107-501: Coalite is a brand of low-temperature coke used as a smokeless fuel . The title refers to the residue left behind when coal is carbonised at 640 °C (1,184 °F). It was invented by Thomas Parker in 1904. In 1936 the Smoke Abatement Society awarded its inventor a posthumous gold medal. Coalite is darker and more friable than high temperature coke. It is easier to ignite, burns with an attractive flame, and
214-720: A hong trading house in British Hong Kong . The bank was established in 1865 in Hong Kong and opened branches in Shanghai in the same year. It was first formally incorporated in 1866. In 1991, the present parent legal entity, HSBC Holdings plc , was established in London and the historic Hong Kong–based bank from whose initials the group took its name became that entity's fully-owned subsidiary. The next year (1992), HSBC took over Midland Bank and thus became one of
321-648: A blast furnace . The carbon monoxide produced by combustion of coke reduces iron oxide ( hematite ) to produce iron : Coke is commonly used as fuel for blacksmithing . Coke was used in Australia in the 1960s and early 1970s for house heating, and was incentivized for home use in the UK (so as to displace coal) after the 1956 Clean Air Act, which was passed in response to the Great Smog of London in 1952. Since smoke -producing constituents are driven off during
428-478: A blast of hot air, instead of cold air, in the smelting furnace was first introduced by Neilson in Scotland in 1828. The hearth process of making coke from coal is a very lengthy process. A fire brick chamber shaped like a dome is used, commonly known as a beehive oven. It is typically about 4 meters (13 ft) wide and 2.5 meters (8 ft) high. The roof has a hole for charging the coal or other kindling from
535-404: A downturned agrochemical market. It was making losses of £2 million per annum in the late 90s. At the same time, it was embroiled in legal actions concerning land and river pollution and the resulting adverse publicity affected the sales of its products. In 2002, Anglo was bought by a consortium of local businessmen. Viable assets were covertly (but legally) moved into separate subsidiaries under
642-416: A high carbon content. It is made by heating coal or petroleum in the absence of air. Coke is an important industrial product, used mainly in iron ore smelting , but also as a fuel in stoves and forges . The unqualified term "coke" usually refers to the product derived from low-ash and low-sulphur bituminous coal by a process called coking . A similar product called petroleum coke , or pet coke,
749-651: A large French bank, for £6.6 billion. In July 2001 HSBC bought Demirbank , an insolvent Turkish bank. In July 2002, Arthur Andersen announced that HSBC USA, Inc., through a new subsidiary, Wealth and Tax Advisory Services USA Inc. ( WTAS ), would purchase a portion of Andersen's tax practice. The new HSBC Private Client Services Group would serve the wealth and tax advisory needs of high-net-worth individuals. Then in August 2002 HSBC acquired Grupo Financiero Bital, SA de CV, Mexico's third largest retail bank for $ 1.1 billion. In November 2002, HSBC expanded further in
856-403: A mixture of coke and peat . Coke may be used to make synthesis gas, a mixture of carbon monoxide and hydrogen . Finely ground bituminous coal, known in this application as sea coal, is a constituent of foundry sand . While the molten metal is in the mould , the coal burns slowly, releasing reducing gases at pressure, and so preventing the metal from penetrating the pores of the sand. It
963-456: A more practical oven for converting coal into coke. Wilkinson improved the process by building the coal heaps around a low central chimney built of loose bricks and with openings for the combustion gases to enter, resulting in a higher yield of better coke. With greater skill in the firing, covering and quenching of the heaps, yields were increased from about 33% to 65% by the middle of the 19th century. The Scottish iron industry expanded rapidly in
1070-587: A new business unit as Wealth and Personal Banking. In October 2020, HSBC committed to achieve zero-emission by 2050, e.g., by this year it would not only become carbon neutral by itself but also will work only with carbon-neutral clients. It also committed to providing 750–1,000 billion dollars to help clients make the transition. It also pledged to achieve carbon neutrality in his own operations by 2030. In January 2021, HSBC announced that it would be closing 82 branches in Britain. In May 2021, HSBC announced
1177-838: A new coal policy and provide further detail on its climate strategy by the end of 2021. The organisation's "Thermal Coal Phase-Out Policy" was published in December 2021. In August 2021, HSBC announced the acquisition of AXA Singapore. HSBC Insurance (Asia-Pacific) Holdings Ltd, an indirect wholly-owned subsidiary of HSBC would acquire 100% of the issued share capital of AXA Singapore for $ 575m. In December 2021, HSBC Asset Management (India) Private Ltd, an indirect wholly-owned subsidiary of HSBC announced it would acquire L&T Investment Management for $ 425 million from L&T Finance Holdings . In June 2022, HSBC announced its intention to sell its business in Russia. This requires approval from
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#17327800720511284-540: A new head office building in Hong Kong in 1935. Bank note issuance displaced other forms of the era and of the region, such as silver taels , due to political and economic instability. HSBC gained significant influence as a result. Michael Turner became chief manager in 1953 and set about diversifying the business. His tenure came to an end in 1962 having established The Hong Kong and Shanghai Banking Corporation of California 1955 and having acquired The British Bank of
1391-499: A patent was granted to Thomas Proctor and William Peterson for making iron and steel and melting lead with "earth-coal, sea-coal, turf, and peat". The patent contains a distinct allusion to the preparation of coal by "cooking". In 1590, a patent was granted to the Dean of York to "purify pit-coal and free it from its offensive smell". In 1620, a patent was granted to a company composed of William St. John and other knights, mentioning
