• The GCC Financial Forum 2019
HSBC settles subprime mortgage claims for $765 mn

HSBC settles subprime mortgage claims for $765 mn

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 of default into mortgage-backed securities -- despite warnings from its internal risk management team and outside reviewers -- according to the US Attorney’s Office in Colorado.

“HSBC made choices that hurt people and abused their trust,” Bob Troyer, US Attorney for Colorado, said in a statement. “When HSBC saw problems, it chose to rush those deals out the door. When deals went south, investors who trusted HSBC suffered.” Despite reaching the settlement, HSBC disputes the allegations, according to the Justice Department.




Palladium tops $1,500

Palladium tops $1,500

Precious metal palladium yesterday reached above $1,500 per ounce for the first time in trading thanks to supply deficit worries, according to analysts. Palladium hit $1,504.52 per ounce from $1,480.15 late on Tuesday. It later yesterd

ABG reports profit of US $129 million

ABG reports profit of US $129 million

Al Baraka Banking Group (ABG) reported increases in income, with a 4 per cent increase in net operating income, a 5pc rise in total net income, as net income attributable of shareholders remained unchanged compared to the year 2017. Th


Khloe breaks up with Tristan

Khloe breaks up with Tristan

American reality star Khloe Kardashian has called it quits with NBA player Tristan Thompson, just 10 months after the two welcomed their daughter. E! News confirmed recently that the couple has split up. This comes right around the sam

Palladium tops $1,500

Palladium tops $1,500

Precious metal palladium yesterday reached above $1,500 per ounce for the first time in trading thanks to supply deficit worries, according to analysts. Palladium hit $1,504.52 per ounce from $1,480.15 late on Tuesday. It later yesterd

ABG reports profit of US $129 million

ABG reports profit of US $129 million

Al Baraka Banking Group (ABG) reported increases in income, with a 4 per cent increase in net operating income, a 5pc rise in total net income, as net income attributable of shareholders remained unchanged compared to the year 2017. Th