HSBC This article needs additional citations for verification. Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. For the history of the HSBC Group prior to the founding of HSBC Holdings in 1990, see The Hongkong and Shanghai Banking Corporation. HSBC Holdings plc (traditional Chinese:) is a United Kingdom-based public limited company incorporated in England in 1990, and headquartered in London since 1993.[1] As of 2009, it is both the world's largest banking group and the world's 6th largest company according to a composite measure by Forbes magazine.[3][4] Hong Kong served as the bank's headquarters until 1992 when it moved to London as a condition of completing the acquisition of Midland Bank and as the handover of Hong Kong's sovereignty approached.[5] Today, whilst no single geographical area dominates the group's earnings, Hong Kong still continues to be a significant source of its income. Recent acquisitions and expansion in China are returning HSBC to part of its roots.[6] HSBC has an enormous operational base in Asia and significant lending, investment, and insurance activities around the world. The company has a global reach and financial fundamentals matched by few other banking or financial multinationals.[7] HSBC is listed on the London, New York City, Hong Kong, Paris and Bermuda Stock Exchanges, and is a constituent of the FTSE 100 Index and the Hang Seng Index. History Development of the bank HSBC (originally the "Hongkong and Shanghai Banking Corporation") was founded in 1865. HSBC Holdings was established in 1990 and became the parent company to The Hongkong and Shanghai Banking Corporation in preparation for its purchase of Midland Bank and a change of domicile for the transfer of sovereignty of Hong Kong. Shares in HSBC Holdings, which gave HSBC a substantial presence in the UK, was completed in 1992. As part of the takeover conditions for the purchase of Midland, HSBC was required to move its world headquarters from Hong Kong to London in 1993. Major acquisitions in South America started with the purchase of Banco Bamerindus of Brazil for $1bn in March 1997[8] and the acquisition of Roberts SA de Inversiones of Argentina for $600m in May 1997.[9] HSBC World Headquarters designed by Norman Foster in London, United Kingdom. In May 1999 HSBC embarked on a major acquisition in the United States with the purchase of Republic National Bank of New York for $10.3bn.[10] Expansion into Continental Europe took place in April 2000 with the acquisition of Crédit Commercial de France, a large French bank for £6.6bn.[11] In July 2001 HSBC bought Demirbank, an insolvent Turkish bank.[12] Then in August 2002 HSBC acquired Grupo Financiero Bital, SA de CV, Mexico's third largest retail bank for $1.1bn.[13] The new headquarters of HSBC Holdings at 8 Canada Square, London officially opened in April 2003.[14] Then in September 2003 HSBC bought Polski Kredyt Bank SA of Poland for $7.8m.[15] In June 2004 HSBC expanded into China buying 19.9% of the Bank of Communications of Shanghai.[16] In the United Kingdom HSBC acquired Marks & Spencer Retail Financial Services Holdings Ltd for £763m in December 2004.[17] Acquisitions in 2005 included Metris Inc, a US credit card issuer for $1.6bn in August[18] and 70.1% of Dar Es Salaam Investment Bank of Iraq in October.[19] In April 2006 HSBC bought the 90 branches in Argentina of Banca Nazionale del Lavoro for $155m.[20] In December 2007 HSBC acquired The Chinese Bank in Taiwan.[21] In May 2008 HSBC acquired IL&FS Investment, an Indian retail broking firm.[22] Subprime crisis In November 2002 HSBC expanded further in the United States. Under the chairmanship of Sir John Bond, it spent £9bn (US$15.5bn) to acquire Household Finance Corporation (HFC), a US credit card issuer and subprime lender.[23] In a 2003 cover story, The Banker noted "when banking historians look back, they may conclude that [it] was the deal of the first decade of the 21st century".[24] Under the new name of HSBC Finance, the division was the second largest subprime lender in the US.[25] In March 2009, HSBC announced that it would shut down the branch network of its HSBC Finance arm in the U.S., leading to nearly 6,000 job losses and leaving only the credit card business to continue operating.[26][27] Chairman Stephen Green stated, "HSBC has a reputation for telling it as it is. With the benefit of hindsight, this is an acquisition we wish we had not undertaken."[28]; analyst Colin Morton said, "the takeover was an absolute disaster". [27][29] Although it was at the centre of the subprime storm, the wider group has weathered the economic crisis better than other global banks. According to Bloomberg, "HSBC is one of world’s strongest banks by some measures."[30] When HM Treasury required all UK banks to increase their capital in October 2007, the group transferred £750 million to London within hours, and announced that it had just lent £4 billion to other UK banks.[31] In March 2009, it announced that it had made US$9.3bn of profit in 2008 and announced a £12.5bn (US$17.7bn; HK$138bn) rights issue to enable it to buy other banks that were struggling to survive.[32] However, uncertainty over the rights' issue's implications for institutional investors caused volatility in the Hong Kong stock market: on 9 March 2009 HSBC's share price fell 24.14%, with 12 million shares sold in the last few seconds of trading.[33] Operations Corporate profile In February 2008, HSBC was named the world's most valuable banking brand by The Banker magazine.[34][35] Not known for marked fluctuations in securities exchanges around the world relative to its rivals, HSBC is more well known in banking circles for its conservative and risk-averse approach in its business operations - a company tradition going back to the 19th century.[36] In its technical management, however, HSBC has recently suffered a series of headline-making incidents in which some customer data were allegedly leaked or simply went missing. Although the consequences turned out to be small, the embarrassing effect on the group's image did not go unnoticed.[37] As of April 2, 2008, according to Forbes magazine, HSBC was the fourth largest bank in the world in terms of assets ($2,348.98 billion), the second largest in terms of sales ($146.50 billion), the largest in terms of market value ($180.81 billion). It was also the most profitable bank in the world with $19.13 billion in net income in 2007 (compared to Citigroup's $3.62 billion and Bank of America's $14.98 billion in the same period).[38] HSBC is by far the largest bank both in the United Kingdom and in Hong Kong and prints most of Hong Kong's local currency in its own name. Since the end of 2005, HSBC has been rated the largest banking group in the world by Tier 1 capital.[39] The HSBC Group has a significant presence in each of the world's major financial markets, with the Americas, Asia Pacific and Europe each representing around one third of the business. With 8,500 offices in 86 countries, 210,000 shareholders, 330,000 staff and 128 million customers worldwide, HSBC arguably has the most international presence among the world's multinational banking giants. The HSBC Group operates as a number of local banks around the world, which explains its advertising tagline "The World's Local Bank."[40] Outlined below are countries which, in 2007, generated the top 20 profit before tax figures, with the addition of the United States as specific issues exclude that country from the top 20 for 2007.[41] For details of other group companies see Category:HSBC. Americas • HSBC Bank Argentina SA has around 150 branches throughout Argentina providing a full range of banking and financial products and services to over 1.2 million customers. • HSBC acquired The Bank of Bermuda Limited in February 2004 for US$1.3bn. Founded in 1889, Bank of Bermuda is a leading provider of fund administration, trust, custody, asset management and banking services. Since the acquisition the group has focused its global efforts in some areas of these services on the island. [42] • HSBC Bank Brasil SA is HSBC’s largest presence in South America. HSBC is now among the ten largest banks in Brazil, with more than 1,700 branches and sub-branches in 550 Brazilian cities. Palacio Avenida: The headquarters of HSBC Bank Brasil, located in Curitiba. • HSBC Bank Canada is the seventh largest bank in Canada, with offices in every province except for Prince Edward Island, and is the largest foreign-owned bank in the country. HSBC has a very strong presence in overseas Chinese communities, especially in Vancouver and Toronto[citation needed]. The bank's headquarters are located in Vancouver, British Columbia. • HSBC Chile The HSBC Group first set up operations in Chile in 1981. Presently, HSBC Bank Chile is focusing on Global Banking and Commercial Bank businesses. • Banco HSBC (Costa Rica) S.A. operates around 40 branches throughout the major cities and is the third largest bank in the country. In the summer of 2007 HSBC acquired Grupo Banistmo in Panama, the owner of Banco Banex in Costa Rica. • HSBC El Salvador, SA is the third largest banking and financial service firm in the country. • HSBC Honduras has 49 branches and is one of the largest banks in the country. HSBC acquired Banco Grupo El Ahorro Hondureño (BGA) when it acquired Banistmo in Panama. Banistmo had bought the bank in 2002, about a year after it was formed from the merger of Banco La Capitalizadora Hondureña (Bancahsa; est. 1948) and the Banco del Ahorro Hondureño. • HSBC Mexico, SA is one of Mexico’s largest banking and financial services companies with over 1,400 branches, 4,800 ATMs and 6 million customers. HSBC purchased Banco Internacional, SA known as Bital, in November 2002, rebranding it overnight in January 2004. • HSBC Panama, SA HSBC's presence in Panama dates back to 1972. In 2000, HSBC Bank USA acquired Chase Manhattan's full-service, stand-alone bank business, which includes retail and wholesale capabilities. The acquisition included 11 full-service branches: seven branches in Panama City, two branches in Colon City, one branch in David and one branch in Chitre. At the time of the acquisition, HSBC operated in Panama as a full-service branch of HSBC Bank plc, with a strong franchise in corporate business as well as five retail branches. The acquisition of Chase Manhattan's business more than doubled HSBC's assets in Panama. Then in 2006, HSBC bought Grupo Banistmo, the largest financial services company in Central America, based in Panama for $1.8bn.