FSA Launches Probe into Top UK Banks Mis-selling Derivatives – HSBC, Lloyds, RBS, Barclays Implicated
The Financial Services Authority (FSA) launched a probe into Britain's four largest banks after Britain's Parliamentary Treasury Select Committee asked the regulator to investigate the selling of complex derivatives products to customers. The FSA is said to be focusing on four of Britain's largest banks, HSBC , Lloyds, RBS and Barclays as the groups collectively account for 95 percent of interest rate swaps; the derivatives contracts that UK businesses bought to insure themselves against unexpected hikes in interest rates. "We think there are a number of questions to answer," said Martin Wheatley, head of conduct at the FSA to the treasury committee on Wednesday
Hundreds of thousands of South Korea n cab drivers began their first nationwide strike Wednesday, demanding higher fares and cheaper fuel, prompting the authorities to run additional bus and subway services. About 220,000 of the country's 255,500 licensed cab drivers joined the protest, but transport authorities ruled out the possibility of a transportation crisis, saying cabs "are not a major part of people's daily commute," according to an AFP report.
PricewaterhouseCoopers (PwC) announced on Tuesday that the 31 remaining All GAME stores in Australia would be closed after failure to find a buyer. PwC was appointed administrator of the video games retailer after All GAME's British parent company collapsed and placed into administration
The Citigroup has reportedly said the India n rupee may dive south further to touch 60 against the US dollar. CNBC TV18, which aired the news Wednesday, said Citigroup 's negative take on the falling currency was largely on account of a "declining confidence". The group was also reported to have said that India 's four deficits -- the current account, fiscal, governance and liquidity -- have tagged the nation low in the global investor community rating
A ceremonial ringing of the bell at the Nasdaq at 11 am on Friday would mark Facebook 's entry into the stock market and also the emergence of a number of Facebook billionaires. Shares of the social networking giant are listing at $38 (£24) per share, making the company worth $104bn (£66bn) at the IPO price. The huge market capitalisation would catapult Facebook to the league of one of the biggest companies in the world.
Credit rating agency Moody's has downgraded 16 Spanish banks including two of Spain's biggest lenders, the Banco Santander and Banco Bilbao Vizcaya Argentaria (BBVA). According to a statement from Moody's, nine banks were cut three notches and seven were kept on review of the agency for further downgrades.
Holden will hit American roads again after more than 15 years of absence in the region, GM Holden reported on Friday, and the North American incarnation will come in the form of Australia's venerable sedan, the Commodore. According to Holden's engineering chief, Greg Tyus, the Australian carmaker will assemble the VF Commodore on its South Australian factory and will start shipping out early 2013
(Reuters) - Asian shares fell steeply Friday after more signs emerged of growing instability among Spanish banks and political turmoil in Greece, with the latest sluggish economic data from the United States adding to the list of risks for investors.
We struggled with this, Dear Reader. We meditated. We prayed.
Rating agency Moody's Investors Services sent yet another shockwave down the spine of the European financial industry Thursday afternoon, downgrading 16 Spanish banks after equity markets had closed in New York . The downgrades included flaggging smaller institutions as well as giants Banco Santander and BBVA, the country's two largest banks and two of the most important players in European finance. The main reason for the downgrade, according to Moody's, is the banks' exposure to the weakening Spanish economy, which affects their balance sheets and bottom lines, and also gives the government "reduced" ability to support the banks in a crisis.