HSBC Swiss unit to pay $192 mln in latest U.S. tax evasion deal
Trouble for the Swiss private banking unit of HSBC Holdings Plc HSBA.L. ... - Continue reading
Category: HSBC Holdings PLC
Spanish Judge Releases HSBC Whistleblower on Bail
Switzerland’s Ministry of Justice on Thursday said it has formally asked Spain for the extradition of Herve Falciani, a former HSBC Holdings PLC employee who was arrested a day earlier by Spanish police acting on an global warrant. He was arrested on Wednesday in Madrid when he was going to… – Continue reading
Hervé Falciani — The SwissLeaks Whistleblower
Most people with undisclosed Swiss bank accounts have, by definition, something to hide. Secrets, however, sometimes don’t remain secret, especially when they involve someone else’s money. While disclosing the names and financial details of Swiss bank account holders has recently come into vogue, a whistleblower may have just as murky… – Continue reading
Mexico’s 16% Discount for Paying Cash Shows Tax Evasion’s Allure
On a warm afternoon last month, Mexican central bank Governor Agustin Carstens looked out over sun-drenched piles of dirt and construction equipment near Guadalajara and hailed the groundbreaking of a new currency-printing plant as a sign of a solid economy. There’s one catalyst for rising cash demand that isn’t a… – Continue reading
HSBC Nemesis Falciani Mocks Swiss Justice a Mile From Border
Herve Falciani, the Frenchman wanted on charges of industrial espionage in Switzerland, has opted to skip his trial at the country’s top court and instead plead his case before a jury of journalists at a French hotel, less than a mile from the Swiss border. The Frenchman was the star… – Continue reading
Offshore Yuan Rises on Stability Bets as Xi Pushes Global Usage
The yuan rose the most in almost a week in offshore trading on speculation Chinese authorities will prevent depreciation as President Xi Jinping promotes the currency’s use in global trade and finance during a trip to the U.K. this week. The People’s Bank of China sold debt overseas for the… – Continue reading
China Thwarts Morgan Stanley, UBS as It Opens Yuan Bond Market
When it comes to opening its $5.7 trillion bond market to global central banks, China is rolling out the red carpet. The world’s top underwriters are struggling to get in the back door. Morgan Stanley set up a joint venture that’s helped manage 30.2 billion yuan ($4.9 billion) of note… – Continue reading
Here’s Why HSBC Holdings Plc (ADR) (HSBC) Is In Trouble
Legal problems have caused a serious strain on the credibility of Europe’s biggest bank HSBC Holdings plc (ADR) (NYSE:HSBC), which is currently up by 0.34% and trading at $44.69, has found itself at the center of a series of serious legal and possibly criminal tangles in recent years. Tax evasion,… – Continue reading
Miliband Vow to Tackle Tax Loophole Seen Hurting City of London
Labour Party leader Ed Miliband’s vow to close a tax loophole sparked fresh scrutiny on wealthy residents and drew warnings the plan could threaten London as one of the world’s major financial centers. Miliband pledged on Wednesday to abolish the non-domicile status if he’s elected on May 7, allowing some… – Continue reading
Belgium Accuses HSBC of Facilitating Tax Evasion
BRUSSELS—A Belgian judge on Monday formally accused a Swiss unit of banking giant HSBC Holdings PLC with helping wealthy Belgians evade taxes on billions of dollars of offshore holdings, the latest of numerous tax-fraud investigations to hit the Swiss banking industry.
Regulators fine global banks $4.3 billion in currency investigation
(Reuters) – Regulators fined six major banks a total of $4.3 billion for failing to stop traders from trying to manipulate the foreign exchange market, following a yearlong global investigation. HSBC Holdings Plc, Royal Bank of Scotland Group Plc, JPMorgan Chase & Co, Citigroup Inc, UBS AG and Bank of… – Continue reading
