Investors shocked to discover fund managers' private views

When the conversation was leaked to the public, the stock market in Shanghai quickly sank. Photo: Xinhua

The past week proved to be a scandalous one for the mainland's stock market.

Monday, 25 February, 2013, 2:49pm 2 comments

Rule of law suffers when Hong Kong targets money laundering

HSBC has been convicted in the media of money laundering in Mexico because it handled money that the US Drug Enforcement Agency has made the world believe comes from drug trafficking, although the DEA brought no such charges. Photo: Reuters

Hong Kong's efforts to tackle money laundering are under increasing strain due to a surge in the number of suspicious transactions being reported and concerns over a brain drain of investigators to the private sector.

24 Feb 2013 - 1:50am 5 comments

EU fails to agree Basel III bank rules in row over bankers' bonuses

Politicians have failed to pass caps on bankers' bonuses.

Members of the European Parliament and diplomats agreed to reconvene on February 27 after their negotiations ended without a deal on how to implement components of the Basel bank regulations in the EU.

21 Feb 2013 - 6:22am

Rise in reports of dirty money causes alarm

Jerry Chang, managing director of Barons & Co. Photo: Edward Wong

The increase was revealed as the new leaders in Beijing try to make good on their anti-corruption pledges and international banks and financial institutions attempt to restore public faith after a string of dirty-money scandals.

17 Feb 2013 - 5:22am

Societe Generale sees loss on Newedge write-down

Societe Generale has been cutting jobs and selling assets.

Societe Generale cut jobs and sold assets last year to cope with stricter international capital and liquidity rules after French banks had their access blocked to US dollar funding and European debt markets. The write-downs and litigation costs in the quarter offset a rebound in earnings at the corporate- and investment-banking unit, where the firm trimmed about 1,600 jobs after shuffling management.

14 Feb 2013 - 4:41am

Proof needed to show a crime has been committed

Proof is needed to show a crime has been committed with Luo Juncheng's spate of bank deposits and transfers.

With dismembered bodies scattered all over the blood-spattered scene of this horrendous crime, it is no wonder that Madam Justice Jeffreys, in passing sentence, called for increased penalties in such cases.

7 Feb 2013 - 5:16am 7 comments

Loans by Hong Kong banks to mainland firms drop sharply

Customers of Hong Kong banks such as HSBC face new security measures if they want to use their ATM card abroad.

Total lending to non-bank mainland companies rose 13 per cent in the first nine months of last year over the same period in 2011, less than a third of the 42.9 per cent growth rate seen in 2011, the Hong Kong Monetary Authority said.

7 Feb 2013 - 5:16am

Banks take lead in fulfilling Qianhai's Manhattan dream

The long-awaited Qianhai project finally kicked off last week.

After many years of talk, the long-awaited Qianhai special zone finally kicked off last week. As part of the project, 15 banks in Hong Kong will be allowed to offer a combined two billion yuan (HK$2.46 billion) in loans to companies in the zone next to Shenzhen.

5 Feb 2013 - 4:33am

Banking on the group

China is seen by some observers as an interesting market for banks this year as more Chinese firms look offshore. Photo: Reuters

The proportion of loans to total debt arranged in the Asia-Pacific region outside Japan shrank to 66 per cent last year, the least since 2009, according to data compiled by Bloomberg.

1 Feb 2013 - 5:22am

Government says it is down to its last US$217

Finance Minster Tendai Biti. Photo: AFP

The paltry amount cast doubt over claims of a slow economic recovery and raised fresh questions about the fate of the country's diamond revenues - officials say almost US$685 million worth were sold last year.

31 Jan 2013 - 4:39am

HSBC appoints anti-crime advisers

HSBC has named former British tax chief Dave Hartnett to advise a new board committee created to tackle financial crime. Photo: Reuters

Bill Hughes, ex-head of Britain's Serious Organised Crime Agency, Juan Zarate, a former counter-terrorism adviser to the George W. Bush administration in the United States, and former British diplomat Nick Fishwick will also advise the bank, London-based HSBC said in a statement yesterday.

31 Jan 2013 - 5:20am

Iceland wins case over failure of Landsbanki

Icelandic lender Landsbanki collapsed in 2008. Photo: AFP

Iceland didn't break the law by refusing to compensate UK and Dutch customers of Landsbanki Islands after the lender collapsed, a European court ruled. The ruling means Iceland won't have to pay damages claims of as much as 335 billion krona (HK$20.3 billion) for customers who had money in the bank's Icesave high-yield savings accounts.


29 Jan 2013 - 4:00am

Short-term contracts have dangers and may not even save money

Short-term contracts have dangers and may not even save money

What can an employer do if he wants to hire more people but cannot add more permanent staff to the payroll, because of a freeze on new hires?

One option is to hire contractors rather than full-time permanent employees, a switch that is becoming more and more popular in the Hong Kong banking world.

28 Jan 2013 - 5:39am 1 comment

Barclays chief tells staff to behave ethically or quit

Antony Jenkins, chief executive officer of Barclays Plc. Photo: Bloomberg

Barclays chief executive Antony Jenkins has ordered employees to sign up to a new ethical code of conduct or quit, as he seeks to draw a line under last year's damaging Libor manipulation crisis.

19 Jan 2013 - 5:12am

How Chinese banking can profit from a borrowed idea of old Canton

How Chinese banking can profit from a borrowed idea of old Canton

The best Christmas present I got last year was a preview of a forthcoming book by a banker-historian in Boston. He sent me his doctoral thesis, a piece of masterly detective work on how ideas travel over time and space, become adopted successfully in a different place, and then come back to where they started.

19 Jan 2013 - 4:29am