1498-470: A preferred location for money laundering. The United States Department of Justice , however, decided not to pursue criminal penalties, a decision which the New York Times labelled a "dark day for the rule of law." HSBC chief executive Stuart Gulliver said: "We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again." In July 2013, Alan Keir
1605-520: A record $ 1.92 billion fine in this money laundering case. It was reported that bank officials consistently overlooked internal warnings about the inadequacy of HSBC's monitoring systems, according to the Justice Department. For example, in 2008, the CEO of HSBC Mexico was reportedly informed by Mexican law enforcement about a recording of a Mexican drug lord, who indicated that HSBC Mexico was
1712-412: A representative office. HSBC announced renaming of its Personal Financial Services (PFS) business group to Retail Banking and Wealth Management (also known as RBWM) on HSBC's 2011 Investor Day. On 11 May 2013, the new chief executive Stuart Gulliver announced that HSBC would refocus its business strategy and that a large-scale retrenchment of operations, particularly in respect of the retail sector,
1819-510: A top-quality fuel, coking poisoned the surrounding landscape. After 1900, the serious environmental damage of beehive coking attracted national notice, although the damage had plagued the district for decades. "The smoke and gas from some ovens destroy all vegetation around the small mining communities", noted W. J. Lauck of the U.S. Immigration Commission in 1911. Passing through the region on train, University of Wisconsin president Charles Van Hise saw "long rows of beehive ovens from which flame
1926-401: A total 470 branches before divestments. On 9 August 2011, Capital One Financial Corp. agreed to acquire HSBC's U.S. credit card business for $ 2.6 billion, netting HSBC Holdings an estimated after-tax profit of $ 2.4 billion. In September it was announced that HSBC sought to sell its general insurance business for around $ 1 billion. In 2012, HSBC was the subject of hearings of
2033-492: A watery fraction called ammoniacal liquor. Coal gas was used to heat the ovens and also burned in the works boilers and furnaces. Any excess was flared off. The coal oil and liquor were piped over the road to the chemical works section where they were processed into various fractions and industrial chemicals. The residual Coalite solid fuel was cooled, then sorted into various grades based on size and stockpiled for distribution by road transport. Two years after Parker died in 1915,
2140-574: A £12.5 billion (US$ 17.7 billion; HK$ 138 billion) rights issue to enable it to buy other banks that were struggling to survive. 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. On 25 April 2011, HSBC decided to shut down its retail banking business in Russia and reduce its private banking presence to
2247-405: Is direct reduced iron , where any carbonaceous fuel can be used to make sponge or pelletised iron. To lessen carbon dioxide emissions hydrogen can be used as the reducing agent and biomass or waste as the source of carbon. Historically, charcoal has been used as an alternative to coke in a blast furnace, with the resultant iron being known as charcoal iron . Many historical sources dating to
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#17327800720512354-574: Is a 90% HSBC-owned joint venture. In November 2022, HSBC announced its intention to exit the Canadian market. Royal Bank of Canada would acquire 100% of the common shares of HSBC Canada for an all-cash purchase price of $ 13.5 billion, 9.4 times HSBC Canada's estimated 2024 earnings. Completion of the transaction is expected by late 2023, subject to regulatory approvals. HSBC has been under pressure to cut costs and divest non-Asian businesses. In February 2023, HSBC announced that its profits for
2461-473: Is a British universal bank and financial services group headquartered in London , England, with historical and business links to East Asia and a multinational footprint. It is the largest Europe-based bank by total assets , ahead of BNP Paribas , with US$ 2.919 trillion as of December 2023. In 2021, HSBC had $ 10.8 trillion in assets under custody (AUC) and $ 4.9 trillion in assets under administration (AUA). HSBC traces its origin to
2568-765: Is also contained in 'mould wash', a paste or liquid with the same function applied to the mould before casting. Sea coal can be mixed with the clay lining (the "bod") used for the bottom of a cupola furnace . When heated, the coal decomposes and the bod becomes slightly friable, easing the process of breaking open holes for tapping the molten metal. Wastewater from coking is highly toxic and carcinogenic. It contains phenolic, aromatic, heterocyclic, and polycyclic organics, and inorganics including cyanides, sulfides, ammonium and ammonia. Various methods for its treatment have been studied in recent years. The white rot fungus Phanerochaete chrysosporium can remove up to 80% of phenols from coking waste water. Before bituminous coal
2675-405: Is bursting and dense clouds of smoke issuing, making the sky dark. By night, the scene is rendered indescribably vivid by these numerous burning pits. The beehive ovens make the entire region of coke manufacture one of dulled sky: cheerless and unhealthful." HSBC HSBC Holdings plc ( Chinese : 滙豐 ; initialism from its founding member The Hongkong and Shanghai Banking Corporation )
2782-511: Is different from thermal coal, but arises from the same basic coal-forming process. Coking coal has different macerals from thermal coal, i.e. different forms of the compressed and fossilized vegetative matter that compose the coal. The different macerals arise from different mixtures of the plant species, and variations of the conditions under which the coal has formed. Coking coal is graded according to its ash percentage-by-weight after burning: The "hearth" process of coke-making, using lump coal,
