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HSBC fined $2bn

New York, Dec. 11: HSBC has agreed to pay a record $1.92 billion fine to settle a multi-year probe by US prosecutors, who accused the bank of failing to enforce rules designed to prevent the laundering of criminal cash. HSBC Holdings Plc admitted to a breakdown of controls and apologised in a statement on Tuesday announcing it had reached a deferred-prosecution agreement with the US Department of Justice. “We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again. The HSBC of today is a fundamentally different organisation from the one that made those mistakes,” said chief executive Stuart Gulliver.

Merc prices

Mumbai, Dec. 11: Mercedes-Benz India plans to raise the prices of all its models next month. The luxury car maker said a constant increase in input costs and unfavourable exchange rates coupled with inflation had posed a severe strain on margins.

Shale policy

New Delhi, Dec. 11: India will unveil shale gas exploration policy by the month-end in an attempt to exploit the unconventional hydrocarbon resource, oil secretary G.C. Chaturvedi said today.

Hiring trend

New Delhi, Dec. 11: One among every four Indian employers is uncertain about hiring plans for the next three months though job prospects remain healthy in many sectors, says global staffing services firm Manpower.


 
 
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