European Unemployment Drags on World Markets
World stock markets slumped Friday after a report showed unemployment hitting an all-time high across the 17 European Union countries that use the euro.
HSBC
HSBC to Pay $1.9 Billion to Settle Money-Laundering Case
HSBC agreed Tuesday to pay $1.9 billion to settle a U.S. money-laundering probe. Europe's largest bank will pay the biggest penalty ever imposed on a bank after facing accusations it transferred funds through the U.S. from Mexican drug cartels and on behalf of nations such as Iran that are under international sanctions.
Major Banks Cutting 160,000 Jobs Worldwide -- With More to Come
Major banks have announced some 160,000 job cuts worldwide since early last year, more layoffs are coming as the industry restructures. The numbers are much higher in Europe than in Asia or the United States -- and those loses will be a particularly heavy blow to Britain.
What to Do When Your Bank Branch Closes
In the past year, more than 750 bank branches in the U.S. have closed. If yours is the next one to shut its doors, there are things you need to think about -- even if you rarely set foot inside.
Role Reversal: Ratings Agencies to Face Review from the E.U.
The European Securities and Markets Authority has begun reviewing how Standard & Poor's, Fitch, and Moody's Investors Service evaluate banks, and if the big three ratings agencies aren't shaking in their boots, maybe they should be.
Chinese Businessman Makes Up a Fake U.S. Bank -- and 'Buys' It
In a China awash with fake iPhones, pirated DVDs and knockoff Louis Vuitton bags, rice trader Lin Chunping took fakery to a whole new level: He invented a U.S. bank and claimed he bought it.
The Mortgage Mess Settlement Proposal: Off to an Awful Start
A partial settlement plan has been constructed by a group of state attorneys general and federal regulators. In theory, it addresses banks' flawed mortgage servicing, modification and foreclosure practices. In reality, it just lets the banks off the hook.
HSBC's Foreclosure 'Moratorium' Has Big Holes in it
HSBC announced late last month that it had put all of its U.S. foreclosures on hold to review their documents -- back in December. So why are its lawyers still pushing cases ahead? HSBC also says it doesn't robo-sign. So why does its annual report mention foreclosure document problems that sound so much like those caused by robo-signing?
The Risks of the Mortgage Mess: The Banks' View
HSBC got plenty of attention when it disclosed that it had suspended foreclosures in its annual report Monday. But its not the only bank whose annual report made for interesting reading. The risk disclosures in banks' annual reports shed some light on their attitudes toward the mortgage mess.
HSBC Suspends U.S. Foreclosures over Documentation
Banks' paperwork problems aren't over: In its annual report, HSBC Holdings said it has suspended foreclosures in the U.S. after a government review found documentation problems.
Asian Shares Climb, HSBC Snags Pre-Earnings Report Gains
In Hong Kong HSBC shares rose 1.5% before the company's announcement early today in London that it had missed earnings estimates. The gain helped push the Hang Seng Index up 1.4.% In China the Shanghai Composite advanced 0.9% and in Japan the Nikkei 225 Index added 0.9%.
Higher Oil Prices Send Asian Shares Up
Asian investors brushed aside worries over continuously rising Chinese inflation today, focusing instead on bargain shopping. Energy companies were a major attraction as oil prices surged. Hong Kong's Hang Seng Index climbed 1.1% and China's Shanghai Composite Index advanced 0.9%. In Japan the Nikkei 225 Index edged up 0.6%.
Threat of Worsening Inflation Drags Shares Lower in China
Asian shares were mixed Monday. In China the Shanghai Composite Index fell 0.7% and in Hong Kong the Hang Seng Index edged down 0.3% as investors worried that inflation could rise further in the lead-up to Chinese New Year. However, Japan's Nikkei 225 Index climbed 0.7%.
Robo-Signing: California Dems Call for Federal Probe
The state's House Democratic delegation has asked the Justice Department, the Fed and Controller of the Currency to investigate the widespread -- and growing -- problem of faulty bank documents in foreclosure cases. One agency is taking action.
HSBC CEO Threatens to Resign if Not Promoted
HSBC CEO Michael Geoghegan has threatened to quit if not made chairman. Will the board call the hot-tempered CEO on his bluff?
Legal Briefing: Federal Recognition and Rights for Gay Marriages
The Federal Defense of Marriage Act (DOMA) bars federal recognition of same sex marriages, which means that legally married gay couples cannot get the same federal benefits as heterosexual married couples including social security benefits. At the time of the lawsuit, over 1000 federal benefits were tied to marital status.
Legal Briefing: U.S. Targets More Rich Tax Cheats
Now that they are nearly done squeezing Swiss bank UBS for information about its wealthy tax-dodging clients, the IRS and the Justice Department are moving on to new tax fraud targets: Clients of London-based bank HSBC Holdings, mostly those with ties to India and Singapore.
Japanese Consumer Lenders Soar on Nikkei
Shares of Japanese consumer lenders surged on the news that plans are in the works for Osaka to become a special business zone. This would make it exempt from heavy regulations that have long strangled Japanese lenders.
Insurers Feeling the Urge to Merge in 2010
After a painful 2008, insurance companies have made a comeback, with plenty of cash on their balance sheets. As a result, mergers and acquisitions will likely dominate the insurance and reinsurance market in 2010.