Featured StoryThe HSBC fine for money laundering charges reached a record $1.92 billion as Europe's biggest bank settled charges in an agreement with the U.S. Justice Department.
The fine is the largest penalty ever imposed on a bank from the Justice Department.
The Justice Department had accused HSBC Holdings PLC of illegally laundering money for Mexican drug cartels and with violating sanctions by doing business with countries including Iran, Cuba,...
HSBC Pursues South African Bank to Claim Key Spot in African Trade Financing
European banking leader HSBC Holdings PLC (NYSE ADR: HBC) yesterday (Monday) announced it's in talks to gain a controlling stake of South Africa's Nedbank Group Ltd. (PINK ADR: NDBKY). The acquisition would expand HSBC's presence in Africa's trade growing financing market.
Europe's largest bank aims to gain 70% of Nedbank's shares and plans to bid on insurer Old Mutual PLC's (PINK...
Dubai World May Ask Banks to Take 20% "Haircut," Delay Payments to Solve its Debt Bomb
Dubai World may ask banks to take a so-called 20% "haircut" from the face values on their loans and stretch out loan maturities when it presents a restructuring plan this month. The banks may be able to avoid the haircut if they allow the state-owned investment firm to stretch payments for as long as 10...
Investment News Briefs
With our investment news briefs, Money Morning provides investors with a quick overview of the most important investing news stories from all around the world.
Reuters Poll Shows Manufacturing Decline; Treasury Pushing Banks to Stem Foreclosures; Sands Hong Kong IPO Flops; India GDP Growth Could Lead to Monetary Tightening; LatAm to Return to Growth in 2010; China Snaps Back at Currency...
Buy, Sell or Hold: HSBC Holdings PLC (NYSE: HBC) Has Absorbed the Financial Crisis' Impact and Is Now Exploiting It
In tough times, the strong get stronger, and HSBC Holdings PLC is (NYSE ADR: HBC) is cherry-picking the world. HSBC is one of my favorite banks in the world. And that feeling is shared. In fact, "the world's local bank," as they like to call themselves, is the largest recipient of deposits in the world....
Investment News Briefs
With our investment news briefs, Money Morning provides investors with a quick overview of the most important investing news stories from all around the world. Santander IPO Aiming for $7.3 Billion; Deloitte: Flat Holiday Sales; RBS Gauging $8 Billion Share Sell Interest; HBSC Downgrades Lukoil; Citi: BHP May Consider Share Buyback; Lennar Posts Another Loss;...
Banking Bellwether HSBC Forecasts a “Tough” Year
By Don MillerAssociate EditorMoney Morning Europe's biggest bank, HSBC Holdings PLC (NYSE ADR: HBC), said first quarter profits increased substantially over last year, but 2009 will be a "tough" year as bad loans increase and the economy slowly pulls out of the recession. The bank's profits benefited from record results in its investment bank and...