2889-413: Is discharged manually through the side door. When the oven is used on a continuous basis, the walls and roof retain enough heat to initiate carbonization of the next charge. When coal was burned in a coke oven, the impurities of the coal that were not driven off as gases accumulated in the oven as slag – effectively a conglomeration of the removed impurities. Since this slag was not the desired product, it
2996-532: Is generally considered that levels of 26–29% of volatile matter in the coal blend are good for coking purposes. Thus, different types of coal are proportionally blended to reach acceptable levels of volatility before the coking process begins. If the range of coal types is too great, the resulting coke is of widely varying strength and ash content, and is usually unsaleable, although in some cases it may be sold as an ordinary heating fuel. As coke has already lost its volatile matter, it cannot be coked again. Coking coal
3103-420: Is lighter than coal, making it an ideal fuel for open domestic firegrates. Drawbacks are its tendencies to produce an excessive residual ash, to burn quickly and give off sulphurous fumes. Coal delivered by rail, first from the nearby Bolsover colliery, and later from other sources, was heated in eight large air sealed ovens called "batteries". Volatile constituents were driven off and condensed into coal oil and
3210-497: Is obtained from crude petroleum in petroleum refineries . Coke may also be formed naturally by geologic processes. It is the residue of a destructive distillation process. The industrial production of coke from coal is called coking. The coal is baked in an airless kiln , a "coke furnace" or "coking oven", at temperatures as high as 2,000 °C (3,600 °F) but usually around 1,000–1,100 °C (1,800–2,000 °F). This process vaporises or decomposes organic substances in
3317-435: Is to achieve a blend of coal that when processed will produce a coke of appropriate strength (generally measured by coke strength after reaction ), while losing an appropriate amount of mass. Other blending considerations include ensuring the coke will not swell too much during production and destroy the coke oven through excessive wall pressures. The greater the volatile matter in coal, the more by-product can be produced. It
Coalite - Misplaced Pages Continue
3424-409: Is used as coking coal, it must meet a set of criteria determined by particular coal assay techniques. The bulk specific gravity of coke is typically around 0.77. It is highly porous . Both the chemical composition and physical properties are important to the usefulness of coke in blast furnaces. In terms of composition, low ash and sulphur content are desirable. Other important characteristics are
3531-717: The Bank of Communications of Shanghai. In the United Kingdom HSBC acquired Marks & Spencer Retail Financial Services Holdings Ltd for £763 million in December 2004. Acquisitions in 2005 included Metris Inc, a US credit card issuer for $ 1.6 billion in August and 70.1% of Dar es Salaam Investment Bank of Iraq in October. In April 2006, HSBC bought the 90 branches in Argentina of Banca Nazionale del Lavoro for $ 155 million. In December 2007 HSBC acquired
3638-746: The Hong Kong Stock Exchange and London Stock Exchange and is a constituent of the Hang Seng Index and the FTSE 100 Index . It has secondary listings on the New York Stock Exchange , and the Bermuda Stock Exchange . HSBC has been implicated in a number of controversies and the bank has been repeatedly fined for money laundering (sometimes in relation to major criminal organizations such as
3745-851: The Sinaloa cartel ) or setting up large scale tax avoidance schemes. After the British established Hong Kong as a crown colony in the aftermath of the First Opium War , merchants from other parts of the British Empire, now in Hong Kong, felt the need for a bank to finance the growing trade, through Hong Kong and sometimes also through Shanghai, between China and India , the rest of the British Empire and Europe, of goods, produces and merchandises of all kinds, but especially opium , cultivated in or transited (re-exported) through
3852-420: The U.S. Senate permanent subcommittee for investigations for severe deficiencies in its anti-money laundering practices (see Controversies ). On 16 July the committee presented its findings. Among other things, it concluded that HSBC had been transferring $ 7 billion in banknotes from its Mexican to its US subsidiary (much of it related to drug dealing ), was disregarding terrorist financing links and
3959-503: The coppicing of forests became unable to meet the demand, the substitution of coke for charcoal became common in Great Britain, and coke was manufactured by burning coal in heaps on the ground so that only the outer layer burned, leaving the interior of the pile in a carbonized state. In the late 18th century, brick beehive ovens were developed, which allowed more control over the burning process. In 1768, John Wilkinson built
4066-417: The legal limit for coke oven emissions exposure in the workplace as 0.150 mg/m benzene -soluble fraction over an eight-hour workday. The US National Institute for Occupational Safety and Health (NIOSH) has set a recommended exposure limit (REL) of 0.2 mg/m benzene -soluble fraction over an eight-hour workday. Coke can be used as a fuel and as a reducing agent in smelting iron ore in
4173-469: The " cracking " process is also a form of coke. Petroleum coke has many uses besides being a fuel, such as the manufacture of dry cells and of electrolytic and welding electrodes . Gas works manufacturing syngas also produce coke as an end product, called gas house coke. Fluid coking is a process which converts heavy residual crude into lighter products such as naphtha , kerosene , heating oil , and hydrocarbon gases. The "fluid" term refers to
