In brief: HSBC Holdings to cut jobs and shift toward Asia

LONDO N – HSBC Holdings, Europe’s largest bank by market value, will cut up to 25,000 jobs globally to reduce costs and shift its center of gravity further toward the fast-growing Asian economies where it started operations 150 years ago.

The London-based bank, which is worth $184 billion, about the same as U.S. giant Bank of America, said Tuesday it is “redeploying resources to capture expected future growth opportunities.”

The bank, which has suffered a series of scandals and fines in Europe and the U.S., wants to capitalize on Asia’s rapidly expanding class of newly wealthy by growing its asset management and insurance businesses.

Xbox One edition will double capacity

SEATTLE – Microsoft will release an edition of its Xbox One that comes with one terabyte – 1,000 gigabytes – of hard drive space, double the gaming console’s previous capacity of 500 GB.

The console will be shipped to retailers in the U.S. beginning Tuesday, the first day of the E3 gaming trade show in Los Angeles. Shipments to unspecified other markets will follow later in the month.

The 1TB Xbox One will be available for $399, the same price as Sony’s 500 GB PlayStation 4.

From White House to Golden Arches

OAK BROOK, Ill. – McDonald’s has named former White House press secretary Robert Gibbs as its global chief communications officer, as the fast-food giant looks to improve its image.

The world’s biggest hamburger chain said Tuesday that Gibbs will manage the company’s communications and government affairs and help to improve its well-known brand. He replaces Bridget Coffing, who announced her retirement earlier this year.

Gibbs served as President Obama’s first White House press secretary and as a senior adviser during the president’s re-election campaign.

Cholesterol drug approved by panel

GAITHERSBURG, Md. – Federal health advisers on Tuesday recommended approval for a highly anticipated cholesterol drug from Sanofi and Regeneron Pharmaceuticals, but with the caveat that more data is needed about its long-term ability to reduce heart attacks.

The expert panel recommended by a 13-3 vote that the Food and Drug Administration approve the injectable drug, called Praluent.

But in an unexpected development, a number of panelists said the drug should only be used in patients with abnormally high cholesterol levels caused by an inherited disorder. Those panelists said they wanted to see more data about whether the drug ultimately reduces heart problems, before it is used more broadly.