Topic: HSBC Holdings plc
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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:
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A hard landing for China? Six top economists weigh in.
China's economy grew 8.9 percent last quarter, the slowest pace in 2.5 years, and on Monday Premier Wen Jiabao cut the nation's growth target for 2012 to 7.5 percent, an eight-year low. Worries of a Chinese hard landing, defined as a sharp and sudden deceleration in growth, have gained momentum. However, China has been proactive in its efforts to prevent a hard landing. It has fine-tuned its policies to curb inflation, boost domestic consumption, and prevent a housing bubble. The Chinese government intervened heavily from 1989 to 1991 to cool its economy, causing real growth in gross domestic product to plunge to 4.1 percent in 1989, from 11.3 percent the previous year. It stepped in again in 1993. And some argue that this time around it's no different, and that the government knows exactly what it is doing. So we asked six top China analysts whether they saw a hard or soft landing scenario and what we should keep an eye on.
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Stocks rise; Mattel, Coke among earnings winners
Strong performances from a handful of companies including Barbie maker Mattel, and Coca-Cola pushed the Dow Jones average up for only the third day this month. The closely-watched index closed up 78 points to land at 12,805.
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The Monitor's View: As bank scandals add up, a need for a culture of integrity in banks
The HSBC scandal comes soon after reckless or deceitful behavior at Barclays and JPMorgan. The pattern lies in a bank culture that doesn't emphasize character enough. A survey of the industry shows why.
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The Reformed Broker Down the rabbit hole: The Barclays scandal grows
The scandal at Barclays continues to grow as emails dating back to 2005 attest to a pattern of greed and corrupt business practices. What is not well known is what the final cost could be to the world's financial institutions, and these costs could be enormous.
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Barclays scandal prompts furious public backlash in Britain
Barclays CEO Robert Diamond resigned today. As investigations of lending rate manipulation continue a government official says a 'culture that had flourished in the age of irresponsibility' must end.
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Oil prices fall as optimism over EU plan fades
Oil prices fell below $84 a barrel Monday as euphoria over the latest plans to solve the eurozone's economic woes faded. Oil prices were down $1.32 to $83.64 by late after noon Singapore time.
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Spain's biggest hurdle to a bank recovery: public distrust
Key to averting a banking collapse in Spain is persuading the public it's safe to keep money in the country – but government actions only exacerbated a loss in confidence.
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China's interest rate cut hints at sharper downturn
China's surprise cut suggests its economy or its inflation is slowing faster than expected. Rate cut includes a doubling of discount rate, encouraging banks to lend.
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The Reformed Broker Explaining the bumpy stock market
US stocks are being pushed lower by factors like uncertainly in Europe, and pulled higher by better jobs data and good news on the housing market. It can be hard to see from a day to day perspective.
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The Daily Reckoning Will taxing the rich really fix the economy?
The rich are roundly blamed for the country's economic woes. But the problems the economy faces run deeper than tax code matters.
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Taiwan set for Chinese invasion - of investors
Taiwan's economy is poised grow significantly this year as the island relaxes barriers to investment from its old rival, mainland China.
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Oil prices drop to $103 a barrel
Oil prices fell to near $103 a barrel Monday. Oil prices have been falling because of investor worries that economic growth in the US and China may slow more than previously expected.
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Stocks fall on gloomy Fed forecast
Federal Reserve policymakers said they were worried about a slowdown in hiring, pushing down stocks and Treasury prices. The Dow fell 64 points to close at 13199.
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Good news on manufacturing buoys stocks
The Dow rose 52 points to close at 13264 as a positive report on U.S. manufacturing lifted stocks to multi-year highs Monday. The Dow close was its highest since 2007.
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Stocks lower on worries about Chinese economy
The Dow slipped 78 points to close at 13046 amid signs that suggest the Chinese economy is weakening.
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Oil prices fall below $107 a barrel
Oil prices dip on concerns about China's growth. But oil prices are up from $75 a barrel in October.
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Gold prices high. But gold stocks a bargain.
Gold prices are still hovering near record territory, but gold mining stocks are at one-year lows. Expecting gold prices to rise, some analysts see gold stocks as a buy.
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Europe to Germany: your eurocrisis 'answers' don't work for us
As prosperous Germany reshapes Europe's fiscal operating system to fit the German doctrine of austerity, questions and warnings are on the rise.
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A hard landing for China? Six top economists weigh in.
China's economy grew 8.9 percent last quarter, the slowest pace in 2.5 years, and on Monday Premier Wen Jiabao cut the nation's growth target for 2012 to 7.5 percent, an eight-year low. Worries of a Chinese hard landing, defined as a sharp and sudden deceleration in growth, have gained momentum. However, China has been proactive in its efforts to prevent a hard landing. It has fine-tuned its policies to curb inflation, boost domestic consumption, and prevent a housing bubble. The Chinese government intervened heavily from 1989 to 1991 to cool its economy, causing real growth in gross domestic product to plunge to 4.1 percent in 1989, from 11.3 percent the previous year. It stepped in again in 1993. And some argue that this time around it's no different, and that the government knows exactly what it is doing. So we asked six top China analysts whether they saw a hard or soft landing scenario and what we should keep an eye on.
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The Simple Dollar Student loans or house downpayment? Where to spend $25,000.
Student loans worth $25,000 will start accruing interest in November, but a young couple wants to buy a house in 2013. Should they pay off the student loans or buy a home? See question No. 4 in this reader mailbag.
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The Daily Reckoning Debt outpacing growth and the case of Japan
Japan couldn't trick its way out of an economic meltdown, and neither can the US.
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Tiger Woods returns to form at Pebble Beach
Tiger Woods had 6 birdies for an opening round of 68 at Pebble Beach National Pro-Am. It was Tiger Woods' is back at the Pebble Beach celebrity event for the first time in a decade.
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Doubts mount as Europe struggles with next steps in euro crisis
European stocks as well as the euro dropped as optimism from last week's euro crisis summit yielded to tough questions about the EU's ability to avert fresh crises.
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As euro reels, France and Germany push to rewrite the rules
France and Germany agreed on a joint strategy to stem the European debt crisis: Rewrite the treaties that govern the eurozone.
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Markets tumble on China manufacturing data
China's manufacturing sector marked its biggest fall in three years amid eurozone woes and a weak US economy. But China appears unlikely to focus on boosting domestic consumption, which could help other countries.
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Stock futures mixed ahead of earnings
Stock futures down slightly for the Dow, S&P. But NASDAQ stock futures rise as Asia and Europe post gains.
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