4280-543: The 17 banks in the UK that were "facing questions over what they knew about the international scheme and why they did not turn away suspicious money transfers," as HSBC "processed $ 545.3m in Laundromat cash, mostly routed through its Hong Kong branch." Other banks facing scrutiny under the investigation included the Royal Bank of Scotland , NatWest , Lloyds , Barclays and Coutts . In response, HSBC stated that it
4387-470: The 4th century describe the production of coke in ancient China . The Chinese first used coke for heating and cooking no later than the 9th century. By the first decades of the 11th century, Chinese ironworkers in the Yellow River valley began to fuel their furnaces with coke, solving their fuel problem in that tree-sparse region. By 1078 CE, the implementation of coke as a replacement to charcoal in
Coalite - Misplaced Pages Continue
4494-469: The Anglo holding company. The remaining debts were left with the much diminished Coalite Chemicals Ltd which went into administration and then receivership, and finding no buyers, closed down finally in 2004, leaving a considerable number of redundant employees with much reduced pensions. The company gained attention as a manufacturer of the chemical, 245 trichlorophenol , a precursor of Agent Orange which
4601-655: The Chinese Bank in Taiwan. In May 2008, HSBC acquired IL&FS Investment, an Indian retail broking firm. On August 3, 2008, HSBC began its banking operations in Algeria with the opening of a branch in Algiers. In 2005, Bloomberg Markets magazine accused HSBC of money laundering for drug dealers and state sponsors of terrorism. Then-CEO Stephen Green said that "This was a singular and wholly irresponsible attack on
4708-553: The M10, M25, and M40 test crush indexes, which convey the strength of coke during transportation into the blast furnaces; depending on the blast furnace's size, finely crushed coke pieces must not be allowed into the furnace because they would impede the flow of gas through the charge of iron and coke. A related characteristic is the Coke Strength After Reaction (CSR) index; it represents coke's ability to withstand
4815-898: The Middle East and the Mercantile Bank (based in India) in Aug 1959. Turner was succeeded in 1962 by Jake Saunders . In 1964 the Chief Managership was superseded as the top executive role in the bank by an Executive Chairmanship. During the Konfrontasi period in the 1960s, a group of Indonesian forces bombed the MacDonald House building in Singapore (at the time used by HSBC) just a few months after Singapore
4922-537: The Raj . The founder, Thomas Sutherland of the Peninsular and Oriental Steam Navigation Company , wanted a bank operating on "sound Scottish banking principles". Still, the original location of the bank was considered crucial and the founders chose Wardley House in Hong Kong since the construction was based on some of the best feng shui in colonial Hong Kong . After raising a capital stock of HK$ 5 million,
5029-668: The Rochester and Pittsburgh Coal and Iron Company constructed the world's longest string of coke ovens in Walston, Pennsylvania , with 475 ovens over a length of 2 km (1.25 miles). Their output reached 22,000 tons per month. The Minersville Coke Ovens in Huntingdon County, Pennsylvania , were listed on the National Register of Historic Places in 1991. Between 1870 and 1905, the number of beehive ovens in
5136-642: The Russian government, and the deal is expected to close in the first half of 2024. The projected loss is $ 300 million. A possible buyer is the Russian Expobank . In February 2024, the President of Russia allowed HSBC and Expobank to carry out this transaction. In July 2022, HSBC became the first foreign lender to open a Chinese Communist Party (CCP) committee in its Chinese investment banking subsidiary. The subsidiary, HSBC Qianhai Securities,
5243-654: The UK-based Midland Bank and the impending transfer of sovereignty of Hong Kong to China. HSBC Holdings' acquisition of Midland Bank was completed in 1992 and gave HSBC a substantial market presence in the United Kingdom. As part of the takeover conditions for the acquisition of the bank thereof, HSBC Holdings plc was required to relocate its world headquarters from Hong Kong to London in 1993. Major acquisitions in South America started with
5350-661: The US increased from approximately 200 to nearly 31,000, which produced nearly 18,000,000 tons of coke in the Pittsburgh area alone. One observer boasted that if loaded into a train, "the year's production would make up a train so long that the engine in front of it would go to San Francisco and come back to Connellsville before the caboose had gotten started out of the Connellsville yards!" The number of beehive ovens in Pittsburgh peaked in 1910 at almost 48,000. Although it made
5457-466: The United States. Under the chairmanship of John Bond, it spent £9 billion (US$ 15.5 billion) to acquire Household Finance Corporation (HFC) , a US credit card issuer and subprime lender. 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". Under the new name of HSBC Finance ,
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#17327800720515564-725: The bank commenced operations on 3 March 1865. It opened a branch in Shanghai in April of that year and started issuing locally denominated banknotes in both the Crown Colony and Shanghai soon afterwards. The bank was incorporated in Hong Kong as The Hongkong and Shanghai Banking Corporation by the Hongkong and Shanghai Bank Ordinance (Numbers 2 and 5 of 1866), and a branch in Japan was also established in Yokohama in 1866. Shares of
5671-406: The bank reportedly telling Mossack Fonseca it was "comfortable" with Rami Makhlouf as a customer, even though US Treasury sanctions against him were in effect at the time. On 20 March 2017, the British newspaper The Guardian reported that hundreds of banks had helped launder KGB -related funds out of Russia , as uncovered by an investigation named Global Laundromat . HSBC was listed among
5778-654: The bank were one of 13 securities initially traded on the Shanghai Stock Exchange , and were traded on that exchange until the Japanese closed the exchange in 1941 . Sir Thomas Jackson became chief manager in 1876. During his twenty-six-year tenure, the bank became a leader in Asia. A period of expansion followed, with new buildings constructed in Bangkok (1921), Manila (1922) and Shanghai (1923), and