[43] • HSBC established HSBC Paraguay SA when it acquired Lloyds TSB Bank Paraguay in 2007. Lloyds TSB had been in Paraguay since 1920 when the Bank of London and the River Plate established a branch in Asunción. • HSBC Bank Peru S.A. In October 2006, HSBC began the first phase of its plan business in Peru, with the aim of meeting small, medium and large companies during the second half of 2007 is implemented and a network of Personal Banking initial agency in Lima that will expand gradually. • HSBC Bank USA NA and HSBC Finance Corporation represent the group’s business in the US, which has been built up via the acquisition of Marine Midland (1980), Republic National Bank (1999), Household International (2003) and Metris Companies (2005) Solstice Capital Group (2006), among others. HSBC Bank USA, headquartered in Mettawa, Illinois (as of 2009), is a full service bank, with a strong branch network in New York State but also operating nationwide. HSBC Finance Corporation focuses on selected lines of consumer lending with a branch network across the US. Asia Pacific HSBC's Hong Kong head office, also designed by Norman Foster The HSBC Global Technology Centre in Pune, India develops software for the entire HSBC group[44]. • HSBC Bank Australia Limited gained its banking licence in 1986. Today, the bank offers a full range of Personal and Commercial services via a network of branches as well as direct channels. • HSBC Bangladesh opened its first branch in 1996 and now has 10 offices there. • HSBC Bank (China) Company Limited and HSBC Rural Bank Company Limited HSBC established its Shanghai branch office on 3 April 1865 and has had a continuous presence in the city since then, except for a break during the Japanese Occupation. Until the economic reforms of the late 1970s, its activities were mainly in inward remittances and export bills, however its activities now span a wider range. HSBC has purchased stakes in various local firms, including 19% of Bank of Communications, 8% of Bank of Shanghai, 16.8% of Ping An Insurance and via its subsidiary Hang Seng Bank, 12.8% of Industrial Bank. In 1996, HSBC was one of the first foreign banks approved to conduct renminbi business in Shanghai. The bank opened a new office in Chengdu and received approval to open a branch in Pudong and upgrade its Dalian office to a branch. • HSBC first opened for business in Hong Kong on 3 March 1865. It is one of three commercial banks that issue Hong Kong dollar banknotes in the Hong Kong SAR and has the largest share by value. The Hang Seng Index for stock prices in Hong Kong is named after the Hang Seng Bank Limited, which is a subsidiary of HSBC since the 1960s. The two banks are today first and second by market share in Hong Kong. • HSBC India. In 1959 HSBC acquired The Mercantile Bank of India, London and China, established in October 1853 in Bombay. HSBC is now one of the fastest growing foreign banks in India, both in domestic banking and support operations for worldwide operations (see Group Service Centres). • HSBC opened its first Indonesian office in Batavia in 1884 to serve the sugar trade. It then expanded its operation to Surabaya in 1896. Later in 1994 HSBC upgraded its Semarang agency, which it had opened in 1878, into a full branch. HSBC twice closed its operations in Indonesia. The first closure was during World War II, though it immediately returned after the war. In the mid-1960s, the Indonesia government forced the bank to close again, but the bank received a new banking license in 1968. In October 2008, HSBC paid US$608 million to acquire 89% of Bank Ekonomi, which had 2,200 staff, 86 branches, and about US$1.8 billion in assets. The acquisition made HSBC the third largest bank in the country, and gave it a total of 190 branches in 24 cities. • HSBC opened its first office in Japan in 1866 and maintains three companies there: its banking arm, HSBC Securities Japan Limited, and HSBC Global Asset Managament.[45] • HSBC Bank Malaysia Berhad traces its history back to the opening of the first HSBC office in Penang in 1884. The bank later became an issuer of currency notes for the Malaysian government. In 1994, HSBC became the first foreign bank to incorporate locally, forming Hongkong Bank Malaysia Berhad (now HSBC Bank Malaysia Berhad). The bank today provides a full range of personal and commercial financial services. HSBC Holdings plc in London UK is set to shift a significant number of jobs from Britain to its new operational headquarters in Cyberjaya, Malaysia. HSBC operates a call centre in Cyberjaya,Malaysia, a cybercity in Malaysia. • HSBC started its operations in Pakistan in 1982. Since then it has expanded to all major cities of Pakistan and operates as a full service bank. It currently has 12 offices: four in Karachi, two each in Lahore and Islamabad, and one each in Rawalpindi, Sialkot, Multan and Faisalabad. The head-office is based in Karachi. • The HSBC Group is represented in the Philippines through The Hongkong and Shanghai Banking Corporation Limited, and its subsidiary, the locally-incorporated HSBC Savings Bank (Philippines) Inc. HSBC opened its first branch in the Philippines in Binondo in November 1875. In 1883, a second branch was opened in Iloilo to serve the growing sugar industry. In 1971, the branch in Binondo was moved to Makati City. Ten years later, in 1981, the Iloilo branch was closed and a new branch in Ortigas Center, Pasig City, was opened. • HSBC Singapore operates as a full service bank with its headquarters in Collyer Quay. It is an approved Primary Dealer in the Singapore Government Securities Market and an Approved Bond Intermediary, with over a hundred staff operating one of the largest integrated dealing rooms in Singapore. • HSBC (Sri Lanka) traces its presence there to 1 July 1892. In 1882, HSBC appointed Delmege Reid and Co., which became Delmege Forsyth and Co. Ltd., as its agent in Colombo. In 1892, after the collapse of the New Oriental Banking Corporation HSBC saw an opportunity and established a branch. • HSBC (Thailand) initially opened a branch in Bangkok in 1888, becoming the first commercial bank in the country. In 1889 HSBC issued the first banknotes in Thailand. Later, in 1905, HSBC joined with France's Banque de l'Indochine to issue the first foreign loan to the Thai government for its railroad construction project. • HSBC Bank (Vietnam) Company Limited HSBC has had a long history in Vietnam, having opened a branch in Saigon (present-day Ho Chi Minh City) in 1870. The branch operated for over 100 years, until its closure in 1975. In 1992, the bank opened representative offices in Ho Chi Minh City (HCMC) and Hanoi; HSBC upgraded the office in HCMC to a full-service branch in August 1995. Europe • HSBC opened its Prague Branch in May 1997. • HSBC SA operates around 380 branches in France since the takeover of Credit Commercial de France, primarily operating under the HSBC brand. HSBC France is now the HSBC Group’s lead bank in the Eurozone, focusing on certain capital market products for a global audience, and high net worth and international business in France. • HSBC Trinkaus & Burkhardt AG traces its origins to 1785. It has operations in private, commercial and investment banking and asset management. • HSBC Hellas HSBC has been operating in Greece since 1981. In 2001, HSBC acquired Barclay's operations in Greece, which amounted to 13 branches and included fund management. • HSBC Bank Malta plc is one of the largest banks in Malta. It is a listed company but its majority shareholder is the HSBC Group. HSBC Bank Malta traces its origins back to the founding of the Anglo-Egyptian Bank in 1864, which makes it the second oldest bank in Malta. • HSBC has limited operations in Poland - mainly private/offshore banking. • HSBC (Spain) dates back to the establishment of a branch in Madrid in 1982. • HSBC Private Bank is the Swiss operating subsidiaries of the group's Private Banking business, with 12 locations in the country. • HSBC Bank plc is one of the "Big Five" high street banks in the UK, maintaining a large network of branches in England and Wales, with a smaller presence in Scotland and Northern Ireland. It acquired this presence in 1992 with the acquisition of Midland Bank plc. It also operates the previously Midland-owned telephone and internet bank First Direct, the consumer lending brand Beneficial Finance, and the financial services divisions of Marks & Spencer and the John Lewis Partnership. • HSBC Bank AS is now the fifth largest private bank in Turkey, having expanded through internal financing and via acquisition since entering the market in 1990. The bank has a network of around 330 branches, offering products and services to corporate, commercial and personal customers, both under the HSBC brand as well as the Advantage brand. • In Russia, HSBC operates through HSBC Bank Ltd (RR), which is the 96th largest bank in the country and is an affiliate of HSBC Bank plc. Middle East and Africa • HSBC Algeria commenced operating in 2008, after HSBC received permission in 2007 from the Bank of Algeria to establish a subsidiary. The branch has a capital of 2,5 billion dinars, or about 25 million euros, which it will increase to 3,6 billion dinars (36 million euros) within three years. It is headed by an Algerian, Rachid Sekak, the former head of foreign debt at the Bank of Algeria, who had earlier came from HSBC's operations in Paris.[46] • HSBC Bank Armenia cjsc is a 70 per cent indirectly owned subsidiary of HSBC Bank. Armenian business interests own the remaining equity. The bank began operations as Midland Armenia Bank in Yerevan in March 1996 and was the first international bank to open in Armenia. It is one of the leading banks in the foreign exchange market. • HSBC Bank Egypt SAE traces its origins to a joint-venture bank established in 1982. In 2001 HSBC was able to increase its ownership stake from 40% to 94.5%, after which it rebranded the bank as part of the HSBC group. • HSBC Bank Georgia jsc opened its first branch in Tbilisi, Georgia June 2008 and a second one in 2009. Its offer as presented on the bank's website is tailored for corporate customers and private/offshore banking. • In the Hashemite Kingdom of Jordan, the HSBC Group is represented by HSBC Bank Middle East Limited, the largest and most widely represented international bank in the Middle East. HSBC's presence dates back to its acquisition in 1959 of British Bank of the Middle East, which had been present in Jordan since 1889. • HSBC dates its presence in Lebanon to 1949. HSBC has branches located in St. Georges Bay, Dora, Ras Beirut, Verdun and Zouk. • HSBC Bank Middle East Limited . HSBC Oman represents a key part of HSBC Bank Middle East's business since 1959, with 6 branches and 3 customer services outlets. HSBC in Oman offers a full range of Personal Financial Services such as Current and Savings Accounts, Time Deposits, packaged financial products like HSBC Premier and STATUS, Credit Cards, Personal Loans and Home Loans. • SABB (The Saudi British Bank) In Saudi Arabia HSBC is represented by The Saudi British Bank, which is a 40% owned affiliate. HSBC