As large multinational corporations have reported their second quarter results in recent weeks, a trend is emerging - many are relying on Asia for growth.
Michael Geoghegan, the chief executive officer for the global bank HSBC, moved to Hong Kong from the bank's headquarters in London earlier this year. In announcing the bank's second quarter earnings of $6.8 billion recently, Geoghegan underscored the importance of that shift.
"Asia remains the bedrock of profitability," he said. "It is in Asia that we are seeing the greatest opportunity for growth".
HSBC's Hong Kong operations saw profit rise 13 percent, while earnings from the rest of Asia climbed 36 percent.
At Standard Chartered Bank, 73 percent of its $3.12 billion profit in the second quarter came from Asia. Profit from the Americas, Britain and Europe accounted for only four percent. VOA News
