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.
All Content
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Steve Cohen gets subpoena in US insider trading probe
Steve Cohen has received a subpoena to testify before a grand jury in a federal insider trading investigation at his hedge fund, SAC Capital Advisers. Steve Cohen's subpoena puzzles defense lawyers.
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Stash your cash in Switzerland? US and Europe push to make it harder.
A Spanish court ruling and investigations spurred by whistleblowers are aimed at scaring tax evaders and raising revenue. One watchdog's list could lead to some 300 billion euros in tax havens.
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HSBC profits double after restructuring
HSBC saw its net profits more than double in the first quarter, jumping to $6.35 billion from $2.58 billion in the same period of 2012. HSBC has made important progress in increasing revenue and reducing costs, cutting some 40,000 jobs out of a workforce of 300,000 since 2011.
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Southern Europe digs in against further austerity, as IMF calls for relief
But the EU has little room to give, as Europe waits for signals from September elections in Germany – the ultimate decider of Europe's economic direction.
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Stocks rise; Dow hits another record
Stocks rose on Wall Street Tuesday with the Dow Jones industrial average closing at another record high. Materials and energy stocks led the gains following a surge in prices for commodities like copper.
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Backchannels In Indonesia, and Southeast Asia, the return of optimism – and the bankers.
Building booms, easy credit, and predictions that it can only get better from here. Shades of 1996.
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Latin America Monitor Argentina pushes to prosecute HSBC bankers for money laundering
The US recently fined HSBC a record $1.9 billion, but – unlike Argentina – did not pursue criminal charges.
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British PM David Cameron begins India trade trip as graft scandal erupts (+video)
Cameron's trip underlines how Europe's debt-stricken states are competing to tap into one of the world's fastest-growing economies. But Friday India said it wanted to cancel a $750 million deal for a dozen helicopters made by an Anglo-Italian company due to bribery claims.
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IMF arrives in Egypt in effort to head off currency crisis
Leading bank HSBC said that a $4.8 billion International Monetary Fund loan is 'the only thing' preventing Egypt from a currency crisis brought on by post-revolution political upheaval.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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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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.
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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.
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The New Economy Greed is (not) good. Here's a better capitalism.
Profit should not be the sole goal of business. Profit should be the byproduct of business excellence.
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Standard Chartered money-laundering deal: Did New York jump the gun?
Standard Chartered Bank will pay $340 million to New York for laundering money to Iran, but by acting before the federal government, the state took an unusual step that could ruffle feathers.
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Standard Chartered: how Iran dealings could cost bank a N.Y. license, or worse
New York regulators have accused Standard Chartered of trying to hide some $250 billion in transactions with Iranian companies. Federal authorities are also reviewing the bank's transactions.
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Standard Chartered shares plunge after Iran allegations
Standard Chartered market value plummeted by nearly $12.5 billion after the New York state regulator accused the UK bank of being involved in laundering money for Iran. The share price for Standard Chartered tanked by 23 percent.
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HSBC money laundering: Bank vows fixes. Senators doubtful.
HSBC money laundering comes under the microscope in a Senate hearing. Bank officials promise to shut down operations in the Cayman Islands, tied to HSBC money laundering.
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The Daily Reckoning A crisis veiled in public spectacle
Over the course of three odd decades, billions of dollars were lent to people who shouldn’t have been allowed to borrow lunch money. And now, there are losses in the trillions. The real question is, will the market finally be allowed to correct itself?
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