is also a joint venture partner in HSBC Saudi Arabia Limited, the Kingdom’s first full service independent investment bank. • HSBC Bank Middle East Limited The United Arab Emirates represents a key part of HSBC Bank Middle East's business, with 16 branches and the firm's head office located here. • HSBC Bank Qatar provides a wide range of banking services for both corporate and individual customers in Qatar. HSBC is the largest foreign bank in Qatar and has five branches, in Doha Main Office, Al Sadd, West Bay, FTB and Grand Hamad Street as well as a large network of ATMs at 21 different locations. • HSBC established an indirect presence in Sub-Saharan Africa in 1981 through Equator Bank, a joint venture with Nedbank and the bank's executives, and entered the South African market in 1995 with a representative office. In 2003, HSBC converted the reop office in Johannesburg to a branch. The Johannesburg branch is now the regional management office for all of HSBC's Sub-Saharan Africa activities and offers corporate banking, transaction banking, investment banking, treasury and capital markets services to HSBC's major multinational clients, large local corporate and financial institutions, and governments. HSBC Securities (South Africa) offers equities services. Global product lines and programmes Group Service Centres As a cost saving measure HSBC is offshoring processing work to lower cost economies in order to reduce the cost of providing services in developed countries. These locations take on work such as data processing and customer service, but also internal software engineering at Pune, Hyderabad (India), Vishakhapatnam (India), Kolkata (India), Guangzhou (China), and Curitiba (Brazil). Chief Operating Officer Alan Jebson said in March 2005 that he would be very surprised if fewer than 25,000 people were working in the centres over the next three years: “I don’t have a precise target but I would be surprised if we had less than 15 (global service centres) in three years’ time.” He went on to say that each centre cost the bank from $20m to $30m to set up, but that for every job moved the bank saves about $20,000 (£10,400).[47] Trade unions, particularly in the US and UK, blame these centres for job losses in developed countries, and also for the effective imposition of wage caps on their members.[47] Currently, HSBC operates centers out of eight countries, including Brazil (Curitiba), The Czech Republic (Ostrava), India (Hyderabad, Bangalore, Visakhapatnam, Mumbai, Gurgaon, Kolkata and Pune), China (Shanghai, Guangzhou and Shenzhen), Malaysia (Kuala Lumpur), Poland (Krakow), Sri Lanka (Rajagiriya) and Philippines (Manila). The Malta trial for a UK high value call centre has resulted in a growing operation that country. An option under consideration is reported to be a processing centre in Vietnam to access the French skills of the population and therefore cut costs in the bank’s French operations. On June 27, 2006, HSBC reported that a "small number" of customers had suffered from fraud totaling £233,000 after an employee at the Bangalore call centre supplied confidential customer information to fraudsters.[48] HSBC Private Bank HSBC Private Bank [49] is the group's private banking operation, providing private banking and trustee services to wealthy individuals and their families worldwide. The Private Bank has in excess of 60 offices worldwide, with the major centres being Miami, New York, London, Geneva and Hong Kong. HSBC Premier Centre, Ikebukuro, Japan. HSBC Premier HSBC Premier[50] is the group's premium financial services product. The exact benefits and qualification criteria vary depending on country, but typically require deposits and investments of at least $100,000, £50,000, or €100,000. Alternatively those who have an individual annual income of at least £100,000 paid into their HSBC Premier Bank Account and are a customer of the bank's Independent Financial Advisory Service. Customers have a dedicated Premier Relationship Manager, global 24 hour access to call centres,free banking services and preferential rates. A HSBC Premier customer receives the HSBC Premier services in all countries that offer HSBC Premier, without having to meet that country's qualifying criteria. HSBC Bank International HSBC Bank International[51] is the offshore banking arm of the HSBC Group, focusing on providing offshore solutions and cross border services to expatriates and migrants. It provides a full range of multi-currency personal banking services to a range of customer segments, including a full internet banking and telephone banking service. Sometimes referred to as "HSBC Offshore", the business also offers independent financial planning, and has representative offices all over the world, often working alongside local HSBC operations in those regions. HSBC Bank International originated from the business started by Midland Bank and is based in the Channel Islands with further operations on the Isle of Man. Its operations in the Channel Islands are centred around its registered headquarters on the seafront in St Helier, Jersey. Named 'HSBC House', the building comprises departments such as Premier, Global Funds & Investments, e-Business and a 24 hour 'Direct Banking Centre'. HSBCnet HSBCnet[52] is a global service that caters to local business needs by offering specialised functionality for different regions worldwide. The system provides access to transaction banking functionality - ranging from payments and cash management to trade services features - as well as to research and analytical content from HSBC. It also includes foreign exchange and money markets trading functionality. The system is used widely by HSBC's high-end corporate and institutional clients served variously by the bank's global banking and markets, commercial banking and global transaction banking divisions. HSBCnet is also the brand under which HSBC markets its global e-commerce proposition to its corporate and institutional clients. HFC Bank (UK Operation) is a wholly owned subsidiary, with 135 High Street branches in the UK selling loans to the "sub-prime" market. During 2007 and 2008, has been trying to fend off a union recognition campaign by the Trade Union Unite. HSBC Direct HSBC Direct is a telephone/online direct banking operation which attracts customers through mortgages, accounts and savings. It was first launched in the USA[53] in November 2005 and is now available in Britain, Canada,[54] Taiwan[55], South Korea[56] and France. Poland is launching business direct in September 2009. Brand and advertising The group announced in November 1999 that the HSBC brand and the hexagon symbol would be adopted as the unified brand in all the markets where HSBC operates, with the aim of enhancing recognition of the group and its values by customers, shareholders and staff throughout the world. Logo The hexagon symbol was originally adopted by The Hongkong and Shanghai Banking Corporation as its logo in 1983. It was developed from the bank’s house flag, a white rectangle divided diagonally to produce a red hourglass shape. Like many other Hong Kong company flags that originated in the 19th century, and because of its founder's nationality, the design was based on the cross of Saint Andrew. The logo was designed by graphic artist Henry Steiner. The 2004 Jaguar car, being driven by Mark Webber. Sponsorship Having sponsored the Jaguar Racing Formula One team since the days of Stewart Grand Prix, HSBC ended its relationship with the sport when Red Bull purchased Jaguar Racing from Ford. HSBC has now switched its focus to golf, taking title sponsorship of events such as the HSBC World Match Play Championship, HSBC Women's World Match Play Championship (now defunct), HSBC Champions and HSBC Women's Champions. In football HSBC sponsors French club AS Monaco and Mexican club C.F. Pachuca, and in rugby league, HSBC sponsors Telford Raiders in the Rugby League Conference. In Australia, HSBC sponsors the New South Wales Waratahs rugby team in the Super 14 rugby union competition, as well as the Hawthorn Football Club in the Australian Football League. In the United States, HSBC owns the naming rights to the home arena of the National Hockey League's Buffalo Sabres until 2026. HSBC’s other sponsorships are mainly in the area of education, health and the environment. In November 2006, HSBC announced a $5 million partnership with SOS Children as part of Future First.[57] HSBC sponsors the Great Canadian Geography Challenge, which has had around 2 million participants in the past 12 years. Since 2001, HSBC has sponsored the Celebration of Light, an annual musical fireworks competition in Vancouver, British Columbia, Canada. In 2007 HSBC announced it would be a sponsor of the National Hockey League's Vancouver Canucks and Calgary Flames. HSBC has also sponsored a professional gaming team that was disbanded late 2007. HSBC sponsored the 2009 British and Irish Lions tour to South Africa.[58] HSBC is the official banking partner of the Wimbledon Tennis Championships, providing banking facilities on site and renaming the Road to Wimbledon junior event, as The HSBC Road to Wimbledon National 14 and Under Challenge.[59] Customer groups HSBC splits its business into four distinct groups: Personal financial services HSBC provides more than 100 million customers worldwide with a full range of personal financial services, including current and savings accounts, mortgage loans, car financing, insurance, credit cards, loans, pensions and investments. HSBC was recently rated the worst in customer service by Forrester Research, which asked bank customers to rank their banks.[60] Commercial banking HSBC provides financial services to small, medium-sized and middle-market enterprises. The group has almost 2.5 million of such customers, including sole proprietors, partnerships, clubs and associations, incorporated businesses and publicly quoted companies. Global banking and markets Private banking Main article: HSBC Private Bank HSBC Private Bank is the marketing name for the private banking business conducted by the principal private banking subsidiaries of the HSBC Group worldwide. HSBC Private Bank, together with the private banking activities of HSBC Trinkaus, known collectively as Group Private Banking, provides services to high net worth individuals and their families through 93 locations in some 42 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. As of December 2007, profits before tax were US$1,511 million and combined client assets under management were US$494 billion. In September 2008, HSBC announced that it would combine its two Swiss private banks under one brand name in 2009, with HSBC Guyerzeller and HSBC Private Bank to be merged into one legal entity, under the newly appointed CEO of HSBC Private Bank, Alexandre Zeller.[61]

