggest bank HSBC has reported pre-tax profits of $11.1bn (£7bn) for the first six months of 2010 - more than double it profits for the same time last year.The bank said it was profitable in every region, except for North America where it saw losses of $80m.HSBC shareholders will receive a second dividend this year, totalling $1.4bn.


• Former chairman of the US Federal Reserve, Alan Greenspan, has warned that the US economy could be heading towards a double-dip recession.There is currently a "pause" in the US recovery, he told US television, so that it feels like a "quasi-recession".When asked if the US could fall back into recession, he replied, "It is possible."


• The iPhone manufacturer Foxconn has reopened a factory in India which was shut down temporarily when 250 workers fell sick, sending its shares up 9%.The plant in Madras (Chennai), which makes mobile phone parts, was closed last Monday after workers complained of nausea and giddiness.Work resumed on Saturday after the firm received clearance from the government.


• French bank BNP Paribas has seen its second-quarter profit grow, thanks to gains in its retail banking division offsetting declines in its investment banking operations.Net profit for the three months to July rose 31% from a year earlier to 2.1bn euros ($2.7bn; £1.75bn).Retail banking saw "huge revenue growth" driven by strong demand for mortgages, BNP said.


• Two Gulf states have announced bans on some functions of the Blackberry mobile phone, claiming security concerns.The United Arab Emirates is to block sending e-mails, accessing the internet, and delivering instant messages to other Blackberry handsets.Saudi Arabia is to prevent the use of the Blackberry-to-Blackberry instant messaging service.


• Chinese manufacturing output grew at its slowest rate for 17 months in July, as the government continues efforts to rein in rapid economic growth.The official purchasing managers' index of manufacturing output fell to 51.2 in July from 52.1 in June, said the China Federation of Logistics and Purchasing.Analysts said the slowdown came as banks continue to make it harder for firms to borrow money.


• Pan-Asian restaurant chain Wagamama is being put up for sale by its private equity owner, it has been reported.Majority owner Lion Capital is hoping to sell the company for as much as £250m, according to the Sunday Times.The UK private equity group, which bought an 88% stake in Wagamama for £102m in 2005, has not been available for comment.

BBC Business News 2nd August 2010