HSBC, Goldman Sachs and Barclays are among the banks being investigated for gold price rigging February 24, 2015 The US is looking into whether the world's biggest banks have rigged the prices of precious metals such as gold, silver and platinum. The Department of Justice (DoJ) and Commodities and Futures Trading Commission (CFTC) have launched the investigation following of a series of scandals in which banks altered benchmark rates to make [...]
HSBC share price hits two-year low in Hong Kong February 24, 2015 HSBC shares listed on Hong Kong's Hang Seng index, tumbled as much as 3.9 per cent to HK$69.15, after it posted figures showing pre-tax profits tanked 17 per cent to $18.6bn (£12.1bn) in 2014, down from $22.5bn the year before. The bank's shares listed on the FTSE 100 closed down 4.2 per cent at 573.3p yesterday, [...]
HSBC: UK should not quit EU just as services reforms are coming February 23, 2015 Britain is threatening to leave the EU at the worst possible moment, HSBC analysts said yesterday, as key changes are on the way which will benefit the UK. Big businesses were reluctant to give their views on the Scottish referendum until the polls tightened at the last minute – and the comments sparked a backlash. But [...]
HSBC’s unhappy 150th birthday illustrates its growth: Stuart Gulliver on the highs and lows February 23, 2015 In the 1990s, Stuart Gulliver went to what look like extraordinary lengths to hide his bonus – he was paid in a Swiss account, held in the name of a Panamanian company. It looks shady, in light of the latest round of revelations of tax evasion through Swiss accounts. And the extra scrutiny comes at [...]
George Osborne challenges Ed Balls to say sorry over HSBC Swiss tax evasion scandal February 23, 2015 Chancellor George Osborne hit back at Labour over HSBC’s Swiss private bank yesterday, arguing that the wrongdoing took place and the taxman received the leaked documents under Labour, not the Tories, and Lord Green was given an advisory job by Gordon Brown. It comes after a fortnight of Labour accusing Osborne of failing to act [...]
HSBC cuts target for profitability on rising costs February 23, 2015 HSBC’S annual profits dropped by 17 per cent in 2014, and the bank’s bosses cut its targets for profitability. Much of the damage came from a $3.7bn (£2.4bn) provision covering fines and settlements, redress for customers and lower gains from disposals. Those factors contributed to the $3.9bn fall in pre-tax profits to $18.7bn for the [...]
HSBC Swiss tax evasion row is not the bank’s real problem – Bottom Line February 23, 2015 HSBC’s Swiss tax row is a sideshow. It might not feel like that to bosses – chairman Douglas Flint is facing MPs in parliament tomorrow, and chief exec Stuart Gulliver agreed he feels “shame” over the affair. But it is true nonetheless – this is not the main event for the bank. Look at [...]
New press regulator IPSO to discuss Daily Telegraph HSBC coverage concerns after Peter Oborne allegations February 23, 2015 The new press regulator will look at the concerns raised about the Daily Telegraph’s coverage of the HSBC scandal by one of its former senior journalists, City A.M. has learned. Peter Oborne resigned from his role as the Telegraph’s senior political correspondent last week. He alleges that the newspaper failed to cover HSBC with sufficient rigour [...]
HSBC woe drags FTSE as Greek drama continues – London Report February 23, 2015 A DROP in the shares of banking group HSBC held back Britain’s top equity index yesterday, although many traders still expected the UK stock market to reach record highs soon. The blue-chip FTSE 100 index closed down by 3.04 points, flat in percentage terms, at 6,912.16 points. The FTSE had risen 0.4 per cent to [...]
HSBC case: Osborne could include new tax rules in budget February 23, 2015 New measures to tackle tax avoidance look set to be included in George Osborne’s budget next month in the wake of the HSBC tax case. As Osborne made his parliamentary response to the HSBC allegations he clashed with Ed Balls, the shadow chancellor. Balls accused Osborne of negligence, which moved Osborne to claim the government [...]