Thinking about organizing your filing cabinet? Spending more quality time with the kids? Increasing your core strength? Improving your finances? Hmmm ... it must be getting close to New Year’s Eve.

Resolutions are great ... until the resolve melts away around the 13th of the month (or, for some of us, the 3rd). Then they simply become a list of broken promises cluttering the front of your fridge.

This year, instead of composing a list of New Year's resolutions, try something completely different: In your quest for financial improvement in 2010, simply commit to a single New Year’s habit. My suggestion?: Become more mindful of your everyday spending.

Stick with me here. Consider this all-too-common scenario: You open your credit-card bill or bank statement and wondered exactly what it was that you got for $39 at Acme Mart or where that $100 ATM withdrawal went.

Wonder no more. If you vow to be more mindful of your money, you'll make smarter decisions with every dollar that passes through your hands. Of course, a natural outcome of this new habit is that you’ll save money every single day.

How to form a new -- good -- money habit
Why “habit” and not “resolution”? Simple: Resolutions are made to be broken. Habits, on the other hand, ingrain themselves into your daily routine. Once formed, habits require practically no extra effort to follow. Best of all, habits are hard to break.

In other words: Form a good habit and improvements are all but guaranteed.

Here are four ways to stop mindless spending and become more conscious of your everyday finances:

1. Pay with actual cash when you can. Credit cards are a major cause of overspending. When we whip out the plastic, our mind goes numb; we don't process the transaction the same visceral way we do when we spend cash. (Think of it like using poker chips in Vegas -- only without Wayne Newton tunes cranking through the sound system.) In fact, some experts say people spend 15% to 30% more when using credit instead of cash. Spending actual cash forces you to think about every dollar you spend, so you experience a physical reaction to forking over $1s and $5s.

* More on things that make you spend more than you realize.

2. Set up an instant no-brainer budget. The “envelope” budgeting approach will help you get in tune with your spending in a snap. The idea is that you carry around just the amount of cash you want to devote to various spending categories (lunch, entertainment, cute shoes) for that week. Try it for the first couple of weeks in January and see how it affects your purchasing. Chances are it'll keep you from frittering away your money so much so that you'll tell the whole family to play along.

* More on how to follow the “envelope” budget method.

3. Keep your big wants/dreams in the forefront of your mind. Think of every financial decision in the context of your larger money goals (be it buying a new coat, paying cash for your next car, or securing your retirement). Before you toss a gossip magazine into your grocery cart while waiting in the checkout line or buy something just because it‘s on sale consider whether or not such purchases get you to that two-week cruise or covering Junior's college costs.

No, I don’t advocate sacrificing all short-term pleasures (love those gingerbread lattes, by the way). But combined with the budgeting method above, this is a pretty powerful motivator to keep the mindless spending in check.

Write a list of your big money goals on a small index card and keep it in your wallet. This constant visual reminder of what you really want to do with your money will make you think before you buy anything that doesn't align with your real wishes.

* We could all learn a few lessons on money management from one of the richest guys in the world: Warren Buffett.

