HSBC settles U.S. subprime mortgage claims for $765 million

Business Oct 10, 2018

HSBC settles U.S. subprime mortgage claims for $765 million

British banking giant HSBC has agreed to pay $765 million to resolve allegations it passed on toxic mortgage securities to investors prior to the global financial crisis, federal prosecutors announced Tuesday. Between 2005 and 2007, HSBC staff knowingly packaged low-grade loan pools with high rates ...

Fiscal 2016 saw Japan's first drop in tax revenue in seven years

Business Jun 29, 2017

Fiscal 2016 saw Japan's first drop in tax revenue in seven years

The government collected around ¥55.5 trillion ($495 billion) in tax revenue in fiscal 2016, down from ¥56.29 trillion in fiscal 2015, posting the first year-on-year drop in seven years, sources said. The fall was largely attributable to the firming of the yen, which dented exporters’ ...