China's Secret Vaults: Where Is All The Missing Gold?

China has recently become the world’s largest consumer of gold. Uniquely, it also ranks as both the largest producer and the biggest importer of gold. Yet a big question surrounds the true state of the Chinese demand for gold; the answer would determine how global gold prices are likely to fare. The expectation that Chinese investors […]

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Barclays drops in London after gold-fix lawsuit

The FTSE 100 index UK:UKX +0.22%  dropped 0.4% to 6,664.06, setting it on track for a a third straight session of losses. Shares of Barclays PLC UK:BARC -2.09%   BCS -2.54%  dropped 2.7%. According to The Wall Street Journal, AIS Capital Management has filed a lawsuit against the five banks that set the London gold fix, which includes Barclays, claiming that the banks conspired […]

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HSBC Gets Small Fine For Terrorist Transactions

A major U.S. bank has agreed to a settlement for transferring funds on the behalf of financiers for the militant group Hezbollah, the Treasury Department announced on Tuesday. Concluding that HSBC’s actions “were not the result of willful or reckless conduct,” Treasury’s Office of Foreign Assets Control accepted a $32,400 settlement from the bank. Treasury noted, […]

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HSBC unit to pay $2.5 billion in fraud case

A division of Europe’s HSBC has been ordered to pay about $2.46 billion in a class action lawsuit claiming it violated federal securities laws. Lawyers for the plaintiffs said that the judgment, which includes $1.48 billion in damages and nearly $1 billion in prejudgment interest, was the biggest ever following a securities fraud class action […]

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More trouble in store for UK banks

“HSBC has already been fined £1.2bn for breaching money-laundering rules and Royal Bank of Scotland and Barclays hit with major penalties for rigging Libor, but over the past two weeks Britain’s major banks have warned shareholders of the wide range of investigations they still face that could lead to even more fines. Some of the […]

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