4. Always shop with a list. It may be cliché, but shopping with a list will keep you honest. Studies show that as much as 60% of supermarket purchases are unplanned. With the average family shelling out $5,000 for groceries each year, that's $2,000 of unnecessary stuff running across the scanner.

Lists (and that "envelope" budgeting method, again) are great for big-ticket retail excursions, too, like holiday shopping and "Skip Work To Go to the Outlet Mall Day" (y'all celebrate that one too, right?).

* More on spending cuts that’ll add thousands to your bottom line.

Try out a few of these money practices over the next month. You might be surprised how quickly they become habit -- and how much more attractive your finances look when it's time to ring in 2011.

Emirates (airline) Emirates Airline headquarters Emirates (Arabic: ????? ???????? ?ayaran al-Imarat) is a major airline in the Middle East, and a subsidiary of The Emirates Group. It is the national airline of Dubai, United Arab Emirates and operates around 2200 passenger flights per week,[1] from its hub at Dubai International Airport Terminal 3, to 106 destinations in 60 countries across 6 continents.[2] The company also operates four of some of the world's longest non-stop commercial flights from Dubai to Los Angeles, San Francisco, São Paulo and, Houston all on the Boeing 777-200LR.[3][4] Emirates is a subsidiary of The Emirates Group, which has over 50,000 employees, and is wholly-owned by the Government of Dubai directly under the Investment Corporation of Dubai.[5] Cargo activities are undertaken by the Emirates Group's Emirates SkyCargo division.[6] During the mid-1980s, Gulf Air began to cut back its services to Dubai. As a result Emirates was conceived in March 1985 with backing from Dubai's royal family, whose Dubai Royal Air Wing provided two of the airline's first aircraft. It was required to operate independent of government subsidies, apart from $10 million in start-up capital. The airline became headed by Ahmed bin Saeed Al Maktoum, the airline's present chairman. In the years following its founding, the airline expanded both its fleet and its destinations.[7] In October 2008, Emirates moved all operations at Dubai International Airport to Terminal 3, a new terminal exclusively dedicated to Emirates. Emirates operates a mixed fleet of Airbus and Boeing wide-body aircraft and is one of only nine airlines to operate an all wide-body aircraft fleet. The centrepiece of the airline's fleet is the Boeing 777. Emirates also has orders for 58 Airbus A380s and became the second operator of the Airbus A380-800 after Singapore Airlines when their first aircraft was delivered on 28 July 2008.[8] Emirates has won numerous awards and is an industry bellwether for aircraft purchases, purchasing over 130 aircraft in 2007 alone.[9] The airline ranks amongst the top 10 carriers worldwide in terms of revenue, passenger kilometres, and has become the largest airline in the Middle East in terms of revenue, fleet size, and passengers carried as of 2007.[10] In 2009 the airline was the seventh-largest airline in the world in terms of international passengers carried,[11] and fourth-largest[12] in the world in terms of scheduled international passenger-kilometres flown. Emirates has built up a strong brand name as a trendsetter in the aviation industry, particularly in terms of service excellence, coupled with consistent profitability.[13] In 2009, Emirates was voted the fifth best airline in the world by research consultancy firm Skytrax.[14] History Origins Boeing 777-300ER During the mid-1980s, Gulf Air began to cut back its services to Dubai. As a result Emirates was conceived in March 1985 with backing from Dubai's royal family, whose Dubai Royal Air Wing provided two of the airline's first aircraft, used Boeing 727-200/Advs. It was required to operate independent of government subsidies, apart from $10 million in start-up capital. It also leased a new Boeing 737-300 from Pakistan International Airlines which was returned in 1987.[15] The first flight of the airline was, Dubai-Karachi on 25 October 1985.[16] The airline leased an Airbus 300B4-200, from Pakistan International Airlines. Bombay and Delhi were the next destinations for the airline. Emirates became profitable within its first nine months. During its first year, it carried about 260,000 passengers and 10,000 tons of freight. By 1986, the airline was adding new destinations such as Colombo, Dhaka, Amman, and Cairo to its route network. Emirates launched daily nonstop service to London Gatwick on 6 July 1987 with two new Airbus A310s. It also started flights to Singapore. The airline in 1987 added Frankfurt via Istanbul, and Male (Maldive Islands). Emirates lacked a regional network, as its main competitor Gulf Air also dominated traffic in the region. This growth came as the region was experiencing a downturn, with the Gulf War and the laying off expatriate workers as factors. In its second year, competitors had accused Emirates of starting a price war, something the airline's competitors still accuse Emirates of doing. By the end of 1987, Emirates was serving 11 destinations.[17] Incorporation and growth Emirates had become one of the world's fastest growing airlines by the early 1990s. Revenues increased by about $100 million each year, approaching $500 million in the year 1993. It carried 68,000 tons of cargo and 1.6 million passengers in the same year. The Gulf War had helped Emirates by keeping other airlines out of the area. Emirates was the only airline to continue flying in the last ten days of the war.[citation needed] Emirates operated nine Airbus A310s by 1998 A partnership agreement with US Airways entered in the fall of 1993 allowed Emirates to offer services round the world. It previously had cooperation agreements with Cyprus Airways. By 1994, the airline was connecting 32 destinations with its 15 aircraft. At this time Emirates was the sixth largest airline in the Middle East. Emirates took in revenues of $643.4 million in the year ending 30 March 1994. The airline had 4,000 employees and carried two million passengers a year between 34 destinations with a fleet of 18 Airbus aircraft. Seven new Boeing 777s worth over $1 billion were ordered in 1992 which began to arrive in the spring of 1996. One of the planes was used on a new service to Melbourne via Singapore. Emirates placed a large order with Airbus later the same year. In spite of the large capital expenditures, the Dubai government had laid out only $50 million since the airline's inception. A total of 92 air carriers were flying to markets internationally and Emirates faced intense competition at its home base. It carried about three million passengers a year to Dubai International Airport in the mid-1990s. Emirates continued to expand during the late 1990s. The growing cargo business accounted for 16 percent of the airline's total revenues. Airbus A330-300 lands at London Heathrow Airport In May 1998, Emirates paid the Government of Sri Lanka $70 million for a 40 percent stake in SriLankan Airlines (formerly known as Air Lanka). As part of the deal, Emirates received a 10 year contract to manage SriLankan.[18] In January 2008, Emirates announced that it would give back management of SriLankan Airlines to the Sri Lankan Government, effective April 2008.[18][19] However there are no plans to remove or decrease the stake in the airline.[18] Modern history Towards the end of the year 2000, Emirates was planning to start ultra-long-haul service to the East Coast and West Coast of the United States as well as nonstop flights to Australia and Argentina. Traffic continued to grow at a rate of 20 percent in 1999-2000. The Boeing 777 has become an integral part of the fleet in recent years In 2005, Emirates began flying non-stop to New York City's John F. Kennedy International Airport using their new Airbus A340-500. These flights marked new non-stop air services between the United Arab Emirates and the USA, after Delta Air Lines's flights since 2001, terminated later[20][21] and restarted again in 2007. South Asia is an important region for the Emirates network. Pakistan was the first country to receive flights from the airline and it still does to this day.[22] India was the second country to receive flights from Emirates, and continues to expand an extensive network in India. Emirates is the largest airline operating internationally, in India, and operates over 185 flights a week across 10 cities.[23] Emirates has been steadily capturing the traffic from South Asia to North America, allowing passengers to bypass the traditional hubs of London Heathrow, Frankfurt, and Paris-Charles de Gaulle Airport; the home bases of British Airways, Lufthansa, and Air France, with a transit stop at Dubai International Airport instead. Similarly, Emirates competes with British Airways, Cathay Pacific, Qantas, Singapore Airlines, Thai Airways International, Middle Eastern rival Etihad Airways, and other airlines on the lucrative London to Sydney Kangaroo Route.