Our editors will be looking ahead today to these developing stories ... HSBC chiefs face US grilling on money laundering HSBC executives appear at a US Senate hearing into the bank's lax controls over money laundering. According to Bloomberg, accusations levelled at the bank include lack of compliance in Mexico, a nation struggling to rein in drug cartels, unreported Iranian transactions and poor attention to US money-laundering rules. In a memo to staff, HSBC chairman and chief executive Stuart Gulliver (left) conceded the bank should be held accountable 'for fixing what went wrong'. Newspapers reported last week that the bank faced fines of up to US$1 billion. US executive faces sentencing over Shanghai fraud A federal court in Brooklyn, New York, is expected to sentence former Morgan Stanley executive Garth Peterson, 42, who has pleaded guilty to charges under the Foreign Corrupt Practices Act over a property deal in Shanghai. Peterson, who was head of Morgan Stanley's real estate investments division on the mainland, had told the bank that its interest in a Shanghai real estate deal was being sold to a state-controlled entity. In fact, it was sold - at a discount - to a shell company controlled by Peterson, a Chinese official and a Canadian lawyer, according to the Justice Department. He faces up to five years in prison and a maximum fine of US$250,000. Organiser gives briefing on eve of Book Fair The Trade Development Council holds a briefing on its week-long Hong Kong Book Fair, which opens tomorrow at the Convention and Exhibition Centre in Wan Chai. Attendance at the fair, first held in 1990, has grown each year, with organisers expecting this year's event to outdo the record set last year with 950,000 visitors. New Zealand foreign minister visits Philippines New Zealand Foreign Minister Murray McCully makes his first official visit to the Philippines at the invitation of Foreign Secretary Albert del Rosario, according to Philippine media. The ministers will discuss 'the advancement of economic ties and co-operation in the areas of defence, geothermal energy, dairy industry, labour, development co-operation, environment, and disaster preparedness', the New Zealand Department of Foreign Affairs said. Fifa meets on leaders of new ethics watchdog Fifa's executive committee decides whether to accept names put forward by an independent governance committee to head a new ethics body at the Zurich-based organisation. The publication of court records last week showed ex-Fifa president Joao Havelange (left) and former executive committee member Ricardo Teixeira amassed up to US$22 million in payments from ISL, a sports marketing company that has since collapsed. The move to set up a body to investigate wrongdoing by Fifa members follows pressure from sponsors, lawmakers and media. Top speakers for US-China investment forum National Development and Reform Commission chairman Zhang Ping and US Assistant Secretary for Commerce Nicole Lamb-Hale speak at the US-China Investment Co-operation Forum. Also in Beijing, officials report on provincial authorities' compliance in using non-pirated software.