SHELL, we were told by the Financial Services Authority last summer, was guilty of “unprecedented misconduct”. For five years, from 1998 to 2003, the company had repeatedly misled shareholders over its oil and gas reserves. It was so culpable that the regulator felt it had no choice but to fine it a then-record £17 million.
Popularity: 11% [?]
Note: NBFC — Non Banking Financial Companies
PUNE, OCT 7: HSBC is looking at taking the NBFC route for expanding its retail business. HSBC Niall SK Booker, group GM and CEO, said the bank has succeeded towards the upper end of the socio-economic pyramid but there is no opportunity to broaden the banks reach to emerging consumer class and this requires a different business model, products and services for which it is looking at through the NBFC route. “We have put in our application and have started the process for this. RBI is reviewing the situation as there have been a number of applications and they will let us know about it,” Mr Booker said. It will involve restructuring of our non-banking business — securities and asset management companies to fulfill the requirements, he said.
Popularity: 4% [?]
HSBC lines up deal to buy control of Iraqi bank
This is part of press release by VICTORIA THOMSON ( see original )
Popularity: 5% [?]
By Kim Yon-se – Staff Reporter
HSBC has not paid the taxes due on tens of billions of won it gained as a result of transactions of shares in 2002 and 2003 in a small Korean company via its equity fund, officials from tax agencies said.
Popularity: 7% [?]
Sept. 28 (Bloomberg) — Growing Chinese companies will seek to buy those in the U.S., which is a “natural and desirable” action because the U.S. needs to attract investment from abroad, said the chairman of HSBC Holdings Plc’s Asia unit. “It is natural and desirable Chinese companies acquire assets in the U.S.,” Vincent Cheng, chairman of Hongkong and Shanghai Banking Corp., said in a speech today at the Asia Society in New York. “America should be flattered.” HSBC Asia Chairman Says Takeovers of U.S. Companies `Natural’
Several acquisition attempts by Chinese companies have fallen through, including Cnooc Ltd.’s $18.5 billion bid for Unocal Corp. earlier this year, because of opposition from some U.S. lawmakers who saw the offer as a bid by China to compete for energy resources. In 2003, Hong Kong billionaire Li Ka-shing’s Hutchison Whampoa Ltd. scrapped a plan to buy Global Crossing Ltd. because of a U.S. national security review. Not every purchase has flopped. Lenovo Group Ltd., China’s largest personal computer maker, bought International Business Machines Corp.’s personal computer division this year for $1.25 billion.
Popularity: 5% [?]
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