[24] Airbus A380 Airbus A380-800 landing at London Heathrow Airport in October 2009 Airbus A380-800 landing in Hamburg Finkenwerder Airport to receive final paint-job Emirates announced an order in April 2000 as the first launch customer for the Airbus A3XX (later named Airbus A380), the largest civil aircraft ever built. The deal comprised five Airbus A380-800s and two Airbus A380-800F. The deal was confirmed on 4 November 2001 and Emirates announced orders for 15 more A380-800s at the same time. Two years later Emirates once again ordered 21 A380-800s. In April 2006, Emirates ordered two more A380-800s, however they cancelled their two orders for the freighter variant. In 2007, Emirates ordered 15 A380-800s, bringing their order to 58.[25] Emirates justified its order saying that purchasing the 481- to 656-passenger super jumbo was to maximize its use of scarce takeoff and landing slots at crowded airports like London Heathrow. In November 2005, the first A380-800 in full Emirates livery was flown to Dubai, where it was displayed at Dubai Airshow 2005.[26] On 20 November 2005, Emirates ordered 42 Boeing 777s, to help with its expansion. This order came one day after Airbus announced that the A380-800 superjumbo would be delayed by another six months.[27] A third delay was announced on 3 October 2006, pushing the initial delivery of the first A380-800 to October 2007.[28] The announcement was met with anger by Emirates' President, Tim Clark, who threatened to cancel their Airbus order as it was affecting the airline's expansion plan, saying: “ It's very serious. This will do us serious damage. Compensation is not our target, what we really seek is to give a chance for Airbus to deliver what they promised so that we can assess, because we need that aircraft.[29] ” In total as of April 2008, Airbus paid as much as $110 million during 2007 in compensation for the late delivery of the A380-800 to Emirates for the delays.[30] On 1 August 2008 Emirates flew its first A380-800 flight, with 489 passengers, from Dubai to New York City's John F. Kennedy International Airport.[31] [32] The airline now uses their Airbus A380-800 on flights to: • Bangkok,[33] • Sydney, • Toronto, • Auckland (via Sydney),[34] • London Heathrow with double daily services commencing from July 1st 2010,[34] • Seoul, • Jeddah,[35] • Paris,[36][37] • Beijing, commencing August 1st 2010 • Manchester, commencing September 1st 2010. During 2010 as more aircraft are delivered, the A380 will resume flights to New York-JFK. The airline has also expressed interest in starting A380 flights to Melbourne. [38] Emirates A380-800 taxiing at Dubai International Airport In February 2009, Emirates raised many issues concerning its A380 superjumbos.[39][40] Emirates gave a 46-page presentation in Toulouse, informing Airbus officials about heat-damaged power cables, defective engines and numerous malfunctions reportedly to be mainly caused by the two showers built in the aircraft.[41][42][42][43][44] Terminal 3 Main article: Dubai International Airport#Terminal 3 Dubai International Airport's Terminal 3 was built exclusively for the use of Emirates at a cost of $4.5 billion and officially opened 14 October 2008. Terminal 3 is the largest building in the world by floor space, with over 1,500,000 m2 (370 acres) of space. The Terminal has annual capacity of 27 million passengers, and with the expansion of Concourse 3, will have an annual capacity of 43 million passengers by 2011, once concourse 3 is complete.[45] The new concourse 3 will be exclusively for the A380- 800.[46][47] [48] Corporate management The airline is a subsidiary of The Emirates Group, which is a subsidiary of the Dubai government investment company, Investment Corporation of Dubai.[49][50][51] The airline has recorded a profit every year, except the second, and growth has never fallen below 20% a year. In its first 11 years, it doubled in size every 3.5 years, and has every four years since.[52] In 2008 Emirates paid dividends worth US$776 million to the Government of Dubai. The government has received Dhs3.1 billion from Emirates since dividends started being paid in 1999 for having provided an initial start-up capital of US$10 million and an additional investment of about US$80 million at the time of the airline's inception,[53] the Dubai government is the sole owner of the company. However, it does not put any new money into it, nor does it interfere with running the airline.[52] Structure and employment Emirates has diversified into related industries and sectors, including airport services, engineering, hospitality services, catering, and tour operator operations. Emirates has 4 subsidiaries and its parent company has more than 50.[54][55] Emirates employed a total of 28,037 staff at the end of the fiscal year on 31 March 2009.[56] Its parent company, The Emirates Group, employed a total of 48,246 employees of which 10,324 were cabin crew, 2,141 were flight deck crew, 1,849 were in engineering, and 9,379 were listed as other.[57] Subsidiaries Main article: Emirates subsidiaries Emirates has diversified in to related industries and sectors, including aircraft ground handling, aviation engineering, air catering, and tour operator operations. Emirates has over 6 subsidiaries, whilst its parent company has over 50. Financial and operational performance In the financial year 2008-09 reached passenger numbers reached 22.7 million, representing an increase of 7.1% over the previous year. Cargo carried in 2008-09 improved by 9.8% to 1,408,300 tonnes (2007-08: 1,282,134 tonnes). [58] The airline's profits however were down 72% for the 2008/09 fiscal year. Its profit of 1.49bn dirhams ($406m; £255m) for the year to March 31 compared with a 5.3bn dirhams profit for the previous year.[59][60] The airline was the seventh-largest airline in the world in terms of international passengers carried,[11] and fourth-largest[12] in the world in terms of scheduled international passenger-kilometres flown. It is also the seventh-largest in terms of scheduled freight tonne-kilometres flown (sixth in scheduled international freight tonne-kilometres flown).[61] In the first six months of 2009, Emirates posted a 165 per cent jump in net profits to Dh752 million ($205 million), for the first six months of the current financial year ending September 30, up from Dh284 million ($77 million) in the same period of 2008. Revenues of the airline, which entered its 25th year in October, declined 13.5 per cent to Dh19.8 billion ($5.4 billion) compared with Dh22.9 billion ($6.2 billion) recorded last year, due to lower passenger and cargo yields. The increased profits came mostly from 18 per cent capacity growth by adding eight new aircraft to the fleet that has grown to 139. The airline carried 13 million passengers and over 700,000 tonnes of cargo.[62] Branding The calligraphy of the logo in Arabic on the engines From 2004, the airline changed its slogan to Fly Emirates. Keep Discovering In 2008, Emirates launched a slogan mainly revolving around their route network of 100 destinations in 55++ countries across six continents - Fly Emirates. Keep Discovering and Fly Emirates. To over Six Continents.[64] Most recently Emirates launched a campaign to promote Dubai as a destination using the slogan Fly Emirates. Meet Dubai. • The Finest in the Sky • Be Good to yourself. Fly Emirates • When was the last time you did something for the first time. • Fly Emirates. Keep Discovering Emirates introduced a new design in August 2008 for its 16,000 uniformed staff, designed by Simon Jersey plc. The offboard uniform includes the Emirates hat, red kick-pleats in the skirts, more fitted blouses and the return of red leather shoes and handbags. For the onboard uniform, male and female cabin crew wear service waistcoats in place of the previously worn service jackets and tabards. The male flight attendants wear a chocolate brown suit, featuring pinstripes, with a cream shirt and a caramel, honey and red tie. Both male and female Pursers wear this chocolate brown color, but with no red featured.[65] Since its formation in 1985, though to a limited extent until all aircraft were repainted, Emirates aeroplanes carried a section of the United Arab Emirates flag on the tail fins, a calligraphy of the logo in Arabic on the engines and the "Emirates" logo on the fuselage both in Arabic and English. The colour scheme used since 1985 was changed in November 1999 to the one still in use today. This change saw the modification of logotype, the enlargement and move of the English logo (the Arabic remaining smaller) towards the front of the aircraft and a different, flowing flag on the tailfin.