Negative news building..slowly!!!!!

http://www.bloomberg.com/news/ COVERS TOP stories….

HSBC in Settlement Talks With U.S. Over Money Laundering

HSBC Holdings Plc, which is under investigation by U.S. regulators for laundering funds of sanctioned nations including Iran and Sudan, is in talks to settle the matter, two people with knowledge of the case said.

The bank, Europe’s largest by market value, made a $700 million provision in July for any U.S. fines after a Senate Committee found it had given terrorists and drug cartels access to the U.S. financial system. That sum might increase, Chief Executive Officer Stuart Gulliver has said...

A classic story, ..we need to understand how aged banks also resort for certain practices…..

Apple-Samsung Jury May Have Leaned on Engineer, Patent Holder

Jurors who zipped through more than 600 questions in three days to arrive at their verdict in the intellectual-property battle between Apple Inc. and Samsung Electronics Co. had as their leader an engineer with a patent to his name…..

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'HSBC involved with drug cartels'

New Delhi: US prosecutors, who have launched an investigation into the money transaction by some global banks, suspect HSBC could have laundered money for Mexican drug cartels and moved cash for Saudi Arabian banks with ties to terrorists.

According to a New York Times report, Federal authorities, with knowledge of the investigation, said federal and state prosecutors are also investigating whether HSBC flouted US law by transferring money through its American subsidiary for sanctioned nations, including Iran, Sudan and North Korea….http://www.financialexpress.com/news/hsbc-involved-with-drug-cartels/993057/

New Delhi: Foreign direct investment (FDI) in India plunged by over 78 per cent in June, the third straight monthly fall, to USD 1.24 billion, from USD 5.65 billion in the year-ago period, reflecting the impact of slowing global economy.

Experts have attributed the contraction in foreign inflows to global and domestic economic problems and asked the government to push big-ticket reforms to restore the confidence of global investors. http://www.financialexpress.com/news/fdi-inflows-78-to-usd-1.24-bn/992739/

Europe’s big bang for bank rules set to sputter in 2013

REUTERS Frankfurt/London: A hoped-for big bang start next year for new rules to make banks safer is set to sputter in Europe, creating more uncertainty in a sector struggling to win back investor confidence lost in the financial crisis. Basel III, the core reform of global banking rules hammered out following the 2007-2009 financial meltdown, starts on January 1….   http://www.financialexpress.com/news/europes-big-bang-for-bank-rules-set-to-sputter-in-2013/992735/

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China confronts mounting piles of unsold goods

 

Guangzhou: After three decades of torrid growth, China is encountering an unfamiliar problem with its newly struggling economy: a huge buildup of unsold goods that is cluttering shop floors, clogging car dealerships and filling factory warehouses. The glut of everything from steel and household appliances to cars and apartments is hampering China’s efforts to emerge from a sharp economic slowdown. It has also produced a series of price wars and has led manufacturers to redouble efforts to export what they cannot sell at home. http://www.financialexpress.com/news/china-confronts-mounting-piles-of-unsold-goods/992732/