5885-625: The bank's international compliance procedures", but subsequent investigation indicated that it was accurate and proved that the bank was involved in money laundering for the Sinaloa Cartel and throughout Mexico . In July 2006, HSBC announced that it would acquire Westpac 's sub-custody operations in Australia and New Zealand for $ 112.5 million, making HSBC the leading sub-custody and clearing player in Australia and New Zealand. In 2007, HSBC wrote down its holdings of subprime-related mortgage securities by $ 10.5 billion, becoming
5992-564: The branch network of its HSBC Finance arm in the United States, leading to nearly 6,000 job losses and leaving only the credit card business to continue operating. 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." According to analyst Colin Morton, "the takeover was an absolute disaster". In March 2009, it announced that it had made US$ 9.3 billion of profit in 2008 and announced
6099-446: The business conduct of HSBC under the title Swiss Leaks based on the 2007 hacked HSBC account records from whistle-blower Hervé Falciani . The ICIJ alleges that the bank profited from doing business with corrupt politicians, dictators, tax evaders, dealers of blood diamonds, arms dealers and other clients. US Senate investigators in 2012 had sought the hacked HSBC account records from Falciani and French authorities, but never received
6206-658: The central refinery at the Bolsover plant. The ovens continued producing Coalite until the Bolsover works closed down in 2004. By 1939, the company was producing a low octane petrol called "Coalene" as well as diesel and other fuel oils. It continued to do so through the Second World War and into the early 1960s. It supplied fuel to the Royal Air Force and Royal Navy during the war, reputedly keeping 12 squadrons flying and two battleships sailing. In 1948,
6313-515: The coal, driving off water and other volatile and liquid products such as coal gas and coal tar . Coke is the non-volatile residue of the decomposition, the cemented-together carbon and mineral residue of the original coal particles in the form of a hard and somewhat glassy solid. Additional byproducts of the coking are coal tar pitch , ammonia (NH 3 ), hydrogen sulphide (H 2 S), pyridine , hydrogen cyanide and carbon based material. Some facilities have "by-product" coking ovens in which
6420-405: The coal. Carbonization starts and produces volatile matter, which burns inside the partially closed side door. Carbonization proceeds from top to bottom and is completed in two to three days. The heat required for the process is supplied by the burning volatile matter, so no by-products are recovered. The exhaust gases are allowed to escape to the atmosphere. The hot coke is quenched with water, and
6527-498: The coke was used instead of coal in cooking ranges and to provide heat in domestic premises before the advent of central heating . In the US, the first use of coke in an iron furnace occurred around 1817 at Isaac Meason's Plumsock puddling furnace and rolling mill in Fayette County , Pennsylvania . In the late 19th century, the coalfields of western Pennsylvania provided a rich source of raw material for coking. In 1885,
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#17327800720516634-585: The coking of coal, coke forms a desirable fuel for stoves and furnaces in which conditions are not suitable for the complete burning of bituminous coal itself. Coke may be combusted producing little or no smoke, while bituminous coal would produce much smoke. Coke was widely used as a smokeless fuel substitute for coal in domestic heating following the creation of " smokeless zones " in the United Kingdom. Highland Park distillery in Orkney roasts malted barley for use in their Scotch whisky in kilns burning
6741-647: The company changed its name to the Coalite Chemical Company to reflect the diversified nature of the business. In 1952 the registered Head office address was moved from London to Bolsover. In 1956, after the introduction of the Clean Air Act 1956 Coalite was licensed as an "authorised fuel". Demand increased and the company expanded accordingly. The group consisted of several companies in the 1950–1960s, with Francis L. Waring, F.Inst.F., as managing director of this group of companies: In 1978,
6848-778: The company merged with the Charringtons Coke distribution company and with this they acquired the Falkland Islands Company . From 1984 to 1989 Eric Varley , the ex- Labour cabinet minister was company chairman. In 1986, the group acquired Hargreaves Fuel distribution services. This marked the zenith of the company's fortunes. The group was now at its most diverse and widespread, owning subsidiaries that were totally unrelated to its core business. These included sheep farming, Dormobile camper vans, Builders merchants, Pyrometer Instrument manufacturers, vehicle sales and many others as well as industrial land across
6955-430: The company. Successful trials with existing modified plant showed that large scale reclamation of useful products from used tyres was possible. However it came too late to prevent financial collapse. This was attributed by the company to the delayed response of the regulating authorities in granting licenses for the sale of the tyre oil as fuel. Coke (fuel) Coke is a grey, hard, and porous coal-based fuel with
7062-622: The contaminated plant debris was buried and when the case notes of an independent investigator were mysteriously stolen from her home. A specialised 245 unit was built soon after, with stringent controls and safety measures to prevent any future accidents but when the Seveso disaster in 1976 reawakened public concern over this issue, Ted Needham, the company chairman, deemed it expedient to close down this now uneconomical plant. The reluctance of his employees to work in it may also have influenced his decision. Problems continued with dioxin emission from