[66] Some newer aircraft such as the Airbus A380-800, have the Emirates logo painted on the belly of the aircraft. Emirates aircraft also have the Fifa World Cup logo on them, as Emirates is the official airline sponsor. [67] Destinations Boeing 777-300 at Singapore Changi Airport Main article: Emirates destinations Emirates operates 1,883 flights every week across its network of 103 destinations in 65 countries on six continents from its hub in Dubai.[68] Several new destinations are added each year. Codeshare agreements As of February 2010, Emirates has codeshare agreements with the following airlines[69]: • Air Malta • Air Mauritius • Continental Airlines • Japan Airlines • Jet Airways • Korean Air • Oman Air • Philippine Airlines • Royal Air Maroc • South African Airways • Thai Airways • V Australia Fleet Main article: Emirates Fleet Emirates Airbus A330-200 (A6-EKS) landing at London Heathrow Airport Boeing 777-300ER (A6-EBA) the first of the -300ER variant to be delivered on 25 March 2005 completing its first flight to Düsseldorf International Airport Emirates Boeing 777-300 (A6-EMP) taxiing on NC3 taxiway at Singapore Changi Airport Emirates operates an exclusively wide-bodied aircraft fleet making up from 3 aircraft families: the Airbus A330 / A340, Airbus A380 and the Boeing 777. In keeping with its policy of maintaining a young fleet, which stands at an average of 5.7 years in April 2008,[70] it renews its fleet frequently. It operates the youngest fleet of any major airline as of May 2009. On 30 July 2009, Emirates received its 45th Boeing 777-300ER making it the world's largest operator of Boeing 777s with 83 in the fleet as of January 11th 2010.[71] In July 2008, Emirates received its first Airbus A380-800 and in August 2008, it became the second airline to fly the Airbus A380-800, after Singapore Airlines.[72] Emirates Aircraft utilisation remains one of the highest in the industry at 13.7 hours per day.[57] Speaking at the recent IATA 2009 annual general meeting in Kuala Lumpur, Tim Clark, Emirates's President, said that they would be operating around 163 aircraft in three years, and that they have to consider the 58 aircraft that are to be retired within the coming years, including the A330-200, A340-300 and 777-200/-300 Classics.[73] Passenger The Emirates passenger aircraft fleet consists of the following widebody aircraft as of December 2009:[74][75] Cargo Emirates SkyCargo Airbus A310-300F A6-EFC at Zürich Airport Main article: Emirates SkyCargo Emirates Cargo is the air freight division of Emirates. It began operations in October 1985, the same year Emirates was formed. Since then it has been the main cargo division of Emirates, and the anchor cargo airline at Dubai International Airport. Environmental record The airline claims to have lower emissions than other airlines due to its fleet which has an average fuel burn of less than four litres for every 100 passenger kilometres they fly.[76] The Cargo division of the airline also uses an efficient hub-based operation, using fewer flights needed to transport the same number of people. Fleet efficiency • Emirates has stated that their versions of A380-800 will offer fuel economy of 3.1 litres per 100 passenger km. Emirates A380-800s also feature the Engine Alliance GP7200 engines, which save 500,000 litres of fuel per aircraft per year.[77] • The company uses a program called "Flextracks". The technology is used to plan and optimize routes efficiency and load factor. • Emirates has invested in a program called "tailored arrivals". This allows air traffic control to uplink to aircraft on route. It first determines the speed and flight profile from the air onto the runway, this allows the crew to accept and fly a continuous descent profile, saving fuel and emissions.[78] • Emissions are lowered by using aircraft like the Boeing 777-300ER, which uses one engine to taxi the aircraft to its airbridge.[79] Services Cabin First Class First Class suite on a Boeing 777-200LR First class passengers have a full suite, complete with closing doors to ensure privacy, a mini-bar, a coat rack and storage. They also feature the ICE system on a 23 in (58 cm) LCD screen. The seat converts into a 2 m (6 ft 7 in) fully flat bed. Private suites are being introduced on the latest B777-300ERs, the B777-300s and B777-200LRs. They are already installed on all ten of Emirates Airbus A340-500 aircraft, and on all of the Airbus A380-800 aircraft. The older Boeing 777-300ERs, Boeing 777-200s and selected Boeing 777-300s feature flat beds with integrated passenger seat control, along with the ICE system and a 19 in (48 cm) screen. First class seats may also include a personal minibar.[80] On its newly delivered A380-800, first class features private suites,[81] two shower-equipped lavatories and spa,[82] and access to the first/business class bar area and lounge.[83] Premium class seating is located on the entire upper deck of A380-800 aircraft. In 2009, Emirates was voted the second best First Class by Skytrax. Skytrax had said that the Emirates A380-800 product greatly helped influence its position.[84] Business Class Business Class cabin on the Airbus A380-800 Business class on Boeing 777-200LRs, 777-300s and Boeing 777-300/ERs feature seats with a 60 in (150 cm) pitch that recline to 79 in (200 cm)-long, angled lie-flat beds.[85] Amenities include massage function, privacy partition, winged headrest with six-way movement, two individual reading lights and an overhead light per seat, in-seat power supply, USB Ports and an RCA socket for laptop connection, over 600 channels of entertainment on ICE, shown on a 17 in (43 cm) wide TV screen. Onboard bar behind the Business Class cabin on the Airbus A380-800 The A340-500s have deeply reclining sleeper seats which have a 60 in (150 cm) pitch and are 18 in (46 cm) wide. All A340-500 aircraft feature the ICE system in all three classes. The Boeing 777-200s have deeply reclining seats which are almost lie-flat. They have a 58 in (150 cm) pitch and are 20.5 in (52 cm) wide. The Boeing 777-200s also feature the ICE system. On Airbus A330 aircraft and A340-300s, the seats are standard business class recliners and feature a leg rest and seat back screens. These business class seats are smaller than other business class seats in the Emirates fleet as these aircraft are used predominantly on short-medium haul routes. On Airbus A380-800 aircraft, the seats recline to form a fully flat bed and are equipped with personal mini-bars. Business class passengers also have access to an on-board bar at the rear of the aircraft.[85] Business class passengers have the ability to customize and save seat and in-flight entertainment settings to a memory key for re-use on future flights.[86] Economy class Economy Class on a Boeing 777-300ER Emirates Economy Class offers a 32-34 inch seat pitch (81–86 cm) and standard seat width (except on the Boeing 777 fleet). The seat features adjustable headrests, a 600-1000 channel ICE In-Flight-Entertainment and in-seat laptop power-outlets on newer aircraft and laptop recharging facilities in galleys in older aircraft. There is additional recline on A380 Economy Class seats.[87][88][89] Economy class dinner served on EK 216 (B777-200LR) flight from LAX-DXB on April 23, 2010. Emirates is unusual in that it operates a ten-abreast, 3-4-3, seating configuration on its 777 fleet (rather than the customary 3-3-3 configuration). Other airlines with this layout include Air France-KLM (on selected 777-300ER aircraft), China Southern Airlines, Philippine Airlines and two Japanese airlines in domestic services (All Nippon Airways and Japan Airlines).[90] Economy class breakfast served on EK 533 (A330-200) flight from COK-DXB on Aug 3, 2009. In-flight entertainment system Emirates became the first airline in the world to introduce a personal entertainment system on a commercial aircraft after introducing the world’s first seat-back screens in 1992. All three classes feature a personal In-Flight-Entertainment (IFE) system on Emirates aircraft. There are three types of entertainment system on Emirates: ice; ice Digital Widescreen; and Emirates tv&radio. Emirates has won the award for best in-flight-entertainment from Skytrax for their ICE system every year since the systems inception in 2003. At present, almost 70% of the fleet has the ice in-flight entertainment and by 2011 the entire Emirates fleet is set to have the system. ICE offers more channels than any other in-flight entertainment system.[91] Economy Class with mood lighting and ICE seatback entertainment Emirates tv&radio, is also offered mainly on short haul routes, and 30% of the Emirates fleet, offers passengers with 15 video and 26 audio channels, as well as 50 video games. Also available are BBC headlines, an airshow and external cameras giving a birdseye view from the plane.[92] Emirates A380-800 ICE seatback screen showing external tail camera view ICE ICE (Information, Communication, Entertainment) is the In-Flight-Entertainment system operated by Emirates. Introduced in 2003, ICE is available on all new aircraft and features between 600 and 1000 channels to all passengers.