 | | | | As high inflation forces Americans to spend more on gas and bills, young and low-income consumers are starting to feel financial pressure. | | | | | | HSBC is unlikely to appoint an executive of its biggest shareholder Ping An Insurance Group of China to its board due to a conflict of interest, HSBC Chief Executive Noel Quinn told reporters on Monday. | | | | | | HSBC said on Monday a demerger or spinoff of its Asian business risks huge one-off execution costs, higher taxes and ongoing running costs for the bank, in its most detailed rebuttal yet to calls from its largest shareholder to break up the bank. | | | | | | HSBC pushed back on a proposal by top shareholder Ping An Insurance Group Co of China to split the lender, a move Europe's biggest bank said would be costly, while posting profits that beat expectations and promising chunkier dividends. | | | | | | A Hong Kong politician has urged HSBC spin off its Asia business and appoint representatives of Chinese insurer Ping An to its board, as the global lender prepares to meet with Hong Kong shareholders this week. | | | | | | Bank of America said on Friday that it is engaged in settlement talks with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over staff communications on unapproved devices. | | | | | | Cathie Wood's ARK Innovation fund is on track to post its first monthly gain in eight months in July, riding a rally that has seen beaten-down speculative stocks surge on hopes that the Federal Reserve may not be as hawkish as expected in its fight against inflation. | | | | | | A U.S. banking regulator is urging banks dealing with cryptocurrency companies that they need to make sure customers know which of their funds will be insured by the government in case of collapse, and which have no safety net. | | | | | | Standard Chartered's first-half pre-tax profit rose 19% and beat market expectations, as the emerging markets-focused lender benefitted from rising interest rates and issued an upbeat post-COVID outlook, pushing its shares 3.7% higher. | | | | | | Cryptocurrency exchange FTX said on Friday it was fully approved to operate its exchange and clearing house in Dubai, as the Gulf emirate pushes forward with plans to develop its digital asset sector. | | | | | |
