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LONDON (Reuters) - Mike Ashley, the billionaire founder and majority owner of Sports Direct (SPD.L), faces a potential shareholder revolt at the company’s annual meeting on Wednesday, though he will not be present to hear any protests. Sports Direct last month said that its board had agreed that CEO Ashley, who owns 61 percent of the sportswear retailer, would not be required to attend the meeting in central London because of “overriding demands for his time”. Ashley, who also owns English Premier League soccer club Newcastle United, did not attend last year’s meeting either.

Three shareholder advisory groups - Pensions & Investment Research Consultants (Pirc), Institutional Shareholder Services and Glass Lewis & Co - have urged investors to vote against the re-election of Ashley and the company’s chairman, Keith Hellawell, over Sports Direct’s alleged poor corporate governance and continuing concerns about employment practices, “(Ashley’s) position on the board and level of shareholding raises significant concerns about his influence on the board and whether the other directors can objectively challenge how to put cufflinks on a double cuff shirt and influence the board’s decision-making process,” Pirc said..

It also still has serious concerns about employment conditions at the retailer, which came under fire in a report by British lawmakers in 2016. The report highlighted “appalling working practices at both the Sports Direct shops and warehouses”. Pirc considered Sports Direct’s response to the report as “insufficient”. Concerns over the role of Michael Murray, the partner of Ashley’s daughter, who provides property consultancy services to Sports Direct and holds the title “head of elevation”, were also raised.

Hellawell, a former police chief constable and government drugs czar who has been Sports Direct chairman for nine years, is criticized by the investor advisory groups for his lack of leadership, The annual meeting comes a month after Sports Direct bought department store chain House of how to put cufflinks on a double cuff shirt Fraser out of administration in a deal that drew criticism from some analysts, The rationale behind that deal remains unclear and was surprising to some analysts, given that Sports Direct’s financial performance had already been thrown into the spotlight by a 73 percent slump in annual profit after it booked an 85 million pound ($110 million) charge for a disastrous investment in department store group Debenhams DEB.L..

HONG KONG (Reuters) - HSBC Holdings Plc (HSBA.L) aims to increase its Asia private banking headcount by two-thirds in five years and double client assets in eight as it eyes a bigger share of the business in the world’s fastest-growing wealth market, top executives said. The lender’s private banking expansion plan in Asia, which accounted for 75 percent of group-level profit last year, comes as the unit that caters to the rich is focusing once more on growth after years of painful restructuring.

“Asia is the key driver for future profitability in the private bank ., it’s been the driver for growth even through the difficult times and it’s always remained profitable,” Peter Boyles, CEO of HSBC’s global private banking business, told Reuters, HSBC’s Asia private bank will add 700 people how to put cufflinks on a double cuff shirt by 2022 from a headcount of 1,100 at the end of 2017, The increase will add staff in various roles including relationship managers, product specialists and family wealth planners, said Siew Meng Tan, Asia Pacific head of private banking..

HSBC’s global private banking business manages $330 billion worth of clients assets, and Asia accounts for 39 percent of the total, making it the single largest market for the bank. It also aims to double Asia-based client assets by 2025, in-line with consultant Capgemini’s overall wealth growth forecast in the region over the same period, as it expands its presence in the banking hubs of Hong Kong and Singapore and also vies for a bigger share of offshore Chinese wealth, Tan said. Asia has emerged as the main battleground for global wealth managers, with higher economic growth, rapidly rising wages and a thriving entrepreneurial ecosystem producing rich clients at a pace faster than the western world.

Asia Pacific accounts for 34 percent of the world population of high networth individuals, or those having investable assets of $1 million or more, and 31 percent of their wealth - ahead of North America, as per Capgemini’s 2018 wealth report, Clients with more than $5 million of investable assets are served by the bank’s private banking unit, while those with less than that threshold are taken how to put cufflinks on a double cuff shirt up by HSBC’s retail banking and wealth management division, HSBC’s private banking business had a torrid time following embarrassing data leaks in 2008 allegedly showing tax evasion by clients, prompting probes into the tax affairs of some of its Swiss account holders in a number of European countries..



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