7169-407: The country. From 1987 to 1991, the company sponsored Chesterfield F.C. In 1989, the company was taken over by Anglo United , From 1990 to 1992, the company sponsored world class snooker tournaments In 1997, Falkland Islands Holdings subsidiary was floated off and became an independent company again. The solid fuel side of the business began to shrink in the 1980s. There was falling demand for
7276-536: The creation of what by the end of the 17th century was called pale ale . In 1709, Abraham Darby I established a coke-fired blast furnace to produce cast iron . Coke's superior crushing strength allowed blast furnaces to become taller and larger. The ensuing availability of inexpensive iron was one of the factors leading to the Industrial Revolution . Before this time, iron-making used large quantities of charcoal, produced by burning wood. As
7383-586: The data. HSBC announced in August 2015 that it would be selling its Brazilian unit to Banco Bradesco for $ 5.2 billion following years of disappointing performance. In 2015, HSBC was recognised as the most trusted foreign bank in India by The Brand Trust Report 2015. In 2016, the bank was mentioned numerous times in connection with the Panama Papers investigation. Many Syrians were angered when their accounts were judged high-risk and closed, despite
7490-712: The division was the second largest subprime lender in the United States. The new headquarters of HSBC Holdings at 8 Canada Square , London officially opened in April 2003. In July 2003, HSBC announced that it had agreed to acquire 82.19% of the Korean fund administrator, Asset Management Technology (AM TeK), for $ 12.47 million in cash; it was the largest fund administrator in South Korea, with $ 24 billion of assets under administration. In September 2003 HSBC bought Polski Kredyt Bank SA of Poland for $ 7.8 million. In June 2004 HSBC expanded into China buying 19.9% of
7597-413: The exit of US retail banking business by selling 10 California branches to Cathay Bank and 80 branches to Citizens Financial Group and closing the remaining branches. The bank said it intends to focus on the banking and wealth management needs of globally connected affluent and high net worth clients. In May 2021, HSBC committed to end the financing of the coal industry , with a commitment to publish
7704-553: The fact that solid coke particles behave as a fluid solid in the continuous fluid coking process versus the older batch delayed-coking process where a solid mass of coke builds up in the coke drum over time. Due to a lack of oil or high-quality coals in East Germany , scientists developed a process to turn low-quality lignite into coke called high temperature lignite coke . Scrap steel can be recycled in an electric arc furnace ; and an alternative to making iron by smelting
7811-456: The first major bank to report its losses due to the unfolding subprime mortgage crisis . According to Bloomberg , "HSBC is one of world's strongest banks by some measures". 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. In March 2009, HSBC announced that it would shut down
7918-609: The forerunner of the Coalite company was formed with the building of a production unit at Barugh near Barnsley. In the 20s, two more plants at Askern near Doncaster and at East Greenwich in London were opened, the latter being operated under license by the South Metropolitan Gas Company. In April 1937, the main manufacturing plant at Buttermilk Lane, Bolsover was opened by Prince George, Duke of Kent . At
8025-472: The largest domestic banks in the United Kingdom. HSBC has offices, branches and subsidiaries in 62 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 39 million customers. As of 2023, it was ranked no. 20 in the world in the Forbes rankings of large companies ranked by sales, profits, assets, and market value. HSBC has a dual primary listing on
8132-585: The last quarter of 2022 had almost doubled compared to those at the same time the previous year. However, its pre-tax profit actually fell because it absorbed the cost of selling its French retail banking operations. The bank also announced that they were closing 114 branches in the United Kingdom. The move came as more people were using online banking since the pandemic, reducing the need for physical branches. The move has been criticized by Unite . As interest rates increased globally in May 2023, HSBC Holdings reported
8239-524: The local and international needs of domestic and overseas clients", HSBC agreed to sell 195 branches in New York and Connecticut to First Niagara Financial Group Inc , and divestures to KeyCorp , Community Bank, N.A. and Five Star Bank for around $ 1 billion, and announced the closure of 13 branches in Connecticut and New Jersey . The rest of HSBC's U.S. network will only be about half from
8346-447: The much larger Coalite group and had intended to service this debt by asset stripping Coalite's many subsidiaries, selling them off whilst retaining the core business of solid fuel production. The sell-off did not realise as much cash as was required and even a raid on the company pension fund did little to reduce the debt. Weighed down by this debt and with little money for investment the company declined as it faced outside competition in
8453-449: The next chairman. However, while many current and former senior employees supported the tradition of promoting the chief executive to chairman, many shareholders instead pushed for an external candidate. HSBC's board of directors had reportedly been split over the succession planning and investors were alarmed that the row would damage the company. On 23 September 2010, Geoghegan announced he would step down as chief executive of HSBC. He
8560-448: The product as cheaper natural gas gradually took over the domestic heating market. The Askern works closed in 1986 and Grimethorpe in 1994. After 1982, there were several waves of redundancies. As well as the reduced demand for solid fuel the slow demise of the company was accelerated after the Anglo takeover. During the 1990s, there were financial difficulties because the relatively small Anglo United had borrowed heavily from HSBC to buy
