HSBC to refund excessive foreign currency fees
26th Nov 2014 13:50
HSBC will refund customers in certain Middle Eastern and North African countries for charging excessive foreign currency fees on debit and credit card transactions. According to Reuters, the decision was made following an internal review of the bank's terms and conditions for forex fees on debit and
Read moreWednesday newspaper round-up: BG, Apple, Opec, Microsoft
26th Nov 2014 06:51
The Guardian reports that The Institute of Directors has attacked the £25m pay deal promised to the new boss of oil and gas group BG, claiming it damaged the reputation of corporate Britain, and asked the company's shareholders to block the proposed package. On Tuesday, Apple set a record by becomin
Read moreUS Justice Department to interview London forex traders over rigging
25th Nov 2014 09:11
US Department of Justice prosecutors are stepping up their major investigation into banks' rigging of the forex markets, conducting interviews with London traders in the coming weeks. Officials from the US Department of Justice will interview current and former bank staff at several UK banks as part
Read moreHSBC's Swiss private bank facing tax probe
21st Nov 2014 15:57
France has launched a formal investigation into suspected tax avoidance involving the Swiss private banking arm of HSBC, it emerged on Friday. French magistrates are looking into allegations about whether HSBC Private Bank helped certain customers to avoid paying tax between 2006 and 2007. The bank
Read moreHSBC's private banking arm charged with tax fraud in Belgium
17th Nov 2014 18:29
HSBC's private banking arm is facing charges of tax fraud by Belgium authorities. The Switzerland-based bank is accused of enabling more than 1,000 Belgians dodge taxes by transferring money to offshore tax havens. Brussels authorities said the bank had "knowingly eased and promoted fiscal fraud by
Read moreHSBC loses 2.7m customers' data in Turkey cyber-attack
13th Nov 2014 18:21
HSBC's Turkish unit revealed it lost the data of 2.7m of its customers in a cyber-attack similar to the one that hit JP Morgan Chase & Co. The attack resulted in the theft of data on cards and related bank accounts, HSBC said in a statement on Thursday, adding the breach was limited to Turkey and di
Read moreLondon close: UK stocks snap winning streak on banking fine, BoE outlook
12th Nov 2014 16:20
News of a big fine in the banking sector and gloomy comments from the Bank of England (BoE) weighed on UK equities on Wednesday, with London's stock market finishing lower for the first time in six sessions. A weak start on Wall Street was also pressuring stocks as the benchmark S&P 500 and Dow Jone
Read moreLondon midday: Stocks retreat from six-week high on earnings, BoE outlook
12th Nov 2014 12:05
UK equities pulled back from a six-week high on Wednesday as a string of disappointing corporate earnings and a gloomier outlook by the Bank of England dampened sentiment. News of a massive fine in the banking sector also caused blue-chip lenders to fall sharply on London's stock market. The FTSE 1
Read moreLondon open: FTSE snaps five-day winning streak ahead of Inflation Report, banks fall
12th Nov 2014 08:33
UK stocks declined on Wednesday, snapping a five-day winning streak that sent the FTSE 100 to a six-week high, as investors digested a wave of corporate earnings and awaited the Bank of England's (BoE) Inflation Report. News of a massive fine across the UK banking sector was also dragging high stree
Read moreFCA fines five banks £1.1bn for forex rigging but legal claims could be larger - UPDATE
12th Nov 2014 07:06
The Financial Conduct Authority (FCA) has issued its largest ever fine, slapping a £1.1bn penalty on five banks for rigging forex markets, with Barclays yet to settle, with lawyers also warning that potential further legal action could dwarf these fines. The UK regulator fined Citibank £225.6m, HSBC
Read moreWednesday newspaper round up: NATO, LNG, FCA
11th Nov 2014 16:57
Year-to-date North Atlantic Treaty Organisation fighters have flown over 100 interception sorties against Russian bombers and surveillance aircraft, having hit a peak over the past fortnight. The above, together with recent Russian military activity in Ukraine are increasing fears of a wider conflic
Read moreBanks braced for forex rigging fines in UK and US this week
11th Nov 2014 11:25
Banks in the UK are braced to receive between £1bn and £2bn of fines this week for allegedly rigging currency markets, while US regulators are also expected to reach settlements before Friday. Six banks in the UK - Barclays, Citi, HSBC, JPMorgan Chase, the Royal Bank of Scotland and UBS - have confi
Read moreTuesday broker round-up UPDATE
11th Nov 2014 09:55
AdEPT Telecom: WH Ireland moves target price from 170p to 185p, keeping its buy recommendation. Northland moves target price from 165p to 175p and maintains a buy recommendation. Betfair: JP Morgan raises target price from 1175p to 1350p and upgrades from neutral to overweight. BHP Billiton: JP Mor
Read moreMonday newspaper round-up: Economic recovery, London, Banks
10th Nov 2014 06:46
The economic recovery will continue over the next two years, leading to average wage rises for all workers - not just certain professions - finally outstripping inflation in both 2015 and 2016, according to the employers' organisation the CBI. But the recovery could be put at risk if the eurozone's
Read moreFriday broker round-up UPDATE
7th Nov 2014 09:44
AstraZeneca: Deutsche Bank increases target price from 4100p to 4350p and reiterates its hold recommendation. AVEVA: Societe Generale reduces target price from 2250p to 2000p, while keeping its buy recommendation. Big Yellow Group: Citi raises target price from 470p to 540p and maintains its neutra
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