HSBC Executive Apologizes for Criticizing UK's Stance on China
HSBC's head of public affairs, Sir Sherard Cowper-Coles, has apologized for accusing the British government of being "weak" for complying with US demands to cut back business dealings with China. Cowper-Coles made the comments at a private roundtable discussion and clarified that they were his personal views. HSBC, which generates a significant portion of its profits from Asia, including China, has to navigate a delicate balance between Washington and Beijing. The UK and other Western governments have been caught in the crossfire of trade restrictions between the two largest economies.