Topic: HSBC Holdings plc

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  • UBS to pay $1.5 billion in fines over LIBOR rate scandal

    The Swiss bank agreed to the fine Wednesday, settling with US, British, and Swiss regulators. In the case, UBS employees tried to rig the London Interback Offered Rate, or LIBOR, using different currencies.

  • Cyberattacks on US banks resume, aiming to block their websites

    The latest cyberattack mirrors one in early fall that targeted websites of major US banks. Security experts say the attacks appear to be the handiwork of a group tied to Hamas, which the US lists as a terrorist organization. 

  • Opposition pushes 'no' vote on Egyptian referendum as 'unity' talks postponed (+video)

    Egypt's Army postponed 'unity' talks moments after the opposition coalition agreed to meet. The talks had raised hopes of an end to street protests and deadly violence.

  • HSBC to pay record $1.9 billion to settle money laundering case (+video)

    HSBC avoided a damaging legal battle Tuesday by agreeing to pay $1.9 billion to settle a US money laundering probe. The HSBC settlement will be the biggest penalty ever imposed on a bank.

  • China's economic recovery picks up pace, but for how long? (+video)

    While the global recession took a toll, China's economy is now in a sweet spot that may hold through the first half of 2013, say some analysts. But worrisome longer-term trends are surfacing.

  • HSBC money laundering fines could top $1.5B

    HSBC has set aside an additional $1.5 billion to cover US money laundering fines. Europe's biggest bank, HSBC is under fire for failing to stop money laundering in its Mexican unit. 

  • Stocks down as weak earnings drag market lower

    Stock prices dropped Friday after the release of poor corporate earning reports from Microsoft, General Electric and McDonald's. All 10 industry groups in the S&P 500 fell, led by materials and technology stocks.

  • Five ways big banks' Libor scandal affects you

    London, this year's host of the Olympics, is also home to a bank scandal that threatens to rock the financial world as much as the Games influence the world of sports. Here's why: Libor (London Interbank Offered Rate) is a global benchmark for interest rates that reaches deep into the international financial system. Allegations that banks rigged those rates means that everyone from mortgage-holders and indebted students to cities and mutual funds may have had their interest rates unnaturally altered. Already tainted by other scandals, banks are under investigation because of charges that they profited illegally from their rate-rigging scheme. The mess further taints big banks and puts more strain on the credibility of the global financial system. Here are five ways the Libor scandal could affect you:

  • China manufacturing slows. Asian stocks fall.

    Chinese manufacturing is still contracting, but HSBC flash PMI suggests that the sector is starting to stabilize. Shanghai, Hong Kong, Tokyo, and Australian exchanges all fall after weak Chinese manufacturing data. 

  • Jobless claims rise. Wait, that's good news?

    Jobless claims were projected to drop last week, but they rose unexpectedly instead. But despite the scary numbers, the jobless claims data may include signs that the economy is making forward progress.