8667-533: The production of iron in China dramatically increased the industry to 125,000 tons per year. The iron was used for the creation of tools, weapons, chains for suspension bridges, and Buddhist statues. China is the largest producer and exporter of coke today. China produces 60% of the world's coke. Concerns about air pollution have motivated technological changes in the coke industry by elimination of outdated coking technologies that are not energy-efficient. In 1589,
8774-560: The purchase of the Banco Bamerindus of Brazil for $ 1 billion in March 1997 and the acquisition of Roberts SA de Inversiones of Argentina for $ 600 million in May 1997. In May 1999, HSBC expanded its presence in the United States with the purchase of Republic National Bank of New York for $ 10.3 billion. Expansion into Continental Europe took place in April 2000 with the acquisition of Crédit Commercial de France ,
8881-669: The requirements of the iron industry in Britain were about 1,000,000 tons per year in the early 1850s, rising to about 7,000,000 tons by 1880. Of these, about 5,000,000 tons were produced in Durham county, 1,000,000 tons in the South Wales coalfield, and 1,000,000 tons in Yorkshire and Derbyshire. In the first years of steam locomotives , coke was the normal fuel. This resulted from an early piece of environmental legislation; any proposed locomotive had to "consume its own smoke". This
8988-537: The second quarter of the 19th century, through the adoption of the hot-blast process in its coalfields. In 1802, a battery of beehive ovens was set up near Sheffield , to coke the Silkstone coal seam for use in crucible steel melting. By 1870, there were 14,000 beehive ovens in operation on the West Durham coalfields , producing 4,000,000 long tons of coke per year. As a measure of the expansion of coke making,
9095-691: The second worst waterway, a Norwegian Fjord near a Magnesium processing plant. The pollution was believed to extend 13 miles downstream into the River Rother and the River Don , near Rotherham in South Yorkshire. The site has been derelict since 2004. From 2005, the Bolsover works were gradually demolished. In November 2016, decontamination of the area began and the Environment Agency was made aware of an increase in odours from
9202-411: The site after complaints from local residents. Obtained from coal by pyrolysis Obtained from Coal oil by distillation . Obtained from Middle oil by solvent extraction and distillation. Obtained from ammoniacal liquor by solvent extraction, distillation and crystallisation . Saleable products from further processing Obtained from used tyres by pyrolysis This final process might have saved
9309-461: The time it was the largest one of its type in the world. In 1939, another works was opened at Wern Tarw in South Wales. In the 1950s older plants were closed and production was concentrated at the expanded Bolsover and Askern plants. Plants were also opened later in Rossington , near Doncaster, and at Grimethorpe in South Yorkshire. The coal oil and liquor from all these plants was processed at
9416-422: The top. A discharging hole is provided in the circumference of the lower part of the wall. In a coke oven battery, a number of ovens are built in a row with common walls between neighboring ovens. A battery consisted of a great many ovens, sometimes hundreds, in a row. Coal is introduced from the top to produce an even layer of about 60 to 90 centimeters (24 to 35 in) deep. Air is supplied initially, to ignite
9523-401: The use of coke in smelting ores and manufacturing metals. In 1627, a patent was granted to Sir John Hacket and Octavius de Strada for a method of rendering sea-coal and pit-coal as useful as charcoal for burning in houses, without offense by smell of smoke. In 1603, Hugh Plat suggested that coal might be charred in a manner analogous to the way charcoal is produced from wood. This process
9630-610: The violent conditions inside the blast furnace before turning into fine particles. Pieces of coke are denoted with the following terminology: "bell coke" (30 - 80 mm), "nut coke" (10 - 30 mm), "coke breeze" (< 10 mm). The water content in coke is practically zero at the end of the coking process, but it is often water quenched so that it can be transported to the blast furnaces. The porous structure of coke absorbs some water, usually 3–6% of its mass. In more modern coke plants an advanced method of coke cooling uses air quenching. The solid residue remaining from refinement of petroleum by
9737-519: The volatile decomposition products are collected, purified and separated for use in other industries, as fuel or chemical feedstocks . Otherwise the volatile byproducts are burned to heat the coking ovens. This is an older method, but is still being used for new construction. Bituminous coal must meet a set of criteria for use as coking coal , determined by particular coal assay techniques. These include moisture content, ash content, sulphur content, volatile content, tar , and plasticity . The goal
9844-410: The works incinerator which burned residues from the chlorination plant. This caused further public protest and instigated official investigations that culminated in prosecution and a fine of £150,000 for contamination of the river Doe Lea and surrounding farmland in 1996. In 1994, the river gained the dubious distinction of being the most polluted in the world with regard to dioxins, 27 times higher than
9951-478: The year. The consumer banking division of HSBC will focus on the UK, Hong Kong , high-growth markets such as Mexico, Singapore, Turkey, and Brazil, and smaller countries where it has a leading market share. According to Reuters, Chief Executive Stuart Gulliver told the media, "There will be further job cuts. There will be something like 25,000 roles eliminated between now and the end of 2013." In August 2011 "to align our U.S. business with our global network and meet
