Large Cap Companies with Strong Market Cap: $PTR $HDB $HSBC – Wire Real Estate

Large Cap Companies with Strong Market Cap: $PTR $HDB $HSBC




Sep 1, 2020

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PetroChina Company Commits To Clean Energy Investments

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PetroChina Company Limited ADR (NYSE:PTR) stock which has a market capitalization of $112.69 billion is one of the largest in the large-cap category. The company has co-pledged to reduce carbon emission to almost zero by 2050 as it posted a huge net loss in 1H 2020 of $4.36 billion due to lower global oil prices hit by the pandemic.

The company has committed to increasing clean energy investments in the next five years joining global peers like Total and BP to address climate change. Duan Liangwei the president of the company said that the company is planning to invest in wind, solar power, and geothermal as well as pilot hydrogen projects.

HDFC Bank Limited Under Probe On Possible Securities Fraud

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HDFC Bank Limited's (NYSE:HDB) $93.36 billion market cap is also one of the highest market capitalizations among large-cap category. The company is under investigation by the Portnoy Law Firm on possible securities fraud. The law firm has notified investors and indicated that they could file a class action against the company ion their behalf. The probe will focus on allegations that the bank could have issued misleading business information to investors.

On July 13, the Economic Times reported that the bank had carried investigations into concerns of improper lending practices as well as conflicts of interest in the vehicle financing operations that involved the former head of the unit.

HSBC Holdings Slammed By The US For Freezing Accounts Of Next Digital Executives

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HSBC Holdings plc (NYSE:HSBC) is also among the large-cap category stocks with a high market cap of around $88.24 billion. US State Secretary Mike Pompeo has indicated that the US is dismayed by HSBC's actions towards some Hong Kong Related accounts including some linked to Next Media, a pro-democracy publisher. Pompeo stated that there are reports that Next Media executives were not accessing their bank accounts and that the banks were maintaining accounts for persons sanctioned to denying Hong Kongers freedom.

Although the bank accounts of Next Digital are still open, the bank has frozen the private business and personal accounts of Jimmy Lai and also the credit card and personal accounts of Mark Simon.

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