[93] ICE is found on the airline’s Airbus A380-800, Airbus A340-500, Boeing 777-300ER and Boeing 777-200/LR aircraft. It is also available on all Boeing 777-300 aircraft which have all been retrofitted.[94] In July 2007, Emirates introduced ICE Digital Widescreen, an updated version of ICE. It offers over 1000 channels of entertainment (up from 600) available to all passengers. ICE Digital Widescreen is available on all new aircraft.[95] Information The system is based on the 3000i system from Panasonic Avionics Corporation. ICE provides passengers with a direct data link to BBC News. ICE is the first IFE system to be connected directly to automatic news updates. This is complemented by ICE's Airshow moving-map software from Rockwell Collins. Exterior cameras located on the aircraft can be viewed by any passenger, through the IFE system, during takeoff and landing. Emirates was also one of the first airlines to introduce high-speed, in-flight Internet service along with Singapore Airlines, by installing the Inmarsat’s satellite system and became the second airline in the world to offer live international television broadcasts using the same system.[96] Communication Communication ICE also contains a link to an in-flight email server which allows passengers to access, send or receive emails for US $1 per message.[97] ICE also contains a seat-to-seat chat service. In November 2006 the airline signed a deal with mobile communications firm AeroMobile to allow in-flight use of mobile phones to call or text people on the ground, on selected 777s. The service was first introduced on a commercial service between Dubai and Casablanca on 20 March 2008.[98] Entertainment Entertainment The ICE system includes movies, music, and video games. ICE offers over 130 on-demand movie titles and 15 video on demand channels, 60 prerecorded television channels, 350 audio channels, and around 50 video-game titles. ICE can also be accessed in 10 languages such as English, French, German, Spanish, Arabic, Korean, and Japanese.[99] Since 2003, all entertainment options are available on-demand to all classes with options to pause, forward, and rewind them. Emirates now features docking capability for Apple Inc.'s iPod portable music and video player as of mid-2007. This allows the device's battery to be charged, but also allows integration with Emirates' in-flight entertainment (IFE) system. This also enables the IFE system to play music, television shows, or movies stored on the iPod, as well as function as a control system.[100] Emirates self-service check-in at Dubai International Airport Ground services Passengers may check-in between two to 48 hours prior to flight departure. This may be done over the counter or at the lounge within the airport. Self-service kiosks are also available at Dubai International Airport.[101] Alternatively, they may check-in through the Internet or by short message service. Online printing of boarding passes is available through Internet check-in. Passengers on short trips may also check-in on their return flight upon departure from the city of origin. Lounges First and business class passengers, as well as Skywards Gold members, have access to Emirates Lounges. The airline has 27 lounges in 23 cities, with plans for 12 more.[citation needed] Skywards Silver members can use the lounge in Terminal One at Dubai. At airports in which Emirates does not operate a departure lounge, a third party departure lounge is usually provided for First and Business class passengers as well as Skywards Gold. Chauffer-drive First and business class passengers can make use of complimentary chauffer-driven airport transfers in selected cities. Frequent Flyer Program Emirates uses Skywards as their Frequent flyer program. Skywards Main article: The Emirates Group#Skywards Skywards is a three tier frequent flier program operated by Emirates. It is used by over 5.72 million customers.[102] The three tiers are Blue, Silver which requires 25,000 tier miles for entry, and Gold, which requires 50,000 tier miles for entry.[103] Business model Emirates aircraft parked at Dubai International Airport Main articles: Emirates Business Model and Emirates Rivalry The established network carriers in Europe and Australia, i.e. Air France-KLM, British Airways, Lufthansa, and Qantas, perceive Emirates' strategic decision to reposition itself as a global carrier as a major threat because it enables air travellers to by-pass traditional airline hubs such as London Heathrow, Paris-Charles de Gaulle Airport, and Frankfurt Airports on their way between Europe/North America and Asia/Australia by changing flights in Dubai instead. These carriers also find it difficult to deal with the growing competitive threat Emirates poses to their business because of their much higher cost base. The Abu Dhabi based Etihad Airways is also looking to take traffic away from Emirates.[104] Some of these carriers—notably Air France and Qantas—are so concerned about the detrimental effects of Emirates' growth on their future ability to compete with it on a level playing field that they have resorted to openly accusing their Dubai-based rival of receiving hidden state subsidies and of maintaining too cosy a relationship with Dubai's airport authority as well as its aviation authority, both of which are also wholly state-owned entities that share the same government owner with the airline. In addition, they have also accused Emirates of taking unfair advantage of its government shareholders' sovereign borrower status. They claim that this masks its true financial performance and reduces its borrowing costs below market rates.[52][105][106] Marketing and sponsorships The Emirates Stadium in London Emirates is a sponsor of sports clubs and events, both at its home base and in its overseas markets. It sponsors the annual Dubai Shopping Festival, the Dubai Summer Surprises and the West Australian Symphony Orchestra as well as the Melbourne Symphony Orchestra.[107] As of April 2009, Emirates spends 2.7% of its of its total budget on Marketing and Communications.[108] For Emirates, marketing expenses account for a far greater share of its total costs than for most of its competitors.[citation needed] In the English-speaking world the sponsorship always carries the words "Fly Emirates". Emirates sponsors Arsenal F.C. and their 60,000 seater Emirates Stadium as well as AC Milan, Olympiacos CFP, Hamburger SV, Paris Saint-Germain FC, Asian Football Confederation (AFC), Emirates Cup, the Collingwood Football Club as well having sponsors with Chelsea F.C. from 2001-05. As of 2009, they also sponsor the Scottish Junior Cup known now for sponsorship reasons as the Emirates Junior Cup, which is the top prize in Scottish Junior football (as opposed to the senior football Scottish Cup). Emirates also funds many events in Rugby. They co-funded construction of The Sevens, a stadium in Dubai purpose-built for the 2009 Rugby World Cup Sevens, with the Dubai government.[109] They also will sponsor the Rugby World Cup 2011, IRB Referees and Match Officials, IRB Sevens World Series, International Sevens Teams, and the Western Force. Emirates are also a major sponsor of Emirates Team New Zealand, a New Zealand based yachting syndicate that has enjoyed success in the America's Cup.[110] In Cricket, they sponsor Cricket Australia,[111] Lord's Taverners,[112] and Pro Arch Tournament.[113] Their branding also features on International Cricket Umpires shirts.[114] Emirates has also become an official partner of the International Cricket Council until 2015. This deal gives emirates association with all major ICC tournaments, including the 2011 and 2015 ICC Cricket World Cups, ICC Champions Trophy and ICC World Twenty20.[115] They are also the major sponsor of the Kings Xi Punjab team of Indian Premier League, the largest domestic Cricket tournament in the world. In Power boat racing they sponsor the UIM Class 1 World Powerboat Championship.[116] In horse racing they sponsor the National Thoroughbred Racing Association (NTRA).[117] In races, Emirates sponsor the Dubai World Cup, Melbourne Cup, Champion Stakes, Newmarket, Yorkshire Cup, York, and The Singapore Derby.[118] They sponsor the Godolphin stables, and the Australian Jockey Club.[119][120] Emirates also sponsor the Dubai International Racing Carnival, Melbourne Cup Carnival, and the Australian Jockey Club’s Autumn and Spring Carnival.[121] In Tennis they sponsor the Dubai Tennis Championships,[122] and the Canadian Open tennis championships held in Montreal and Toronto. Emirates also sponsor the Dubai Grand Racing.[123] In Golf, they sponsor 12 events, including the Dubai Desert Classic, Dubai Ladies Masters, Malaysian Open, Hong Kong Open, BMW International Open, Austrian Open, Volvo Masters of Asia, Hero Honda Open, Australian PGA Championships, Africa Open, Volvo China Open, and the HSBC Champions.[124]