U.S. Secretary of State Mike Pompeo says Huawei CFO Meng Wanzhou, who is under house arrest in Canada and facing extradition to America, is not a bargaining chip in the trade...Technologyread more
Arturo Estrella has a message for recession naysayers: It could hit sooner than you think.Marketsread more
Local governments commonly share single service providers, making many vulnerable at once. On top of this, ransomware has often been used to mask more targeted, malicious...Technologyread more
Fed Chairman Jerome Powell faces the tough challenge of presenting a unified voice on Fed policy from the most divided Fed in years.Market Insiderread more
Meanwhile, investors look ahead to Fed Chair Jerome Powell's speech at a yearly central banking symposium in Jackson Hole, Wyoming.Asia Marketsread more
The office has long been a breeding ground for budding romances. But actively going into business with your other half is another thing entirely.Successread more
Salesforce released its first earnings report since its $15.3 billion acquisition of Tableau Software, the company's largest deal ever.Technologyread more
Kudlow also confirmed to CNBC that he supported a tax cut proposal floated earlier Thursday by Sen. Rick Scott, R-Fla.Politicsread more
VMware is following through on its proposal to buy Pivotal, a fellow Dell subsidiary, and expanding into cybersecurity with the acquisition of Carbon Black.Technologyread more
Google says it shut down hundreds of YouTube channels tied to misinformation around the Hong Kong protests.Technologyread more
It is a rare scenario where long-term interest rates suddenly fall below short-term interest rates.Real Estateread more
In the saga involving the recent arrest of Huawei CFO Meng Wanzhou in Canada, questions have surfaced as to whether U.K. banking giant HSBC will be named in the legal case.
According to a story in the Wall Street Journal, a monitor appointed by the U.S. government to oversee HSBC's anti money-laundering controls flagged illicit transactions made by Huawei at the bank and shared them with New York prosecutors. That led to the arrest Saturday of Meng, potentially for violating U.S. sanctions that prohibit Huawei from selling equipment to Iran.
HSBC is not being investigated as part of the case, according to a person familiar with the matter, who asked not to be named because the matter is confidential.
However, HSBC's broader involvement could further complicate trade talks between the U.S. and China. Even though the bank is headquartered in the U.K., HSBC (originally known as the Hongkong and Shanghai Banking Corporation) is one of China's most influential companies and has one of the largest foreign-owned banking networks on the mainland. HSBC incorporated locally in China in 2007.
Additionally, HSBC has had its share of encounters with U.S. authorities.
In 2012, the bank forfeited $1.9 billion to U.S. authorities for its role in allegedly laundering money from drug cartels as well as Iran, Cuba, Libya, Sudan and Burma, countries that were all sanctioned. The agreement also led to the federal monitorship of the company's anti-money laundering organization in the U.S.
As far back as the 1990s, HSBC groups allegedly "worked with sanctioned entities to insert cautionary notes in payment messages," including not mentioning Iran, according to the 2012 agreement.
Huawei has been under scrutiny since at least 2012 for accepting money from Iran and, according to a House Intelligence Committee Report, not complying with a federal investigation into the issue.