Broker tips: HSBC, Rio Tinto, Booker
18th Jul 2012 11:46
Galvan Research has labelled shares of global banking giant HSBC as a 'near-term sell' given the money-laundering issues that have weighed on the stock recently. "HSBC has been forced to swallow a vey large slice of humble pie following the rather damning issues with money laundering," said Andrew
Read moreBroker snap: Money-laundering issues mean HSBC's a 'sell'
18th Jul 2012 11:45
Galvan Research has labelled shares of global banking giant HSBC as a 'near-term sell' given the money-laundering issues that have weighed on the stock recently. HSBC released a statement on Tuesday admitting it "sometimes failed to meet the standards that regulators and customers expect" and said
Read moreWednesday newspaper round-up: HSBC, China, Fed
18th Jul 2012 07:08
HSBC was forced to apologise publicly today before the US Senate - and saw its compliance chief resign - over facilitating a multi-billion-dollar money-laundering operation for drug gangs, terrorists and rogue nations worldwide. Britain's biggest bank was "pervasively polluted for a long time" as it
Read moreHSBC issues grovelling apology
17th Jul 2012 15:22
Shamed banking giant HSBC has released a statement admitting it 'sometimes failed to meet the standards that regulators and customers expect' and said it 'will apologise' for its mistakes. With its tail firmly between its legs, the bank has been forced to say sorry after an investigation by the US
Read moreBanks rep reaches new low as HSBC drugs connection exposed
17th Jul 2012 09:08
HSBC, Europe's largest bank, ignored clear signs its Mexican division was being used as a conduit for billions of dollars of drug money to be transferred to the United States. That's the conclusion of a US Senate investigation into money laundering, drugs, and terrorist financing which also found H
Read moreAnother 11 banks hit by LIBOR scandal
13th Jul 2012 09:21
The LIBOR rate fixing scandal is spreading like wildfire just a few hours after it was revealed that US Secretary of the Treasury Tim Geithner wrote to the Bank of England back in 2008 regarding concerns about the possible distortion of the London Interbank Offered Rate (LIBOR) - the rate at which b
Read moreFTSE 100 movers: Miners plunge but Ashmore beats them to bottom spot
12th Jul 2012 14:39
Mining heavyweights Antofagasta, Rio Tinto, ENRC and BHP Billiton were all registering steep losses after Credit Suisse slashed target prices across the sector after lowering commodity price estimates. Rio Tinto announced this morning that its Chief Financial Officer is to retire at the end of next
Read moreHSBC could be facing billion dollar fine
12th Jul 2012 14:33
Banking giant HSBC is said to be facing a one billion dollar fine after it failed to ensure it had taken the appropriate steps to guard against the financing of terrorism and other criminal acitivity. Writing in an internal memo to his staff, Chief Executive Stuart Gulliver admitted that between 2
Read moreChairman of HSBC's UK bank retires
12th Jul 2012 12:38
Cancer-stricken Sandy Flockhart, the Chairman of HSBC's UK banking operations, it to retire at the end of the month. Flockhart, who has worked for HSBC for 37 years, will retire as a non-executive director of HSBC Holdings, the parent group of HSBC Bank; he will also step down as a director of HSBC
Read moreThursday newspaper round-up: Corn, Barclays, Lloyds
12th Jul 2012 07:07
The heatwave that has had much of the United States sweltering this summer is expected to cause severe damage to crop production in the US Midwest and push up food prices across the globe. The US Department of Agriculture cut its estimate for the corn crop yesterday by 12 per cent in response to a d
Read moreLondon midday: Stocks surge after UK production data
10th Jul 2012 11:53
- UK industrial production beats estimates - Eurogroup gives Spain more time - Oil stocks rise after Norwegian lockout prevented London's FTSE 100 index rose strongly on Tuesday morning with resource stocks and banks providing a lift after some better-than-expected UK industrial production data. U
Read moreSunday newspaper round-up: Greece, Barclays, Italy
8th Jul 2012 17:40
The new Greek Prime Minister vowed last night to get the country out of the "dead end" created by austerity policies dictated by Europe. Antonis Samaras, outlining his coalition's programme to Parliament, confirmed that the country was not on track to meet the targets set by its international credit
Read moreSFO officially launches investigation into LIBOR
6th Jul 2012 15:27
The Serious Fraud Office (SFO) confirmed on Friday that it has officially launched a criminal investigation into the now infamous LIBOR scandal involving Barclays. Prior to this point the SFO had only said that it was considering whether there was a case to bring a prosecution. On June 27th the
Read moreLondon open: Markets cautious ahead of policy decisions
4th Jul 2012 08:38
- Ex-div stocks provide a drag in London - Chinese economic data dampens the mood - US markets closed for national holiday UK stocks slipped in early trading on Wednesday with volumes expected to be light as US markets remain closed for Independence Day; investors are likely to be cautious ahead of
Read moreMonday newspaper round-up: Food prices, Chinese banks, Bad debts
2nd Jul 2012 06:49
Worries about world food prices are increasing, stoked by a 10 per cent rise in US corn and wheat prices in just a week. The jump was driven by the current spell of hot, dry weather in the US Midwest, which is suffering record-breaking temperatures in some areas. Similar weather back in 1988, creati
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