10058-533: Was a defoliant used in the Malayan Emergency and the Vietnam War . An explosion in a pilot plant in 1968 had killed a chemist and spread dioxins over the debris. 79 employees contracted chloracne whilst cleaning up and even some of their families were affected by traces brought home on clothing. There was more controversy when the company appeared reluctant to reveal the location of sites where
10165-633: Was actively circumventing US safeguards designed to prevent transactions involving terrorists, drug lords and rogue regimes, including hiding $ 19.4 billion in transactions with Iran. This investigation followed on from a probe by the US Federal Reserve and Office of the Comptroller of the Currency found that there was "significant potential for unreported money laundering or terrorist financing". On 11 December 2012, HSBC agreed to pay
10272-488: Was against financial crime, and that the case "highlights the need for greater information sharing between the public and private sectors." On 1 October 2017, Mark Tucker succeeded Douglas Flint as group chairman of HSBC, the first non-executive and outside chairman appointed by the group. Also in October 2017, HSBC announced that John Flint, chief executive of Retail Banking and Wealth Management, would succeed Stuart Gulliver as Group Chief Executive on 21 February 2018. It
10379-423: Was akin to that of charcoal-burning; instead of a heap of prepared wood, covered with twigs, leaves and earth, there was a heap of coal, covered with coke dust. The hearth process continued to be used in many areas during the first half of the 19th century, but two events greatly lessened its importance. These were the invention of the hot blast in iron-smelting and the introduction of the beehive coke oven. The use of
10486-512: Was appointed chief executive of HSBC Bank plc after Brian Robertson's resignation. Keir's duties include overseeing the firm's UK, European, Middle Eastern, and African divisions. In June 2014, an indirect wholly-owned subsidiary HSBC Life (UK) Limited agreed to sell its £4.2 billion UK pensions business to Swiss Re . In February 2015 the International Consortium of Investigative Journalists released information about
10593-526: Was further announced on 5 August 2019 that Flint was leaving and his role would be filled on a temporary basis by Noel Quinn, head of HSBC's global commercial bank. Noel Quinn was subsequently appointed to the role on a permanent basis in March 2020. In February 2020, HSBC announced it would cut 35,000 jobs worldwide after it was announced corporate profits decreased by 33% in 2019. In 2020, HSBC announced merging two of its business lines: Retail Banking and Wealth Management & Global Private Banking to form
10700-459: Was given off was stored in gas holders , to be used domestically and industrially for cooking, heating and lighting. The gas was commonly known as " town gas " since underground networks of pipes ran through most towns. It was replaced by " natural gas " (initially from the North Sea oil and gas fields) in the decade after 1967. Other byproducts of coke production included tar and ammonia, while
10807-405: Was granted its independence from Malaysia. Three people were killed, 33 injured, and the two Indonesian military officers responsible for the bombing were tried and executed. The present building in Hong Kong was designed by Sir Norman Foster and was held as one of the most expensive and technologically advanced buildings in the world in 1986, costing HK$ 5.3 billion. On 6 October 1989, it
10914-478: Was initially just discarded. Later, however, coke oven slag was found to be useful, and has since been used as an ingredient in brick-making, mixed cement, granule-covered shingles, and even as a fertilizer. People can be exposed to coke oven emissions in the workplace by inhalation, skin contact, or eye contact. For the United States, the Occupational Safety and Health Administration (OSHA) has set
11021-464: Was not employed until 1642, when coke was used for roasting malt in Derbyshire ; previously, brewers had used wood, as uncoked coal cannot be used in brewing because its sulphurous fumes would impart a foul taste to the beer . It was considered an improvement in quality, and brought about an "alteration which all England admired"—the coke process allowed for a lighter roast of the malt, leading to
11128-513: Was not technically possible to achieve until the firebox arch came into use, but burning coke, with its low smoke emissions, was considered to meet the requirement. This rule was quietly dropped, and cheaper coal became the normal fuel, as railways gained acceptance among the public. The smoke plume produced by a travelling locomotive seems now to be a mark of a steam railway, and so preserved for posterity. So-called "gas works" produced coke by heating coal in enclosed chambers. The flammable gas that
11235-485: Was planned. HSBC would no longer seek to be 'the world's local bank', as costs associated with this were spiraling and US$ 3.5 billion needed to be saved by 2013, with the aim of bringing overheads down from 55% of revenues to 48%. In 2010, then-chairman Stephen Green planned to depart HSBC to accept a government appointment in the Trade Ministry. Group Chief Executive Michael Geoghegan was expected to become
11342-595: Was registered as a regulated bank with the Banking Commissioner of the Government of Hong Kong . HSBC Holdings plc, originally incorporated in England and Wales, was a non-trading, dormant shelf company when it completed its transformation on 25 March 1991 into the parent holding company to the Hongkong and Shanghai Banking Corporation Limited now as a subsidiary, in preparation for its purchase of
11449-424: Was succeeded as chief executive by Stuart Gulliver , while Green was succeeded as chairman by Douglas Flint ; Flint was serving as HSBC's finance director (chief financial officer). August 2011: Further to CEO Stuart Gulliver's plan to cut $ 3.5 billion in costs over the next two years, HSBC announced that it will cut 25,000 jobs and exit from 20 countries by 2013 in addition to 5,000 job cuts announced earlier in
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