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  • HSBC must face U.S. lawsuit over failed credit unions Tuesday, 21 Jul 2015 | 12:30 PM ET

    NEW YORK, July 21- A federal judge rejected HSBC Holdings Plc's bid to dismiss a U.S. lawsuit claiming that its failure to perform its duties as trustee for $2.37 billion of residential mortgage-backed securities contributed to the downfall of five federal credit unions. District Judge Shira Scheindlin in Manhattan on Monday night said the National Credit...

  • WASHINGTON, July 21- The Federal Reserve on Tuesday told China Construction Bank Corp to ramp up its anti-money laundering framework, the first enforcement action by the U.S. central bank against one of China's four largest state-owned banks. It is the first time the Fed has taken an enforcement action against CCB, according to the Fed's website, where a database...

  • LONDON, July 21- Britain's finance minister George Osborne launched a new front in his austerity push on Tuesday as he challenged some government departments to find spending cuts of up to 40 percent by the end of the decade. "This spending review is the next step in our plan to eliminate the deficit, run a surplus and ensure Britain lives within its means," Osborne...

  • Price of gold falls to lowest level in five years Monday, 20 Jul 2015 | 12:42 PM ET

    The U.S. economy has been on firmer footing, and tumult in China's markets and Greece's debt crisis have failed to restore the metal's appeal as a haven from global turmoil. The price of gold had surged in the years immediately after the 2008 financial crisis, topping out at nearly $1,900 an ounce in August 2011, as investors anticipated that the Federal Reserve's...

  • July 17- Wells Fargo& Co on Friday won the dismissal of a lawsuit by Cook County, Illinois that accused the largest U.S. mortgage lender of violating the federal Fair Housing Act by engaging in predatory lending practices in the Chicago area. Cook County, which includes Chicago, accused Wells Fargo of targeting tens of thousands of black, Hispanic and female...

  • UPDATE 3-Head of UK financial watchdog quits early Friday, 17 Jul 2015 | 10:12 AM ET

    *Martin Wheatley had been due to step down in March 2016. LONDON, July 17- The head of Britain's financial watchdog is stepping down early in a move some industry watchers said was a sign the government wants to take a less confrontational stance towards banks. Sources familiar with the matter said Martin Wheatley, viewed as a hardliner in regulatory terms, had...

  • LONDON, July 17- Amid all the uncertainty swirling around financial markets, one clear picture is emerging for investors: U.S. and UK interest rates will soon rise, while most of the rest of the world is easing monetary policy. Federal Reserve chair Janet Yellen and Bank of England governor Mark Carney this week gave their strongest indications to date that they...

  • LONDON, July 17- Emerging market shares were poised to end the week in the black after hitting a one-week high on Friday, lifted by a 4 percent rise in China and the Greek bailout deal that also boosted Eastern European currencies. The broader MSCI emerging market stock index rose 0.3 percent on the day and looked to snap a two-week losing streak after China...

  • LONDON, July 16- Ex-trader Tom Hayes on Thursday told a London court where he is on trial for rigging Libor that his attempts to influence benchmark interest rates had resulted in "random" outcomes that had not benefited his trading positions over time. In cross-examination, prosecutor Mukul Chawla asked Hayes questions about an electronic chat dated July 2009...

  • *Many sanctions on Iran likely to stay for months. *UK not recommending insurance trade with Iran yet. LONDON/ FRANKFURT, July 16- International banks and most insurers are likely to steer clear of dealing with Iran for some time, fearing they could face more fines from U.S. regulators despite this week's nuclear deal between world powers and Tehran.

  • Mercantil Bank AG will pay $1.172 million, Banque Cantonale Neuchâteloise will pay $1.123 million and Nidwaldner Kantonalbank will pay $856,000, the U.S. Justice Department said on Thursday. The United States is still conducting criminal investigations of other banks exempt from the Swiss bank program, including Julius Baer and HSBC's Swiss private bank.

  • The government surprised banks earlier this month by announcing a new 8 percent surcharge on profits from January, sending shares in new banks like Aldemore, Virgin Money and Shawbrook tumbling. A levy on the balance sheets of large banks like HSBC would, however, be slashed and the basic corporate tax rate for all lenders cut as well. She said it was important to...

  • SARVE, India, July 16- Farmers in India run the risk of planting too much, too fast in the current monsoon season as an unexpected dry spell starts to wilt crops across the country, raising fears of lower yields and surging food prices in a mostly impoverished nation. Food prices are a political hot potato in India, where more than a quarter of its population of 1.2...

  • WELLINGTON, July 16- New Zealand's central bank looks set to be forced into more aggressive interest rate cuts to support a flagging economy beset by crumbling dairy prices, sliding sentiment and low inflation. "We were already expecting a 25 basis point cut next week and stick to that call, although a straight 50 bps cut is now a real possibility," said HSBC chief...

  • BRASILIA, July 15- Brazil's investigation of an alleged currency cartel formed by 15 of the world's largest banks could expand to more financial institutions but it is unlikely to result in trading bans, the head of antitrust watchdog Cade told Reuters on Wednesday. Vinicius Carvalho, making his first public comments on the investigation, said the case was...

  • *Silver prices fall nearly 2 percent. LONDON, July 15- Gold prices fell to four-month lows on Wednesday, extending losses for a third session as Federal Reserve Chair Janet Yellen said the U.S. central bank remains on track to raise interest rates this year. Spot gold was down 0.6 percent at $1,147.43 an ounce at 1402 GMT, while U.S. gold futures for August delivery...

  • *Greece to vote on bailout deal. LONDON, July 15- European shares edged lower on Wednesday on lingering uncertainty over Greece and a tumble in bearings maker SKF after it warned of weaker demand. The pan-European FTSEurofirst 300 index was down 0.1 percent at 1,578.69 points by 0822 GMT, while the euro zone's Euro STOXX 50 index edged 0.2 percent lower.

  • *UK tap-and-go payments have surged in recent years. LONDON, July 14- Apple introduced its mobile payments service to Britain on Tuesday as Barclays became the last major UK bank to sign up for the U.S. tech giant's effort to capitalise on the increasing comfort among British consumers with making tap-and-go purchases. "We actually think that the UK can be our...

  • *Apple Pay says Britain could become its biggest market. LONDON, July 14- Apple introduced its mobile payments service to Britain on Tuesday as Barclays confirmed its participation in the U.S. tech giant's move to capitalise on the increasing number of consumers who are comfortable making tap-and-go purchases. Tap-and-go payments have surged in recent years,...

  • LONDON, July 14- HSBC should have made deeper checks before buying a Swiss private bank that allegedly allowed customers to dodge taxes and a Mexican business that breached anti-money laundering rules, its former chairman said. We didn't get everything right, " Stephen Green told British lawmakers on Wednesday. "We had that reputation sullied by things we didn't...