Reuters - Money

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Tuesday, November 21, 2017

Hong Kong tribunal fines HSBC private bank $51 million for Lehman-linked products

HONG KONG (Reuters) - A Hong Kong tribunal on Tuesday imposed a record fine of HK$400 million ($51 million) on the private banking unit of HSBC in a case related to the sale of Lehman Brothers-linked structured financial products between 2003 and 2008.

Rising Medicare costs leave many U.S. seniors with a flat COLA

CHICAGO (Reuters) - Millicent Graves will get a raise from Social Security next year, but her household budget will get worse, not better.

Economist Dan Ariely has a fix for our financial foibles

NEW YORK(Reuters) - No offense, but you are probably dumb with money.

Prospect of post-Brexit boom sparks worry as well as celebration in Frankfurt

FRANKFURT (Reuters) - The prospect of bankers pouring into Frankfurt from post-Brexit Britain has worried local residents anxious about the effect on an already dire housing shortage but also energized leftist groups looking to advance their anti-capitalist ideology.

Global banks flag concerns over U.S. Senate tax proposal

WASHINGTON (Reuters) - Global banks raised concerns on Friday over a provision in the U.S. Senate tax bill aimed at cracking down on tax avoidance by multinational corporations that they said could hurt the banking industry.

Wells Fargo consumer lending head axed after disparaging regulators: source

NEW YORK/WASHINGTON (Reuters) - Wells Fargo & Co announced on Friday it fired its head of consumer lending, a move that people familiar with the matter said was because he disparaged a bank regulator to a fired employee.

China sets sweeping new rules to regulate $15 trillion asset management products

BEIJING (Reuters) - China's central bank on Friday issued sweeping guidelines to tighten rules on asset management business, the latest step by Beijing to fend off systemic risks in the country's rampantly growing shadow banking sector.

Hedge fund bet on Glencore backfires with $100 million loss

LONDON (Reuters) - London hedge fund giant Lansdowne Partners lost $100 million from a long-term bet against Glencore this year after the spectacular recovery of the miner took some by surprise. For Lansdowne, that bet had generated returns in 2014 and 2015, when Glencore more than other major miners was dragged down by falling commodity prices and concerns about its level of debt. But so far this year, Glencore's shares have risen 29 percent, from 278 to 354 pence, making it the top-perfo

Barnes & Noble says investor's plan to take it private not 'bona fide'

(Reuters) - Barnes & Noble Inc said on Thursday a deal proposed by an activist investor to take the bookstore chain private was not "bona fide" as its chairman and founder, Leonard Riggio, would not participate and raising the required funds was highly unlikely.

Mistrial in NY corruption case against union chief, hedge fund executive

NEW YORK (Reuters) - A U.S. judge on Thursday ordered a mistrial in the corruption case against the former head of New York City's correction officers' union and a co-founder of the now-defunct hedge fund firm Platinum Partners, after jurors said they were deadlocked.