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16 MINS AGO - New York Times

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HSBC Profit Falls 4% in Second Quarter as Bank Retrenches

The British lender announced plans in June to shed jobs and sell underperforming businesses as it seeks to cut $5 billion in annual costs by 2017.

Tags: HSBC Profit Falls 4% in Second Quarter as Bank Retrenches,  Bank Latest News

7 MINS AGO - Business Insider

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Greece's industry has been absolutely obliterated by the bank and bailout turmoil

Greece's manufacturing sector was absolutely trashed in July, as capital controls were introduced and bailout negotiations reached their dramatic climax — Markit's latest survey of Greek industrialists confirms that firms have seen their output collapse.  The purchasing managers' index (PMI) score went through the floor, and employment fell at the fastest rate in Markit's 16 years of measuring the Greek manufacturing ...

Tags: Greece's industry has been absolutely obliterated by the bank and bailout turmoil,  Bank Latest News

27 MINS AGO - Business Insider

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HSBC is expecting to get hammered by more huge fines in the FX manipulation scandal

HSBC is putting aside $1.3 billion (£830 million) to cover settlements and court actions covering allegations the bank manipulated benchmarks used to price foreign exchange trades. HSBC paid out around £390 million ($$610 million) in November to the UK and US financial watchdogs over accusations it rigged currency prices, but there are more investigations in the works. There's "a criminal investigation ...

Tags: HSBC is expecting to get hammered by more huge fines in the FX manipulation scandal,  Bank Latest News

27 MINS AGO - Business Insider

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The terrible state of Asia's manufacturing sector in one chart

Asia’s manufacturing sector, with the exception of Japan, began the second half of the year as it ended the first – deep in contraction. The chart below shows the manufacturing PMI readings for China, Japan, South Korea, Taiwan, and Indonesia – some of the largest manufacturing nations globally. China, the largest manufacturing nation globally, saw activity contract at the fastest ...

Tags: The terrible state of Asia's manufacturing sector in one chart,  Bank Latest News

27 MINS AGO - Zero Hedge

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Monetary Metals Supply and Demand Report 2 Aug

You cannot understand gold if you think it goes up and down, that the dollar is money and therefore the measure of all things, including gold. This is a very bold statement, so let’s look a little closer. Mainstream articles often ask the question if gold is a good inflation hedge, which means: does gold go up as much as ...

Tags: Monetary Metals Supply and Demand Report 2 Aug,  Bank Latest News